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Registered number: 09896684










TRUESTONE IMPACT CONSULTING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
TRUESTONE IMPACT CONSULTING LIMITED
REGISTERED NUMBER: 09896684

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,385
3,772

  
3,385
3,772

Current assets
  

Debtors: amounts falling due within one year
 5 
232,039
271,103

Cash at bank and in hand
 6 
2,662
30,466

  
234,701
301,569

Creditors: amounts falling due within one year
 7 
(93,945)
(136,018)

Net current assets
  
 
 
140,756
 
 
165,551

Total assets less current liabilities
  
144,141
169,323

Creditors: amounts falling due after more than one year
 8 
(12,500)
(22,500)

  

Net assets
  
131,641
146,823


Capital and reserves
  

Called up share capital 
 11 
368,655
368,655

Share premium account
  
22,106
22,106

Profit and loss account
  
(259,120)
(243,938)

  
131,641
146,823


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

P N Szkiler
Director

Page 1

 
TRUESTONE IMPACT CONSULTING LIMITED
REGISTERED NUMBER: 09896684

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

Date: 17 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Truestone Impact Consulting Limited is a private company limited by shares incorporated in England and Wales.  The registered office is 6th Floor, 60 Gracechurch Street, London, EC3V 0HR. 
The principal activity of the company for the year was that of the provision of management and consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 5

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

2024
2023
£
£

Wages and salaries
271,725
229,000

Social security costs
29,118
25,257

Cost of defined contribution scheme
5,106
4,927

305,949
259,184


The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 6

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
1,258
8,071
9,329


Additions
302
890
1,192



At 30 April 2024

1,560
8,961
10,521



Depreciation


At 1 May 2023
770
4,787
5,557


Charge for the year on owned assets
200
1,379
1,579



At 30 April 2024

970
6,166
7,136



Net book value



At 30 April 2024
590
2,795
3,385



At 30 April 2023
488
3,284
3,772


5.


Debtors

2024
2023
£
£


Trade debtors
10,800
3,245

Amounts owed by related parties
59,419
174,250

Other debtors
2,217
2,217

Prepayments and accrued income
159,603
91,391

232,039
271,103



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,662
30,466

2,662
30,466


Page 7

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
29
2,235

Amounts owed to related parties
11,058
26,080

Other taxation and social security
6,519
6,120

Other creditors
20,704
30,017

Accruals and deferred income
45,635
61,566

93,945
136,018



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,500
22,500

12,500
22,500



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
2,500
12,500


2,500
12,500


22,500
32,500


Page 8

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,662
30,466




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,686,546 (2023 - 3,686,546) Ordinary shares shares of £0.10 each
368,655
368,655



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,106 (2023 - £4,927). Contributions totalling £1,001 (2023 - £983) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year the company entered into transactions, in the ordinary course of business with other
related parties. Transactions entered into and trading balances outstanding at 30 April 2024, are as
follows:


Purchases from related party
Sales to related party
Amounts owed to related party
Amounts owed by related party
£
£
£
£

2024
62,000
517,098
65,358
70,220
2023
60,000
530,615
103,567
176,051
122,000
1,047,713
168,925
246,271

Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices. Outstanding balances
with entities are unsecured, interest free and cash settlement is expected within 30 days of invoice. The
Company has not provided or benefited from any guarantees for any related party receivables or
payables. During the year ended 30 April 2024, the Company has not made any provision for doubtful
debts relating to amounts owed by related parties (2023: £nil). 

Page 9

 
TRUESTONE IMPACT CONSULTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Controlling party

The ultimate controlling party for the year ended 30 April 2024 was Mr P N Szkiler by virtue of his
shareholdings in the company. 


Page 10