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REGISTERED NUMBER: 00600612 (England and Wales)















Financial Statements

for the Year Ended 30 April 2024

for

Tru-Thread Limited

Tru-Thread Limited (Registered number: 00600612)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Tru-Thread Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M P Creighton



SECRETARY: Miss L J Guest



REGISTERED OFFICE: c/o Rubbernek Fittings Limited
Lichfield Road
Brownhills
Walsall
West Midlands
WS8 6LH



REGISTERED NUMBER: 00600612 (England and Wales)



AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD



BANKERS: Barclays Bank plc
Birmingham Colmore 8
Leicester
Leicestershire
LE87 2BB

Tru-Thread Limited (Registered number: 00600612)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 82,502 57,737

CURRENT ASSETS
Stocks 6 305,680 280,768
Debtors 7 2,015,825 2,122,553
Cash at bank and in hand 666,568 510,938
2,988,073 2,914,259
CREDITORS
Amounts falling due within one year 8 (178,769 ) (220,801 )
NET CURRENT ASSETS 2,809,304 2,693,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,891,806

2,751,195

PROVISIONS FOR LIABILITIES (16,967 ) (6,431 )
NET ASSETS 2,874,839 2,744,764

CAPITAL AND RESERVES
Called up share capital 11 108,200 108,200
Capital redemption reserve 92,000 92,000
Retained earnings 2,674,639 2,544,564
SHAREHOLDERS' FUNDS 2,874,839 2,744,764

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 October 2024 and were signed by:





M P Creighton - Director


Tru-Thread Limited (Registered number: 00600612)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Tru-Thread Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 25% on cost and 10% on cost

Stocks & work-in-progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress is valued on the completed proportion of the sales price less the material and labour cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tru-Thread Limited (Registered number: 00600612)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

4. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

8,160

7,655

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 83,486 789,341 872,827
Additions 3,255 38,466 41,721
Disposals (2,527 ) (21,574 ) (24,101 )
At 30 April 2024 84,214 806,233 890,447
DEPRECIATION
At 1 May 2023 81,754 733,336 815,090
Charge for year 540 16,421 16,961
Eliminated on disposal (2,527 ) (21,579 ) (24,106 )
At 30 April 2024 79,767 728,178 807,945
NET BOOK VALUE
At 30 April 2024 4,447 78,055 82,502
At 30 April 2023 1,732 56,005 57,737

Tru-Thread Limited (Registered number: 00600612)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. STOCKS
2024 2023
£    £   
Work-in-progress 289,083 193,798
Finished goods 16,597 86,970
305,680 280,768

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 240,240 265,007
Amounts owed by group undertakings 1,307,811 1,405,546
Other debtors 467,774 452,000
2,015,825 2,122,553

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 77,273 120,792
Taxation and social security 74,876 81,236
Other creditors 26,620 18,773
178,769 220,801

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 133,630 44,000
Between one and five years 534,520 -
In more than five years 612,471 -
1,280,621 44,000

10. SECURED DEBTS

Composite Company Multilateral Guarantee dated 11 October 2005 given by R.F. Holdings Limited, Rubbernek Fittings Limited, Tru-Thread Limited, and R F Property & Estates Limited.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
108,000 Ordinary £1 108,000 108,000
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
108,200 108,200

Tru-Thread Limited (Registered number: 00600612)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. CALLED UP SHARE CAPITAL - continued

The ordinary share capital has a right to dividends, right to vote and a right to assets on winding up of the company.

The ordinary "A" shares are entitled to dividends, but have no rights to vote or rights to assets on winding up of the company.

The ordinary "B" shares are entitled to dividends, but have no rights to vote or rights to assets on winding up of the company.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susanna D Ault FCCA ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP

13. OTHER FINANCIAL COMMITMENTS

As at 30 April 2024, there were outstanding pension contributions £3.665 (2023: £3,571).

14. RELATED PARTY DISCLOSURES

At 30 April 2024 Tru-Thread Limited was owed £372,827 (2023 - £372,827) by R F Property & Estates Limited, a company owned by the director M Creighton.Interest of £3,728 (2023 - £3,772) was paid during the year.

The amount due to Tru-Thread Limited is unsecured. The amount due is payable on demand but the director of Tru-Thread Limited has given his assurance that the amount payable will not be demanded until such time as R F Property & Estates Limited can afford to do so without detriment to its operating and working capital requirements.

15. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of R. F. Holding Limited, a company incorporated in England and Wales, who's registered office is the same as Tru-Thread Limited as disclosed on page 1. R.F. Holdings Limited's financial statements are available from Companies House.