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REGISTERED NUMBER: SC437769 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

TRACKONOMICS LIMITED

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRACKONOMICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: P T Pettersen
D Yovanno





SECRETARY: P T Pettersen





REGISTERED OFFICE: 58 Morrison Street
Edinburgh
EH3 8BP





REGISTERED NUMBER: SC437769 (Scotland)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,864,265 2,271,229
Tangible assets 5 550 5,871
Investments 6 2 2
1,864,817 2,277,102

CURRENT ASSETS
Debtors 7 2,189,838 854,904
Cash at bank 2,059,649 680,816
4,249,487 1,535,720
CREDITORS
Amounts falling due within one year 8 (12,116,065 ) (7,483,715 )
NET CURRENT LIABILITIES (7,866,578 ) (5,947,995 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,001,761

)

(3,670,893

)

CAPITAL AND RESERVES
Called up share capital 815 815
Share premium 1,448,971 1,448,971
Retained earnings (7,451,547 ) (5,120,679 )
(6,001,761 ) (3,670,893 )

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

BALANCE SHEET - continued
31 JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





P T Pettersen - Director


TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Trackonomics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Related party exemption
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Fixed Assets
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates applied are outlined later in these notes.

Going concern
These financial statements have been prepared on the going concern basis despite the fact that the Statement of Financial Position is showing a net current liability position of the Company. The key driver for this are loans provided to the Company by the shareholders and associated companies, which are all repayable on demand with no fixed terms of repayment. There is no intention to recall these loans within the next 12 months, hence the going concern basis of the Company is considered to be appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Services
Trackonomics builds automation, consolidation and optimization software solutions for all performance and affiliate channels. These services are recognised when performed, such that risks and rewards have been transferred to the end user.

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets comprises of acquired technology and development costs in relation to a computer programme, which are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses.

These costs are recognised as an intangible asset when all of the following criteria are demonstrated:
- The technical feasibility of completing the software so that it will be available for use or sale.
- The intention to complete the software and use or sell it.
- The ability to use the software or to sell it.
- How the software will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the software.
- The ability to measure reliably the expenditure attributable to the software during its development.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method.

Asset categoryEstimated useful life
Acquired Technology3 - 6 years
Development costs10 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% straight line

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less 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 balance sheet date 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.

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short-term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Financial instruments

Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivables and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables. These are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Unlisted investments
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023 3,394,121
Additions 518,156
At 31 January 2024 3,912,277
AMORTISATION
At 1 February 2023 1,122,892
Charge for year 925,120
At 31 January 2024 2,048,012
NET BOOK VALUE
At 31 January 2024 1,864,265
At 31 January 2023 2,271,229

5. TANGIBLE ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 20,476
Disposals (467 )
At 31 January 2024 20,009
DEPRECIATION
At 1 February 2023 14,605
Charge for year 5,321
Eliminated on disposal (467 )
At 31 January 2024 19,459
NET BOOK VALUE
At 31 January 2024 550
At 31 January 2023 5,871

TRACKONOMICS LIMITED (REGISTERED NUMBER: SC437769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 2
NET BOOK VALUE
At 31 January 2024 2
At 31 January 2023 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 414,876 366,820
Amounts owed by group undertakings 8,456 -
Other debtors 429,609 227,606
VAT 15,870 33,200
Prepayments and accrued income 1,321,027 227,278
2,189,838 854,904

8. CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,036,469 498,539
Amounts owed to group undertakings 8,941,633 6,466,262
Taxation and social security 8,274 12,627
Other creditors 1,129,689 506,287
12,116,065 7,483,715

9. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Impact UK Holdings Ltd, registered address at The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF.
The ultimate controlling party is Impact Holdings, Inc, registered address at 251 Little Falls Drive, Wilmington,
New Castle, 19808 DE.