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REGISTERED NUMBER: 05445776 (England and Wales)















STEERTRAK (UK) LTD

Unaudited Financial Statements for the Year Ended 31 May 2024






STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


STEERTRAK (UK) LTD

Company Information
for the year ended 31 May 2024







Director: J R M Krantz





Registered office: Commercial House
Station Road
Tewkesbury
Gloucestershire
GL20 5DR





Registered number: 05445776 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
4th Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 157,525 182,216
Tangible assets 5 181,486 178,973
339,011 361,189

Current assets
Stocks 6 2,786 3,500
Debtors 7 311,058 321,653
Cash at bank and in hand 284,057 320,116
597,901 645,269
Creditors
Amounts falling due within one year 8 398,025 376,056
Net current assets 199,876 269,213
Total assets less current liabilities 538,887 630,402

Creditors
Amounts falling due after more than one year 9 (153,333 ) (325,333 )

Provisions for liabilities (44,657 ) (33,216 )
Net assets 340,897 271,853

Capital and reserves
Called up share capital 8,227 8,227
Share premium 180,826 180,826
Retained earnings 151,844 82,800
Shareholders' funds 340,897 271,853

STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Balance Sheet - continued
31 May 2024


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

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

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.

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 director and authorised for issue on 15 November 2024 and were signed by:





J R M Krantz - Director


STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Notes to the Financial Statements
for the year ended 31 May 2024

1. Statutory information

Steertrak (UK) Ltd is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised upon completion of each vehicle alignment.

Goodwill
Goodwill, being the amount paid in connection with two business acquisitions, in 2007 and 2016, is being amortised evenly over its estimated useful life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. Employees and directors

The average number of employees during the year was 21 (2023 - 21 ) .

4. Intangible fixed assets
Other
intangible
Goodwill assets Totals
£ £ £
Cost
At 1 June 2023
and 31 May 2024 493,831 14,775 508,606
Amortisation
At 1 June 2023 326,390 - 326,390
Charge for year 24,691 - 24,691
At 31 May 2024 351,081 - 351,081
Net book value
At 31 May 2024 142,750 14,775 157,525
At 31 May 2023 167,441 14,775 182,216

STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

5. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 June 2023 209,354 7,120 345,540 20,080 582,094
Additions - 368 50,740 419 51,527
Disposals - - (11,495 ) - (11,495 )
At 31 May 2024 209,354 7,488 384,785 20,499 622,126
Depreciation
At 1 June 2023 175,169 6,716 206,183 15,053 403,121
Charge for year 10,302 157 34,617 3,092 48,168
Eliminated on disposal - - (10,649 ) - (10,649 )
At 31 May 2024 185,471 6,873 230,151 18,145 440,640
Net book value
At 31 May 2024 23,883 615 154,634 2,354 181,486
At 31 May 2023 34,185 404 139,357 5,027 178,973

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 June 2023
and 31 May 2024 64,649
Depreciation
At 1 June 2023 41,511
Charge for year 4,628
At 31 May 2024 46,139
Net book value
At 31 May 2024 18,510
At 31 May 2023 23,138

6. Stocks
2024 2023
£ £
Stocks 2,786 3,500

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 287,253 313,511
Other debtors 3,047 3,047
Tax 15,586 -
Prepayments 5,172 5,095
311,058 321,653

STEERTRAK (UK) LTD (REGISTERED NUMBER: 05445776)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 92,000 122,000
Hire purchase contracts - 990
Trade creditors 18,858 34,587
Tax 97,624 81,520
Social security and other taxes 6,194 5,137
VAT 83,962 75,658
Other creditors 1,793 1,623
Accrued expenses 97,594 54,541
398,025 376,056

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 1-2 years 92,000 122,000
Bank loans - 2-5 years 61,333 203,333
153,333 325,333

10. Secured debts

Steertrak (UK) Limited provides security in respect of group borrowings by way of debenture over the company's assets.