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Registered number: 7844236
Itrac Computing Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
LJT Accountancy Services
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7844236
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,839 9,810
17,839 9,810
CURRENT ASSETS
Debtors 5 977 245
Cash at bank and in hand 33 393
1,010 638
Creditors: Amounts Falling Due Within One Year 6 (1,722 ) (12,913 )
NET CURRENT ASSETS (LIABILITIES) (712 ) (12,275 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,127 (2,465 )
Creditors: Amounts Falling Due After More Than One Year 7 (35,365 ) (15,520 )
NET LIABILITIES (18,238 ) (17,985 )
Income and Expenditure Account (18,238 ) (17,985 )
MEMBERS' FUNDS (18,238) (17,985)
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Income and Expenditure Account.
On behalf of the board
Mr Mark May
Director
21 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Itrac Computing Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 7844236 . The registered office is c/o Maze Computers, 1 Wellington Way, Waterlooville, Hants, PO7 7DR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Plant & Machinery 20%
Motor Vehicles 20%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 February 2023 3,369 10,995 14,364
Additions - 10,900 10,900
As at 31 January 2024 3,369 21,895 25,264
Depreciation
As at 1 February 2023 2,905 1,649 4,554
Provided during the period 93 2,778 2,871
As at 31 January 2024 2,998 4,427 7,425
Net Book Value
As at 31 January 2024 371 17,468 17,839
As at 1 February 2023 464 9,346 9,810
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 977 245
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34 412
Other taxes and social security 17 53
Accruals and deferred income 180 180
Director's loan account 1,491 12,268
1,722 12,913
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 30,132 9,111
Bank loans 5,233 6,409
35,365 15,520
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 30,132 9,111
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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