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Registered number: 13368530
True Blue Logistics Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13368530
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,706 4,142
2,706 4,142
CURRENT ASSETS
Debtors 5 859,108 546,010
Cash at bank and in hand 368,246 336,736
1,227,354 882,746
Creditors: Amounts Falling Due Within One Year 6 (550,135 ) (431,731 )
NET CURRENT ASSETS (LIABILITIES) 677,219 451,015
TOTAL ASSETS LESS CURRENT LIABILITIES 679,925 455,157
PROVISIONS FOR LIABILITIES
Deferred Taxation (677 ) (1,035 )
NET ASSETS 679,248 454,122
CAPITAL AND RESERVES
Called up share capital 7 80 80
Capital redemption reserve 20 20
Profit and Loss Account 679,148 454,022
SHAREHOLDERS' FUNDS 679,248 454,122
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For the year ending 30 June 2024 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 Hussein Ahmed
Director
7th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
True Blue Logistics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13368530 . The registered office is Unit 4, Suite 13c Orwell House, Ferry Lane, Felixstowe, Suffolk, IP11 3QL.
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 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:
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 556 5,723 6,279
Additions - 580 580
As at 30 June 2024 556 6,303 6,859
Depreciation
As at 1 July 2023 46 2,091 2,137
Provided during the period 127 1,889 2,016
As at 30 June 2024 173 3,980 4,153
Net Book Value
As at 30 June 2024 383 2,323 2,706
As at 1 July 2023 510 3,632 4,142
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 806,346 493,874
Amounts owed by participating interests 2,501 -
Other debtors 50,261 52,136
859,108 546,010
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 400,690 319,703
Other creditors 8,263 25,540
Taxation and social security 141,182 86,488
550,135 431,731
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 80 80
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8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 9,360 9,360
Later than one year and not later than five years 8,580 17,940
17,940 27,300
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Timothy Curtis 30,180 30,000 30,000 - 30,180
No s455 tax has been recognised in repect of this balance as it will be repaid within nine months of the financial year-end.
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