Tracware Limited
Trial balance AutoHide is on Current year Comparative
Enter debits as + and credits as - [assets and expenses are debits] £ £
PROFIT AND LOSS ACCOUNT
Turnover Sales -1,039,718 -858,835
Cost of sales Purchases
Decrease/increase in stocks
Subcontractor costs
Direct labour 151,583 136,334
Carriage
Discounts allowed
Commissions payable
Other direct costs 2,088 8,892
Distribution costs Distribution costs
Employee costs Wages and salaries 357,619 215,570
Directors' salaries 94,333 42,127
Pensions 26,244 16,311
Chairmans expenses 12,500
Employer's NI 59,190 39,863
Temporary staff and recruitment
Staff training and welfare 2,694
Travel and subsistence 49,142 24,397
Motor expenses 19,118 1,250
Entertaining 9,897 4,652
Premises costs Rent 19,500 19,500
Rates 1,040 -2,830
Service charges
Light and heat 2,337 1,965
Cleaning
Use of home 1,650
General admin Telephone and fax 4,725 3,901
Postage
Stationery and printing 1,990 442
Courier services
Website 25,744 2,418
Subscriptions 8,607 228
Bank charges 1,040 1,554
Insurance 3,472 1,988
Equipment expensed 2,647
Website
Software 20,228 3,548
Repairs and maintenance 6,070 17,193
Depreciation 11,140 7,736
Exchange differences -2,645 6,250
Bad debts 3,749
Sundry expenses 623 1,800
Legal and professional costs Audit fees
Accountancy fees 5,506 5,435
Solicitors fees 339 906
Management fees
Subcontractor costs 55,608 12,500
Advertising and PR 29,739 1,809
Cosultancy 34,949 45,058
Other operating income Loss 28 August to 31 December 2020
P/l on disposal Rent received -1,200
Plant & machinery
Income from subsiduary -29,636 -40,613
Gain/loss on revaluation Fixed asset investments
Current asset investments - listed
Current asset investments - unlisted
Income from investments Income from investments
Interest receivable Interest receivable -499 -159
Interest payable Interest payable 1,146
Non-equity dividends
Taxation Corporation tax 13,233 52,952
Corporation tax - prior year adjustments -23,618
Deferred tax
Retained (profit)/loss -64,672 -219,012
BALANCE SHEET
Intangible FA Cost - b/fwd 0
Cost - additions 0
Cost - disposals 0
Amortisation - b/fwd 0
Amortisation - provided in year 0
Amortisation - disposals 0
Land & buildings Cost - b/fwd 27,466 27,466
Cost - additions
Cost - revaluation 0
Cost - disposals 0
Depn - b/fwd -18,310 -12,817
Depn - charge for the year -5,492 -5,493
Depn - revaluation 0
Depn - disposals 0
Plant & machinery Cost - b/fwd 73,433 66,939
Cost - additions 10,212 5,658
Cost - disposals 0
Depn - b/fwd -68,825 -66,581
Depn - provided in year -5,648 -2,243
Depn - disposals 0
Motor vehicles Cost - b/fwd 0
Cost - additions 0
Cost - disposals 0 0
Depn - b/fwd 0 0
Depn - provided in year 0 0
Depn - disposals 0 0
Investments in subsidiaries B/fwd 20,201 20,201
Additions
Revaluation 0 0
Disposals 0 0
Other investments - listed B/fwd 0 0
Additions 0 0
Revaluation 0 0
Disposals 0 0
Other investments - unlisted B/fwd 0 0
Additions 0 0
Revaluation 0 0
Disposals 0 0
Stocks Stocks 0 0
Debtors Trade debtors 84,709 27,248
Due from group undertakings 83,790 39,720
Other debtors 4,270 5,691
Current asset investments Listed 0
Unlisted 0
Cash at bank Cash at bank 209,305 296,252
Creditors less than 1yr Overdrafts 0
Bank loans -40,000 0
Accruals -3,600
Trade creditors -66,707 -34,618
Due to group undertakings
Corporation tax -24,650 -52,952
Other taxes and social security -7,206 6,773
Proposed dividends 0
Accrued preference dividends 0 0
Non-equity preference shares 0 0
Other creditors
Creditors greater than 1yr Bank loans 195520-38854 -156,666 0
Finance lease and HP contracts 0 0
Trade creditors 0 0
Due to group undertakings 0 0
Non-equity preference shares 0 0
Other creditors 0 0
Deferred tax B/fwd 0 0
Charged to the p/l account 0 0
Charged to other comprehensive income 0 0
Share capital B/fwd -42,494 -42,494
Shares issued 0 0
Shares redeemed 0 0
Share premium B/fwd -114,735 -114,735
On shares issued 0 0
Expenses of issue 0 0
Revaluation reserve B/fwd 0 0
Gain on revaluation of land and buildings 0 0
Deferred taxation arising on the revaluation of land and buildings 0 0
Profit and loss account B/fwd -100,063 18,601
Equity dividends 200,000 40,000
0 0
0 0
0 0
0 0
Totals (all should be zero) -2,082 4
Registered number
03750993
Tracware Limited
Filleted Accounts
31 December 2023
Tracware Limited
Registered number: 03750993
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,837 12,929
Investments 4 20,201 20,201
33,038 33,130
Current assets
Debtors 5 172,766 72,654
Cash at bank and in hand 209,305 296,253
382,071 368,907
Creditors: amounts falling due within one year 6 (76,131) (84,397)
Net current assets 305,940 284,510
Total assets less current liabilities 338,978 317,640
Creditors: amounts falling due after more than one year 7 (156,666) -
Net assets 182,312 317,640
Capital and reserves
Called up share capital 42,494 42,494
Share premium 114,735 114,735
Profit and loss account 25,083 160,411
Shareholders' funds 182,312 317,640
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A G Maley
Director
Approved by the board on 10 July 2024
Tracware Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The company is the parentundertaking of a small group and as such is not required by the Companies Act 2006 to prepare group financial statements. These financial statements therefore represent informationabout the company as an individual undertaking and not about its 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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements buildings over 5 years straight-line
Plant and machinery
Computers and office equipment over 3 years straight-line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Work in progress
Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
£
Corporation tax on profits 12926
R &D expenditure claim for 2022 (23618)
(10692)
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 27,466 73,433 100,899
Additions - 10,212 10,212
At 31 December 2023 27,466 83,645 111,111
Depreciation
At 1 January 2023 18,310 68,824 87,134
Charge for the year 5,492 5,648 11,140
At 31 December 2023 23,802 74,472 98,274
Net book value
At 31 December 2023 3,664 9,173 12,837
At 31 December 2022 9,156 3,773 12,929
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 20,201
At 31 December 2023 20,201
5 Debtors 2023 2022
£ £
Trade debtors 84,708 27,247
Amounts owed by group undertakings and undertakings in which the company has a participating interest 83,789 39,720
Other debtors 4,269 5,687
172,766 72,654
6 Creditors: amounts falling due within one year 2023 2022
Bank loans and overdrafts 40,000 -
Accruals and deferred income - 3,600
Trade creditors 6,357 34,618
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Corporation tax 22,568 24,766
Other taxation and social security 7,206 21,413
76,131 84,397
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 156,666 -
156,666 -
8 Loans
The bank loan was taken out in November 2023 and is repayable over 5 years.
9 Other information
Tracware Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 2 , 52 West Hill Road
Ryde
I.W.
PO33 1LN
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