REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30th January 2024 |
for |
Track Twelve Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30th January 2024 |
for |
Track Twelve Limited |
Track Twelve Limited (Registered number: 11763015) |
Contents of the Financial Statements |
for the Year Ended 30th January 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Track Twelve Limited |
Company Information |
for the Year Ended 30th January 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 West Street |
Henley On Thames |
Oxfordshire |
RG9 2DU |
Track Twelve Limited (Registered number: 11763015) |
Abridged Balance Sheet |
30th January 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Track Twelve Limited (Registered number: 11763015) |
Abridged Balance Sheet - continued |
30th January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Track Twelve Limited (Registered number: 11763015) |
Notes to the Financial Statements |
for the Year Ended 30th January 2024 |
1. | STATUTORY INFORMATION |
Track Twelve Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Tangible fixed assets are recognised at cost. Tangible fixed assets are subsequently measured at cost less accumulated depreciation and impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investment property |
Investment property is presented under 'Freehold Property'. Investment property is initially recognised at cost. Investment property is subsequently measured at fair value. Fair value recognises the price that would be expected to be received on the open market (if sold). Purchase cost and LBTT are therefore not included in fair value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Track Twelve Limited (Registered number: 11763015) |
Notes to the Financial Statements - continued |
for the Year Ended 30th January 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 31st January 2023 |
Revaluations | ( |
) |
At 30th January 2024 |
DEPRECIATION |
At 31st January 2023 |
Charge for year |
At 30th January 2024 |
NET BOOK VALUE |
At 30th January 2024 |
At 30th January 2023 |
Cost or valuation at 30th January 2024 is represented by: |
Totals |
£ |
Valuation in 2023 | (107,982 | ) |
Valuation in 2024 | (30,000 | ) |
Cost | 1,540,369 |
1,402,387 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.1.24 | 30.1.23 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30th January 2024 and 30th January 2023: |
30.1.24 | 30.1.23 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
There is no set schedule of repayments for this amount, and interest is not being charged. |
Track Twelve Limited (Registered number: 11763015) |
Notes to the Financial Statements - continued |
for the Year Ended 30th January 2024 |
7. | RELATED PARTY DISCLOSURES |
During the year, £37,500 was received from a company controlled by the director. At the year-end, £952,800 remained outstanding. There is no set schedule of repayments for this amount, and interest is not being charged. |
8. | ANNUAL TAX ON ENVELOPED DWELLINGS (ATED) |
The market value of each property on 1 April 2022 was less than £500k. Therefore, no property was within the scope of ATED. |
9. | INVESTMENT PROPERTY REVALUATION |
A desktop valuation has been undertaken by an independent professional valuer. The valuer has used the comparative method of valuation with reference to the completed sales of similar types of property in similar locations during a period immediately preceding the date of valuation. |
For purposes of the valuation, it has been assumed that the properties are in average condition throughout and are not subject to any unusual or especially onerous restrictions, encumbrances, or outgoings. It has also been assumed that the properties comply with all relevant laws and regulations, and vacant possession is available. |
There are no restrictions on the realisability of the investment property or the remittance of income and proceeds of disposal. |
Under the laws of England and Wales, the company is required to maintain the properties to ensure they are safe and free from health hazards. |