Company registration number 08251033 (England and Wales)
Trurating Limited
Unaudited Financial Statements
For the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Trurating Limited
Contents
Page
Company information
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Trurating Limited
Balance sheet
For the year ended 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,223
21,589
Investments
4
173
173
28,396
21,762
Current assets
Debtors
5
14,905,079
14,757,329
Cash at bank and in hand
50,459
9,278
14,955,538
14,766,607
Creditors: amounts falling due within one year
6
(2,180,798)
(1,845,937)
Net current assets
12,774,740
12,920,670
Total assets less current liabilities
12,803,136
12,942,432
Creditors: amounts falling due after more than one year
7
(10,431,525)
(9,179,768)
Net assets
2,371,611
3,762,664
Capital and reserves
Called up share capital
8
3
3
Share premium account
32,882,053
30,869,439
Profit and loss reserves
(30,510,445)
(27,106,778)
Total equity
2,371,611
3,762,664
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Trurating Limited
Balance sheet (Continued)
For the year ended 31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
C A Nelson
Director
Company registration number 08251033 (England and Wales)
Trurating Limited
Statement of Changes in Equity
For the year ended 31 December 2023
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
3
28,506,051
(23,976,318)
4,529,736
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
(3,130,460)
(3,130,460)
Issue of share capital
8
2,363,388
-
2,363,388
Balance at 31 December 2022
3
30,869,439
(27,106,778)
3,762,664
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(3,403,667)
(3,403,667)
Issue of share capital
8
2,012,614
-
2,012,614
Balance at 31 December 2023
3
32,882,053
(30,510,445)
2,371,611
Trurating Limited
Notes to the Financial Statements
For the year ended 31 December 2023
- 4 -
1
Accounting policies
Company information
TruRating Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of VAT, from the company's principal activity of the provision of point-of-payment consumer rating services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
50% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.8
Retirement benefits
Payments to defined contribution plans are recognised as an expense in the period in which the related service is provided.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
30
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
3,200
124,744
127,944
Additions
16,330
16,330
At 31 December 2023
3,200
141,074
144,274
Depreciation and impairment
At 1 January 2023
3,200
103,155
106,355
Depreciation charged in the year
9,696
9,696
At 31 December 2023
3,200
112,851
116,051
Carrying amount
At 31 December 2023
28,223
28,223
At 31 December 2022
21,589
21,589
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
173
173
The company owns 100% of the issued share capital of truRating Australia Pty Ltd, a company incorporated in Australia, truRating Inc, a company incorporated in the USA and truRating Canada Ltd, a company incorporated in Canada.
Trurating Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
81,156
1,996
Corporation tax recoverable
227,276
568,331
Amounts owed by group undertakings
14,562,185
14,122,497
Other debtors
34,462
64,505
14,905,079
14,757,329
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
48,074
10,000
Trade creditors
502,849
545,696
Taxation and social security
991,619
746,989
Other creditors
638,256
543,252
2,180,798
1,845,937
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
10,417,358
9,155,601
10,431,525
9,179,768
The other creditors balance is the total of all directors and other investors loans.
- 8 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
892,975 Class A of 0.0001p each
0.89
0.89
1,312,344 (2022: 1,232,031) Class B of 0.0001p each
1.31
1.23
899,992 Class C of 0.0001p each
0.90
0.90
93,200 Class D of 0.0001p each
0.09
0.09
32,743 Class E of 0.0001p each
0.03
0.03
3.22
3.14
The A shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The B shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The C shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The D shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
The E shares carry the rights to vote, to receive dividends, to payment on a return of assets and to payment on share sale or disposal.
During the year the company issued 80,313 B shares for the consideration of £2,012,644.
9
Related party transactions
At the reporting end date the following amounts were included in debtors (note 5) as amounts owed by group undertakings:
2023
2022
Amounts due from related parties
£
£
TruRating - USA
7,485,864
6,401,473
TruRating - Aus
4,282,998
4,207,909
TruRating - Canada
2,793,323
2,280,389