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Truffles South West Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2023

Registration number: 09297181

 

Truffles South West Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Truffles South West Limited

Balance Sheet

31 August 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

135,740

199,473

Creditors: Amounts falling due within one year

5

(1,200)

(64,574)

Net assets

 

134,540

134,899

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

134,440

134,799

Shareholders' funds

 

134,540

134,899

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 August 2024
 

.........................................
W F Adams
Director

Company Registration Number: 09297181

 

Truffles South West Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

These financial statements were authorised for issue by the director on 12 August 2024.

2

Accounting policies

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.

Going concern

The company is intending to liquidate within 12 months of approval of the financial statements, and therefore the financial statements have not been prepared on a going concern basis.

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 the value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that the future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 corporation 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.

 

Truffles South West Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

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.

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

Furniture and equipment

15% reducing balance

Intangible assets

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

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

 

Truffles South West Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Debtors

2023
£

2022
£

Other debtors

135,740

199,473

135,740

199,473

 

Truffles South West Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

-

63,104

Accruals and deferred income

1,200

1,470

1,200

64,574

 

Truffles South West Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2023

6

Related party transactions

This loan is charged at HMRC's official rate of interest and is repayable on demand.

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Director 1

Director's loan account

149,139

3,075

(66,807)

85,407