Sourcecircle Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02553229

Sourcecircle Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Sourcecircle Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5	1,714,000	1,740,000
Investments	6	8	8
		-------------	-------------
		1,714,008	1,740,008

Current assets

Cash at bank and in hand	2,050		2,164,420

Creditors: amounts falling due within one year	7	184,262		393,598
		----------		-------------
Net current (liabilities)/assets			( 182,212)	1,770,822
			-------------	-------------
Total assets less current liabilities			1,531,796	3,510,830
			-------------	-------------

Sourcecircle Limited

Statement of Financial Position (continued)

31 March 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	8	100	100
Revaluation reserve		1,318,535	1,318,535
Profit and loss account		213,161	2,192,195
		-------------	-------------
Shareholders funds		1,531,796	3,510,830
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:

A P King	J King
Director	Director

Company registration number: 02553229

Sourcecircle Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swan Lake Glassworks, Upperton Road, Leicester, LE2 7AY, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost basis.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

Certain of the amounts included in the financial statements involve the use of judgement and/or estimation. These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to prior experience. but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies the notes to the financial statements and the key areas are summarised below: Judgements in applying accounting policies: The directors must judge whether all of the conditions required for revenues to be recognised in the income statement of the financial year, have been met; Sources of estimation uncertainty: Depreciation rates are based on estimates of the useful lives and residual values of the assets involved.

Revenue recognition

Turnover represents rental income and is recognised on an accrued basis.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Freehold property	-	2% straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2024: 2 ).

5. Tangible assets

	Freehold property
	£
Cost
At 1 April 2024 and 31 March 2025	2,000,000
	-------------
Depreciation
At 1 April 2024	260,000
Charge for the year	26,000
	-------------
At 31 March 2025	286,000
	-------------
Carrying amount
At 31 March 2025	1,714,000
	-------------
At 31 March 2024	1,740,000
	-------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	8
	----
Impairment
At 1 April 2024 and 31 March 2025	–
	----

Carrying amount
At 31 March 2025	8
	----
At 31 March 2024	8
	----

The Company's subsidiary company is Mawby & King Limited. Further detail of the subsidiaries are disclosed in the accounts of Sourcecircle Group Limited, the Company's ultimate parent company.

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	164,031	304,031
Social security and other taxes	20,223	89,559
Other creditors	8	8
	----------	----------
	184,262	393,598
	----------	----------

8. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----