11 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 100,713 80,000 180,713 25,178 45,179 70,357 110,356 75,535 xbrli:pure xbrli:shares iso4217:GBP 01448624 2023-01-01 2023-12-31 01448624 2023-12-31 01448624 2022-12-31 01448624 2022-01-01 2022-12-31 01448624 2022-12-31 01448624 bus:Director1 2023-01-01 2023-12-31 01448624 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01448624 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01448624 core:PlantMachinery 2022-12-31 01448624 core:FurnitureFittings 2022-12-31 01448624 core:MotorVehicles 2022-12-31 01448624 core:PlantMachinery 2023-12-31 01448624 core:FurnitureFittings 2023-12-31 01448624 core:MotorVehicles 2023-12-31 01448624 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 01448624 core:PlantMachinery 2023-01-01 2023-12-31 01448624 core:FurnitureFittings 2023-01-01 2023-12-31 01448624 core:MotorVehicles 2023-01-01 2023-12-31 01448624 core:WithinOneYear 2023-12-31 01448624 core:WithinOneYear 2022-12-31 01448624 core:AfterOneYear 2023-12-31 01448624 core:AfterOneYear 2022-12-31 01448624 core:ShareCapital 2023-12-31 01448624 core:ShareCapital 2022-12-31 01448624 core:CapitalRedemptionReserve 2023-12-31 01448624 core:CapitalRedemptionReserve 2022-12-31 01448624 core:RetainedEarningsAccumulatedLosses 2023-12-31 01448624 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-12-31 01448624 core:RestatedAmount 2022-12-31 01448624 core:BetweenOneFiveYears 2023-12-31 01448624 core:BetweenOneFiveYears 2022-12-31 01448624 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01448624 core:PlantMachinery 2022-12-31 01448624 core:FurnitureFittings 2022-12-31 01448624 core:MotorVehicles 2022-12-31 01448624 bus:SmallEntities 2023-01-01 2023-12-31 01448624 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01448624 bus:FullAccounts 2023-01-01 2023-12-31 01448624 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01448624 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01448624 core:ComputerEquipment 2022-12-31 01448624 core:ComputerEquipment 2023-12-31 01448624 core:ComputerEquipment 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 01448624
TRAKER ENGINEERING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
TRAKER ENGINEERING LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2023
CONTENTS
PAGES
Balance sheet
1 to 2
Notes to the financial statements
3 to 8
TRAKER ENGINEERING LIMITED
BALANCE SHEET
31 December 2023
2023
2022
(restated)
Note
£
£
FIXED ASSETS
Intangible assets
5
110,356
75,535
Tangible assets
6
345,437
367,024
---------
---------
455,793
442,559
CURRENT ASSETS
Stocks
14,170
10,670
Debtors
7
506,637
547,100
Cash at bank and in hand
47,990
130,482
---------
---------
568,797
688,252
CREDITORS: amounts falling due within one year
8
( 223,572)
( 273,247)
---------
---------
NET CURRENT ASSETS
345,225
415,005
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
801,018
857,564
CREDITORS: amounts falling due after more than one year
9
( 179,449)
( 251,250)
PROVISIONS
( 98,016)
( 64,735)
---------
---------
NET ASSETS
523,553
541,579
---------
---------
CAPITAL AND RESERVES
Called up share capital
120
120
Capital redemption reserve
80
80
Profit and loss account
523,353
541,379
---------
---------
SHAREHOLDERS FUNDS
523,553
541,579
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TRAKER ENGINEERING LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mr G Henley
Director
Company registration number: 01448624
TRAKER ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 9 Glan-Y-Llyn Industrial Estate, Cardiff Road, Taffs Well, Cardiff, CF15 7JD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and engineering services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% on cost
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
7.5% reducing balance
Fixtures and fittings
-
12.5% reducing balance
Motor vehicles
-
12.5% reducing balance
Computer equipment
-
12.5% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 January 2023 (as restated)
100,713
Additions
80,000
---------
At 31 December 2023
180,713
---------
Amortisation
At 1 January 2023
25,178
Charge for the year
45,179
---------
At 31 December 2023
70,357
---------
Carrying amount
At 31 December 2023
110,356
---------
At 31 December 2022
75,535
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 (as restated)
699,937
16,827
15,100
8,958
740,822
Additions
6,592
6,592
---------
--------
--------
-------
---------
At 31 December 2023
706,529
16,827
15,100
8,958
747,414
---------
--------
--------
-------
---------
Depreciation
At 1 January 2023
339,262
15,252
11,517
7,767
373,798
Charge for the year
27,385
197
448
149
28,179
---------
--------
--------
-------
---------
At 31 December 2023
366,647
15,449
11,965
7,916
401,977
---------
--------
--------
-------
---------
Carrying amount
At 31 December 2023
339,882
1,378
3,135
1,042
345,437
---------
--------
--------
-------
---------
At 31 December 2022
360,675
1,575
3,583
1,191
367,024
---------
--------
--------
-------
---------
7. DEBTORS
2023
2022
(restated)
£
£
Trade debtors
166,043
161,851
Amounts owed by group undertakings and undertakings in which the company has a participating interest
289,905
288,865
Other debtors
50,689
96,384
---------
---------
506,637
547,100
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
27,227
27,021
Trade creditors
99,437
110,088
Social security and other taxes
32,594
6,151
Other loan
50,000
50,000
Other creditors
14,314
79,987
---------
---------
223,572
273,247
---------
---------
The above includes secured creditors of £19,033 (2022 - £19,033).
9. CREDITORS: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
179,449
251,250
---------
---------
The above includes secured creditors of £45,987 (2022 - £65,029).
10. PRIOR PERIOD ADJUSTMENT
The company's accounting policy for the treatment of development costs has changed during the year. These costs are now being capitalised and amortised over a four year period, as the director believes that this more accurately reflects the useful life of the project. The comparatives have been restated to reflect this change of accounting policy, and the effect of this restatement is an increase in net assets at 31 December 2022 of £75,535.
11. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
44,000
43,500
Later than 1 year and not later than 5 years
136,500
180,500
---------
---------
180,500
224,000
---------
---------
12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The director Mr G Henley has given a guarantee in respect of the bank loan facilities of the company.
13. RELATED PARTY TRANSACTIONS
Included in debtors is the following balance due from the ultimate parent company:
2023 2022
(restated)
£ £
F.I.G.R. Limited 289,905 288,865
--------- ---------
14. CONTROLLING PARTY
In the opinion of the director, the company's ultimate parent company is F.I.G.R. Limited, a company registered in England and Wales, which owns 96% of the allotted share capital of the company.