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COMPANY REGISTRATION NUMBER: 11106925
Truenorth Enterprises Ltd
Filleted Unaudited Financial Statements
31 December 2023
Truenorth Enterprises Ltd
Balance Sheet
31 December 2023
2023
2022
Note
£
£
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:
Mr G Bevington
Director
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.