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Registration number: SC651170

Tramac Management Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Tramac Management Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Tramac Management Limited

(Registration number: SC651170)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

44,999

52,499

Tangible assets

5

7,507

7,834

 

52,506

60,333

Current assets

 

Debtors

6

288,040

405,925

Cash at bank and in hand

 

206,468

56,203

 

494,508

462,128

Creditors: Amounts falling due within one year

7

(245,747)

(253,718)

Net current assets

 

248,761

208,410

Total assets less current liabilities

 

301,267

268,743

Creditors: Amounts falling due after more than one year

7

(11,872)

(54,314)

Net assets

 

289,395

214,429

Capital and reserves

 

Called up share capital

1

1

Retained earnings

289,394

214,428

Shareholders' funds

 

289,395

214,429

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 22 October 2024
 

 

Tramac Management Limited

(Registration number: SC651170)
Statement of Financial Position as at 29 February 2024

.........................................
Mr J Tracey
Director

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
t/a Driver Hire Dundee & Perth
Suite 3, Unit 8 Kingsway Park
Whittle Place
Dundee
DD2 4US

These financial statements were authorised for issue by the director on 22 October 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 5 (2023 - 5).

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

74,999

74,999

At 29 February 2024

74,999

74,999

Amortisation

At 1 March 2023

22,500

22,500

Amortisation charge

7,500

7,500

At 29 February 2024

30,000

30,000

Carrying amount

At 29 February 2024

44,999

44,999

At 28 February 2023

52,499

52,499

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

9,889

9,889

Additions

916

916

At 29 February 2024

10,805

10,805

Depreciation

At 1 March 2023

2,055

2,055

Charge for the year

1,243

1,243

At 29 February 2024

3,298

3,298

Carrying amount

At 29 February 2024

7,507

7,507

At 28 February 2023

7,834

7,834

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

261,863

394,397

Prepayments

26,177

11,528

 

288,040

405,925

 

Tramac Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,697

29,369

Trade creditors

 

90,653

132,100

Taxation and social security

 

122,160

79,253

Accruals and deferred income

 

20,337

11,096

Other creditors

 

1,900

1,900

 

245,747

253,718

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11,872

54,314

8

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £71,500.00 (2023 - £79,500.00) per each Ordinary shares

71,500

79,500