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Registered number: 12286445
True North Consulting Group Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12286445
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 48,049 6,281
48,049 6,281
CURRENT ASSETS
Debtors 5 328,307 29,216
Cash at bank and in hand 71,580 303,537
399,887 332,753
Creditors: Amounts Falling Due Within One Year 6 (230,439 ) (210,918 )
NET CURRENT ASSETS (LIABILITIES) 169,448 121,835
TOTAL ASSETS LESS CURRENT LIABILITIES 217,497 128,116
Creditors: Amounts Falling Due After More Than One Year 7 (148,472 ) (30,805 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,458 ) -
NET ASSETS 66,567 97,311
CAPITAL AND RESERVES
Called up share capital 9 1,237 1,237
Share premium account 29,767 29,767
Profit and Loss Account 35,563 66,307
SHAREHOLDERS' FUNDS 66,567 97,311
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Guy Bevington
Director
29/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
True North Consulting Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12286445 . The registered office is 27 Old Gloucester Street, London, WC1N 3AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 15% Straight Line
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 15% Straight Line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 - 1,691 6,040 7,731
Additions 42,816 - 1,325 44,141
As at 31 October 2023 42,816 1,691 7,365 51,872
Depreciation
As at 1 November 2022 - 254 1,196 1,450
Provided during the period 1,070 215 1,088 2,373
As at 31 October 2023 1,070 469 2,284 3,823
Net Book Value
As at 31 October 2023 41,746 1,222 5,081 48,049
As at 1 November 2022 - 1,437 4,844 6,281
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 132,422 16,080
Prepayments and accrued income 44,340 6,045
Other debtors 148,168 5,500
Net wages 500 -
Directors' loan accounts 2,877 1,591
328,307 29,216
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 4,063 -
Trade creditors 46,031 74,569
Bank loans and overdrafts 9,880 9,597
Other loans 36,766 -
Corporation tax 3,150 34,704
VAT 37,200 10,501
Net wages - 29
Other creditors 6,415 81,518
Accruals and deferred income 86,934 -
230,439 210,918
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 35,076 -
Bank loans 20,867 30,805
Other loans 92,529 -
148,472 30,805
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,063 -
Later than one year and not later than five years 35,076 -
39,139 -
39,139 -
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,237 1,237
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Guy Bevington 1,555 12,204 (10,882 ) - 2,877
The above loan is unsecured, interest free and repayable on demand.
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