Open Circle Sourcing Ltd

Open Circle Sourcing Ltd is a small, active company registered in London, UK. Founded five years ago in October 2019, it operates with a single employee and a virtual address shared by 715 other companies. The company is led by one director and one owner, Goksel Vardarli Ayse.

The company’s core business revolves around facilitating the reuse of surplus textiles, connecting businesses with quality mills and brands to source fabrics. Its website, Circular Sourcing, positions itself as a platform for businesses to access deadstock fabrics and support the circular economy. It even has a physical studio in Footscray, Australia, offering showroom visits and video calls. The site highlights the significant amount of unsold fabric in Australia and the potential for revenue generation through reuse. It also emphasizes values like reuse, diversification, sharing, and circulation.

Financially, Open Circle Sourcing Ltd’s recent performance shows a concerning trend. Cash bank on hand has fallen sharply, dropping 62% to £4,300. Net assets have also declined significantly, decreasing 82% to £680. Creditors have decreased, but bank borrowings have increased. It’s a small company, meeting two of three criteria for small company status. There's no auditor mentioned, so the figures are unaudited.

Overall, Open Circle Sourcing Ltd appears to be facing financial headwinds. The decrease in cash and net assets suggests the company is burning through money, although it’s difficult to say if this is typical for a startup or a more serious issue. The reliance on a single employee and a shared virtual address also points to a lean operation, but perhaps one that needs more resources to sustain its growth.

Registered in England/Wales under the registration number 12256040, with a registered address at N15 5EA, England, London, 151 West Green Road.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.