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Registration number: 03440555

Traqa Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Traqa Limited

Contents

Company Information

1

Directors' Report

2

Statement of Financial Position

3 to 4

Notes to the Financial Statements

5 to 8

 

Traqa Limited

Company Information

Directors

R A Pegna

C N Pegna

J S Pegna

L Faley

Registered office

2 Arlington Court
Whittle Way
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FS

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Traqa Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

R A Pegna

C N Pegna

J S Pegna

L Faley (appointed 26 September 2022)

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 November 2023 and signed on its behalf by:




 

.........................................
R A Pegna
Director

.........................................
C N Pegna
Director

 

Traqa Limited

Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

298,049

214,767

Current assets

 

Debtors

6

263,803

387,395

Cash at bank and in hand

 

3,809

3,755

 

267,612

391,150

Creditors: Amounts falling due within one year

7

(3,074)

(3,776)

Net current assets

 

264,538

387,374

Total assets less current liabilities

 

562,587

602,141

Provisions for liabilities

(2,856)

-

Net assets

 

559,731

602,141

Capital and reserves

 

Called up share capital

230,000

230,000

Retained earnings

329,731

372,141

Shareholders' funds

 

559,731

602,141

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Traqa Limited

Statement of Financial Position as at 28 February 2023

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................

R A Pegna

Director

.........................................

C N Pegna

Director

Company registration number: 03440555

 

Traqa Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Arlington Court
Whittle Way
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FS

The principal activity of the company is that of a sales agency for medical consumables.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss for the year ended 28 February 2023 but had net assets of £559,731 at that date.

The company operates in the health care sector and the company's software development is now complete and available to produce economic benefit.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

The company recognises revenue from the sale of goods at the point of despatch when it is probable that economic benefit will flow to the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Traqa Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Research and development

Research expenditure is written off in the period in which it is incurred.

Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Traqa Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Amortisation expense

30,198

25,713

5

Intangible assets

Software development costs
 £

Total
£

Cost or valuation

At 1 March 2022

292,079

292,079

Additions

113,480

113,480

At 28 February 2023

405,559

405,559

Amortisation

At 1 March 2022

77,312

77,312

Amortisation charge

30,198

30,198

At 28 February 2023

107,510

107,510

Carrying amount

At 28 February 2023

298,049

298,049

At 28 February 2022

214,767

214,767

 

Traqa Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

250,416

380,626

Other debtors

 

13,387

6,769

 

263,803

387,395

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

768

-

Taxation and social security

-

1,328

Other creditors

2,306

2,448

3,074

3,776

8

Financial commitments, guarantees and contingencies

The company has guaranteed the parent undertaking's financial commitment under operating leases which amounted to £89,667 at 28 February 2023 (2022 - £129,667).

9

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of voting rights are controlled within the group.