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REGISTERED NUMBER: 11763015 (England and Wales)












Financial Statements

for the Year Ended 30th January 2023

for

Track Twelve Limited

Track Twelve Limited (Registered number: 11763015)






Contents of the Financial Statements
for the Year Ended 30th January 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Track Twelve Limited

Company Information
for the Year Ended 30th January 2023







DIRECTOR: T J Dugan





SECRETARY: Ms H F Smith





REGISTERED OFFICE: Little Gable Cottage
Peppard Common
Henley on Thames
Oxfordshire
RG9 5JU





REGISTERED NUMBER: 11763015 (England and Wales)





ACCOUNTANTS: Buffery & Co Ltd
2 West Street
Henley On Thames
Oxfordshire
RG9 2DU

Track Twelve Limited (Registered number: 11763015)

Abridged Balance Sheet
30th January 2023

30.1.23 30.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,420,885 1,531,207

CURRENT ASSETS
Debtors 21,455 -
Cash at bank 27,662 24,755
49,117 24,755
CREDITORS
Amounts falling due within one year 998,046 933,463
NET CURRENT LIABILITIES (948,929 ) (908,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES 471,956 622,499

CREDITORS
Amounts falling due after more than one year (481,112 ) (581,000 )

PROVISIONS FOR LIABILITIES (1,778 ) -
NET (LIABILITIES)/ASSETS (10,934 ) 41,499

CAPITAL AND RESERVES
Called up share capital 5 100 100
Retained earnings (11,034 ) 41,399
SHAREHOLDERS' FUNDS (10,934 ) 41,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th January 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th October 2023 and were signed by:





T J Dugan - Director


Track Twelve Limited (Registered number: 11763015)

Notes to the Financial Statements
for the Year Ended 30th January 2023

1. STATUTORY INFORMATION

Track Twelve Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are recognised at cost. Tangible fixed assets are subsequently measured at cost less accumulated depreciation and impairment.

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.

Investment property
Investment property is presented under 'Freehold Property'. Investment property is initially recognised at cost. Investment property is subsequently measured at fair value. Fair value recognises the price that would be expected to be received on the open market (if sold). Purchase cost and LBTT are therefore not included in fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 31st January 2022 1,540,370
Revaluations (107,983 )
At 30th January 2023 1,432,387
DEPRECIATION
At 31st January 2022 9,163
Charge for year 2,339
At 30th January 2023 11,502
NET BOOK VALUE
At 30th January 2023 1,420,885
At 30th January 2022 1,531,207

Track Twelve Limited (Registered number: 11763015)

Notes to the Financial Statements - continued
for the Year Ended 30th January 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30th January 2023 is represented by:

Totals
£   
Valuation in 2023 (107,982 )
Cost 1,540,369
1,432,387

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.1.23 30.1.22
value: £    £   
100 Ordinary £1.00 100 100

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th January 2023 and 30th January 2022:

30.1.23 30.1.22
£    £   
T J Dugan
Balance outstanding at start of year (79,900 ) (79,900 )
Amounts advanced 20,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,900 ) (79,900 )

There is no set schedule of repayments for this amount, and interest is not being charged.

7. RELATED PARTY DISCLOSURES

During the year, £75,000 was received from a company controlled by the director. At the year-end, £915,300 remained outstanding. There is no set schedule of repayments for this amount, and interest is not being charged.

8. ANNUAL TAX ON ENVELOPED DWELLINGS (ATED)

The market value of each property on 1 April 2022 was less than £500k. Therefore, no property was within the scope of ATED.

9. INVESTMENT PROPERTY REVALUATION

A desktop valuation has been undertaken by an independent professional valuer. The valuer has used the comparative method of valuation with reference to the completed sales of similar types of property in similar locations during a period immediately preceding the date of valuation.

For purposes of the valuation, it has been assumed that the properties are in average condition throughout and are not subject to any unusual or especially onerous restrictions, encumbrances, or outgoings. It has also been assumed that the properties comply with all relevant laws and regulations, and vacant possession is available.

There are no restrictions on the realisability of the investment property or the remittance of income and proceeds of disposal.

Under the laws of England and Wales, the company is required to maintain the properties to ensure they are safe and free from health hazards.