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Registration number: 03766077

Truelink Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Truelink Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Truelink Services Limited

Company Information

Director

J C Guillaumin

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Truelink Services Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Truelink Services Limited for the year ended 31 December 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Truelink Services Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2021. Our work has been undertaken solely to prepare for your approval the accounts of Truelink Services Limited and state those matters that we have agreed to state to the Board of Directors of Truelink Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/
2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Truelink Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Truelink Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Truelink Services Limited. You consider that Truelink Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Truelink Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

26 September 2024

 

Truelink Services Limited

(Registration number: 03766077)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

904,077

934,835

Current assets

 

Stocks

5

252,636

291,689

Debtors

6

261,510

892,210

Cash at bank and in hand

 

573,314

2,666,175

 

1,087,460

3,850,074

Creditors: Amounts falling due within one year

7

(814,558)

(1,051,602)

Net current assets

 

272,902

2,798,472

Total assets less current liabilities

 

1,176,979

3,733,307

Creditors: Amounts falling due after more than one year

7

(1,041,679)

(3,732,862)

Provisions for liabilities

(157,000)

-

Net (liabilities)/assets

 

(21,700)

445

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(21,702)

443

Shareholders' (deficit)/funds

 

(21,700)

445

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the director on 16 September 2024
 

.........................................
J C Guillaumin
Director

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
Golf Hotel Grenoble Charmeil
154 Imp Grande Grange
38210 St Quentin sur Isere
France

These financial statements were authorised for issue by the director on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Euro which is the functional currency of the company and rounded to the nearest €.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support of the directors which has been confirmed. If the company were unable to continue to trade, adjustments would have to be made to reduce the assets to recoverable amounts, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

5-20% straight line basis

Fixtures, fittings & equipment

10-50% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 30 (2022 - 30).

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings

Furniture, fittings and equipment
 €

Total

Cost or valuation

At 1 January 2023

394,555

1,763,897

2,158,452

Additions

8,250

146,113

154,363

At 31 December 2023

402,805

1,910,010

2,312,815

Depreciation

At 1 January 2023

207,494

1,016,123

1,223,617

Charge for the year

7,454

177,667

185,121

At 31 December 2023

214,948

1,193,790

1,408,738

Carrying amount

At 31 December 2023

187,857

716,220

904,077

At 31 December 2022

187,061

747,774

934,835

Included within the net book value of land and buildings above is €15,464 (2022 - €17,328) in respect of freehold land and buildings and €172,393 (2022 - €169,733) in respect of long leasehold land and buildings.
 

5

Stocks

2023

2022

Other inventories

252,636

291,689

6

Debtors

Current

2023

2022

Trade debtors

148,902

233,281

Prepayments

2,142

3,486

Other debtors

110,466

655,443

 

261,510

892,210

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023

2022

Due within one year

 

Loans and borrowings

7.1

76,037

-

Trade creditors

 

11,788

1,806

Taxation and social security

 

26,920

316,876

Accruals and deferred income

 

274,524

285,816

Other creditors

 

425,289

447,104

 

814,558

1,051,602

Creditors: amounts falling due after more than one year

Note

2023

2022

Due after one year

 

Loans and borrowings

7.1

750,937

1,449,944

Other non-current financial liabilities

 

290,742

2,282,918

 

1,041,679

3,732,862

7.1

Loans and borrowings

Current loans and borrowings

2023

2022

Other borrowings

76,037

-

Non-current loans and borrowings

2023

2022

Other borrowings

750,937

1,449,944

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is €2,747,200 (2022 - €2,828,000). Operating lease commitments include leasehold rent for which the lease terminates on 31.12.2057.

 

Truelink Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary of €1 each

2

2

2

2

       

10

Related party transactions

Expenditure with and payables to related parties

2023

Parent

Amounts payable to related party

81,038

2022

Parent

Amounts payable to related party

1,935,590

11

Parent and ultimate parent undertaking

The company's immediate parent is JLCG Finance SARL, incorporated in France.