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Registration number: 03407032

Tradetrue Limited

trading as Tradetrue Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Tradetrue Limited

trading as Tradetrue Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Tradetrue Limited

trading as Tradetrue Ltd

Company Information

Director

Mr D Wilson

Company secretary

Beverley Anne Haw

Registered office

43 Lythals Lane Industrial Estate
Coventry
CV6 6FL

 

Tradetrue Limited

trading as Tradetrue Ltd

(Registration number: 03407032)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

311,740

356,315

Current assets

 

Debtors

5

708,419

1,503,004

Cash at bank and in hand

 

2,286

998

 

710,705

1,504,002

Creditors: Amounts falling due within one year

6

(379,442)

(786,805)

Net current assets

 

331,263

717,197

Total assets less current liabilities

 

643,003

1,073,512

Creditors: Amounts falling due after more than one year

6

(104,703)

(103,154)

Net assets

 

538,300

970,358

Capital and Reserves

 

Called up share capital

7

100

100

Retained earnings

538,200

970,258

Shareholders' funds

 

538,300

970,358

For the financial year ending 30 September 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 April 2025
 

 

Tradetrue Limited

trading as Tradetrue Ltd

(Registration number: 03407032)
Balance Sheet as at 30 September 2024

.........................................
Mr D Wilson
Director

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
43 Lythals Lane Industrial Estate
Coventry
CV6 6FL

These financial statements were authorised for issue by the director on 15 April 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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 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.

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% Reducing balance

Fixture and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

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.

Borrowings

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 102).

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

38,799

887,227

926,026

Additions

-

45,475

45,475

At 30 September 2024

38,799

932,702

971,501

Depreciation

At 1 October 2023

38,190

531,521

569,711

Charge for the year

152

89,898

90,050

At 30 September 2024

38,342

621,419

659,761

Carrying amount

At 30 September 2024

457

311,283

311,740

At 30 September 2023

609

355,706

356,315

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

594,165

1,127,619

Amounts owed by related parties

11

9,450

-

Prepayments

 

35,716

109,046

Other debtors

 

69,088

266,339

   

708,419

1,503,004

6

Creditors

Creditors: amounts falling due within one year

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

33,999

198,394

Trade creditors

 

109,115

181,453

Taxation and social security

 

143,826

300,740

Accruals and deferred income

 

6,028

5,531

Other creditors

 

86,474

100,687

 

379,442

786,805

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

104,703

103,154

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,500

24,750

Hire purchase contracts

88,203

78,404

104,703

103,154

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

33,999

198,394

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £557.00 (2023 - £587.50) per each Ordinary shares

55,700

58,750

 

 
 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £67,400 (2023 - £201,322). The company hires vehicles and premises leases repayment commitments.

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £104,703 (2023 - £103,154). Various financial institutions have fianced the company's fleet of vehicles for which there are repayment guarantees and commitments. There were no contingencies.

11

Related party transactions

 

Tradetrue Limited

trading as Tradetrue Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

8,480

8,320

Contributions paid to money purchase schemes

9,390

8,942

17,870

17,262