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REGISTERED NUMBER: 07518732 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Tracy Savage Ltd

Tracy Savage Ltd (Registered number: 07518732)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tracy Savage Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Miss T A Savage
Mr C A Bolland





REGISTERED OFFICE: Suite 1
The Riverside Building
Livingstone Road
Hessle
East Yorkshire
HU13 0DZ





REGISTERED NUMBER: 07518732 (England and Wales)





ACCOUNTANTS: Harris Lacey and Swain
Suite 1
The Riverside Building
Hessle
East Yorkshire
HU13 0DZ

Tracy Savage Ltd (Registered number: 07518732)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 195,291 132,790

CURRENT ASSETS
Stocks 5 9,500 9,500
Debtors 6 2,330 2,357
Cash at bank and in hand 33,121 84,580
44,951 96,437
CREDITORS
Amounts falling due within one year 7 131,502 140,421
NET CURRENT LIABILITIES (86,551 ) (43,984 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

108,740

88,806

CREDITORS
Amounts falling due after more than one
year

8

-

(4,000

)

PROVISIONS FOR LIABILITIES (26 ) -
NET ASSETS 108,714 84,806

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 10 108,712 84,804
SHAREHOLDERS' FUNDS 108,714 84,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Tracy Savage Ltd (Registered number: 07518732)

Balance Sheet - continued
29 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





Miss T A Savage - Director


Tracy Savage Ltd (Registered number: 07518732)

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


1. STATUTORY INFORMATION

Tracy Savage 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and when the specific criteria relating to each of the company’s sales channels have been met, as described below.

The company sells prints and artworks to the general public, from both its studios in person, and its websites for delivery to the customer or collection at its studios. Revenue is recognised when the risks and rewards of the inventory are passed to the customer. For deliveries to the customer this is the point of acceptance of the goods by the customer and for collection customers this is the time of collection. Transactions are settled by credit or payment card, as well as cash.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Not depreciated
Plant and machinery - 20% on cost
Computer equipment - 20% 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.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measure at their settlement value.


Tracy Savage Ltd (Registered number: 07518732)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 March 2023 132,552 4,676 4,385 141,613
Additions 62,214 - 423 62,637
At 29 February 2024 194,766 4,676 4,808 204,250
DEPRECIATION
At 1 March 2023 - 4,676 4,147 8,823
Charge for year - - 136 136
At 29 February 2024 - 4,676 4,283 8,959
NET BOOK VALUE
At 29 February 2024 194,766 - 525 195,291
At 28 February 2023 132,552 - 238 132,790

5. STOCKS
2024 2023
£    £   
Stocks 9,500 9,500

Tracy Savage Ltd (Registered number: 07518732)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,330 2,330
Deferred tax asset - 27
2,330 2,357

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 4,000
Trade creditors 1,935 542
Tax 5,535 10,706
VAT 2,688 3,435
Directors' current accounts 119,150 119,688
Accrued expenses 2,194 2,050
131,502 140,421

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 4,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. RESERVES
Retained
earnings
£   

At 1 March 2023 84,804
Profit for the year 23,908
At 29 February 2024 108,712

11. RELATED PARTY DISCLOSURES

The company is jointly controlled by Miss T Savage and Mr C Bolland, who hold 100% of the shares of the company.