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COMPANY REGISTRATION NUMBER: 06469626
Ontrax Ltd
Filleted Unaudited Financial Statements
31 December 2023
Ontrax Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ontrax Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
922,630
932,763
Current assets
Stocks
177,350
Debtors
6
58,267
5,234
Cash at bank and in hand
228,672
560,001
---------
---------
464,289
565,235
Creditors: amounts falling due within one year
7
42,328
137,728
---------
---------
Net current assets
421,961
427,507
------------
------------
Total assets less current liabilities
1,344,591
1,360,270
Provisions
Taxation including deferred tax
8,701
11,234
------------
------------
Net assets
1,335,890
1,349,036
------------
------------
Ontrax Ltd
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
8
40,000
40,000
Revaluation reserve
( 29,432)
( 29,432)
Profit and loss account
1,325,322
1,338,468
------------
------------
Shareholders funds
1,335,890
1,349,036
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
P J Rose Director
Company registration number: 06469626
Ontrax Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Church Green East, Redditch, Worcestershire, B98 8BT. The place of business is 4 Drift Close, Blackfordby, Swadlincote, Derbyshire, DE11 8BE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods and services and is recognised when goods and services are physically supplied to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets other than investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investment properties
Investment properties are revalued to their fair value at each reporting date by the directors and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Office
Motor vehicles
Equipment
Investment property
Total
£
£
£
£
£
Cost
At 1 January 2023
3,928
53,548
9,750
888,958
956,184
Additions
1,091
1,091
-------
--------
--------
---------
---------
At 31 December 2023
3,928
53,548
10,841
888,958
957,275
-------
--------
--------
---------
---------
Depreciation
At 1 January 2023
2,766
13,386
7,269
23,421
Charge for the year
290
10,041
893
11,224
-------
--------
--------
---------
---------
At 31 December 2023
3,056
23,427
8,162
34,645
-------
--------
--------
---------
---------
Carrying amount
At 31 December 2023
872
30,121
2,679
888,958
922,630
-------
--------
--------
---------
---------
At 31 December 2022
1,162
40,162
2,481
888,958
932,763
-------
--------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,800
Other debtors
58,267
3,434
--------
-------
58,267
5,234
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,951
34,841
Trade creditors
1,993
2,831
Social security and other taxes
580
50,442
Other creditors
14,804
49,614
--------
---------
42,328
137,728
--------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
40,000
40,000
40,000
40,000
--------
--------
--------
--------