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Registration number: 12875400

Q-TRACK LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Q-TRACK LTD

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Q-TRACK LTD

(Registration number: 12875400)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

8,576

7,680

Tangible assets

5

926

-

 

9,502

7,680

Current assets

 

Debtors

6

535

100

Cash at bank and in hand

 

1,906

2,873

 

2,441

2,973

Creditors: Amounts falling due within one year

7

(18,380)

(17,718)

Net current liabilities

 

(15,939)

(14,745)

Net liabilities

 

(6,437)

(7,065)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(6,537)

(7,165)

Shareholders' deficit

 

(6,437)

(7,065)

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 February 2024
 

 

Q-TRACK LTD

(Registration number: 12875400)
Balance Sheet as at 31 August 2023

.........................................
Mr Dean Nixon
Director

 

Q-TRACK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
124-128 City Road
London
United Kingdom
EC1V 2NX

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

 

Q-TRACK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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

Computer software

20% 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

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

 

Q-TRACK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 September 2022

12,801

12,801

Additions acquired separately

4,320

4,320

At 31 August 2023

17,121

17,121

Amortisation

At 1 September 2022

5,121

5,121

Amortisation charge

3,424

3,424

At 31 August 2023

8,545

8,545

Carrying amount

At 31 August 2023

8,576

8,576

At 31 August 2022

7,680

7,680

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

926

926

At 31 August 2023

926

926

Depreciation

Carrying amount

At 31 August 2023

926

926

 

Q-TRACK LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

435

-

Other debtors

100

100

 

535

100

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

18,380

17,718

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100