IRIS Accounts Production v24.2.0.383 02600554 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026005542022-12-31026005542023-12-31026005542023-01-012023-12-31026005542021-12-31026005542022-01-012022-12-31026005542022-12-3102600554ns15:EnglandWales2023-01-012023-12-3102600554ns14:PoundSterling2023-01-012023-12-3102600554ns10:Director12023-01-012023-12-3102600554ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102600554ns10:SmallEntities2023-01-012023-12-3102600554ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102600554ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102600554ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102600554ns10:AbridgedAccounts2023-01-012023-12-3102600554ns10:Director22023-01-012023-12-3102600554ns10:CompanySecretary12023-01-012023-12-3102600554ns10:RegisteredOffice2023-01-012023-12-3102600554ns5:CurrentFinancialInstruments2023-12-3102600554ns5:CurrentFinancialInstruments2022-12-3102600554ns5:ShareCapital2023-12-3102600554ns5:ShareCapital2022-12-3102600554ns5:RetainedEarningsAccumulatedLosses2023-12-3102600554ns5:RetainedEarningsAccumulatedLosses2022-12-3102600554ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3102600554ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3102600554ns5:PlantMachinery2023-01-012023-12-3102600554ns5:FurnitureFittings2023-01-012023-12-3102600554ns5:MotorVehicles2023-01-012023-12-31
REGISTERED NUMBER: 02600554 (England and Wales)









TRACKS OF EXETER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TRACKS OF EXETER LIMITED (REGISTERED NUMBER: 02600554)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


TRACKS OF EXETER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S Anthony
Mr S J Ody





SECRETARY: Mr S Anthony





REGISTERED OFFICE: Alphinbrook Road
Marsh Barton
Exeter
Devon
EX2 8QF





REGISTERED NUMBER: 02600554 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

TRACKS OF EXETER LIMITED (REGISTERED NUMBER: 02600554)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 368,922 311,843

CURRENT ASSETS
Stocks 1,350,433 1,394,853
Debtors 2,225,878 2,178,731
Cash at bank and in hand 1,022,334 496,093
4,598,645 4,069,677
CREDITORS
Amounts falling due within one year 1,115,037 1,052,804
NET CURRENT ASSETS 3,483,608 3,016,873
TOTAL ASSETS LESS CURRENT LIABILITIES 3,852,530 3,328,716

PROVISIONS FOR LIABILITIES 35,300 22,300
NET ASSETS 3,817,230 3,306,416

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 3,812,230 3,301,416
3,817,230 3,306,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr S J Ody - Director


TRACKS OF EXETER LIMITED (REGISTERED NUMBER: 02600554)

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

1. STATUTORY INFORMATION

Tracks of Exeter Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors’ believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of services.

TRACKS OF EXETER LIMITED (REGISTERED NUMBER: 02600554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - Over the term of the lease
Plant and machinery - 15% on reducing balance and 4% straight line
Fixtures and fittings - 5% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at costs less accumulated depreciation and accumulated impairment losses.

Impairment of Assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss if recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the assets in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are initially measured at transaction price, less any impairment.Such assets are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Creditors

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

TRACKS OF EXETER LIMITED (REGISTERED NUMBER: 02600554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 29 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 1,010,631
Additions 79,233
At 31 December 2023 1,089,864
DEPRECIATION
At 1 January 2023 698,788
Charge for year 22,154
At 31 December 2023 720,942
NET BOOK VALUE
At 31 December 2023 368,922
At 31 December 2022 311,843

6. ULTIMATE PARENT UNDERTAKING

The companies immediate and ultimate parent is Tracks Holdings Limited, incorporated in England and Wales. Their financial statements are submitted and are available to be viewed by the public on Companies House.