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Registration number: 09530261

Trackwest Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Trackwest Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Trackwest Ltd

Company Information

Director

Dariusz Narowski

Registered office

Unit 47 Riverside Estate
Sir Thomas Longley Road
Rochester
Kent
ME2 4DP

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Trackwest Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trackwest Ltd for the year ended 30 June 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Trackwest Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Trackwest Ltd and state those matters that we have agreed to state to the Board of Directors of Trackwest Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trackwest Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trackwest Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Trackwest Ltd. You consider that Trackwest Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Trackwest Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

19 February 2025

 

Trackwest Ltd

(Registration number: 09530261)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

66,674

127,208

Current assets

 

Debtors

5

167,931

373,636

Cash at bank and in hand

 

15

50,730

 

167,946

424,366

Creditors: Amounts falling due within one year

6

(463,948)

(1,133,850)

Net current liabilities

 

(296,002)

(709,484)

Total assets less current liabilities

 

(229,328)

(582,276)

Creditors: Amounts falling due after more than one year

6

(44,401)

(126,043)

Net liabilities

 

(273,729)

(708,319)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(273,829)

(708,419)

Shareholders' deficit

 

(273,729)

(708,319)

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

 

Trackwest Ltd

(Registration number: 09530261)
Balance Sheet as at 30 June 2024

Approved and authorised by the director on 19 February 2025
 

.........................................
Dariusz Narowski
Director

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 47 Riverside Estate
Sir Thomas Longley Road
Rochester
Kent
ME2 4DP
United Kingdom

These financial statements were authorised for issue by the director on 19 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture & fixture

25% on reducing balance

Computer equipment

33.33% on straight line

Plant & Machinery

25% on reducing balance

Motor Vehicle

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 7).

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

64,472

159,844

97,069

321,385

Additions

1,761

50,965

-

52,726

Disposals

-

(142,583)

-

(142,583)

At 30 June 2024

66,233

68,226

97,069

231,528

Depreciation

At 1 July 2023

45,535

73,422

75,220

194,177

Charge for the year

5,230

18,958

5,462

29,650

Eliminated on disposal

-

(58,973)

-

(58,973)

At 30 June 2024

50,765

33,407

80,682

164,854

Carrying amount

At 30 June 2024

15,468

34,819

16,387

66,674

At 30 June 2023

18,937

86,422

21,849

127,208

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

55,667

242,163

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

65,000

65,000

Prepayments

 

-

940

Other debtors

 

47,264

65,533

 

167,931

373,636

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

91,757

86,468

Trade creditors

 

158,294

298,726

Taxation and social security

 

144,003

173,769

Accruals and deferred income

 

1,970

523

Other creditors

 

67,924

574,364

 

463,948

1,133,850

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

44,401

126,043


Included within loans and borrowings less than one year is £22,769 (2023: £42,972), and loans and borrowings greater than one year is £11,497 (2023: £52,956). This relates to hire purchase finance agreements which are secured by a fixed charge over the assets to which they relate.

Included within loans and borrowings less than one year is £43,995 (2023: £43,495), and loans and borrowings greater than one year is £32,904 (2023: £73,088). This relates to commercial loans which are secured by way of a fixed and floating charge and negative pledge.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

The company has taken advantage of the exemption within FRS102 (Section 1A) from the requirement to disclose transactions with entities where each party to the transaction is a wholly owned member of the same group.

As at the year end there were amounts totalling £47,264 (2023: £10,263) owed from the director. The amounts are unsecured and repayable on demand.

 

Trackwest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Off-balance sheet arrangements

Financial commitments
The total amount of financial commitments not included in the balance sheet is £Nil (2023: 83,248). The balance relates to the undiscounted minimum future payments due under non-cancellable operating leases, no security has been provided.