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REGISTERED NUMBER: 08195876 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TRUE CENTRE LIMITED

TRUE CENTRE LIMITED (REGISTERED NUMBER: 08195876)






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 CENTRE LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: M D Bezance
T M Bezance
M W Bezance





SECRETARY: T M Bezance





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





REGISTERED NUMBER: 08195876 (England and Wales)





ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
2a Church Street
North Walsham
Norfolk
NR28 9DA

TRUE CENTRE LIMITED (REGISTERED NUMBER: 08195876)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 760,000 760,000

CURRENT ASSETS
Debtors 6 6,764 5,774
Cash at bank 897 5,042
7,661 10,816
CREDITORS
Amounts falling due within one year 7 199,003 202,911
NET CURRENT LIABILITIES (191,342 ) (192,095 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

568,658

567,905

CREDITORS
Amounts falling due after more than one
year

8

(353,483

)

(371,055

)

PROVISIONS FOR LIABILITIES (7,600 ) (5,800 )
NET ASSETS 207,575 191,050

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 10 207,175 190,650
SHAREHOLDERS' FUNDS 207,575 191,050

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 CENTRE LIMITED (REGISTERED NUMBER: 08195876)

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 CENTRE LIMITED (REGISTERED NUMBER: 08195876)

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

1. STATUTORY INFORMATION

True Centre 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable in respect of property letting.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

4. EMPLOYEES AND DIRECTORS

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

TRUE CENTRE LIMITED (REGISTERED NUMBER: 08195876)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 760,000
NET BOOK VALUE
At 31 March 2023 760,000
At 31 March 2022 760,000




Fair value at 31 March 2023 is represented by:
£   
Valuation in 2014 4,079
Valuation in 2021 26,166
Cost 729,755
760,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,764 5,774

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,086 24,636
Taxation and social security 4,400 5,200
Other creditors 177,517 173,075
199,003 202,911

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 353,483 371,055

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 252,279 246,859

TRUE CENTRE LIMITED (REGISTERED NUMBER: 08195876)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 370,569 395,691

The bank loan is secured by a legal charge over the investment property, a personal guarantee by a director and by a cross guarantee and debenture between True Centre Limited and a related company.

10. RESERVES
Retained
earnings
£   

At 1 April 2022 190,650
Profit for the year 16,525
At 31 March 2023 207,175

11. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £150,050 (2022 £150,050) due to a director.

This amount is unsecured, interest free and repayable on demand.


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 Products Group Ltd

True Centre Limited received 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 to True Products Group Ltd at the balance sheet date.

True Traders Ltd

True Centre Limited received rental income of £36,000 (2022: £36,000) during the year at the market rate. A total of £25,081 (2022: £20,696) was owed to True Traders Ltd at the balance sheet date.