Registered number
08071824
True Fashion Limited
Filleted Accounts
31 May 2024
True Fashion Limited
Registered number: 08071824
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 894 1,944
Current assets
Stocks 54,144 80,000
Debtors 4 55,813 54,777
Cash at bank and in hand 59,428 181,475
169,385 316,252
Creditors: amounts falling due within one year 5 (309,793) (308,018)
Net current (liabilities)/assets (140,408) 8,234
Total assets less current liabilities (139,514) 10,178
Creditors: amounts falling due after more than one year 6 (14,167) (24,167)
Net liabilities (153,681) (13,989)
Capital and reserves
Called up share capital 100 100
Profit and loss account (153,781) (14,089)
Shareholder's funds (153,681) (13,989)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Chopra
Director
Approved by the board on 13 February 2025
True Fashion Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company is insolvent due to an exceptional circumstance. However, this expenditure is funded by the director and the company continues to trade with its directors support.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 15% reducing balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price)..
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 6,216
Additions (4,259)
At 31 May 2024 1,957
Depreciation
At 1 June 2023 4,272
Charge for the year 158
On disposals (3,367)
At 31 May 2024 1,063
Net book value
At 31 May 2024 894
At 31 May 2023 1,944
4 Debtors 2024 2023
£ £
Trade debtors 28,752 42,716
Other debtors 27,061 12,061
55,813 54,777
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 35,005 30,000
Trade creditors 105,819 231,324
Taxation and social security costs 2,931 28,880
Other creditors 166,038 17,814
309,793 308,018
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 24,167
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Moneisha Chopra
Directors loan account 17,814 (3,740) 151,964 166,038
17,814 (3,740) 151,964 166,038
8 Controlling party
The company was controlled by the director.
9 Other information
True Fashion Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Beamish Close
Appleton
Warrington
WA14 5RJ
True Fashion Limited 08071824 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 M Chopra No description of principal activity 08071824 2022-06-01 2023-05-31 08071824 core:WithinOneYear 2023-05-31 08071824 core:AfterOneYear 2023-05-31 08071824 core:ShareCapital 2023-05-31 08071824 core:RetainedEarningsAccumulatedLosses 2023-05-31 08071824 2023-06-01 2024-05-31 08071824 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08071824 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08071824 bus:Director40 2023-06-01 2024-05-31 08071824 1 2023-06-01 2024-05-31 08071824 2 2023-06-01 2024-05-31 08071824 core:PlantMachinery 2023-06-01 2024-05-31 08071824 bus:Director1 2023-06-01 2024-05-31 08071824 bus:Director1 1 2023-06-01 2024-05-31 08071824 countries:England 2023-06-01 2024-05-31 08071824 bus:FRS102 2023-06-01 2024-05-31 08071824 bus:FilletedAccounts 2023-06-01 2024-05-31 08071824 2024-05-31 08071824 core:WithinOneYear 2024-05-31 08071824 core:AfterOneYear 2024-05-31 08071824 core:ShareCapital 2024-05-31 08071824 core:RetainedEarningsAccumulatedLosses 2024-05-31 08071824 core:PlantMachinery 2024-05-31 08071824 bus:Director1 1 2024-05-31 08071824 2023-05-31 08071824 core:PlantMachinery 2023-05-31 08071824 bus:Director1 1 2023-05-31 iso4217:GBP xbrli:pure