Company registration number 04396515 (England and Wales)
TRUEBYTE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TRUEBYTE LIMITED
COMPANY INFORMATION
Directors
Mr M F Heath
Mrs F L Heath
Secretary
Mrs F L Heath
Company number
04396515
Registered office
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Accountants
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Business Addresses
Unit 2
68 Grove Road
Eastbourne
East Sussex
BN21 4UH
25 Windsor Castle
Upper Bristol Road
Bath
BA1 3DN
Bankers
Barclays Bank Plc
37 Milsom Street
Bath
Somerset
BA1 1DN
TRUEBYTE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
TRUEBYTE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property and equipment
4
23,291
31,345
Current assets
Trade and other receivables
5
324,604
196,827
Cash and cash equivalents
1,644
72,878
326,248
269,705
Current liabilities
6
(355,287)
(268,724)
Net current (liabilities)/assets
(29,039)
981
Total assets less current liabilities
(5,748)
32,326
Non-current liabilities
7
(71,392)
(138,450)
Provisions for liabilities
8
(4,425)
(3,148)
Net liabilities
(81,565)
(109,272)
Equity
Called up share capital
9
100
100
Retained earnings
(81,665)
(109,372)
Total equity
(81,565)
(109,272)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr M F Heath
Director
Company registration number 04396515 (England and Wales)
TRUEBYTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Truebyte Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF. The principal place of business is Unit 2, 68 Grove Road, Eastbourne, East Sussex, BN21 4UH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has endeavoured to expand and diversify its operations with the recruitment of additional staff as it enters the post-covid recovery period. It is anticipated that the turnover for the next period will see significant growth. The company is dependent upon its bankers and Directors for support and is confident that it can trade out of its current loss-making situation. Thus, the financial statements have been prepared in a going concern basis.

1.3
Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Income from maintenance contracts is deferred to the balance sheet and recognised to the profit and loss account over the period of the contract.

1.4
Property and equipment

Property and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
25% on a straight line basis
Motor vehicles
20% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Items costing less than £500 are not capitalised but written off as repairs and renewals through the Income Statement in the year of purchase.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TRUEBYTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TRUEBYTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 4 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
25
TRUEBYTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Property and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
110,572
19,448
130,020
Additions
11,581
-
0
11,581
Disposals
-
0
(19,448)
(19,448)
At 31 March 2024
122,153
-
0
122,153
Depreciation and impairment
At 1 April 2023
79,227
19,448
98,675
Depreciation charged in the year
19,635
-
0
19,635
Eliminated in respect of disposals
-
0
(19,448)
(19,448)
At 31 March 2024
98,862
-
0
98,862
Carrying amount
At 31 March 2024
23,291
-
0
23,291
At 31 March 2023
31,345
-
0
31,345
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
154,578
87,768
Amounts owed by group undertakings
16,038
26,739
Other receivables
143,696
68,636
Prepayments and accrued income
10,292
13,684
324,604
196,827
6
Current liabilities
2024
2023
£
£
Bank loans
213,024
79,115
Obligations under finance leases
-
0
3,921
Trade payables
54,506
54,506
Taxation and social security
60,078
93,660
Other payables
23,629
27,122
Accruals and deferred income
4,050
10,400
355,287
268,724
TRUEBYTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts (see note 10)
71,392
133,593
Obligations under Finance leases
-
0
4,857
71,392
138,450
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,425
3,148
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee

The lease for the office at Windsor Castle in Bath was renewed until 31 January 2027 with the break date of 1 February 2025. The annual rent remains the same at £13,000 per annum.

 

The Eastbourne property is on a monthly rolling contract with a year's term. The annual rent is £17,000 per annum.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
30,000
30,000
11
Related party transactions

As at the balance sheet date the the directors owed £nil to the company (2023: £12,238).

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