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COMPANY REGISTRATION NUMBER: 07969446
WeTrack Limited
Filleted Unaudited Financial Statements
28 February 2018
WeTrack Limited
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
1,800
49,087
Current assets
Debtors
6
20,804
6,516
Cash at bank and in hand
29,632
19,029
--------
--------
50,436
25,545
Creditors: amounts falling due within one year
7
17,499
33,775
--------
--------
Net current assets/(liabilities)
32,937
( 8,230)
--------
--------
Total assets less current liabilities
34,737
40,857
--------
--------
Net assets
34,737
40,857
--------
--------
Capital and reserves
Called up share capital
300
300
Profit and loss account
34,437
40,557
--------
--------
Shareholders funds
34,737
40,857
--------
--------
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 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 year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
Mr M Olivieri
Director
Company registration number: 07969446
WeTrack Limited
Notes to the Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 3a Ty Fry Gardens, Rumney, Cardiff, CF3 3NQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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 revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2017
1,365
61,950
4,020
67,335
Disposals
( 61,950)
( 61,950)
-------
--------
-------
--------
At 28 February 2018
1,365
4,020
5,385
-------
--------
-------
--------
Depreciation
At 1 March 2017
633
15,263
2,352
18,248
Charge for the year
183
417
600
Disposals
( 15,263)
( 15,263)
-------
--------
-------
--------
At 28 February 2018
816
2,769
3,585
-------
--------
-------
--------
Carrying amount
At 28 February 2018
549
1,251
1,800
-------
--------
-------
--------
At 28 February 2017
732
46,687
1,668
49,087
-------
--------
-------
--------
6. Debtors
2018
2017
£
£
Trade debtors
6,089
6,149
Other debtors
14,715
367
--------
-------
20,804
6,516
--------
-------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,051
3,187
Corporation tax
11,373
6,536
Social security and other taxes
3,055
556
Other creditors
1,020
23,496
--------
--------
17,499
33,775
--------
--------
8. Director's advances, credits and guarantees
At 28th February 2018 the director owed the Company £14,445 which is to be repaid within 9 months of the 2018 year end.
9. Related party transactions
The company was under the control of Mr Olivieri throughout the current and previous year. Mr Olivieri is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.