Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05646113 Mr Paul Bailey Mrs Selena Bailey Mrs Caroline Mather Mr James Mather iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05646113 2022-12-31 05646113 2023-12-31 05646113 2023-01-01 2023-12-31 05646113 frs-core:CurrentFinancialInstruments 2023-12-31 05646113 frs-core:ComputerEquipment 2023-12-31 05646113 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05646113 frs-core:ComputerEquipment 2022-12-31 05646113 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05646113 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05646113 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05646113 frs-core:FurnitureFittings 2023-12-31 05646113 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05646113 frs-core:FurnitureFittings 2022-12-31 05646113 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 05646113 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05646113 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 05646113 frs-core:MotorVehicles 2023-12-31 05646113 frs-core:MotorVehicles 2023-01-01 2023-12-31 05646113 frs-core:MotorVehicles 2022-12-31 05646113 frs-core:PlantMachinery 2023-12-31 05646113 frs-core:PlantMachinery 2023-01-01 2023-12-31 05646113 frs-core:PlantMachinery 2022-12-31 05646113 frs-core:CapitalRedemptionReserve 2023-12-31 05646113 frs-core:ShareCapital 2023-12-31 05646113 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05646113 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05646113 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05646113 frs-bus:SmallEntities 2023-01-01 2023-12-31 05646113 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05646113 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05646113 frs-bus:Director1 2023-01-01 2023-12-31 05646113 frs-bus:Director2 2023-01-01 2023-12-31 05646113 frs-bus:Director3 2023-01-01 2023-12-31 05646113 frs-bus:Director4 2023-01-01 2023-12-31 05646113 frs-countries:EnglandWales 2023-01-01 2023-12-31 05646113 2021-12-31 05646113 2022-12-31 05646113 2022-01-01 2022-12-31 05646113 frs-core:CurrentFinancialInstruments 2022-12-31 05646113 frs-core:CapitalRedemptionReserve 2022-12-31 05646113 frs-core:ShareCapital 2022-12-31 05646113 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05646113
Smartrack Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Marlow Proactive
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05646113
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 562,741 470,454
Tangible Assets 5 155,603 131,582
718,344 602,036
CURRENT ASSETS
Stocks 6 891,530 877,172
Debtors 7 630,623 265,480
Cash at bank and in hand 688,226 336,516
2,210,379 1,479,168
Creditors: Amounts Falling Due Within One Year 8 (809,777 ) (347,583 )
NET CURRENT ASSETS (LIABILITIES) 1,400,602 1,131,585
TOTAL ASSETS LESS CURRENT LIABILITIES 2,118,946 1,733,621
NET ASSETS 2,118,946 1,733,621
CAPITAL AND RESERVES
Called up share capital 9 100 100
Capital redemption reserve 600 600
Profit and Loss Account 2,118,246 1,732,921
SHAREHOLDERS' FUNDS 2,118,946 1,733,621
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Mather
Director
25/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smartrack Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05646113 . The registered office is Telemetrics House, 1 Old Station Close, Coalville, Leicestershire, LE67 3FH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Straight Line
Page 3
Page 4
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 1,048,837
Additions 416,662
As at 31 December 2023 1,465,499
Amortisation
As at 1 January 2023 578,383
Provided during the period 324,375
As at 31 December 2023 902,758
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 December 2023 562,741
As at 1 January 2023 470,454
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 297,496 11,995 28,210 173,276
Additions - 60,888 - 19,356
As at 31 December 2023 297,496 72,883 28,210 192,632
Depreciation
As at 1 January 2023 238,500 6,375 11,269 133,548
Provided during the period 29,499 9,983 4,235 9,446
As at 31 December 2023 267,999 16,358 15,504 142,994
Net Book Value
As at 31 December 2023 29,497 56,525 12,706 49,638
As at 1 January 2023 58,996 5,620 16,941 39,728
Computer Equipment Total
£ £
Cost
As at 1 January 2023 97,306 608,283
Additions 3,249 83,493
As at 31 December 2023 100,555 691,776
Depreciation
As at 1 January 2023 87,009 476,701
Provided during the period 6,309 59,472
As at 31 December 2023 93,318 536,173
Net Book Value
As at 31 December 2023 7,237 155,603
As at 1 January 2023 10,297 131,582
Page 5
Page 6
6. Stocks
2023 2022
£ £
Stock 891,530 877,172
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 228,602 227,943
Prepayments and accrued income 346,381 25,403
Other debtors 320 320
VAT 55,320 11,814
630,623 265,480
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 521,900 189,519
Corporation tax 48,108 -
Other creditors 237,914 131,209
Accruals and deferred income - 25,000
Directors' loan accounts 1,855 1,855
809,777 347,583
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 6