Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312023-02-01falsetrueNo description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07493268 2023-02-01 2024-01-31 07493268 2022-02-01 2023-01-31 07493268 2024-01-31 07493268 2023-01-31 07493268 2022-02-01 07493268 c:Director6 2023-02-01 2024-01-31 07493268 d:PlantMachinery 2023-02-01 2024-01-31 07493268 d:PlantMachinery 2024-01-31 07493268 d:PlantMachinery 2023-01-31 07493268 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07493268 d:MotorVehicles 2023-02-01 2024-01-31 07493268 d:MotorVehicles 2024-01-31 07493268 d:MotorVehicles 2023-01-31 07493268 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07493268 d:OfficeEquipment 2023-02-01 2024-01-31 07493268 d:OfficeEquipment 2024-01-31 07493268 d:OfficeEquipment 2023-01-31 07493268 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07493268 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07493268 d:CurrentFinancialInstruments 2024-01-31 07493268 d:CurrentFinancialInstruments 2023-01-31 07493268 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 07493268 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 07493268 d:ShareCapital 2023-02-01 2024-01-31 07493268 d:ShareCapital 2024-01-31 07493268 d:ShareCapital 2022-02-01 2023-01-31 07493268 d:ShareCapital 2023-01-31 07493268 d:ShareCapital 2022-02-01 07493268 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 07493268 d:RetainedEarningsAccumulatedLosses 2024-01-31 07493268 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 07493268 d:RetainedEarningsAccumulatedLosses 2023-01-31 07493268 d:RetainedEarningsAccumulatedLosses 2022-02-01 07493268 c:FRS102 2023-02-01 2024-01-31 07493268 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07493268 c:FullAccounts 2023-02-01 2024-01-31 07493268 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07493268 1 2023-02-01 2024-01-31 07493268 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 07493268 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 07493268 2 2023-02-01 2024-01-31 07493268 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 07493268









GROUNDTRAX SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
GROUNDTRAX SYSTEMS LIMITED
REGISTERED NUMBER:07493268

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,468
183,677

  
32,468
183,677

Current assets
  

Stocks
  
204,953
303,495

Debtors: amounts falling due within one year
 5 
2,309,224
594,989

Cash at bank and in hand
 6 
1,056,383
1,968,917

  
3,570,560
2,867,401

Creditors: amounts falling due within one year
 7 
(900,104)
(680,148)

Net current assets
  
 
 
2,670,456
 
 
2,187,253

Total assets less current liabilities
  
2,702,924
2,370,930

Provisions for liabilities
  

Deferred tax
 8 
(4,855)
(38,700)

  
 
 
(4,855)
 
 
(38,700)

Net assets
  
2,698,069
2,332,230


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
2,688,069
2,322,230

  
2,698,069
2,332,230


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 
Page 1

 
GROUNDTRAX SYSTEMS LIMITED
REGISTERED NUMBER:07493268
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Beeney
Director

Date: 16 October 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
GROUNDTRAX SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
10,000
1,760,519
1,770,519


Comprehensive income for the year

Profit for the year
-
691,711
691,711
Total comprehensive income for the year
-
691,711
691,711


Contributions by and distributions to owners

Dividends: Equity capital
-
(130,000)
(130,000)


Total transactions with owners
-
(130,000)
(130,000)



At 1 February 2023
10,000
2,322,230
2,332,230


Comprehensive income for the year

Profit for the year
-
430,839
430,839
Total comprehensive income for the year
-
430,839
430,839


Contributions by and distributions to owners

Dividends: Equity capital
-
(65,000)
(65,000)


Total transactions with owners
-
(65,000)
(65,000)


At 31 January 2024
10,000
2,688,069
2,698,069


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Groundtrax Systems Limited is a private company limited by shares and registered in England and Wales. Its registered office (as of 2 February 2024) is 1-3 Freeman Court, Jarman Way, Orchard Road, Royston, Hertfordshire, SG8 5HW and registered number is 07493268.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Office equipment
-
33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. 

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
320,104
149,034
34,082
503,220


Additions
-
79,399
2,187
81,586


Disposals
(155,019)
(228,433)
(36,269)
(419,721)



At 31 January 2024

165,085
-
-
165,085



Depreciation


At 1 February 2023
229,996
59,339
30,208
319,543


Charge for the year on owned assets
20,532
35,442
2,106
58,080


Disposals
(117,911)
(94,781)
(32,314)
(245,006)



At 31 January 2024

132,617
-
-
132,617



Net book value



At 31 January 2024
32,468
-
-
32,468



At 31 January 2023
90,107
89,696
3,874
183,677


5.


Debtors

2024
2023
£
£


Trade debtors
637,494
589,753

Other debtors
1,666,194
-

Prepayments and accrued income
5,536
5,236

2,309,224
594,989


Page 8

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,056,383
1,968,917

1,056,383
1,968,917



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
273,028
390,804

Corporation tax
169,210
170,682

Other taxation and social security
258,030
98,248

Other creditors
-
4,796

Accruals and deferred income
199,836
15,618

900,104
680,148



8.


Deferred taxation




2024


£






At beginning of year
(38,700)


Charged to profit or loss
33,845



At end of year
(4,855)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,855)
(38,700)

(4,855)
(38,700)

Page 9

 
GROUNDTRAX SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £430,414 (2023 - £2,004). Contributions totalling £NIL (2023 - £466) were payable to the fund at the balance sheet date.


10.


Post balance sheet events

On the 1st February 2024, after the year end, Origin UK Operations Limited, a company incorporated in England and Wales purchased 100% of the issued share capital of Groundtrax Systems Limited.


11.


Controlling party

At the date of signing the accounts the ultimate controlling party is Origin UK Operations Limited, a company incorporated in England and Wales.

 
Page 10