Truly (UK) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07219036 (England and Wales)

Truly (UK) Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L M Gough

Mrs N J Thompson

M G Forrester

REGISTERED OFFICE:

Sprinkles HQ

Brimfield

Ludlow

SHROPSHIRE

SY8 4NX

REGISTERED NUMBER:

07219036 (England and Wales)

ACCOUNTANTS:

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

15,282

13,951

15,282

13,951

CURRENT ASSETS

Stocks

743,344

625,850

Debtors

6

77,946

75,561

Cash at bank and in hand

30,313

78,016

851,603

779,427

CREDITORS

Amounts falling due within one year

7

318,980

198,625

NET CURRENT ASSETS

532,623

580,802

TOTAL ASSETS LESS CURRENT LIABILITIES

547,905

594,753

CREDITORS

Amounts falling due after more than one year

8

(41,167

)

(60,167

)

PROVISIONS FOR LIABILITIES

(3,517

)

(3,488

)

NET ASSETS

503,221

531,098

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

503,121

530,998

503,221

531,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

Mrs N J Thompson - Director

1.	STATUTORY INFORMATION

Truly (UK) Ltd 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost, 25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 18 (2022 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

33,589

AMORTISATION

At 1 April 2022

and 31 March 2023

33,589

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

-

55,212

25,186

13,813

94,211

Additions

1,244

-

-

10,732

11,976

At 31 March 2023

1,244

55,212

25,186

24,545

106,187

DEPRECIATION

At 1 April 2022

-

49,637

19,535

11,088

80,260

Charge for year

28

3,137

3,801

3,679

10,645

At 31 March 2023

28

52,774

23,336

14,767

90,905

NET BOOK VALUE

At 31 March 2023

1,216

2,438

1,850

9,778

15,282

At 31 March 2022

-

5,575

5,651

2,725

13,951

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

61,738

69,406

Other debtors

12,514

385

VAT

-

2,906

Prepayments

3,694

2,864

77,946

75,561

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

19,000

19,000

Other loans

60,435

-

Trade creditors

62,923

76,064

Tax

3,515

84,324

Social security and other taxes

19,459

-

VAT

3,543

-

Other creditors

772

11,664

Directors' current accounts

142,045

1,823

Accrued expenses

7,288

5,750

318,980

198,625

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan

41,167

60,167