ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 13513993

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	TRUE NORTH MANAGEMENT LTD


TRUE NORTH MANAGEMENT LTD

COMPANY INFORMATION

Directors	Xiaozhou Ju
	Timothy John Munn


Registered number	13513993


Registered office	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


Accountants	Menzies LLP
	Chartered Accountants
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


TRUE NORTH MANAGEMENT LTD REGISTERED NUMBER:13513993

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		Restated 2023
Note		£		£

Fixed assets
Intangible assets	4		7,568		13,853
Tangible assets	5		10,562		2,346
			18,130		16,199
Current assets
Debtors: amounts falling due within one year	6	114,968		78,040
Cash at bank and in hand		319,095		221,337
		434,063		299,377
Creditors: amounts falling due within one year	7	(198,948)		(103,570)
Net current assets			235,115		195,807
Total assets less current liabilities			253,245		212,006
Creditors: amounts falling due after more than one year	8		(928,975)		(599,000)

Net liabilities			(675,730)		(386,994)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(675,830)	(387,094)
	(675,730)	(386,994)

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TRUE NORTH MANAGEMENT LTD REGISTERED NUMBER:13513993

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Xiaozhou Ju

Director

Date: 30 September 2025

The notes on pages 3 to 8 form part of these financial statements.

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

True North Management Ltd is a private company, limited by shares, registered in England & Wales, company registration number 13513993. The registered office is 4th Floor, 95 Gresham Street, London, EC2V 7AB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Pensions

Defined contribution pension plan

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 in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

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:

				Office equipment	-	25%
				Computer equipment	-	25%

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 or loss.

2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 3).

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

	Development expenditure	Digital land asset	Total
	£	£	£
Cost
At 1 January 2024	2,220	11,633	13,853
At 31 December 2024	2,220	11,633	13,853
Amortisation
Charge for the year on owned assets	222	-	222
Impairment charge	-	6,063	6,063
At 31 December 2024	222	6,063	6,285
Net book value
At 31 December 2024	1,998	5,570	7,568
At 31 December 2023	2,220	11,633	13,853

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	500	3,521	4,021
Additions	300	9,736	10,036
At 31 December 2024	800	13,257	14,057
Depreciation
At 1 January 2024	250	1,425	1,675
Charge for the year on owned assets	198	1,622	1,820
At 31 December 2024	448	3,047	3,495
Net book value
At 31 December 2024	352	10,210	10,562
At 31 December 2023	250	2,096	2,346

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	Restated 2023
					£	£


Trade debtors	71,301	25,491
Amounts owed by group undertakings	6,956	-
Other debtors	21,774	12,500
Prepayments and accrued income	14,937	40,049
	114,968	78,040

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	49,181	63,256
Other taxation and social security	115,569	21,040
Other creditors	1,253	763
Accruals and deferred income	32,945	18,511
	198,948	103,570

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	928,975	599,000
	928,975	599,000

9.	Prior year adjustment

During the year, a dividend of £1,900 that had been declared and recognised in the financial statements for the year ended 31 December 2022 was reversed. The shareholder subsequently repaid the amount to the company in 2024.
As a result of this correction, retained earnings brought forward have increased by £1,900. In addition, other debtors as at 31 December 2023 have increased by £1,900, reflecting the repayment due from the shareholder at that date.

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TRUE NORTH MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Not later than 1 year	-	5,300
		-	5,300

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