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REGISTERED NUMBER: 10367080 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TRUE PRODUCTS GROUP LTD

TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)






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


TRUE PRODUCTS GROUP LTD

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: M D Bezance
T M Bezance
M W Bezance
C Morris
E A Reed
K L Wakefield





SECRETARY: K L Wakefield





REGISTERED OFFICE: The True Centre
31 Caister Road
Great Yarmouth
Norfolk
NR30 4DA





REGISTERED NUMBER: 10367080 (England and Wales)





ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 16,161 19,392
Tangible assets 6 23,038 33,406
39,199 52,798

CURRENT ASSETS
Stocks 602,324 757,997
Debtors 7 187,807 65,929
Cash at bank and in hand 8,703 12,700
798,834 836,626
CREDITORS
Amounts falling due within one year 8 764,685 832,849
NET CURRENT ASSETS 34,149 3,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,348

56,575

PROVISIONS FOR LIABILITIES 4,400 6,400
NET ASSETS 68,948 50,175

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 68,848 50,075
68,948 50,175

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.

TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





T M Bezance - Director


TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

True Products Group Ltd 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes the continued support of a related company.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% on cost
Fixtures and fittings - 10% or 20% on cost
Computer equipment - 30% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

3. ACCOUNTING POLICIES - continued
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.

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.

Going concern
The major part of the company's working capital requirements are provided by a loan from a related company which is repayable on demand. It is anticipated the loan will be repaid from profits generated by future trading. The related company has indicated that they will not demand repayment and that support will continue for the foreseeable future, however no formal agreements are in place.

The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 32,314
AMORTISATION
At 1 April 2022 12,922
Charge for year 3,231
At 31 March 2023 16,153
NET BOOK VALUE
At 31 March 2023 16,161
At 31 March 2022 19,392

TRUE PRODUCTS GROUP LTD (REGISTERED NUMBER: 10367080)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 53,194
DEPRECIATION
At 1 April 2022 19,788
Charge for year 10,368
At 31 March 2023 30,156
NET BOOK VALUE
At 31 March 2023 23,038
At 31 March 2022 33,406

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 185,155 63,067
Other debtors 2,652 2,862
187,807 65,929

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,165 19,987
Taxation and social security 84,570 52,665
Other creditors 678,950 760,197
764,685 832,849

9. RELATED PARTY DISCLOSURES

Included in other creditors is £716,042 (2022: £752,196) owed to related companies.

Included in other debtors is £1,333 (2022: £1,333) owed by related companies.

During the year, the company entered into transactions with the following companies in which Mr M D
Bezance, Mr T M Bezance and Mr M W Bezance are directors and shareholders:

True Centre Ltd

True Products Group Limited paid rental income of £12,000 (2022: £12,000) during the year at the market rate. A total of £1,333 (2022: £1,333) was owed by True Centre Ltd at the balance sheet date.

True Traders Ltd

True Products Group Limited paid management charges of £NIL (2022: £48,000) during the year at the market rate. A total of £639,373 (2022: £741,611) was owed to True Traders Ltd at the balance sheet date.