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COMPANY REGISTRATION NUMBER: 06091175

TRUELOVE INVESTMENT COMPANY LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

5 April 2025

TRUELOVE INVESTMENT COMPANY LTD

STATEMENT OF FINANCIAL POSITION

5 April 2025

| 5 Apr 25 | 31 Mar 24
Note | £ | £

Fixed assets

Tangible assets | 4 | 8,180,000 | 7,980,000

Current assets

Debtors | 5 | 175,238 | 94,676
Cash at bank and in hand | 11,247 | 387
| ---------- | ---------
| 186,485 | 95,063

Creditors: amounts falling due within one year | 6 | ( 1,394,890) | ( 1,539,277)
| ------------- | -------------
Net current liabilities | ( 1,208,405) | ( 1,444,214)
| ------------- | -------------
Total assets less current liabilities | 6,971,595 | 6,535,786

Creditors: amounts falling due after more than one year | 7 | ( 2,540,000) | ( 2,197,933)

Provisions | ( 808,486) | ( 808,486)
| ------------- | -------------
Net assets | 3,623,109 | 3,529,367
| ------------- | -------------

Capital and reserves

Called up share capital | 1 | 1
Revaluation reserve | 2,694,040 | 2,694,040
Profit and loss account | 929,068 | 835,326
| ------------- | -------------
Shareholder funds | 3,623,109 | 3,529,367
| ------------- | -------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TRUELOVE INVESTMENT COMPANY LTD

STATEMENT OF FINANCIAL POSITION (continued)

5 April 2025
These financial statements were approved by the board of directors and authorised for issue on 22 January 2026 , and are signed on behalf of the board by:

Mrs J P Truelove
Director

Company registration number: 06091175

TRUELOVE INVESTMENT COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 APRIL 2024 TO 5 APRIL 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4a Eastgate, Lincoln, Lincolnshire, LN2 1QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The Directors make estimates of the fair values of investment properties. The total carrying value of investment properties was £7.98M at the year end.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of the rental income generated by the letting of its investment properties. Rental income is recognised on a receivable basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Investment property is initially recognised on acquisition at cost, including related acquisition costs, and is revalued annually by Chartered Surveyors to reflect fair value. Fair value is derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss account. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Tangible assets

| Investment property
| £
Cost |
At 1 April 2024 | 7,980,000
Additions | 200,000
| -------------
At 5 April 2025 | 8,180,000
| -------------
Depreciation |
At 1 April 2024 and 5 April 2025 | –
| -------------
Carrying amount |
At 5 April 2025 | 8,180,000
| -------------
At 31 March 2024 | 7,980,000
| -------------

Tangible assets held at valuation The investment property was valued on an open market basis at the year end by the directors, using their experience in the sector. The historic cost of the investment property is £4,677,474 (2024 - £4,477,474).
5. Debtors

| 5 Apr 25 | 31 Mar 24
| £ | £
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 4,353 | –
Other debtors | 170,885 | 94,676
| ---------- | ---------
| 175,238 | 94,676
| ---------- | ---------

6. Creditors: amounts falling due within one year

| 5 Apr 25 | 31 Mar 24
| £ | £
Bank loans and overdrafts | 40,000 | 148,740
Trade creditors | 43,033 | 29,301
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 1,263,532 | 1,333,789
Corporation tax | – | 20,864
Other creditors | 48,325 | 6,583
| ------------- | -------------
| 1,394,890 | 1,539,277
| ------------- | -------------

The bank loan is secured on the investment properties along with a fixed and floating charge over the assets of the company. There is also an assignment of rents in the event of a default in loan repayment.
7. Creditors: amounts falling due after more than one year

| 5 Apr 25 | 31 Mar 24
| £ | £
Bank loans and overdrafts | 2,540,000 | 2,197,933
| ------------- | -------------

The bank loan is secured on the investment properties along with a fixed and floating charge over the assets of the company. There is also an assignment of rents in the event of a default in loan repayment.
Creditors falling due after more than 5 years from the reporting date are repayable monthly at a market rate of interest.
8. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:

| Balance brought forward and outstanding
| 5 Apr 25 | 31 Mar 24
| £ | £
B M C K Truelove | 5,026 | 5,026
| ------- | -------

9. Related party transactions
Outside the group there are several connected companies, LLP's and pension schemes and loans exist with several of these entities. At the year end the company was owed £83,478 (2024 - £41,002) by these entities and owed £27,575 (2024 - £4,763) to these entities. A management charge of £26,603 (2024 - £11,500) was paid to one of the entities.
10. Controlling party
The company is ultimately controlled by Truelove Property & Construction Limited, a company incorporated and registered in England and Wales. The registered office and principle place of business of Truelove Property & Construction Limited is: 4A Eastgate Lincoln Lincolnshire LN2 1QA