BrightAccountsProduction v1.0.0 v1.0.0 2023-08-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is manufacturing medical instrument and supplies. 22 November 2024 28 29 NI042894 2024-07-31 NI042894 2023-07-31 NI042894 2022-07-31 NI042894 2023-08-01 2024-07-31 NI042894 2022-08-01 2023-07-31 NI042894 uk-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI042894 uk-curr:PoundSterling 2023-08-01 2024-07-31 NI042894 uk-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI042894 uk-bus:FullAccounts 2023-08-01 2024-07-31 NI042894 uk-core:ShareCapital 2024-07-31 NI042894 uk-core:ShareCapital 2023-07-31 NI042894 uk-core:SharePremium 2024-07-31 NI042894 uk-core:SharePremium 2023-07-31 NI042894 uk-core:RetainedEarningsAccumulatedLosses 2024-07-31 NI042894 uk-core:RetainedEarningsAccumulatedLosses 2023-07-31 NI042894 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-07-31 NI042894 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-31 NI042894 uk-bus:FRS102 2023-08-01 2024-07-31 NI042894 uk-core:LandBuildings 2023-08-01 2024-07-31 NI042894 uk-core:PlantMachinery 2023-08-01 2024-07-31 NI042894 uk-core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 NI042894 uk-core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 NI042894 uk-core:CurrentFinancialInstruments 2024-07-31 NI042894 uk-core:CurrentFinancialInstruments 2023-07-31 NI042894 uk-core:CurrentFinancialInstruments 2024-07-31 NI042894 uk-core:CurrentFinancialInstruments 2023-07-31 NI042894 uk-core:WithinOneYear 2024-07-31 NI042894 uk-core:WithinOneYear 2023-07-31 NI042894 uk-core:EmployeeBenefits 2023-07-31 NI042894 uk-core:EmployeeBenefits 2023-08-01 2024-07-31 NI042894 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-07-31 NI042894 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-07-31 NI042894 uk-core:OtherDeferredTax 2024-07-31 NI042894 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-07-31 NI042894 uk-core:EmployeeBenefits 2024-07-31 NI042894 2023-08-01 2024-07-31 NI042894 uk-bus:Director1 2023-08-01 2024-07-31 NI042894 uk-bus:Director2 2023-08-01 2024-07-31 NI042894 uk-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI042894
 
 
Trucorp Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 July 2024
Trucorp Limited
Company Registration Number: NI042894
BALANCE SHEET
as at 31 July 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 210,282 252,512
───────── ─────────
 
Current Assets
Stocks 5 566,174 486,080
Debtors 6 996,615 655,564
Cash and cash equivalents 1,535,787 1,737,927
───────── ─────────
3,098,576 2,879,571
───────── ─────────
Creditors: amounts falling due within one year 7 (583,699) (575,637)
───────── ─────────
Net Current Assets 2,514,877 2,303,934
───────── ─────────
Total Assets less Current Liabilities 2,725,159 2,556,446
 
Provisions for liabilities 8 (69,912) (61,929)
───────── ─────────
Net Assets 2,655,247 2,494,517
═════════ ═════════
 
Capital and Reserves
Called up share capital 1,143 1,143
Share premium account 9 27,003 27,003
Retained earnings 2,627,101 2,466,371
───────── ─────────
Equity attributable to owners of the company 2,655,247 2,494,517
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 22 November 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Michael Calo     Ryan Colhoun
Director     Director
           



Trucorp Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 July 2024

   
1. General Information
 
Trucorp Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI042894. The registered office of the company is 33 Waringstown Road, Lurgan, Co Armagh, BT66 7HH, Northern Ireland which is also the principal place of business of the company. The principal activity of the company is manufacturing medical instrument and supplies. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 July 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Leasehold Improvements - 20% Straight line
  Plant and machinery - 25% Straight line
  Fixtures, fittings and equipment - 25% Straight line
  Computer  Equipment - 33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Research and development
Research expenditure is written off to the Profit and Loss Account in the financial year in which it is incurred.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 28, (2023 - 29).
 
  2024 2023
  Number Number
 
Total 28 29
  ═════════ ═════════
             
4. Tangible assets
  Leasehold Plant and Fixtures, Computer Total
  Improvements machinery fittings and Equipment  
      equipment    
  £ £ £ £ £
Cost
At 1 August 2023 180,918 397,512 30,435 122,817 731,682
Additions 8,516 53,619 5,757 6,995 74,887
  ───────── ───────── ───────── ───────── ─────────
At 31 July 2024 189,434 451,131 36,192 129,812 806,569
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 August 2023 116,892 227,400 25,258 109,620 479,170
Charge for the financial year 33,534 70,927 2,373 10,283 117,117
  ───────── ───────── ───────── ───────── ─────────
At 31 July 2024 150,426 298,327 27,631 119,903 596,287
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 July 2024 39,008 152,804 8,561 9,909 210,282
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 July 2023 64,026 170,112 5,177 13,197 252,512
  ═════════ ═════════ ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 566,174 486,080
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 471,230 530,979
Amounts owed by group undertakings 2,013 -
Amounts owed by related parties 250,000 -
Other debtors 182,424 49,083
Taxation 53,938 21,025
Prepayments and accrued income 37,010 54,477
  ───────── ─────────
  996,615 655,564
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Trade creditors 141,018 185,234
Taxation 81,120 91,085
Other creditors 137,143 100,440
Accruals:
Pension accrual 2,596 -
Other accruals 221,822 198,878
  ───────── ─────────
  583,699 575,637
  ═════════ ═════════
         
8. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 61,929 61,929 37,157
Charged to profit and loss 7,983 7,983 24,772
  ───────── ───────── ─────────
At financial year end 69,912 69,912 61,929
  ═════════ ═════════ ═════════
   
9. Reserves
 
Share Premium Reserve
 
The amount carried forward is the premium that arose from the issue of shares in 2010.
 
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 July 2024.
           
11. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
 
During the year Trucorp Limited paid £160,844 to GMJR Consultants LLC in respect of consultancy fees, a company in which Mr Michael Calo is the principal shareholder and director.

Stephen McClelland is also the director and shareholder of Cordovan Capital Management Limited.  During the year Cordovan Capital Management Limited borrowed £250,000 from Trucorp Limited.  At the year end,  Cordovan Capital Management Limited owed £250,000 to Trucorp Limited and this amount is included in the debtors section of the balance sheet.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.