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REGISTERED NUMBER: 03726360 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ASSETTRAC LIMITED

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASSETTRAC LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: I G Athersmith
S V Laing
S M Laing
J F S Laing





SECRETARY: S M Laing





REGISTERED OFFICE: Preston Park House
South Road
Brighton
East Sussex
BN1 6SB





REGISTERED NUMBER: 03726360 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

BALANCE SHEET
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 105,903 127,482
Tangible assets 5 818 1,157
106,721 128,639

CURRENT ASSETS
Debtors 6 69,819 123,803
Cash at bank and in hand 76,752 5,600
146,571 129,403
CREDITORS
Amounts falling due within one year 7 (127,360 ) (125,135 )
NET CURRENT ASSETS 19,211 4,268
TOTAL ASSETS LESS CURRENT
LIABILITIES

125,932

132,907

CREDITORS
Amounts falling due after more than one
year

8

(51,301

)

(85,391

)

PROVISIONS FOR LIABILITIES 12 (204 ) (289 )
NET ASSETS 74,427 47,227

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 74,327 47,127
SHAREHOLDERS' FUNDS 74,427 47,227

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.

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

BALANCE SHEET - continued
31 March 2023


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 18 October 2023 and were signed on its behalf by:





I G Athersmith - Director


ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Assettrac 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

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.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives as follows:

Development costs - 10 years straight line basis

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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

Fixtures and equipment-20% on reducing balance basis
Computer equipment-33% on reducing balance basis

Financial instruments
Financial liabilities, financial assets 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.

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.


ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Government assistance
Included in bank loans is a Coronavirus Business Interruption Loan Scheme (CBILS) loan which is guaranteed by the government. As part of the loan scheme, the government agrees to pay the first year of interest on the loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 April 2022
and 31 March 2023 255,797
AMORTISATION
At 1 April 2022 128,315
Amortisation for year 21,579
At 31 March 2023 149,894
NET BOOK VALUE
At 31 March 2023 105,903
At 31 March 2022 127,482

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
equipment equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 1,541 27,449 28,990
DEPRECIATION
At 1 April 2022 1,219 26,614 27,833
Charge for year 64 275 339
At 31 March 2023 1,283 26,889 28,172
NET BOOK VALUE
At 31 March 2023 258 560 818
At 31 March 2022 322 835 1,157

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 64,280 119,178
Other debtors 5,539 4,625
69,819 123,803

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 9) - 4,607
Trade creditors 16,662 15,549
Taxation and social security 65,786 61,891
Other creditors 44,912 43,088
127,360 125,135

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other creditors 51,301 85,391

9. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 4,607
Other loans 34,090 32,431
34,090 37,038

Amounts falling due between one and two years:
Other loans - 1-2 years 35,834 34,090

Amounts falling due between two and five years:
Other loans - 2-5 years 15,467 51,301

10. LEASING AGREEMENTS

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft - 4,607
Other loans 85,391 117,822
85,391 122,429

HSBC Bank plc has a fixed and floating charge over the assets of the business.

ASSETTRAC LIMITED (REGISTERED NUMBER: 03726360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

12. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 204 289

Deferred
tax
£   
Balance at 1 April 2022 289
Provided during year (85 )
Accelerated capital allowances
Balance at 31 March 2023 204

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100