Company Registration No. 07090358 (England and Wales)
TRACE Publicity Ltd
Unaudited accounts
for the year ended 31 December 2023
TRACE Publicity Ltd
Company Information
for the year ended 31 December 2023
Directors
Rob Davies
Lian Hirst
Company Number
07090358 (England and Wales)
Registered Office
8-14 Vine Hill
London
EC1R 5DX
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of TRACE Publicity Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
TRACE Publicity Ltd for the year ended
31 December 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of TRACE Publicity Ltd , as a body, in accordance with the terms of our engagement letter dated 9 September 2020. Our work has been undertaken solely to prepare for your approval the accounts of TRACE Publicity Ltd and state those matters that we have agreed to state to the Board of Directors of TRACE Publicity Ltd , as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TRACE Publicity Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that TRACE Publicity Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of TRACE Publicity Ltd . You consider that TRACE Publicity Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of TRACE Publicity Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
17 September 2024
TRACE Publicity Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
43,272
37,772
Debtors
1,145,899
1,286,380
Cash at bank and in hand
748,970
1,020,091
Creditors: amounts falling due within one year
(1,237,293)
(1,657,973)
Net current assets
657,576
648,498
Total assets less current liabilities
700,848
686,270
Provisions for liabilities
Deferred tax
(10,819)
(7,230)
Net assets
690,029
679,040
Called up share capital
1
1
Profit and loss account
690,028
679,039
Shareholders' funds
690,029
679,040
For the year ending 31 December 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by
Lian Hirst
Director
Company Registration No. 07090358
TRACE Publicity Ltd
Notes to the Accounts
for the year ended 31 December 2023
TRACE Publicity Ltd is a private company, limited by shares, registered in England and Wales, registration number 07090358. The registered office is 8-14 Vine Hill, London, EC1R 5DX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation has been provided at 20% straight line in order to write off the assets over their estimated useful lives.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
TRACE Publicity Ltd
Notes to the Accounts
for the year ended 31 December 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Other
At 31 December 2023
19,166
At 31 December 2023
19,166
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
523
21,113
95,453
117,089
Additions
-
-
20,303
20,303
At 31 December 2023
523
21,113
115,756
137,392
At 1 January 2023
523
19,921
58,873
79,317
Charge for the year
-
402
14,401
14,803
At 31 December 2023
523
20,323
73,274
94,120
At 31 December 2023
-
790
42,482
43,272
At 31 December 2022
-
1,192
36,580
37,772
Amounts falling due within one year
Trade debtors
882,789
1,217,681
Accrued income and prepayments
171,860
67,449
Amounts falling due after more than one year
TRACE Publicity Ltd
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
272,417
167,069
Taxes and social security
125,020
81,998
Other creditors
8,157
42,550
Loans from directors
45,196
52,994
Deferred income
682,435
1,112,641
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
180,000
-
Later than one year and not later than five years
30,000
-
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan
1,445
125,000
125,000
1,445
Director's Loan
51,549
274,061
281,859
43,751
52,994
399,061
406,859
45,196
10
Average number of employees
During the year the average number of employees was 34 (2022: 32).