REGISTERED NUMBER: 14908443 (England and Wales)

TRUE BRIDGE NETWORK UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Riggione III

Mr B Stadler

Ms K W Vanek

REGISTERED OFFICE:

Mid City Place

71 High Holborn

Part First Floor

London

WC1V 6DA

REGISTERED NUMBER:

14908443 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

FIXED ASSETS

Tangible assets

4

-

1,756

CURRENT ASSETS

Debtors

5

264,528

61,033

CREDITORS

Amounts falling due within one year

6

425,965

168,501

NET CURRENT LIABILITIES

(161,437

)

(107,468

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(161,437

)

(105,712

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(161,438

)

(105,713

)

SHAREHOLDERS' FUNDS

(161,437

)

(105,712

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Ms K W Vanek - Director

1.	STATUTORY INFORMATION

True Bridge Network UK 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.

Going concern

The parent company has continued to provide financial support for the company to continue in operation to carry out its obligations under existing contracts. On this basis, the directors are satisfied that it is appropriate for the company to continue to prepare the financial statements on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Turnover is recognised on contracts where the group has obtained the right to consideration. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the date of financial position as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the group. Unbilled revenue is included in debtors.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:

Computer equipment - 33% to 50% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset and is credited or charged to the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

2,608

Disposals

(2,608

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

852

Charge for year

1,285

Eliminated on disposal

(2,137

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1,756

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

8,640

-

Amounts owed by group undertakings

254,878

53,106

Other debtors

1,010

7,927

264,528

61,033

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

420

829

Amounts owed to group undertakings

418,426

90,371

Taxation and social security

1,059

-

Accruals

6,060

77,301

425,965

168,501

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

8.	POST BALANCE SHEET EVENTS

In July 2024, due to the company incurring further losses, group management instructed the company to cease operations. Consequently, the company took on no new contracts and fulfilled its obligations under existing contracts which ceased in March 2025.