Source Asia Ltd

SOURCEASIA LIMITED - Company Information

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Registered number: 05031222

Source Asia Ltd

Abbreviated accounts

For The Year Ended 28 February 2016

One Plus One Ltd

34/36 Fore Street

Bovey Tracey

Devon

TQ13 9AE

Source Asia Ltd

Company No. 05031222

Abbreviated Balance Sheet 28 February 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	2		1,621		1,553

			1,621		1,553
CURRENT ASSETS
Debtors		250		(3,362 )
Cash at bank and in hand		7,751		27,977

		8,001		24,615
Creditors: Amounts Falling Due Within One Year		(9,600 )		(26,151 )

NET CURRENT ASSETS (LIABILITIES)			(1,599 )		(1,536 )

TOTAL ASSETS LESS CURRENT LIABILITIES			22		17

NET ASSETS			22		17

CAPITAL AND RESERVES
Called up share capital	3		2		2
Profit and Loss Account			20		15

SHAREHOLDERS' FUNDS			22		17

Source Asia Ltd

Company No. 05031222

Abbreviated Balance Sheet (continued) 28 February 2016

For the year ending 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr Paul Wenman

22 November 2016

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Source Asia Ltd

Notes to the Abbreviated Accounts

For The Year Ended 28 February 2016

Notes to the Abbreviated Accounts

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% reducing balance

1.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2. Tangible Assets


	Total
Cost	£
As at 1 March 2015	3,879
Additions	608

As at 28 February 2016	4,487

Depreciation
As at 1 March 2015	2,326
Provided during the period	540

As at 28 February 2016	2,866

Net Book Value
As at 28 February 2016	1,621

As at 1 March 2015	1,553

3. Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	2	2	2

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