True Craft Pizza And Beer Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 11113296

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		147,724		166,301

			147,724		166,301
CURRENT ASSETS
Debtors	5	14,313		45,162
Cash at bank and in hand		133,899		107,583

		148,212		152,745
Creditors: Amounts Falling Due Within One Year	6	(190,654 )		(183,685 )

NET CURRENT ASSETS (LIABILITIES)			(42,442 )		(30,940 )

TOTAL ASSETS LESS CURRENT LIABILITIES			105,282		135,361

Creditors: Amounts Falling Due After More Than One Year	7		(76,745 )		(108,860 )

NET ASSETS			28,537		26,501

CAPITAL AND RESERVES
Called up share capital	8		3		3
Share premium account			20,000		20,000
Profit and Loss Account			8,534		6,498

SHAREHOLDERS' FUNDS			28,537		26,501

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True Craft Pizza And Beer Ltd

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr D J Lewis

Director

22/01/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

True Craft Pizza And Beer Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11113296 . The registered office is 221 Chester House,Unit 2.21, 1-3 Brixton Road,, London, SW9 6DE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% Straight line
Plant & Machinery	10% Straight line
Computer Equipment	25% Straight line

2.4. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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True Craft Pizza And Beer Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

21Average number of employees, including directors, during the year was: 21 (2023: 36)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	183,302	63,887	7,825	255,014
Additions	4,139	1,712	1,168	7,019

As at 31 December 2024	187,441	65,599	8,993	262,033

Depreciation
As at 1 January 2024	58,375	22,513	7,825	88,713
Provided during the period	18,744	6,560	292	25,596

As at 31 December 2024	77,119	29,073	8,117	114,309

Net Book Value
As at 31 December 2024	110,322	36,526	876	147,724

As at 1 January 2024	124,927	41,374	-	166,301

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	520	520
Prepayments and accrued income	36,250	25,000
Other debtors (1)	(22,457 )	19,642

	14,313	45,162

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True Craft Pizza And Beer Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	(1 )	2
Bank loans and overdrafts	21,004	31,127
Corporation tax	64,222	19,658
Other taxes and social security	-	8,622
VAT	58,828	46,275
Net wages	-	15,892
Pensions Payable	348	57
Other creditors (1)	-	16,552
Directors' loan accounts	46,253	45,500

	190,654	183,685

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	-	12,369
RLS loans	75,439	96,491
Other payable - Macbook 13"	1,306	-

	76,745	108,860

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	3	3

9. Directors Advances, Credits and Guarantees

Included within creditors are the following amounts owed to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr David Lewis	(16,296 )	(353 )	-	-	(16,649 )
Mr John Lewis	(16,250 )	(353 )	-	-	(16,603 )
Mr Oswald Earl	(13,000 )	-	-	-	(13,000 )

The above loan is unsecured, interest free and repayable on demand.

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