ACCOUNTS - Final Accounts preparation

Registered number: 11445421

TRUE INNOVATION HOSPITALITY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024


TRUE INNOVATION HOSPITALITY LIMITED

CONTENTS

	Page
Balance sheet	1
Statement of changes in equity	2
Notes to the financial statements	3 - 5


TRUE INNOVATION HOSPITALITY LIMITED REGISTERED NUMBER:11445421

BALANCE SHEET

AS AT 31 JULY 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	2,598		5,409
Cash at bank and in hand	5	7,941		17,614
		10,539		23,023
Creditors: amounts falling due within one year	6	(8,427)		(10,087)
Net current assets			2,112		12,936
Total assets less current liabilities			2,112		12,936

Net assets			2,112		12,936

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		2,012	12,836
		2,112	12,936

The director considers 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 director acknowledges his 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 profit and loss account 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 on 31 October 2025.

E Walker

Director

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


TRUE INNOVATION HOSPITALITY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 August 2022	100	(25,107)	(25,007)

Profit for the year	-	37,943	37,943

At 1 August 2023	100	12,836	12,936

Loss for the year	-	(6,574)	(6,574)
Dividends: Equity capital	-	(4,250)	(4,250)
At 31 July 2024	100	2,012	2,112


TRUE INNOVATION HOSPITALITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1.	General information

True Innovation Hospitality Limited is a private company, limited by shares, registered in England and Wales, registration number 11445421.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Wellington House, The Fairway, Weybridge, KT13 0RZ.
The principal activity of the company continued to be that of consultancy services.

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

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

2.3

Turnover

Revenue comprises of turnover recognised by the company in respect of consultancy services supplied during the period, exclusive of Value Added Tax.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.


TRUE INNOVATION HOSPITALITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including the director, during the year was 1 (2023 -1).

Debtors

					2024	2023
					£	£


Other debtors	2,400	5,184
Prepayments	198	225
	2,598	5,409


TRUE INNOVATION HOSPITALITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

5.	Cash
		2024	2023
		£	£

	Cash at bank and in hand	7,941	17,614

6.	Creditors: amounts falling due within one year
		2024	2023
		£	£

Trade creditors	5,916	-
Corporation tax	-	7,587
Other creditors	11	-
Accruals	2,500	2,500
	8,427	10,087

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 -100) Ordinary shares of £1.00 each	100	100

8.	Related party transactions
	As at the year end, an amount of £11 (2023 - £4,239 was due from) was due to the director of the company. The loan is repayable on demand and interest of £Nil (2023 - £Nil) is charged at the official rate. During the year, the company paid dividends of £4,250 (2023 - £Nil) to the director.