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COMPANY REGISTRATION NUMBER: 05817321
Right-Trak Limited
Filleted Unaudited Financial Statements
31 March 2023
Right-Trak Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
817,488
824,243
Current assets
Debtors
6
68,457
38,041
Cash at bank and in hand
417,795
560,773
---------
---------
486,252
598,814
Creditors: amounts falling due within one year
7
289,775
344,230
---------
---------
Net current assets
196,477
254,584
------------
------------
Total assets less current liabilities
1,013,965
1,078,827
Creditors: amounts falling due after more than one year
8
205,816
218,993
Provisions
Taxation including deferred tax
7,000
9,000
------------
------------
Net assets
801,149
850,834
------------
------------
Capital and reserves
Called up share capital
9
700
700
Capital redemption reserve
400
400
Profit and loss account
800,049
849,734
---------
---------
Shareholders funds
801,149
850,834
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Right-Trak Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Glynis Spriddell
Director
Company registration number: 05817321
Right-Trak Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Winovation, Houghtons Yard, Shields Road, Newcastle Upon Tyne, NE6 2YP.
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. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
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:
Plant & machinery
-
20% straight line
Fixtures & fittings
-
33% straight line
Motor vehicles
-
25% straight line
No depreciation is provided on freehold property on the basis that the depreciation charge and accumulated depreciation are immaterial in the context of these accounts. The useful economic life and residual value of freehold property is maintained by regular refurbishment programme. Annual impairment reviews are carried out in respect of freehold property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 61 (2022: 50 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
739,639
61,593
41,861
42,789
885,882
Additions
3,772
16,798
20,570
Disposals
( 13,012)
( 6,740)
( 19,752)
---------
--------
--------
--------
---------
At 31 March 2023
739,639
61,593
32,621
52,847
886,700
---------
--------
--------
--------
---------
Depreciation
At 1 April 2022
41,861
19,778
61,639
Charge for the year
12,319
1,257
13,750
27,326
Disposals
( 13,012)
( 6,741)
( 19,753)
---------
--------
--------
--------
---------
At 31 March 2023
12,319
30,106
26,787
69,212
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2023
739,639
49,274
2,515
26,060
817,488
---------
--------
--------
--------
---------
At 31 March 2022
739,639
61,593
23,011
824,243
---------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
63,115
38,041
Other debtors
5,342
--------
--------
68,457
38,041
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,953
16,538
Trade creditors
11,841
14,839
Social security and other taxes
37,021
79,017
Other creditors
225,960
233,836
---------
---------
289,775
344,230
---------
---------
Security over the company's freehold property has been given by the company in respect of £14,953 (2022: £16,538) included within creditors: amounts falling due within one year.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
205,816
218,993
---------
---------
Security over the company's freehold property has been given by the company in respect of £205,816 (2022: £218,993) included within creditors: amounts falling due after more than one year.
Included within creditors: amounts falling due after more than one year is an amount of £132,299 (2022: £144,336) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
600
600
600
600
Ordinary A shares of £ 1 each
100
100
100
100
----
----
----
----
700
700
700
700
----
----
----
----
10. Other financial commitments
Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £ 36,714 (2022: £47,112).
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Melanie Spriddell
5,342
5,342
----
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Melanie Spriddell
----
----
----
The director's loan is interest free and repayable on demand .