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Registration number: 04384695

Truebury Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Truebury Limited

Contents

Balance Sheet

1

Statement of Changes in Equity

2

Notes to the Unaudited Financial Statements

3 to 7

 

Truebury Limited

(Registration number: 04384695)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

512,005

512,005

Investments

5

120,000

120,000

 

632,005

632,005

Current assets

 

Debtors

80,514

-

Cash at bank and in hand

 

11,536

35,954

 

92,050

35,954

Creditors: Amounts falling due within one year

6

(121,959)

(43,446)

Net current liabilities

 

(29,909)

(7,492)

Total assets less current liabilities

 

602,096

624,513

Creditors: Amounts falling due after more than one year

6

(277,800)

-

Provisions for liabilities

(29,784)

(29,784)

Net assets

 

294,512

594,729

Capital and reserves

 

Called up share capital

50

72

Capital redemption reserve

50

28

Retained earnings

294,412

594,629

Shareholders' funds

 

294,512

594,729

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.

Director's 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 Director acknowledges his 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 director on 26 November 2024
 

.........................................
R Wood
Director

 

Truebury Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2023

72

28

594,629

594,729

Profit for the year

-

-

256,192

256,192

Dividends

-

-

(81,409)

(81,409)

Purchase of own share capital

(22)

-

(475,000)

(475,022)

Other capital redemption reserve movements

-

22

-

22

At 31 May 2024

50

50

294,412

294,512

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2022

100

28

446,601

446,729

Profit for the year

-

-

245,948

245,948

Dividends

-

-

(97,920)

(97,920)

Purchase of own share capital

(28)

-

-

(28)

At 31 May 2023

72

28

594,629

594,729

 

Truebury 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:
26 South St. Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

The principal place of business is:
Hollingworth Road
Bredbury
Stockport
Cheshire
SK6 2AY

These financial statements were authorised for issue by the director on 26 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements cover the individual entity, Truebury Limited.

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 presented in sterling and are rounded to nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

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;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current 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.

 

Truebury Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Land and buildings

No depreciation

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 Company 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 Company 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.

Trade 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.

Trade creditors

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

 

Truebury 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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 June 2023

512,005

512,005

At 31 May 2024

512,005

512,005

Depreciation

Carrying amount

At 31 May 2024

512,005

512,005

At 31 May 2023

512,005

512,005

Included within the net book value of land and buildings above is £512,005 (2023 - £512,005) in respect of freehold land and buildings.
 

 

Truebury Limited

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

Revaluation

The fair value of the Company's Land and buildings was revalued on 31 May 2024. An independent valuer was not involved.
The fair value of the property has been determined by the directors on an open market basis.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £392,871 (2023 - £392,871).

5

Investments

2024
£

2023
£

Investments in subsidiaries

120,000

120,000

Subsidiaries

£

Cost or valuation

At 1 June 2023

120,000

Provision

Carrying amount

At 31 May 2024

120,000

At 31 May 2023

120,000

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

Arden Plant Limited

26 South St. Marys Gate
Grimsby

United Kingdom

Ordinary Shares

100%

100%

Subsidiary undertakings

Arden Plant Limited

The principal activity of Arden Plant Limited is Hire and sale of platforms. The profit for the financial period of Arden Plant Limited was £18,849 and the aggregate amount of Capital and reserves at the end of the period was £508,282.

 

Truebury Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

20,000

-

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

8

8,348

4,775

Taxation and social security

 

4,437

10,551

Accruals and deferred income

 

2,600

2,600

Other creditors

 

86,574

25,520

 

121,959

43,446

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

277,800

-


Creditors include bank loans repayable by instalments of £181,800 (2023 - £0.00) due after more than five years.

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

277,800

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,000

-

Bank borrowings

The company has created a fixed and floating charge over the land and buildings at Hollingworth Road, Bredbury, to secure all monies and liabilities at any time due owing or incurred by the Company to the banks. The aggregate amount of secured liabilities totalled £297,800 (2023: £Nil).

8

Related party transactions

The company has taken advantage of the exemptions in section 33 of FRS102 'Related Party Disclosure', from disclosing transactions with other members of the group, when the transaction is wholly owned by the group.