| Insource Select Ltd T/A Source Group |
| Registered number: |
03476730 |
| Balance Sheet |
| as at 31 October 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
330,963 |
|
|
266,924 |
| Tangible assets |
3 |
|
|
1,299,540 |
|
|
1,317,355 |
|
|
|
|
1,630,503 |
|
|
1,584,279 |
|
| Current assets |
| Debtors |
4 |
|
520,515 |
|
|
496,977 |
| Cash at bank and in hand |
|
|
60,349 |
|
|
127,803 |
|
|
|
580,864 |
|
|
624,780 |
|
| Creditors: amounts falling due within one year |
5 |
|
(636,164) |
|
|
(437,063) |
|
| Net current (liabilities)/assets |
|
|
|
(55,300) |
|
|
187,717 |
|
| Total assets less current liabilities |
|
|
|
1,575,203 |
|
|
1,771,996 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(818,364) |
|
|
(832,141) |
|
|
|
| Net assets |
|
|
|
756,839 |
|
|
939,855 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
200 |
|
|
200 |
| Share premium |
|
|
|
34,950 |
|
|
34,950 |
| Profit and loss account |
|
|
|
721,689 |
|
|
904,705 |
|
| Shareholder's funds |
|
|
|
756,839 |
|
|
939,855 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Shafqat Ali |
| Director |
| Approved by the board on 31 July 2019 |
|
| Insource Select Ltd T/A Source Group |
| Notes to the Accounts |
| for the year ended 31 October 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
over 50 years |
|
Office equipment |
over 5 years |
|
Fixtures and fittings |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
| 2 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 November 2017 |
266,924 |
|
Additions |
76,958 |
|
At 31 October 2018 |
343,882 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the year |
12,919 |
|
At 31 October 2018 |
12,919 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2018 |
330,963 |
|
At 31 October 2017 |
266,924 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Office equipment |
|
Fixtures and fittings |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 November 2017 |
1,319,838 |
|
41,367 |
|
795 |
|
1,362,000 |
|
Additions |
- |
|
7,167 |
|
- |
|
7,167 |
|
At 31 October 2018 |
1,319,838 |
|
48,534 |
|
795 |
|
1,369,167 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2017 |
22,308 |
|
21,863 |
|
474 |
|
44,645 |
|
Charge for the year |
15,154 |
|
9,670 |
|
158 |
|
24,982 |
|
At 31 October 2018 |
37,462 |
|
31,533 |
|
632 |
|
69,627 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2018 |
1,282,376 |
|
17,001 |
|
163 |
|
1,299,540 |
|
At 31 October 2017 |
1,297,530 |
|
19,504 |
|
321 |
|
1,317,355 |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
513,267 |
|
448,917 |
|
Other debtors |
7,248 |
|
48,060 |
|
|
|
|
|
|
520,515 |
|
496,977 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
241,482 |
|
(151,770) |
|
Trade creditors |
271,164 |
|
290,317 |
|
Taxation and social security costs |
116,750 |
|
298,516 |
|
Other creditors |
6,768 |
|
- |
|
|
|
|
|
|
636,164 |
|
437,063 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans |
818,364 |
|
832,141 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Prior period adjustments |
|
|
The presented Accounts for the year ended 31 October 2018 include a prior period adjustment
that is relevant to the year ended 31 October 2017. The error relates to the credit balance on the
invoice discounting facility account in the sum of £160,103. The main item affected in the financial statements for the prior period adjustment would be Current Liability, Invoice Finance in the Balance Sheet. |
|
|
| 8 |
Other information |
|
|
Insource Select Ltd T/A Source Group is a private company limited by shares and incorporated in England. Its registered office is: |
|
Oak & Beech House |
|
10-12 Temple End |
|
High Wycombe |
|
Bucks |
|
HP13 5DR |
