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2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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2023-03-31
COMPANY REGISTRATION NUMBER:
00451530
Hightrack Company Limited |
|
Filleted Unaudited Financial Statements |
|
Hightrack Company Limited |
|
Year ended 31 March 2023
Officers and professional advisers |
1 |
|
|
Accountants report to the director on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Hightrack Company Limited |
|
Officers and Professional Advisers |
|
Registered office |
17 Arnhill Road |
|
Gretton |
|
Corby |
|
Northamptonshire |
|
NN17 3DN |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Hightrack Company Limited |
|
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Hightrack Company Limited |
|
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hightrack Company Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Hightrack Company Limited in accordance with the terms of our engagement letter dated 22 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Hightrack Company Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hightrack Company Limited and its director for our work or for this report.
It is your duty to ensure that Hightrack Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hightrack Company Limited. You consider that Hightrack Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Hightrack Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
9 November 2023
Hightrack Company Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
850,533 |
600,592 |
|
|
|
|
Current assets
Debtors |
6 |
2,677 |
5,942 |
Cash at bank and in hand |
7,300 |
19,271 |
|
------- |
-------- |
|
9,977 |
25,213 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
25,531 |
32,121 |
|
-------- |
-------- |
Net current liabilities |
15,554 |
6,908 |
|
--------- |
--------- |
Total assets less current liabilities |
834,979 |
593,684 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
126,064 |
131,881 |
|
|
|
|
Provisions |
181,693 |
90,587 |
|
--------- |
--------- |
Net assets |
527,222 |
371,216 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
22,386 |
22,386 |
Fair value reserve |
10 |
545,079 |
476,772 |
Profit and loss account |
10 |
(
40,243) |
(
127,942) |
|
--------- |
--------- |
Shareholders funds |
527,222 |
371,216 |
|
--------- |
--------- |
|
|
|
|
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 comprehensive income 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Hightrack Company Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
9 November 2023
, and are signed on behalf of the board by:
Company registration number:
00451530
Hightrack Company 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 17 Arnhill Road, Gretton, Corby, Northamptonshire, NN17 3DN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis which assumes the continued support of the Company's bankers and creditors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
|
Equipment |
- |
10% reducing balance |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
Freehold property |
Equipment |
Total |
|
£ |
£ |
£ |
Cost or valuation |
|
|
|
At 1 April 2022 |
600,000 |
13,860 |
613,860 |
Revaluations |
250,000 |
– |
250,000 |
|
--------- |
-------- |
--------- |
At 31 March 2023 |
850,000 |
13,860 |
863,860 |
|
--------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 April 2022 |
– |
13,268 |
13,268 |
Charge for the year |
– |
59 |
59 |
|
--------- |
-------- |
--------- |
At 31 March 2023 |
– |
13,327 |
13,327 |
|
--------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2023 |
850,000 |
533 |
850,533 |
|
--------- |
-------- |
--------- |
At 31 March 2022 |
600,000 |
592 |
600,592 |
|
--------- |
-------- |
--------- |
|
|
|
|
During the year, the director has revalued the freehold premises located in Geddington Road, Corby. The director is of the opinion that the valuation of £850,000 was on a open market basis.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,677 |
5,942 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
7,604 |
10,476 |
Trade creditors |
– |
1,380 |
Accruals and deferred income |
2,272 |
2,000 |
Corporation tax |
– |
1,880 |
Social security and other taxes |
588 |
1,480 |
Director loan accounts |
15,067 |
14,905 |
|
-------- |
-------- |
|
25,531 |
32,121 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
126,064 |
131,881 |
|
--------- |
--------- |
|
|
|
9.
Secured debts
The following secured debts are included within creditors:
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Bank loans |
142,288 |
147,898 |
|
|
--------- |
--------- |
|
|
|
|
HSBC Bank Plc has registered a legal debenture over all the assets (present and future) of the Company in recognition of the present and future obligations outstanding.
10.
Reserves
Fair Value reserve - This reserve records the value of asset revaluations and Fair Value movements on assets through the profit and loss. Profit and loss account - This reserve records retained earnings and accumulated losses.
11.
Controlling party
The immediate and ultimate controlling party of the Company is
Mrs E Branston
.