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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
2,249
2,249
xbrli:pure
xbrli:shares
iso4217:GBP
11106925
2023-01-01
2023-12-31
11106925
2023-12-31
11106925
2022-12-31
11106925
bus:Director1
2023-01-01
2023-12-31
11106925
core:WithinOneYear
2023-12-31
11106925
core:WithinOneYear
2022-12-31
11106925
core:AfterOneYear
2023-12-31
11106925
core:AfterOneYear
2022-12-31
11106925
core:ShareCapital
2023-12-31
11106925
core:ShareCapital
2022-12-31
11106925
core:SharePremium
2023-12-31
11106925
core:SharePremium
2022-12-31
11106925
core:RetainedEarningsAccumulatedLosses
2023-12-31
11106925
core:RetainedEarningsAccumulatedLosses
2022-12-31
11106925
bus:SmallEntities
2023-01-01
2023-12-31
11106925
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
11106925
bus:FullAccounts
2023-01-01
2023-12-31
11106925
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
11106925
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
11106925
core:OfficeEquipment
2023-01-01
2023-12-31
11106925
core:OfficeEquipment
2023-12-31
11106925
core:AfterOneYear
2023-01-01
2023-12-31
11106925
core:EntitiesControlledByKeyManagementPersonnel
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
11106925
Truenorth Enterprises Ltd |
|
Filleted Unaudited Financial Statements |
|
Truenorth Enterprises Ltd |
|
31 December 2023
Current assets
Debtors |
5 |
78,000 |
35,000 |
Cash at bank and in hand |
144,509 |
14,042 |
|
--------- |
-------- |
|
222,509 |
49,042 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
158,574 |
5,719 |
|
--------- |
-------- |
Net current assets |
63,935 |
43,323 |
|
-------- |
-------- |
Total assets less current liabilities |
63,935 |
43,323 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
23,770 |
33,485 |
|
-------- |
-------- |
Net assets |
40,165 |
9,838 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Share premium account |
39,960 |
39,960 |
Profit and loss account |
105 |
(
30,222) |
|
-------- |
-------- |
Shareholders funds |
40,165 |
9,838 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Truenorth Enterprises Ltd |
|
Balance Sheet (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 September 2024
, and are signed on behalf of the board by:
Company registration number:
11106925
Truenorth Enterprises Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 Newstead Avenue, Orpington, Kent, BR6 9RN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2,249 |
|
------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
2,249 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
------- |
At 31 December 2022 |
– |
|
------- |
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
– |
12,000 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
20,000 |
Other debtors |
78,000 |
3,000 |
|
-------- |
-------- |
|
78,000 |
35,000 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
5,000 |
4,999 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
148,169 |
– |
Corporation tax |
4,685 |
– |
Other creditors |
720 |
720 |
|
--------- |
------- |
|
158,574 |
5,719 |
|
--------- |
------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
23,770 |
33,485 |
|
-------- |
-------- |
|
|
|
A bank loan for £50,000 was advanced in July 2020, with 0% interest in the first year, and 2.5% interest thereafter. Repayments, in 60 instalments, commenced in July 2022
8.
Directors' advances, credits and guarantees
During the year, a further £75,000 was advanced to the directors and the shareholders loan was repaid.. As at 31 December 2023 at total of £78,000 (2022 £23,000l) was owed to the company in this respect, and repaid by 30 June 2024
9.
Related party transactions
During the year sales totalling £48,168 were invoiced to True North Consulting Group Ltd a company under common control. Also, a short term loan was received from this company so that, at 31 December 2023 £146,167 was owed and repaid by 30 June 2024.
10.
Reserves
The only movement in reserves in the year relates to the profit for the year, and dividends paid.