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Registered number: 12998964
Track Group Holdings Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Elco Accounting Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12998964
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,971,129 -
Investments 5 63 63
3,971,192 63
CURRENT ASSETS
Debtors 6 - 30
Cash at bank and in hand 10 -
10 30
Creditors: Amounts Falling Due Within One Year 7 (1,892,975 ) (63 )
NET CURRENT ASSETS (LIABILITIES) (1,892,965 ) (33 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,078,227 30
NET ASSETS 2,078,227 30
CAPITAL AND RESERVES
Called up share capital 8 30 30
Profit and Loss Account 2,078,197 -
SHAREHOLDERS' FUNDS 2,078,227 30
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr C F Purchase
Director
24/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Track Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12998964 . The registered office is C/O Elco Accounting, 24 Church Street, Rickmansworth, Hertfordshire, WD3 1DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Straight line over 40 years
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
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Page 4
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 December 2022 -
Additions 4,072,953
As at 30 November 2023 4,072,953
Depreciation
As at 1 December 2022 -
Provided during the period 101,824
As at 30 November 2023 101,824
Net Book Value
As at 30 November 2023 3,971,129
As at 1 December 2022 -
5. Investments
Unlisted
£
Cost
As at 1 December 2022 63
As at 30 November 2023 63
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 63
As at 1 December 2022 63
6. Debtors
2023 2022
£ £
Due within one year
Other debtors - 30
- 30
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to group undertakings - 12
Other creditors 1,854,995 51
Taxation and social security 37,980 -
1,892,975 63
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 30 30
9. Related Party Transactions
During the year, Track Group Holdings Limited purchased freehold properties from Track Components Limited (a subsidiary) and Mr C Purchase and Mrs E Purchase (directors and shareholders of Track Group Holdings Limited) for £3,985,000 on an arms length basis.  Track Group Holdings also received £2,055,947 in dividends (2022: £6,000) from Track Components Limited.
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