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COMPANY REGISTRATION NUMBER: 05817321
Right-Trak Limited
Filleted Unaudited Financial Statements
31 March 2024
Right-Trak Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
802,260
817,488
Current assets
Debtors
6
87,989
68,457
Cash at bank and in hand
406,098
417,795
---------
---------
494,087
486,252
Creditors: amounts falling due within one year
7
440,785
289,775
---------
---------
Net current assets
53,302
196,477
---------
------------
Total assets less current liabilities
855,562
1,013,965
Creditors: amounts falling due after more than one year
8
205,816
Provisions
Taxation including deferred tax
2,000
7,000
---------
------------
Net assets
853,562
801,149
---------
------------
Capital and reserves
Called up share capital
9
700
700
Capital redemption reserve
400
400
Profit and loss account
852,462
800,049
---------
---------
Shareholders funds
853,562
801,149
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Right-Trak Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
Glynis Spriddell
Director
Company registration number: 05817321
Right-Trak Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Winovation, Houghtons Yard, Shields Road, Newcastle Upon Tyne, NE6 2YP.
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, rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant & machinery
-
20% straight line
Fixtures & fittings
-
33% straight line
Motor vehicles
-
25% straight line
No depreciation is provided on freehold property on the basis that the depreciation charge and accumulated depreciation are immaterial in the context of these accounts. The useful economic life and residual value of freehold property is maintained by regular refurbishment programme. Annual impairment reviews are carried out in respect of freehold property.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 56 (2023: 61 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
739,639
61,593
32,621
52,847
886,700
Additions
453
16,198
16,651
Disposals
( 13,451)
( 13,451)
---------
--------
--------
--------
---------
At 31 March 2024
739,639
61,593
33,074
55,594
889,900
---------
--------
--------
--------
---------
Depreciation
At 1 April 2023
12,319
30,106
26,787
69,212
Charge for the year
12,318
1,409
13,751
27,478
Disposals
( 9,050)
( 9,050)
---------
--------
--------
--------
---------
At 31 March 2024
24,637
31,515
31,488
87,640
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2024
739,639
36,956
1,559
24,106
802,260
---------
--------
--------
--------
---------
At 31 March 2023
739,639
49,274
2,515
26,060
817,488
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
87,699
63,115
Other debtors
290
5,342
--------
--------
87,989
68,457
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,953
Trade creditors
21,748
11,841
Social security and other taxes
141,341
37,021
Other creditors
277,696
225,960
---------
---------
440,785
289,775
---------
---------
Security over the company's freehold property has been given by the company in respect of £Nil (2023: £14,953) included within creditors: amounts falling due within one year.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
205,816
----
---------
Security over the company's freehold property has been given by the company in respect of £Nil (2023: £205,816) included within creditors: amounts falling due after more than one year.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £132,299) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
600
600
600
600
Ordinary A shares of £ 1 each
100
100
100
100
----
----
----
----
700
700
700
700
----
----
----
----
10. Other financial commitments
Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £ 21,948 (2023: £ 36,714 ).
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Melanie Spriddell
5,342
( 5,342)
-------
----
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Melanie Spriddell
5,342
5,342
----
-------
----
-------
The director's loan is interest free and repayable on demand.