True to Nature Limited 09550855 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Television production Digita Accounts Production Advanced 6.30.9574.0 true false true true true true true false 09550855 2023-06-01 2024-05-31 09550855 2024-05-31 09550855 core:RetainedEarningsAccumulatedLosses 2024-05-31 09550855 core:ShareCapital 2024-05-31 09550855 core:SharePremium 2024-05-31 09550855 core:CurrentFinancialInstruments 2024-05-31 09550855 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09550855 core:CostValuation 2024-05-31 09550855 core:DisposalsDecreaseInInvestments 2024-05-31 09550855 core:OfficeEquipment 2024-05-31 09550855 bus:SmallEntities 2023-06-01 2024-05-31 09550855 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09550855 bus:FilletedAccounts 2023-06-01 2024-05-31 09550855 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09550855 bus:RegisteredOffice 2023-06-01 2024-05-31 09550855 bus:Director3 2023-06-01 2024-05-31 09550855 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09550855 core:InvestmentPropertyIncludedWithinPPE 2023-06-01 2024-05-31 09550855 core:OfficeEquipment 2023-06-01 2024-05-31 09550855 core:AllSubsidiaries 2023-06-01 2024-05-31 09550855 core:Subsidiary1 2023-06-01 2024-05-31 09550855 core:Subsidiary1 1 2023-06-01 2024-05-31 09550855 core:Subsidiary1 countries:England 2023-06-01 2024-05-31 09550855 core:Subsidiary2 2023-06-01 2024-05-31 09550855 core:Subsidiary2 1 2023-06-01 2024-05-31 09550855 core:Subsidiary2 countries:England 2023-06-01 2024-05-31 09550855 core:Subsidiary3 2023-06-01 2024-05-31 09550855 core:Subsidiary3 1 2023-06-01 2024-05-31 09550855 core:Subsidiary3 countries:England 2023-06-01 2024-05-31 09550855 core:Subsidiary4 2023-06-01 2024-05-31 09550855 core:Subsidiary4 1 2023-06-01 2024-05-31 09550855 core:Subsidiary4 countries:England 2023-06-01 2024-05-31 09550855 core:Subsidiary5 2023-06-01 2024-05-31 09550855 core:Subsidiary5 1 2023-06-01 2024-05-31 09550855 core:Subsidiary5 countries:England 2023-06-01 2024-05-31 09550855 countries:England 2023-06-01 2024-05-31 09550855 2023-05-31 09550855 core:CostValuation 2023-05-31 09550855 core:OfficeEquipment 2023-05-31 09550855 2022-06-01 2023-05-31 09550855 2023-05-31 09550855 core:RetainedEarningsAccumulatedLosses 2023-05-31 09550855 core:ShareCapital 2023-05-31 09550855 core:SharePremium 2023-05-31 09550855 core:CurrentFinancialInstruments 2023-05-31 09550855 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09550855 core:CurrentFinancialInstruments core:WithinOneYear core:CumulativeEffectDateInitialApplicationIncreaseDecrease 2023-05-31 09550855 core:OfficeEquipment 2023-05-31 09550855 core:CumulativeEffectDateInitialApplicationIncreaseDecrease 2023-05-31 09550855 core:Subsidiary1 1 2022-06-01 2023-05-31 09550855 core:Subsidiary2 1 2022-06-01 2023-05-31 09550855 core:Subsidiary3 1 2022-06-01 2023-05-31 09550855 core:Subsidiary4 1 2022-06-01 2023-05-31 09550855 core:Subsidiary5 1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 09550855

True to Nature Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

True to Nature Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

True to Nature Limited

(Registration number: 09550855)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

108,558

180,281

Investments

5

10

12

 

108,568

180,293

Current assets

 

Debtors

6

955,174

759,091

Cash at bank and in hand

 

2,586,640

2,724,483

 

3,541,814

3,483,574

Creditors: Amounts falling due within one year

7

(440,828)

(293,841)

Net current assets

 

3,100,986

3,189,733

Total assets less current liabilities

 

3,209,554

3,370,026

Provisions for liabilities

-

(44,627)

Net assets

 

3,209,554

3,325,399

Capital and reserves

 

Called up share capital

169

169

Share premium reserve

1,523,932

1,523,932

Retained earnings

1,685,453

1,801,298

Shareholders' funds

 

3,209,554

3,325,399

 

True to Nature Limited

(Registration number: 09550855)

Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss account has been taken.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

S A Batty
Director

   
     
 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
16 The Furlong
Bristol
BS6 7TF

These financial statements were authorised for issue by the Board on 3 October 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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Group accounts not prepared

The Company has chosen not to prepare consolidated accounts as it is exempt under section 399 of the Companies Act by being a parent of a small group.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue as a going concern. The directors are committed to ensure that the company is able to meet its liabilities on a day to day basis and the parent company has pledged to provide financial support to enable the company to meet its liabilities. Therefore, the financial statements have been prepared on a going concern basis.

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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;
the stage of completion of the transaction at the end of the reporting period can be measured reliably;
and specific criteria have been met for each of the company's activities.

Revenue from contracts for film and television production services is recognised using the percentage of completion method. The stage of completion is determined by reference to the costs incurred to date as a proportion of the estimated total costs of completing the contract.

Where the contract outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Office Equipment

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 35 (2023 - 30).

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

340,451

340,451

Additions

708

708

At 31 May 2024

341,159

341,159

Depreciation

At 1 June 2023

160,170

160,170

Charge for the year

72,431

72,431

At 31 May 2024

232,601

232,601

Carrying amount

At 31 May 2024

108,558

108,558

At 31 May 2023

180,281

180,281

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

10

12

Subsidiaries

£

Cost or valuation

At 1 June 2023

12

Disposals

(2)

At 31 May 2024

10

Provision

Carrying amount

At 31 May 2024

10

At 31 May 2023

12

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

True to Nature Zoo Brother Limited

16 The Furlong, Bristol, United Kingdom, BS6 7TF

England

Ordinary Shares

100%

100%

True to Nature Dreamflight Limited

16 The Furlong, Bristol, United Kingdom, BS6 7TF

England

Ordinary Shares

100%

100%

True to Nature W Limited

16 The Furlong, Bristol, United Kingdom, BS6 7TF

England

Ordinary Shares

100%

100%

True to Nature Predators Limited

16 The Furlong, Bristol, United Kingdom, BS6 7TF

England

Ordinary Shares

100%

100%

True to Nature DC Limited

16 The Furlong, Bristol, United Kingdom, BS6 7TF

England

Ordinary Shares

100%

100%

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

202,320

206

Amounts owed by related parties

9

701,806

695,671

Other debtors

 

51,048

63,214

 

955,174

759,091

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

9,755

104,737

Amounts due to related parties

9

6

683

Social security and other taxes

 

96,707

134,243

Other creditors

8

5,205

11,474

Accruals

 

85,248

42,704

Deferred income

 

243,907

-

 

440,828

293,841

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 £25,956 (2023 - £49,752).

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £4,125 (2023 - £6,000).

 

True to Nature Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

Summary of transactions with subsidiaries

The company has taken advantage of the exemption available under section 1AC.35 of Financial Reporting Standard 102, not to disclose transactions with other wholly owned members of this group.