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REGISTERED NUMBER: 02152142 (England and Wales)















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: D Coburn
H W Schumacher





REGISTERED OFFICE: Unit 15 Randles Road
Knowsley Business Park
Prescot
Merseyside
L34 9HX





REGISTERED NUMBER: 02152142 (England and Wales)





AUDITORS: McMillan & Co LLP
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 1,224,185 1,233,398

CURRENT ASSETS
Stocks 620,677 423,939
Debtors 6 385,879 742,153
Cash at bank and in hand 156,417 28,848
1,162,973 1,194,940
CREDITORS
Amounts falling due within one year 7 4,289,373 4,015,527
NET CURRENT LIABILITIES (3,126,400 ) (2,820,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,902,215

)

(1,587,189

)

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 (1,902,215 ) (1,587,189 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:





D Coburn - Director


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 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.

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

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - at variable rates on reducing balance
Fixtures and fittings - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

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 25 (2023 - 35 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
COST OR VALUATION
At 1 April 2023 1,000,000 462,476 329,681 52,875 1,845,032
Additions - - 8,839 68,000 76,839
At 31 March 2024 1,000,000 462,476 338,520 120,875 1,921,871
DEPRECIATION
At 1 April 2023 40,000 314,540 226,330 30,764 611,634
Charge for year 20,000 19,355 24,947 21,750 86,052
At 31 March 2024 60,000 333,895 251,277 52,514 697,686
NET BOOK VALUE
At 31 March 2024 940,000 128,581 87,243 68,361 1,224,185
At 31 March 2023 960,000 147,936 103,351 22,111 1,233,398

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 293,436 655,085
Other debtors and prepayments 92,443 87,068
385,879 742,153

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) 20,269 107,971
Invoice discounting facility - 15,503
Trade creditors 151,008 417,304
Amounts owed to group undertakings 3,991,573 3,254,476
Social security and other taxes 25,780 42,377
VAT 33,956 85,939
Other creditors and accruals 66,787 91,957
4,289,373 4,015,527

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 20,269 107,971

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 20,269 107,971

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: £ £
21,000 Ordinary A £1 21,000 21,000

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
10,500 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.

Neil McMillan FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP

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.