Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31false2021-01-01falseSelling anti-theft and security productsThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.44true 06433342 2021-01-01 2021-12-31 06433342 2020-01-01 2020-12-31 06433342 2021-12-31 06433342 2020-12-31 06433342 2020-01-01 06433342 c:Director1 2021-01-01 2021-12-31 06433342 d:PlantMachinery 2021-01-01 2021-12-31 06433342 d:PlantMachinery 2021-12-31 06433342 d:PlantMachinery 2020-12-31 06433342 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06433342 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 06433342 d:MotorVehicles 2021-01-01 2021-12-31 06433342 d:MotorVehicles 2021-12-31 06433342 d:MotorVehicles 2020-12-31 06433342 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 06433342 d:ComputerEquipment 2021-01-01 2021-12-31 06433342 d:ComputerEquipment 2021-12-31 06433342 d:ComputerEquipment 2020-12-31 06433342 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06433342 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 06433342 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 06433342 d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2021-01-01 2021-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2020-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 06433342 d:OtherResidualIntangibleAssets 2021-01-01 2021-12-31 06433342 d:CurrentFinancialInstruments 2021-12-31 06433342 d:CurrentFinancialInstruments 2020-12-31 06433342 d:Non-currentFinancialInstruments 2021-12-31 06433342 d:Non-currentFinancialInstruments 2020-12-31 06433342 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06433342 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 06433342 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 06433342 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 06433342 d:ShareCapital 2021-12-31 06433342 d:ShareCapital 2020-12-31 06433342 d:ShareCapital 2020-01-01 06433342 d:SharePremium 2021-12-31 06433342 d:SharePremium 2020-12-31 06433342 d:SharePremium 2020-01-01 06433342 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2021-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2020-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2020-01-01 06433342 c:FRS102 2021-01-01 2021-12-31 06433342 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 06433342 c:FullAccounts 2021-01-01 2021-12-31 06433342 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06433342 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 06433342 d:HirePurchaseContracts d:WithinOneYear 2020-12-31 06433342 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 06433342 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-12-31 06433342 2 2021-01-01 2021-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-12-31 06433342 d:LeasedAssetsHeldAsLessee 2021-12-31 06433342 d:LeasedAssetsHeldAsLessee 2020-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-01-01 2021-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 06433342









EXACTTRAK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
EXACTTRAK LIMITED
REGISTERED NUMBER: 06433342

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,734
11,969

Tangible assets
 5 
39,921
534

  
50,655
12,503

Current assets
  

Debtors: amounts falling due within one year
 6 
67,612
39,173

Cash at bank and in hand
 7 
11,882
435,701

  
79,494
474,874

Creditors: amounts falling due within one year
 8 
(351,201)
(396,795)

Net current (liabilities)/assets
  
 
 
(271,707)
 
 
78,079

Total assets less current liabilities
  
(221,052)
90,582

Creditors: amounts falling due after more than one year
 9 
(626,493)
(564,269)

  

Net liabilities
  
(847,545)
(473,687)

Page 1

 
EXACTTRAK LIMITED
REGISTERED NUMBER: 06433342
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

2021
2020
£
£

Capital and reserves
  

Called up share capital 
  
4,018
4,018

Share premium account
  
2,774,284
2,774,284

Profit and loss account
  
(3,625,847)
(3,251,989)

  
(847,545)
(473,687)


The directors consider 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 directors acknowledge their 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 by: 




NG Shaw
Director

Date: 9 September 2022

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
EXACTTRAK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2020
4,018
2,774,284
(3,084,462)
(306,160)


Comprehensive income for the year

Loss for the year
-
-
(167,527)
(167,527)



At 1 January 2021
4,018
2,774,284
(3,251,989)
(473,687)


Comprehensive income for the year

Loss for the year
-
-
(373,858)
(373,858)


At 31 December 2021
4,018
2,774,284
(3,625,847)
(847,545)


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

ExactTrak Limited ("the Company") is incorporated in the United Kingdom under the Companies Act.
ExactTrak Limited is a private company limited by shares and registered in England and Wales. The registered office is Highlands House, Basingstoke Road, Spencers Wood, Reading, Berkshire, RG7 1NT. 
The principal activity of the company in the year under review was that of selling anti-theft and security products.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The directors have prepared projected cash flow information for the period in excess of 12 months from the date of their approval of these financial statements. The detailed projections demonstrate the company is forecast to remain cash positive and accordingly the directors believe the company has adequate resources to continue in operational existence for the foreseeable future. However, it is recognised that the Company is reliant on existing share holder support.  Subsequent to the year end further funding has been raised by the company to support the working capital requirements of the company going forward.   

Page 4

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

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 income 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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
20
years
Prototype Development
-
5
years

 
2.10

 Research and development costs

Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Where costs that arise from the company's development activities meet the following conditions they
are capitalised and deferred over the expected useful life of the asset commencing from the date of commercial production or application.
- an asset is created, under a clearly defined project, that can be identified (such as software and new processes);
- the expenditure related to the development of the asset is separately identifiable and reliably measured; and
- it is probable that the asset created will generate future economic benefits in excess of the development costs incurred in creating the asset.
Development costs that do not meet the above criteria are recognised as an expense in the period in which it is incurred.

Page 7

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
2
years straight line
Motor vehicles
-
4
years straight line
Computer equipment
-
2
years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

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

 
2.15

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

Page 8

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2021
24,696
234,326
259,022



At 31 December 2021

24,696
234,326
259,022



Amortisation


At 1 January 2021
12,727
234,326
247,053


Charge for the year on owned assets
1,235
-
1,235



At 31 December 2021

13,962
234,326
248,288



Net book value



At 31 December 2021
10,734
-
10,734



At 31 December 2020
11,969
-
11,969



Page 9

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
900
-
58,663
59,563


Additions
-
49,235
-
49,235



At 31 December 2021

900
49,235
58,663
108,798



Depreciation


At 1 January 2021
900
-
58,129
59,029


Charge for the year on owned assets
-
-
338
338


Charge for the year on financed assets
-
9,510
-
9,510



At 31 December 2021

900
9,510
58,467
68,877



Net book value



At 31 December 2021
-
39,725
196
39,921



At 31 December 2020
-
-
534
534

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
39,725
-

39,725
-

Page 10

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Trade debtors
3,696
7,319

Other debtors
54,688
31,854

Prepayments and accrued income
9,228
-

67,612
39,173



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
11,882
435,701

Less: bank overdrafts
-
(26,675)

11,882
409,026



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
-
26,675

Bank loans
3,600
2,100

Trade creditors
42,769
107,370

Other taxation and social security
2,611
3,083

Obligations under finance lease and hire purchase contracts
6,106
-

Other creditors
228,646
228,731

Accruals and deferred income
67,469
28,836

351,201
396,795


Page 11

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
14,448
15,900

Other loans
578,369
548,369

Net obligations under finance leases and hire purchase contracts
33,676
-

626,493
564,269



10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
3,600
2,100


3,600
2,100

Amounts falling due 1-2 years

Bank loans
3,600
3,600

Other loans
48,369
48,369


51,969
51,969

Amounts falling due 2-5 years

Bank loans
10,848
12,300

Other loans
530,000
500,000


540,848
512,300


596,417
566,369


Page 12

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
6,106
-

Between 1-5 years
33,676
-

39,782
-


12.


Related party transactions

Trackitall Limited
J Pragnell a director and shareholder of ExactTrak Limited is also a director and shareholder of Trackitall Limited.
During the year Trackitall Limited provided the company with management services totaling £36,000 (2020: £36,000). At the balance sheet date £66,000 (2020: £66,000) was due to J Pragnell and Trackitall Limited.

 
Page 13