REGISTERED NUMBER: |
Trak Systems Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Trak Systems Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
Trak Systems Limited (Registered number: 02152142) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Trak Systems Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Trak Systems Limited (Registered number: 02152142) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 | 31,500 | 31,500 |
Revaluation reserve | 11 | 528,821 | 528,821 |
Retained earnings | 11 | (2,462,536 | ) | (2,147,510 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
Trak Systems Limited (Registered number: 02152142) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Trak Systems Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the financial statements have been rounded to the nearest £1. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the balance sheet date, the company had an excess of current liabilities over current assets of £3,126,400 (2023: £2,820,587) and net liabilities of £1,902,215 (2023: £1,587,189). |
Included within this figure are bank loans totalling £20,269 (2023: £107,971). |
In addition, included within net current liabilities is an amount of £3,991,573 (2023: £3,254,476) payable to Hupfer Metallwerke GmbH & Co KG, a group company. |
This company has confirmed that financial support will be provided for the foreseeable future and that this amount will not be due for repayment until at least 12 months after the date of signing these financial statements. |
Adjusting the whole of the bank loan and intercompany balance payable from current to non-current liabilities would change the net current liability position to a net current assets position of £885,442 (2023: £541,860). |
Taking account of these factors, the directors have continued to prepare the financial statements on the going concern basis. |
Notwithstanding the continued uncertainty caused by general economic and inflationary pressures and the effects these have had and will continue to have on both the UK and foreign economies, the company's future order outlook remains positive. |
The directors have prepared plans and forecasts which cover a period of at least 12 months from the date of approval of the financial statements and the taking all of the above into consideration the directors confirm that the going concern basis remains appropriate for the preparation of the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Trak Systems Limited (Registered number: 02152142) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Revaluation of tangible fixed assets |
In accordance with the provisions of FRS102, the individual long leasehold property is revalued as required on a regular basis by a qualified valuer and the company reviews the carrying value of the property at each period end to ensure that this is not materially different from its fair value. Provision is be made for any impairment in the value of the long leasehold property as necessary during the year. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the average cost method and includes all purchase, transport and manufacturing costs in brining stocks to their present location and condition. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, group funding, short-term loans and HP funding, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
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. |
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. |
Trak Systems Limited (Registered number: 02152142) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The long leasehold land and buildings were revalued on an open market basis in July 2021 by Matthews Goodman LLP, Tithebarn Street, Liverpool, property consultants and professional valuers, at a value of £1,000,000. The historic cost of Long leasehold land and buildings is £770,760 (2023: £770,760). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
Trak Systems Limited (Registered number: 02152142) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Invoice discounting facility |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 33,956 | 85,939 |
Other creditors and accruals |
At 31 March 2023 all bank borrowings were reclassified from long term to short term liabilities as the company was in breach of a specific loan covenant. |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans due within 1 year |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan is secured on the long leasehold land and buildings held by the company. On half of the balance of the loan, interest is payable at a fixed rate of 2.66% and on the other half interest is payable at 1.9% above the Bank of England base rate. |
The invoice discounting facility is secured on the trade debtors and the hire purchase and finance lease contracts are secured on the fixed assets held under each agreement. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 21,000 | 21,000 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary B shares | £1 | 10,500 | 10,500 |
Trak Systems Limited (Registered number: 02152142) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | (2,147,510 | ) | 528,821 | (1,618,689 | ) |
Deficit for the year | (315,026 | ) | (315,026 | ) |
At 31 March 2024 | (2,462,536 | ) | 528,821 | (1,933,715 | ) |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw your attention to note 3 of the financial statements regarding the continued support of the ultimate parent undertaking. Our opinion is not modified in respect of this matter. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
During the year the company purchased goods from Hupfer Metallwerke GmbH & Co KG, a company within the Hupfer Group, totalling £743,739 (2023: £909,974) and sold goods to other undertakings within the Hupfer Group totalling £9,950 (2023: £nil). There was a balance owing to Hupfer Metallwerke GmbH & Co KG at the year end of £3,991,573 (2023: £3,254,476). |
14. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Hupfer International GmbH and is controlled by Hupfer Metallwerke GmbH & Co KG. The parent undertaking of the smallest group for which consolidated accounts are prepared is Hupfer Metallwerke GmbH & Co KG, a company incorporated in Germany. The parent undertaking of the largest group for which consolidated accounts are prepared is Drahtwerk-Beteiligungsges GmbH, a company incorporated in Germany, registered address: Coesfeld HA 1811 from which copies of the accounts can be obtained. In the opinion of the directors this company is the company's ultimate parent undertaking and ultimate controlling party. |