Registered number
10804620
Puretrack Developments Limited
Filleted Accounts (unaudited)
31 December 2022
Puretrack Developments Limited
Registered number: 10804620
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 7,425 3,411
Current assets
Work-in-progress 2,941,685 2,097,354
Debtors 4 70 70
Cash at bank and in hand 12,255 14,671
2,954,010 2,112,096
Creditors: amounts falling due within one year 5 (1,524,013) (1,706,137)
Net current assets 1,429,997 405,959
Total assets less current liabilities 1,437,422 409,370
Creditors: amounts falling due after more than one year 6 (1,631,288) (482,336)
Net liabilities (193,866) (72,966)
Capital and reserves
Called up share capital 100 100
Profit and loss account (193,966) (73,066)
Shareholders' funds (193,866) (72,966)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Bhowmick
Director
Approved by the board on 29 September 2023
Puretrack Developments Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment and tools 15% reducing balance method
Work-in-progress
Work-in-progress measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of work-in-progress sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Tools & equipment
£
Cost
At 1 January 2022 4,401
Additions 5,323
At 31 December 2022 9,724
Depreciation
At 1 January 2022 990
Charge for the year 1,309
At 31 December 2022 2,299
Net book value
At 31 December 2022 7,425
At 31 December 2021 3,411
4 Debtors 2022 2021
£ £
Other debtors 70 70
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 21,470 237,863
Taxation and social security costs (2,450) (1,980)
Other creditors 1,504,993 1,470,254
1,524,013 1,706,137
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,631,288 482,336
7 Loans 2022 2021
£ £
Creditors include:
Secured bank loans 1,414,259 408,606
Bank loans are secured on the company's housing development
8 Transactions with the directors
The director partially funded the company's operations during the year by means of a loan account. Movements on this account are detailed below in summary form:
2022
£
Due to the director at 01/01/22 1,409,961
Advances made to the company 48,277
Amounts repaid to the director (7,500)
Personal items (28)
Due to the director at 31/12/22 1,450,710
9 Other information
Puretrack Developments Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
1 Duncan Road
Richmond
London
England
TW9 2TD
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