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COMPANY REGISTRATION NUMBER: 00451530
Hightrack Company Limited
Filleted Unaudited Financial Statements
31 March 2024
Hightrack Company Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Hightrack Company Limited
Officers and Professional Advisers
Director
Mrs E Branston
Registered office
17 Arnhill Road
Gretton
Corby
Northamptonshire
NN17 3DN
Accountants
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
Hightrack Company Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Hightrack Company Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hightrack Company Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Hightrack Company Limited in accordance with the terms of our engagement letter dated 22 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Hightrack Company Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hightrack Company Limited and its director for our work or for this report.
It is your duty to ensure that Hightrack Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hightrack Company Limited. You consider that Hightrack Company Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Hightrack Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited Accountants
10 Canberra House Corbygate Business Park Corby Northants NN17 5JG
15 October 2024
Hightrack Company Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
950,480
850,533
Current assets
Debtors
6
2,360
2,677
Cash at bank and in hand
8,264
7,300
--------
-------
10,624
9,977
Creditors: amounts falling due within one year
7
30,144
25,531
--------
--------
Net current liabilities
19,520
15,554
---------
---------
Total assets less current liabilities
930,960
834,979
Creditors: amounts falling due after more than one year
8
117,200
126,064
Provisions
206,693
181,693
---------
---------
Net assets
607,067
527,222
---------
---------
Capital and reserves
Called up share capital
22,386
22,386
Fair value reserve
10
620,079
545,079
Profit and loss account
10
( 35,398)
( 40,243)
---------
---------
Shareholders funds
607,067
527,222
---------
---------
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 comprehensive income 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.
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 .
Hightrack Company Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mrs E Branston
Director
Company registration number: 00451530
Hightrack Company 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 17 Arnhill Road, Gretton, Corby, Northamptonshire, NN17 3DN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis which assumes the continued support of the Company's bankers and creditors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
Equipment
-
10% reducing balance
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost or valuation
At 1 April 2023
850,000
13,860
863,860
Revaluations
100,000
100,000
---------
--------
---------
At 31 March 2024
950,000
13,860
963,860
---------
--------
---------
Depreciation
At 1 April 2023
13,327
13,327
Charge for the year
53
53
---------
--------
---------
At 31 March 2024
13,380
13,380
---------
--------
---------
Carrying amount
At 31 March 2024
950,000
480
950,480
---------
--------
---------
At 31 March 2023
850,000
533
850,533
---------
--------
---------
During the year, the director has revalued the freehold premises located in Geddington Road,Corby. The director is of the opinion that the valuation of £950,000 was on a open market basis.
6. Debtors
2024
2023
£
£
Trade debtors
2,360
2,677
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,700
7,604
Trade creditors
3,024
Accruals and deferred income
1,094
2,272
Corporation tax
485
Social security and other taxes
276
588
Director loan accounts
16,565
15,067
--------
--------
30,144
25,531
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
117,200
126,064
---------
---------
9. Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
142,288
147,898
---------
---------
HSBC Bank Plc has registered a legal debenture over all the assets (present and future) of the Company in recognition of the present and future obligations outstanding.
10. Reserves
Fair Value reserve - This reserve records the value of asset revaluations and Fair Value movements on assets through the profit and loss. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Controlling party
The immediate and ultimate controlling party of the Company is Mrs E Branston .