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Registration number: 11136494

Truescape Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Truescape Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Truescape Limited

Company Information

Directors

Mr R A Dorman

Ms P A Williamson

Registered office

59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Truescape Limited

(Registration number: 11136494)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,751

2,334

Investment property

5

1,058,481

984,117

 

1,060,232

986,451

Current assets

 

Debtors

6

-

246

Creditors: Amounts falling due within one year

7

(396,528)

(370,617)

Net current liabilities

 

(396,528)

(370,371)

Total assets less current liabilities

 

663,704

616,080

Creditors: Amounts falling due after more than one year

7

(216,495)

(216,495)

Provisions for liabilities

(112,100)

(76,000)

Net assets

 

335,109

323,585

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

335,009

323,485

Shareholders' funds

 

335,109

323,585

For the financial year ending 31 January 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr R A Dorman
Director

 

Truescape Limited

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

1

General information

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

The address of its registered office is:
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the Board on 31 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.

Going concern

The balance sheet shows net current liabilities of £396,528 (2023 - £370,371), however of this £394,928 (2023 - £367,203) is due to one of the directors. The director has confirmed his willingness to continue to support the company. On this understanding the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities.

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.

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.

 

Truescape Limited

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

Deferred tax is recognised in respect of all timing differences, between taxable profits and profits reported in the financial statements. This includes the revaluation of investment properties included in the accounts at fair value.

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.

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

Other tangible assets

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 directors) during the year, was 2 (2023 - 2).

 

Truescape Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

4,224

4,224

At 31 January 2024

4,224

4,224

Depreciation

At 1 February 2023

1,890

1,890

Charge for the year

583

583

At 31 January 2024

2,473

2,473

Carrying amount

At 31 January 2024

1,751

1,751

At 31 January 2023

2,334

2,334

5

Investment properties

2024
£

At 1 February

984,117

Additions

15,999

Fair value adjustments

58,365

At 31 January

1,058,481

The fair value of investment properties is based on a valuation by the director

There has been no valuation of investment property by an independent valuer.

 

Truescape Limited

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

6

Debtors

2024
£

2023
£

Prepayments

-

246

-

246

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,600

3,414

Other creditors

394,928

367,203

396,528

370,617

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

216,495

216,495

Mortgage borrowings of £216,495 (2023 - £216,495) are secured by means of a fixed charge over an investment property.

Creditors include a mortgage not repayable by instalments of £216,495 (2023 - £216,495) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Truescape Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

216,495

216,495

10

Related party transactions

Other transactions with directors

One of the directors has provided an interest free loan to the company of £394,928 (2023 - £367,203) which is repayable on demand.