| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| True Innovations & Design (UK) Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| True Innovations & Design (UK) Limited |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| True Innovations & Design (UK) Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | GENERAL INFORMATION |
| True Innovations & Design (UK) Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company, limited by shares and is registered in England and Wales. The registered office is C/O Muckle LLP Time Central, 32 Gallowgate, Newcastle Upon Tyne, Tyne & Wear, NE1 4BF. |
| . |
| The principal activity of the Company in the period under review was that of furniture sales and marketing in the UK market. As noted below business plans have been delayed until late 2025/26. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The Company qualifies as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts. |
| Going concern |
| Management is actively exploring furniture business opportunities within the UK market, strategically aligning with existing customer footprints. This initiative is targeted for launch by the fourth quarter of 2025 or early 2026. The directors have received a guarantee of continued support from Living Style (BVI) Limited, and the directors believe that such financial support will continue to be available for the foreseeable future. As a result, they have continued to adopt the going concern basis of accounting. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Computer equipment - 4 years |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Financial instruments |
| The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets. |
| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. |
| Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Foreign currency transactions |
| Functional and presentation currency |
| The Company's functional and presentational currency is GBP, rounded to the nearest whole £. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Operating leases: the company as lessee |
| Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | PENSION COMMITMENTS |
| 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 pension cost charge represents contributions payable by the Company to the fund and amounted to £2,048 (2023: £1,914). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors. |
| 11. | CONTINGENT LIABILITIES |
| On 23 December 2022 the Company gave a fixed and floating charge over its assets present and future in respect of group credit facilities. |
| True Innovations & Design (UK) Limited (Registered number: 11634736) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | RELATED PARTY DISCLOSURES |
| During the year the following transactions have taken place with related parties: |
| Recharged costs and expenses from LF Europe Limited - £800 (2023: £498). |
| Balance owed to LF Europe Limited at year end - £457 (2023: £479). |
| Recharged costs and expenses from LF Fashion Limited - £1,815 (2023: £1,815). |
| Balance owed to LF Fashion Limited at year end - £Nil (2023: £Nil). |
| Recharged costs and expenses from Living Style (Singapore) Pte Ltd - £Nil (2023: £Nil). |
| Balance owed to Living Style (Singapore) Pte Ltd at year end - £1,094,516 (2023: £952,047). |
| Recharged costs and expenses from Whalen Limited - £Nil (£2023: £Nil). |
| Balance owed to Whalen Limited at year end - £Nil (2023: £15,614). |
| Recharged costs and expenses from Meiyume (UK) Limited - £81 (£2023: £Nil). |
| Balance owed to Meiyume (UK) Limited at year end - £Nil (2023: £Nil). |
| The above companies are under common control by King Lun Holdings Limited. |
| 13. | CONTROLLING PARTY |
| The Company's immediate parent company is, Living Style Group Limited which is a private company incorporated in Hong Kong. |
| The smallest and largest group for which consolidated financial statements are drawn up is that headed by Living Style (B.V.I) Limited, a company incorporated in the British Virgin Islands, registered at Vistra Corporate Services Centre, Wickhams Cay II, Road Town Tortola, VG1110, British Virgin Islands. |
| King Lun Holdings Limited, a private company incorporated in the British Virgin Islands, is considered to be the ultimate controlling parent. |