REGISTERED NUMBER: 10621779 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRUE LUXURY SPORT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Henry Quintus Morley

REGISTERED OFFICE:

208 Fulham Road

Chelsea

London

London

SW10 9PJ

REGISTERED NUMBER:

10621779 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

23,079

30,453

23,079

30,453

CURRENT ASSETS

Debtors

6

5,883

16,371

Cash at bank

49,021

98,126

54,904

114,497

CREDITORS

Amounts falling due within one year

7

50,006

71,075

NET CURRENT ASSETS

4,898

43,422

TOTAL ASSETS LESS CURRENT LIABILITIES

27,977

73,875

CREDITORS

Amounts falling due after more than one year

8

45,302

54,390

NET (LIABILITIES)/ASSETS

(17,325

)

19,485

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

(17,425

)

19,385

(17,325

)

19,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Henry Quintus Morley - Director

1.	STATUTORY INFORMATION

True Luxury Sport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

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.

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 currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Income recognition

Income is recognised when goods have been delivered to customers such that the risks and reward of ownership have been transferred to them.

Finance cost of debt

The finance cost of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

and 31 December 2024

3,350

AMORTISATION

At 1 January 2024

and 31 December 2024

3,350

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

5,216

35,000

40,216

DEPRECIATION

At 1 January 2024

3,346

6,417

9,763

Charge for year

374

7,000

7,374

At 31 December 2024

3,720

13,417

17,137

NET BOOK VALUE

At 31 December 2024

1,496

21,583

23,079

At 31 December 2023

1,870

28,583

30,453

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

15,120

Other debtors

5,883

1,251

5,883

16,371

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

5,895

5,895

Hire purchase contracts

3,192

2,827

Trade creditors

15,486

53,749

Amounts owed to associates

7,558

979

Taxation and social security

857

2,837

Other creditors

17,018

4,788

50,006

71,075

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

25,929

31,825

Hire purchase contracts

19,373

22,565

45,302

54,390

9.	PENSION COMMITMENTS

The amount recognised in profit or loss as an expense in relation to defined contribution plans was

£545 (2023: £14).Contributions totalling £Nil (2023: £Nil) were payable to the plan at the

year end and are included in creditors.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company made advances to a Director totalling £1,144 (2023: £11,359). These were interest free and repayable on demand.

The company received repayments totalling £1,144 (2023: £12,845).