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TRUELINE MIDLANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRUELINE MIDLANDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T D Macfarlane
A R Thompson
T D Jones





REGISTERED OFFICE: 57 Ashbourne Road
Derby
DE22 3FS





REGISTERED NUMBER: 12362090 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 224,455 142,341
Debtors 4 261,203 558,070
Cash at bank 16,465 -
502,123 700,411
CREDITORS
Amounts falling due within one year 5 385,702 595,871
NET CURRENT ASSETS 116,421 104,540
TOTAL ASSETS LESS CURRENT LIABILITIES 116,421 104,540

CREDITORS
Amounts falling due after more than one
year

6

33,088

38,382
NET ASSETS 83,333 66,158

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 83,332 66,157
SHAREHOLDERS' FUNDS 83,333 66,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





T D Macfarlane - Director


TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Trueline Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued at cost plus attributable profits where appropriate, less foreseeable losses. This is the value of work done as reflected in turnover. For contracts where the value of work done exceeds progress payments, the excess is included in debtors as amounts recoverable on contracts. For contracts where progress payments exceed the value of work done, the excess is included in creditors as payments on account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 9 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 259,005 558,069
Other debtors 2,198 1
261,203 558,070

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,626 5,464
Trade creditors 328,138 549,472
Taxation and social security 27,921 36,729
Other creditors 4,017 4,206
385,702 595,871

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 33,088 38,382

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 11,912 17,206

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1