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TRUELINE MIDLANDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRUELINE MIDLANDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: T D Macfarlane
A R Thompson
T D Jones





REGISTERED OFFICE: 57 Ashbourne Road
Derby
DE22 3FS





REGISTERED NUMBER: 12362090 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,811 -

CURRENT ASSETS
Stocks 236,480 224,455
Debtors 5 308,513 261,203
Cash at bank 62,353 16,465
607,346 502,123
CREDITORS
Amounts falling due within one year 6 411,408 385,702
NET CURRENT ASSETS 195,938 116,421
TOTAL ASSETS LESS CURRENT LIABILITIES 197,749 116,421

CREDITORS
Amounts falling due after more than one year 7 (27,795 ) (33,088 )

PROVISIONS FOR LIABILITIES 8 (300 ) -
NET ASSETS 169,654 83,333

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 169,653 83,332
SHAREHOLDERS' FUNDS 169,654 83,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





T D Macfarlane - Director


TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Trueline Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued at cost plus attributable profits where appropriate, less foreseeable losses. This is the value of work done as reflected in turnover. For contracts where the value of work done exceeds progress payments, the excess is included in debtors as amounts recoverable on contracts. For contracts where progress payments exceed the value of work done, the excess is included in creditors as payments on account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
Additions 1,092 940 2,032
At 31 March 2024 1,092 940 2,032
DEPRECIATION
Charge for year 182 39 221
At 31 March 2024 182 39 221
NET BOOK VALUE
At 31 March 2024 910 901 1,811

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 284,038 259,005
Other debtors 24,475 2,198
308,513 261,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,510 25,626
Trade creditors 361,883 328,138
Taxation and social security 32,815 27,921
Other creditors 2,200 4,017
411,408 385,702

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 27,795 33,088

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,619 11,912

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 300 -

TRUELINE MIDLANDS LIMITED (REGISTERED NUMBER: 12362090)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 300
Balance at 31 March 2024 300

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1