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COMPANY REGISTRATION NUMBER: 00935842
TRUELOVE PROPERTY & CONSTRUCTION LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2024
TRUELOVE PROPERTY & CONSTRUCTION LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
5
655,250
777,505
Investments
6
10,580,069
10,560,069
---------------
---------------
11,235,319
11,337,574
Current assets
Stocks
7,853,320
6,682,239
Debtors
7
6,495,143
6,861,500
Cash at bank and in hand
8,226
---------------
---------------
14,348,463
13,551,965
Creditors: amounts falling due within one year
8
( 6,130,436)
( 6,576,057)
---------------
---------------
Net current assets
8,218,027
6,975,908
---------------
---------------
Total assets less current liabilities
19,453,346
18,313,482
Creditors: amounts falling due after more than one year
9
( 14,164)
( 39,054)
Provisions
( 143,741)
( 174,835)
---------------
---------------
Net assets
19,295,441
18,099,593
---------------
---------------
Capital and reserves
Called up share capital
63,468
63,468
Revaluation reserve
270,000
250,000
Profit and loss account
18,961,973
17,786,125
---------------
---------------
Shareholders funds
19,295,441
18,099,593
---------------
---------------
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 comprehensive income has not been delivered.
TRUELOVE PROPERTY & CONSTRUCTION LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
For the period ending 31 March 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 period 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 were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mrs J P Truelove
Director
Company registration number: 00935842
TRUELOVE PROPERTY & CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JULY 2023 TO 31 MARCH 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 4a Eastgate, Lincoln, Lincolnshire, LN2 1QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Directors to make judgements and estimates that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The directors do not consider there to be any significant judgements however the Directors do make estimates of the fair values of investment properties. The total carrying value of investment properties is £580,000.
Revenue recognition
The turnover shown in the profit and loss account represents the sales of trading properties during the year. Sales of investment properties are shown as profits or losses on disposal. Property sales are recognised on the unconditional exchange of contracts, exclusive of Value Added Tax. Rental income is recognised on a receivable basis and disclosed with other operating income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 material 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Land is not subject to depreciation.
Investments
Investments in subsidiary companies are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment properties are valued each year by the directors on a fair value basis. Any surplus or deficit arising is charged to the profit and loss account. The profit on disposal is based on book value. Where properties held for investment are appropriated to trading stock, they are transferred at market value.
Impairment of fixed assets
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.
Stocks
Land and property under construction are stated at the lower of cost and net realisable value. Disposals are recognised on unconditional exchange of contracts: profits and losses arising are dealt with through the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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 period amounted to 24 (2023: 24 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
11,449
1,282,918
72,022
438,592
1,804,981
Additions
48,801
700
49,501
Disposals
( 37,193)
( 25,499)
( 62,692)
---------
-------------
---------
----------
-------------
At 31 March 2024
11,449
1,294,526
72,722
413,093
1,791,790
---------
-------------
---------
----------
-------------
Depreciation
At 1 July 2023
716,977
56,368
254,131
1,027,476
Charge for the period
102,239
6,934
40,271
149,444
Disposals
( 37,193)
( 3,187)
( 40,380)
---------
-------------
---------
----------
-------------
At 31 March 2024
782,023
63,302
291,215
1,136,540
---------
-------------
---------
----------
-------------
Carrying amount
At 31 March 2024
11,449
512,503
9,420
121,878
655,250
---------
-------------
---------
----------
-------------
At 30 June 2023
11,449
565,941
15,654
184,461
777,505
---------
-------------
---------
----------
-------------
Included in freehold property is freehold land of £11,449 (2023 - £11,449) which is not subject to depreciation.
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 July 2023
10,000,069
560,000
10,560,069
Revaluations
20,000
20,000
---------------
----------
---------------
At 31 March 2024
10,000,069
580,000
10,580,069
---------------
----------
---------------
Impairment
At 1 July 2023 and 31 March 2024
---------------
----------
---------------
Carrying amount
At 31 March 2024
10,000,069
580,000
10,580,069
---------------
----------
---------------
At 30 June 2023
10,000,069
560,000
10,560,069
---------------
----------
---------------
7. Debtors
31 Mar 24
30 Jun 23
£
£
Trade debtors
74,160
88,279
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,633,158
6,176,150
Other debtors
787,825
597,071
-------------
-------------
6,495,143
6,861,500
-------------
-------------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
10,039
10,648
Trade creditors
1,115,069
1,046,437
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,097,163
2,886,811
Corporation tax
239,197
164,461
Social security and other taxes
47,942
99,857
Other creditors
1,621,026
2,367,843
-------------
-------------
6,130,436
6,576,057
-------------
-------------
Included within other creditors are an amount of £88,745 (2023 - £108,675) in respect of hire purchase liabilities which are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
14,164
19,835
Other creditors
19,219
---------
---------
14,164
39,054
---------
---------
Other creditors are hire purchase liabilities which are secured on the assets to which they relate.
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
B M C K Truelove
P A J Truelove
344,030
61,646
405,676
----------
---------
----
----------
344,030
61,646
405,676
----------
---------
----
----------
30 Jun 23
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
B M C K Truelove
336,709
( 336,709)
P A J Truelove
297,614
46,416
344,030
----------
---------
----------
----------
634,323
46,416
( 336,709)
344,030
----------
---------
----------
----------
11. Related party transactions
Outside the group there are several connected companies, LLP's and pension schemes and loans exist with several of these entities. At the year end the company was owed £5,825,221 (2023 - £6,433,083) by these entities and owed £4,447,204 (2023 - £5,131,459) to these entities. A management charge of £399,423 (2023 - £300,000) was paid to one of the entities. In the prior year the company also acquired development land from a related pension fund for £902,733 which was based on a third party valuation.