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Company registration number: 05501344
True Bride Limited
Unaudited filleted financial statements
28 February 2024
True Bride Limited
Contents
Statement of financial position
Notes to the financial statements
True Bride Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 3,161 23,074
Investments 6 201 201
_______ _______
3,362 23,275
Current assets
Stocks 70,634 74,735
Debtors 7 95,080 193,863
Cash at bank and in hand 571,809 642,718
_______ _______
737,523 911,316
Creditors: amounts falling due
within one year 8 ( 95,383) ( 144,861)
_______ _______
Net current assets 642,140 766,455
_______ _______
Total assets less current liabilities 645,502 789,730
_______ _______
Net assets 645,502 789,730
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 645,501 789,729
_______ _______
Shareholders funds 645,502 789,730
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 July 2024 , and are signed on behalf of the board by:
Ms G A Flynn
Director
Company registration number: 05501344
True Bride Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklands House, 58 Marlborough Road, Lancing, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 33.33% and 50% on Cost
Motor vehicles - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 12 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 21,386 40,305 69,366 131,057
Additions 405 - - 405
Disposals - - ( 22,750) ( 22,750)
_______ _______ _______ _______
At 28 February 2024 21,791 40,305 46,616 108,712
_______ _______ _______ _______
Depreciation
At 1 March 2023 19,793 36,519 51,671 107,983
Charge for the year 235 2,388 5,056 7,679
Disposals - - ( 10,111) ( 10,111)
_______ _______ _______ _______
At 28 February 2024 20,028 38,907 46,616 105,551
_______ _______ _______ _______
Carrying amount
At 28 February 2024 1,763 1,398 - 3,161
_______ _______ _______ _______
At 28 February 2023 1,593 3,786 17,695 23,074
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 March 2023 and 28 February 2024 201 201
_______ _______
Impairment
At 1 March 2023 and 28 February 2024 - -
_______ _______
Carrying amount
At 28 February 2024 201 201
_______ _______
At 28 February 2023 201 201
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 59,671 120,432
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,039 22,085
Other debtors 29,370 51,346
_______ _______
95,080 193,863
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 84,734 137,349
Social security and other taxes 9,474 6,132
Other creditors 1,175 1,380
_______ _______
95,383 144,861
_______ _______
9. Related party transactions
The company occupies premises owned by Merchant Investors 250 SIPP which owns the head lease of the property. This SIPP and the shares of the company are currently controlled by the executors of the estate of Mrs N J Flynn. The company paid rent to the SIPP fund of £28,500 in 2023.
10. Controlling party
The company is controlled by the director W S Wallis.