Registration number:
Traqa Limited
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Traqa Limited
Contents
Company Information |
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Directors' Report |
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Statement of Financial Position |
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Notes to the Financial Statements |
Traqa Limited
Company Information
Directors |
R A Pegna C N Pegna J S Pegna L Faley |
Registered office |
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Accountants |
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Traqa Limited
Directors' Report for the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors of the company
The directors who held office during the year were as follows:
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
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R A Pegna
Director
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C N Pegna
Director
Traqa Limited
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
230,000 |
230,000 |
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Retained earnings |
317,916 |
329,731 |
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Shareholders' funds |
547,916 |
559,731 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 29 February 2024
Approved and authorised by the
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R A Pegna
Director
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C N Pegna
Director
Company registration number: 03440555
Traqa Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of a sales agency for medical consumables.
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
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 29 February 2024 but had net assets of £547,916 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 provision of services 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.
Traqa Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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.
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.
Traqa Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Amortisation expense |
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Intangible assets |
Software development |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Amortisation |
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At 1 March 2023 |
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Amortisation charge |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Debtors |
2024 |
2023 |
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Amounts owed by group undertakings |
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Other debtors |
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Traqa Limited
Notes to the Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
- |
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Taxation and social security |
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- |
Other creditors |
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Financial commitments, guarantees and contingencies |
The company has guaranteed the parent undertaking's financial commitments under operating leases which amounted to £48,833 (2023 - £89,667).
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.