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Registered number: 04609088










DIRECT TRACK SOLUTIONS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DIRECT TRACK SOLUTIONS LIMITED
REGISTERED NUMBER: 04609088

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,459
13,160

Tangible assets
  
364,938
426,839

  
375,397
439,999

Current assets
  

Stocks
  
890,640
1,032,509

Debtors
 5 
1,540,044
2,155,838

Cash at bank and in hand
  
2,658,499
2,325,540

  
5,089,183
5,513,887

Creditors: amounts falling due within one year
 6 
(1,915,673)
(3,322,515)

Net current assets
  
 
 
3,173,510
 
 
2,191,372

Total assets less current liabilities
  
3,548,907
2,631,371

Provisions for liabilities
  

Deferred tax
 7 
(86,629)
(103,003)

Net assets
  
3,462,278
2,528,368


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,462,178
2,528,268

  
3,462,278
2,528,368


Page 1

 
DIRECT TRACK SOLUTIONS LIMITED
REGISTERED NUMBER: 04609088
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




D Eyre
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Direct Track Solutions Limited is a private company limited by shares, incorporated in England and Wales (registered number: 04609088). Its registered office is Unit 9 & 10, Kingfisher Way, Dinnington, Sheffield, South Yorkshire, S25 3AF. The principal activity of the Company throughout the year continued to be the manufacture of railway products. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency
The company's functional and presentation currency is pounds sterling.
Transactions and balances 
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchnage rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet dates in the countires where the Company operated and generates income.
Deferred tax balances are recognised in respect of all timing differences that have been originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 
 


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2022 - 25).

Page 5

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Intellectual property

£



Cost


At 1 January 2023
27,001



At 31 December 2023

27,001



Amortisation


At 1 January 2023
13,841


Charge for the year on owned assets
2,701



At 31 December 2023

16,542



Net book value



At 31 December 2023
10,459



At 31 December 2022
13,160



Page 6

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors


2023
2022
£
£



Trade debtors
1,070,512
1,704,586

Amounts owed by group undertakings
24,387
2,225

Other debtors
445,145
449,027

1,540,044
2,155,838



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,443,930
2,638,820

Corporation tax
172,001
279,552

Other taxation and social security
274,295
375,094

Other creditors
7,196
21,709

Accruals and deferred income
18,251
7,340

1,915,673
3,322,515


Page 7

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023
2022


£

£






At beginning of year
103,003
79,468


Charged to profit or loss
(16,374)
23,535



At end of year
86,629
103,003

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
87,712
103,003

Pension surplus
(1,083)
-

86,629
103,003


8.


Pension commitments

The Company pays contributions into the pension schemes of certain employees. The assets of the schemes are held seperately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £14,753  (2022 £14,541). The amount accrued at the end of the period was £2,230  (2022: £nil).


9.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
146,010
148,010

Later than 1 year and not later than 5 years
564,549
573,389

Later than 5 years
274,340
411,510

984,899
1,132,909


10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

Page 8

 
DIRECT TRACK SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The immediate parent undertaking is Direct Track Solutions Holdings Limited, a company registered in England and Wales. The ultimate controlling party is NBT Neue Bahntechnik Holdings AG a company incorporated in 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 22 August 2024 by Howard Freeman (Senior Statutory Auditor) on behalf of Shorts.

 
Page 9