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Registered number: 04562801
The Track House Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Handleys Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04562801
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,802 3,942
2,802 3,942
CURRENT ASSETS
Stocks 5 9,465 10,449
Debtors 6 83,094 93,268
Cash at bank and in hand 30,421 28,443
122,980 132,160
Creditors: Amounts Falling Due Within One Year 7 (60,809 ) (68,183 )
NET CURRENT ASSETS (LIABILITIES) 62,171 63,977
TOTAL ASSETS LESS CURRENT LIABILITIES 64,973 67,919
Creditors: Amounts Falling Due After More Than One Year 8 (6,375 ) (16,968 )
NET ASSETS 58,598 50,951
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 58,597 50,950
SHAREHOLDERS' FUNDS 58,598 50,951
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K A Wain
Director
02/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Track House Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04562801 . The registered office is 10 Manor Park , Banbury, Oxfordshire, OX16 3TB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 7,108 15,594 1,830 24,532
Additions - - 577 577
As at 31 October 2024 7,108 15,594 2,407 25,109
Depreciation
As at 1 November 2023 5,953 13,512 1,125 20,590
Provided during the period 876 521 320 1,717
As at 31 October 2024 6,829 14,033 1,445 22,307
Net Book Value
As at 31 October 2024 279 1,561 962 2,802
As at 1 November 2023 1,155 2,082 705 3,942
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5. Stocks
2024 2023
£ £
Stock 9,465 10,449
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,012 11,268
Other debtors 18,418 19,579
20,430 30,847
Due after more than one year
Amounts owed by group undertakings 62,664 62,421
83,094 93,268
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 13,451 12,970
Bank loans and overdrafts 10,144 9,648
Corporation tax 5,677 9,530
Other taxes and social security 386 865
VAT 7,090 10,055
Other creditors 20,465 21,754
Accruals and deferred income 3,000 3,000
Directors' loan accounts 596 361
60,809 68,183
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,375 16,968
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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