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Registration number: 11587115

Truelove & Son Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Truelove & Son Limited

(Registration number: 11587115)

Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

14,233

17,033

Tangible assets

4

3,291,168

3,060,169

 

3,305,401

3,077,202

Current assets

 

Stocks

30,577

30,577

Debtors

5

115,074

167,629

Cash at bank and in hand

 

182,569

193,979

 

328,220

392,185

Creditors: Amounts falling due within one year

6

(679,870)

(822,816)

Net current liabilities

 

(351,650)

(430,631)

Total assets less current liabilities

 

2,953,751

2,646,571

Creditors: Amounts falling due after more than one year

6

(1,965,336)

(1,922,955)

Provisions for liabilities

(65,181)

(9,760)

Net assets

 

923,234

713,856

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

923,134

713,756

Shareholders' funds

 

923,234

713,856

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Truelove & Son Limited

(Registration number: 11587115)

Balance Sheet as at 30 September 2023 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 18 March 2024 and signed on its behalf by:
 

.........................................

Mr T C Truelove
Director

 

Truelove & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

Accounting policies

Statutory information

Truelove & Son Limited is a private company, limited by shares, domiciled in England and Wales, company number 11587115. The registered office is at Roydhouse, Shelley, Nr Huddersfield, HD8 8LR.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Truelove & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Fixtures, fittings and equipment

15% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Truelove & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

1

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 92 (2022 - 83).

3

Intangible assets

Goodwill
 £

Cost

At 1 October 2022

28,000

At 30 September 2023

28,000

Amortisation

At 1 October 2022

10,967

Amortisation charge

2,800

At 30 September 2023

13,767

Carrying amount

At 30 September 2023

14,233

At 30 September 2022

17,033

 

Truelove & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 October 2022

3,250,000

131,822

3,381,822

Additions

81,363

257,805

339,168

At 30 September 2023

3,331,363

389,627

3,720,990

Depreciation

At 1 October 2022

254,583

67,070

321,653

Charge for the year

65,949

42,220

108,169

At 30 September 2023

320,532

109,290

429,822

Carrying amount

At 30 September 2023

3,010,831

280,337

3,291,168

At 30 September 2022

2,995,417

64,752

3,060,169

5

Debtors

2023
£

2022
£

Trade debtors

12,995

1,840

Amounts owed by related undertakings

84,483

95,365

Prepayments

17,596

70,424

115,074

167,629

6

Creditors

2023
£

2022
£

Due within one year

Bank loan and overdraft

48,767

222,887

Trade creditors

90,324

73,430

Taxation and social security

129,375

141,630

Accruals and deferred income

43,195

15,737

Other creditors

368,209

369,132

679,870

822,816

 

Truelove & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Creditors (continued)

2023
£

2022
£

Due after one year

Bank loans

831,935

530,615

Other creditors

1,133,401

1,392,340

1,965,336

1,922,955

The bank borrowings are secured against assets of the company.

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

Due after more than five years

After more than five years by instalments

631,354

685,235

-

-

7

Financial commitments, guarantees and contingencies

Operating leases

The total amount of financial commitments not included in the balance sheet is £46,648 (2022 - £379,936).

8

Non adjusting events after the financial period

On 26 December 2023 there was a devasting fire at the Company's premises. The property and business are fully insured and work has begun to rebuild the premises.