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TRUE DISTRIBUTION LIMITED

Registered Number
08162493
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

TRUE DISTRIBUTION LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

GROOMS, Russell

Registered Address

84a Woodrow House Warren Road
Brighton
BN2 6BA

Registered Number

08162493 (England and Wales)
TRUE DISTRIBUTION LIMITED
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets316,90418,630
16,90418,630
Current assets
Stocks440,15328,209
Debtors7,4078,701
Cash at bank and on hand68,98953,877
116,54990,787
Creditors amounts falling due within one year5(16,685)(15,976)
Net current assets (liabilities)99,86474,811
Total assets less current liabilities116,76893,441
Creditors amounts falling due after one year6(14,335)(31,213)
Provisions for liabilities7(3,550)(861)
Net assets98,88361,367
Capital and reserves
Called up share capital100100
Profit and loss account98,78361,267
Shareholders' funds98,88361,367
The financial statements were approved and authorised for issue by the Director on 8 March 2024, and are signed on its behalf by:
GROOMS, Russell
Director
Registered Company No. 08162493
TRUE DISTRIBUTION LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The director has assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director considers that this assessment has been required in the light of the significant uncertainty around the short to medium term impact of the Covid-19 virus and an unsettled financial market. At the time of approving the financial statements the director believes that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus concludes that the going concern basis remains appropriate.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at the lower of cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-3
Office Equipment20-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 August 225,93034,576-40,506
Additions1,7987501,2373,785
Disposals(539)(3,550)-(4,089)
At 31 July 237,18931,7761,23740,202
Depreciation and impairment
At 01 August 2287621,000-21,876
Charge for year2,499--2,499
On disposals(61)(1,016)-(1,077)
At 31 July 233,31419,984-23,298
Net book value
At 31 July 233,87511,7921,23716,904
At 31 July 225,05413,576-18,630
4.Stocks

2023

2022

££
Other stocks40,15328,209
Total40,15328,209
5.Creditors: amounts due within one year

2023

2022

££
Taxation and social security16,68515,976
Total16,68515,976
6.Creditors: amounts due after one year

2023

2022

££
Other creditors14,33531,213
Total14,33531,213
The Director has loaned the company £14,335 (2021 £31,213). The amount is included within other creditors, amounts falling due after more than one year. No interest is payable on the advance. The loan is unsecured.
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,550861
Total3,550861
8.Related party transactions
The Director has loaned the company £14,335 (2021 £31,213). The amount is included within other creditors, amounts falling due after more than one year. No interest is payable on the advance. The loan is unsecured.