Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseSelling anti-theft and security products44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06433342 2023-01-01 2023-12-31 06433342 2022-01-01 2022-12-31 06433342 2023-12-31 06433342 2022-12-31 06433342 2022-01-01 06433342 c:Director1 2023-01-01 2023-12-31 06433342 d:PlantMachinery 2023-01-01 2023-12-31 06433342 d:PlantMachinery 2023-12-31 06433342 d:PlantMachinery 2022-12-31 06433342 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06433342 d:MotorVehicles 2023-01-01 2023-12-31 06433342 d:MotorVehicles 2023-12-31 06433342 d:MotorVehicles 2022-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06433342 d:ComputerEquipment 2023-01-01 2023-12-31 06433342 d:ComputerEquipment 2023-12-31 06433342 d:ComputerEquipment 2022-12-31 06433342 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06433342 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06433342 d:CurrentFinancialInstruments 2023-12-31 06433342 d:CurrentFinancialInstruments 2022-12-31 06433342 d:Non-currentFinancialInstruments 2023-12-31 06433342 d:Non-currentFinancialInstruments 2022-12-31 06433342 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06433342 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06433342 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06433342 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 06433342 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 06433342 d:ShareCapital 2023-01-01 2023-12-31 06433342 d:ShareCapital 2023-12-31 06433342 d:ShareCapital 2022-01-01 2022-12-31 06433342 d:ShareCapital 2022-12-31 06433342 d:ShareCapital 2022-01-01 06433342 d:SharePremium 2023-01-01 2023-12-31 06433342 d:SharePremium 2023-12-31 06433342 d:SharePremium 2022-01-01 2022-12-31 06433342 d:SharePremium 2022-12-31 06433342 d:SharePremium 2022-01-01 06433342 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2023-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2022-12-31 06433342 d:RetainedEarningsAccumulatedLosses 2022-01-01 06433342 c:FRS102 2023-01-01 2023-12-31 06433342 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06433342 c:FullAccounts 2023-01-01 2023-12-31 06433342 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06433342 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 06433342 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 06433342 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 06433342 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 06433342 2 2023-01-01 2023-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 06433342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 06433342 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06433342 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06433342 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06433342









EXACTTRAK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EXACTTRAK LIMITED
REGISTERED NUMBER: 06433342

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,264
9,499

Tangible assets
 5 
15,107
27,416

  
23,371
36,915

Current assets
  

Debtors: amounts falling due within one year
 6 
156,813
51,061

Cash at bank and in hand
 7 
720,952
64,946

  
877,765
116,007

Creditors: amounts falling due within one year
 8 
(257,846)
(289,087)

Net current assets/(liabilities)
  
 
 
619,919
 
 
(173,080)

Total assets less current liabilities
  
643,290
(136,165)

Creditors: amounts falling due after more than one year
 9 
(81,072)
(619,323)

  

Net assets/(liabilities)
  
562,218
(755,488)

Page 1

 
EXACTTRAK LIMITED
REGISTERED NUMBER: 06433342
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
5,600
4,309

Share premium account
  
4,887,442
3,251,535

Profit and loss account
  
(4,330,824)
(4,011,332)

  
562,218
(755,488)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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 by: 




................................................
NG Shaw
Director

Date: 23 August 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
EXACTTRAK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
4,018
2,774,284
(3,625,847)
(847,545)


Comprehensive income for the year

Loss for the year
-
-
(385,485)
(385,485)
Total comprehensive income for the year
-
-
(385,485)
(385,485)


Contributions by and distributions to owners

Shares issued during the year
291
477,251
-
477,542



At 1 January 2023
4,309
3,251,535
(4,011,332)
(755,488)


Comprehensive income for the year

Loss for the year
-
-
(319,492)
(319,492)
Total comprehensive income for the year
-
-
(319,492)
(319,492)


Contributions by and distributions to owners

Shares issued during the year
1,291
1,635,907
-
1,637,198


Total transactions with owners
1,291
1,635,907
-
1,637,198


At 31 December 2023
5,600
4,887,442
(4,330,824)
562,218


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

ExactTrak Limited ("the Company") is incorporated in the United Kingdom under the Companies Act.
ExactTrak Limited is a private company limited by shares and registered in England and Wales. The registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB. 
The principal activity of the company in the year under review was that of selling anti-theft and security 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 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

Going concern

The financial statements have been prepared on the going concern basis. The directors have prepared projected cash flow information for the period in excess of 12 months from the date of their approval of these financial statements. The detailed projections demonstrate the company is forecast to remain cash positive and accordingly the directors believe the company has adequate resources to continue in operational existence for the foreseeable future. However, it is recognised that the Company is reliant on existing share holder support.  Subsequent to the year end further funding has been raised by the company to support the working capital requirements of the company going forward. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 4

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)


Page 5

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.9

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.

 The estimated useful lives range as follows:

Patents
-
20
years
Property Development
-
5
years

  
2.10

Research and development costs

Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Where costs that arise from the company's development activities meet the following conditions they
are capitalised and deferred over the expected useful life of the asset commencing from the date of commercial production or application.
- an asset is created, under a clearly defined project, that can be identified (such as software and new processes);
- the expenditure related to the development of the asset is separately identifiable and reliably measured; and
- it is probable that the asset created will generate future economic benefits in excess of the development costs incurred in creating the asset.
Development costs that do not meet the above criteria are recognised as an expense in the period in which it is incurred.

 
2.11

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.

Page 7

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
2 years straight line
Motor vehicles
-
4 years straight line
Computer equipment
-
2 years 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 8

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff and directors
4
4


4.


Intangible assets




Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2023
24,696
234,326
259,022



At 31 December 2023

24,696
234,326
259,022



Amortisation


At 1 January 2023
15,197
234,326
249,523


Charge for the year on owned assets
1,235
-
1,235



At 31 December 2023

16,432
234,326
250,758



Net book value



At 31 December 2023
8,264
-
8,264



At 31 December 2022
9,499
-
9,499



Page 9

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
900
49,235
54,306
104,441



At 31 December 2023

900
49,235
54,306
104,441



Depreciation


At 1 January 2023
900
21,819
54,306
77,025


Charge for the year on financed assets
-
12,309
-
12,309



At 31 December 2023

900
34,128
54,306
89,334



Net book value



At 31 December 2023
-
15,107
-
15,107



At 31 December 2022
-
27,416
-
27,416

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
15,107
27,416

Page 10

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
4,132

Other debtors
156,813
46,929

156,813
51,061



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
720,952
64,946



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,520
2,520

Trade creditors
80,418
69,472

Other taxation and social security
8,061
4,006

Obligations under finance lease and hire purchase contracts
6,106
6,106

Other creditors
111,869
96,126

Accruals and deferred income
48,872
110,857

257,846
289,087



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
11,240
13,384

Other loans
48,369
578,369

Net obligations under finance leases and hire purchase contracts
21,463
27,570

81,072
619,323


Page 11

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans

2,520
2,520

Amounts falling due 1-2 years

Bank loans
2,520
2,520

Other loans
48,369
48,369


50,889
50,889

Amounts falling due 2-5 years

Bank loans
8,720
10,864

Other loans
-
530,000


8,720
540,864


62,129
594,273



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
6,106
6,106

Between 1-5 years
21,463
27,570

27,569
33,676

Page 12

 
EXACTTRAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

J Pragnell a director and shareholder of ExactTrak Limited is also a director and shareholder of Trackitall Limited.
During the year Trackitall Limited provided the company with management services totaling £36,000 (2022: £36,000). At the balance sheet date £96,000 (2022: £96,000) was due to J Pragnell and Trackitall Limited.

 
Page 13