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Registered number: 04870503









TRAC PRECISION SOLUTIONS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
K A Mooney 
L M Bevington 
S Agarwal 
K Gupta 




Registered number
04870503



Registered office
9a Marshfield Bank Industrial Estate

Crewe

Cheshire

CW2 8UY




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Cornerblock

2 Cornwall Street

Birmingham

West Midlands

B3 2DX




Bankers
HSBC Bank Plc
PO Box 28

328 High Street

West Bromwich

West Midlands

B70 8DL





 
TRAC PRECISION SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 30


 
TRAC PRECISION SOLUTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025

The directors present their strategic report for Trac Precision Solutions Limited (the "Company") for the period ended 31 March 2025.

Review of business
 
The Company manufactures and supplies complex engine components into global blue-chip customers within the aviation and power generation markets.
On 18th December 2024 the business was acquired by PTC Industries Limited from Rcapital. The acquisition provided the opportunity to further invest, develop and grow the business from a solid financial footing that has seen the business return to EBITDA profitability over the past couple of accounting periods.  
As a result of acquisition, permission was granted to shorten the accounting period to 11 months covering the period 1st May 2024 to 31st March 2025, which aligns the reporting dates of the business to that of its owners.  
The business has continued to improve commercially, operationally and financially since the date of these Financial Statements, with commitments to invest in machining capabilities and the introduction of new products and improved efficiencies forecast for the new financial reporting period. 

Results and performance
 
The results of the Company for the period, as set out on pages 12 and 13, show a profit before tax of £1.025m (11 months). This compares to a profit of £1.522m in the year ended 30 April 2024 (12 months).
The Company reported an operating profit of £1.315m for the period, which was a decrease from the £1.910m operating profit reported in the prior year.
In summary, gross profit % levels have been maintained year on year, but the business has seen an increase in administrative expenses as general inflationary costs in the UK have been absorbed by the business, despite extensive efforts to eliminate costs where possible. 
The business has continued to make commercial and operational improvements, and those have built a strong base for the company to continue to develop. New packages of work secured in the year are now beginning to come through as sales and overall, the business is expecting to grow both revenue and profitability going forward.

Balance sheet position

The overall net asset position of the Company has decreased, following the payment of dividends and as a result of increased amount owed to group undertakings (see note 17). As at 31st March 2025, net assets were £4.95m, compared to £11.92m in the prior period.

Business environment
 
The business sector remains competitive with the Company being well placed to take advantage of the skills and process capability it offers to the major stakeholders in aerospace and power generation markets.

Strategy
 
The Company continues to focus on new engine development programmes in order to secure the long-term future. The Company is also focussed on a collaborative approach with its major customers in order to develop continuity of development and manufacture, as well as with new and emerging customers.

Page 1

 
TRAC PRECISION SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

Key performance indicators

Management has made significant progress throughout the year in relation to key elements of our strategy. Management monitors the progress of the Company by reference to several KPIs including the following:

31 March
30 April
2025
2024
      £000
      £000
Turnover

22,224

24,757
 
EBITDA

2,319

3,248
 

EBITDA is the calculation of earnings before interest, taxation, depreciation, amortisation and any significant exceptional costs incurred by the Company during the period, which included £155k (2024: £317k) of Corporate G&A expenses and £48k (2024: £62k) of foreign exchange losses.
Management believe that it has adequate metrics in place to drive the business.

Principal risks and uncertainties

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management, risk management and internal audit. Compliance with regulation, legal and ethical standards is a high priority for the Company and the compliance team, and the Company finance department take on an important oversight role in this regard.
The Company uses various financial instruments including cash, invoice discounting facility, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations; however, their existence exposes the Company to a number of financial risks which are described in more detail below:
Currency risk
Transaction exposures, including those associated with forecast transactions, are assessed and hedging is considered where the risks facing the Company are outside acceptable limits.  Whilst the aim is to achieve an economic hedge, the Company does not adopt an accounting policy of hedge accounting for these financial statements. Foreign exchange differences on retranslation of these assets and liabilities are taken to the profit and loss account.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The objective is to ensure a mix of funding methods offering flexibility and cost effectiveness to match the needs of the Company. Longer term borrowing is achieved by utilising finance leases and invoice discounting. The maturity of borrowings is set out in notes 16 and 17 to the financial statements.
Interest rate risk
During the reported year, the Company finances its operations through a mixture of finance leases and invoice discounting facilities. The Company's policy during the year was to arrange loans with a floating rate of interest plus an agreed margin and to arrange finance leases with a fixed or variable interest rate.
Credit risk
The principal credit risk arises from its trade debtors. To manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the finance department on a regular basis in conjunction with debt ageing and collection history.

Page 2

 
TRAC PRECISION SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

Decision making

Decisions are made around the Company’s values, policies and processes. The Company’s core values are:

Excellence
Teamwork
Growth

Each year a strategic plan, a financial forecast for the current year and financial projections for the future year are produced. The Directors of the Company and Senior Leadership Team contribute towards this process to identify and manage the potential risks within the business. In so doing, the Directors have regard to a variety of matters including the interests of various stakeholders, the consequences of their decisions in the long-term and ultimately the reputation of the Company.

Employees

Employee engagement is a primary focus point for the Directors of the Company. The business remains committed to strengthening its values and its people’s experiences. Fundamental to this approach is:

Mutual trust and respect
Personal accountability
Development and prioritisation
Open 2-way communication
Inclusion and diversity

The business recognises that by empowering people they contribute to improving business performance and creates the right environment to allow people to develop to their full potential. This is also particularly important with respect to safety related matters, which is an inherent part of the Company’s business. The Company and its directors encourage free reporting of near misses, mistakes and errors which is fundamental in establishing and maintaining a just culture.

Employees are provided with the means to give their views and feedback via regular employee engagement surveys. This is followed up by “you said, we did” communication to feedback actions taken from these surveys. In addition to this quarterly “all hands” sessions take place all the workforce to communicate the current and future situation of the business. There is also the opportunity for employees to be invited to join the Managing Director for “breakfast” to engage in two-way communication.

Fostering business relationships with suppliers, customers and others

The Directors recognise that fostering business relationships with key stakeholders, such as customers, suppliers and regulatory authorities is essential to the Company’s success. The company provides manufactured parts into the aerospace, energy and military sectors. Strong and collaborative relationships with our customers help us to meet customer demand and reduce costs from the manufacturing process. The Company has had great success from initiating customer focused lean events in site.
The company works with its suppliers to ensure that all raw material requirements are provided in the most cost effective and timely manner as to meet operational demand. Collaborative relationships with key suppliers are essential to ensure the quality of our product and ultimately customer satisfaction.

Page 3

 
TRAC PRECISION SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

The community and the environment

The Directors recognise the importance of leading a company that not only generates value for shareholders but also contributes to the wider society. Giving back to the communities in which we operate, and to charities that have meaning to the employees of the business is vitally important to our Company, allowing us to make a positive difference and have an impact where it counts.
We recognise that our operations have an impact on the environment, from the energy and resources we use to the waste that we generate. As an organisation, we are committed to reducing the environmental impact of our operations and are accredited with ISO14001.

Maintaining a reputation for high standards of business conduct

All employees of the Company are expected to act in accordance with the requirements of the Companies HR policies, including our Code of Conduct, at all times. This reduces the risk of compliance failure and supports us in attracting and retaining high-calibre employees. 

Research and development expenditure

Research and development expenditure is written off in the Statement of comprehensive income in the year in which it is incurred.

Future developments

The market for air travel and efficient power generation continues to grow and as the Company continues to align itself with the major providers of engine development. With that said, the opportunities within the aviation and power-generation sectors continue to promote the growth within the Company.


This report was approved by the board and signed on its behalf.



S Agarwal
Director

Date: 29 May 2025

Page 4

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025

The directors present their report and the financial statements for the period ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company continued to be that of the manufacture and supply of complex components into global blue-chip customers, predominantly in the aero-engine and power generation markets.

Results and dividends

The profit for the period, after taxation, amounted to £1,025,000 (2024 - £1,522,000).

Interim dividends of £8,000,000 were paid during the period. The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the period were:

W1S Directors Limited (resigned 18 December 2024)
C Campbell (resigned 18 December 2024)
A C A Reek (resigned 18 December 2024)
P R Emmerson (resigned 18 December 2024)
K A Mooney 
L M Bevington 
S Agarwal (appointed 18 December 2024)
K Gupta (appointed 18 December 2024)

Page 5

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

Directors indemnity

The Company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the Company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers or employees of the Company.
Appropriate directors' and officers' liability insurance cover is in place in respect of all the Company's directors.

Going concern

The Directors have reviewed the current performance of the business as well as future expectations. The Company has prepared cash flow forecasts to ensure that sufficient finance will be available to meet obligations as they fall due, in line with the Company's business plan, for a period of not less than twelve months from the date of signature of these financial statements.

Equal opportunities policy

In accordance with the Equality Act 2010, it is the Company's policy not to unlawfully discriminate against its workers or any job applicants, nor will it tolerate any discriminatory treatment against its workers or any job applicants on the grounds of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex and sexual orientation (known as protected characteristics) or trade union membership or on the basis of whether an employee works part-time or full time.

Matters covered in the Strategic report

The directors have chosen to set out in the Strategic Report information required to be stated in the Directors Report including a review of the business and principal risks and uncertainties.
An indication of the likely future developments in the business and details of research and development activities undertaken during the financial period have been included in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025

This report was approved by the board and signed on its behalf.
 





S Agarwal
Director

Date: 29 May 2025

Page 7

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAC PRECISION SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Trac Precision Solutions Limited (the 'Company') for the period ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAC PRECISION SOLUTIONS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAC PRECISION SOLUTIONS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and industry, key laws and regulations that we identified included:

Companies Act;
Tax legislation; and
Health and safety and employment legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular the valuation of stock.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
 
Page 10

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRAC PRECISION SOLUTIONS LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Newman (Senior statutory auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
Cornerblock
2 Cornwall Street
Birmingham
West Midlands
B3 2DX

29 May 2025
Page 11

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025

Period ended
31 March
Year ended
30 April
2025
2024
Note
£000
£000

  

Turnover
 4 
22,224
24,757

Cost of sales
  
(18,989)
(20,660)

Gross profit
  
3,235
4,097

Administrative expenses
  
(1,920)
(2,187)

Operating profit
 5 
1,315
1,910

Interest payable and similar expenses
 9 
(290)
(388)

Profit before tax
  
1,025
1,522

Tax on profit
 10 
-
-

Profit for the financial period / year
  
1,025
1,522

There was no other comprehensive income for 2025 (2024: £NIL).

The notes on pages 15 to 30 form part of these financial statements.

Page 12

 
TRAC PRECISION SOLUTIONS LIMITED
REGISTERED NUMBER: 04870503

BALANCE SHEET
AS AT 31 MARCH 2025

31 March
30 April
2025
2024
Note
£000
£000

Fixed assets
  

Tangible assets

 12 

3,599
4,219

Current assets
  

Stocks
 13 
6,840
7,222

Debtors: amounts falling due within one year
 14 
8,310
9,438

Cash at bank and in hand
 15 
1,145
508

  
16,295
17,168

Creditors: amounts falling due within one year
 16 
(6,643)
(9,182)

Net current assets
  
 
 
9,652
 
 
7,986

Total assets less current liabilities
  
13,251
12,205

Creditors: amounts falling due after more than one year
 17 
(8,302)
(281)

  

Net assets
  
4,949
11,924


Capital and reserves
  

Called up share capital 
 19 
-
1,020

Share premium account
 20 
-
103,816

Other reserves
 20 
-
539

Profit and loss account
 20 
4,949
(93,451)

  
4,949
11,924


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Agarwal
Director

Date: 29 May 2025

The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
TRAC PRECISION SOLUTIONS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 May 2023
1,020
118,816
539
(109,973)
10,402


Comprehensive income for the year

Profit for the year
-
-
-
1,522
1,522

Capital reduction
-
(15,000)
-
15,000
-



At 1 May 2024
1,020
103,816
539
(93,451)
11,924


Comprehensive income for the period

Profit for the period
-
-
-
1,025
1,025

Dividends
-
-
-
(8,000)
(8,000)

Capital reduction
(1,020)
(103,816)
(539)
105,375
-


At 31 March 2025
-
-
-
4,949
4,949


The notes on pages 15 to 30 form part of these financial statements.

On 17 October 2024, a capital reduction was agreed by special resolution to reduce the Company's share capital by £1,020,000, by cancelling and extinguishing 1,020,000 Ordinary Shares of £1 each, share premium by the sum of £103,815,900 and other reserves by the sum of £538,945, with all amounts being credited to distributable reserves.
Page 14

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

1.


General information

Trac Precision Solutions Limited is a private company, limited by shares, registered in England, United Kingdom. The Company's registration number and registered office address can be found on the Company Information page. The principal activity of the Company is disclosed in the Directors Report.
The financial statements cover an 11 month period from 1 May 2024 to 31 March 2025. The previous financial period covered a 12 month accounting period from 1 May 2023 to 30 April 2024. The reporting period has been shortened in order to harmonise the reporting period with that of the ultimate parent undertaking, PTC Industries Limited. As a result, the reported figures for the current and comparative year and therefore not entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The presentation currency of these financial statements is Sterling. All amounts in the financial statements have been rounded to the nearest £1,000.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Trac Holdings Limited (formerly Rcap Eleven Limited) as at 31 March 2025 and these financial statements may be obtained from the registered office address of 9A Marshfield Bank Business Park, Middlewich Road, Crewe, Cheshire, CW2 8UY.

Page 15

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including the assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statement, and the extent to which they might affect the preparation of the financial statements on a going concern basis. 
The directors have confirmed that they believe that the Company will be operating on a going concern basis. Demand from existing customers remains strong and, coupled with new product introduction, the Directors envisage the Company position will enable to continue to grow and invest in machining capabilities, after taking into consideration possible downsides, which include increased energy costs, inflationary increases and increases to interest rates. 
The Balance sheet is reflecting a net current asset position.
Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity sufficient to meet the demands of the business, consequently the directors are confident that the Company will have sufficient funds to continue to meets its liabilities as the fall due for at least 12 months from the date of approval of the financial statements and, therefore, have prepared the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date.
Revenues and costs expressed in foreign currencies are translated into Sterling rates of exchange ruling on the date on which the transactions occur, except for transactions to be settled at a contracted rate. Differences arising on the translation of such items are dealt with in the Statement of comprehensive income.

  
2.5

Finance leases

Minimum lease payments are apportioned between the finance charge and reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 
2.6

Turnover

Turnover is recognised when the risks and rewards of ownership have been transferred, which is usually on despatch or collection of goods by customers, and represents the amounts invoiced, excluding value added tax, in respect of the sale of goods and services to customers.

 
2.7

Operating leases

Payments (excluding costs for services and insurance) made under operating leases are recognised in the Statement of comprehensive income on a straight-line basis over the term of the lease. Lease incentives are recognised in the Statement of comprehensive income over the term of the lease as an integral part of the total lease expense.

Page 16

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.8

Research and development

Expenditure on research and development is written off in the Statement of comprehensive income  in the year in which it is incurred.

 
2.9

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions payable to the Company's pension scheme are charged to the Statement of comprehensive income in the period to which they relate.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use.

Page 17

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged on a straight line basis at rates calculated to write down assets to estimated residual value over their expected useful life as follows:

Leasehold Improvements
-
10%
Plant and machinery
-
4% - 20%
Fixtures and fittings
-
10% - 33%
Assets under construction
-
Not depreciated
Computer software
-
33%
Computer hardware
-
33%

The Company assesses at each reporting date whether tangible fixed assets are impaired.
Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Company expects to consume an asset's future economic benefits.

  
2.13

Impairment

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through the Statement of comprehensive income is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in the Statement of comprehensive income. When subsequent events cause the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the Statement of comprehensive income.

Non-financial assets

The carrying amounts of the Company's non-financial assets, other than stocks, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the Statement of comprehensive income. An impairment loss is reversed if and only if the reasons for the impairment have ceased to apply.



Page 18

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

 
2.14

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method. Work in progress and finished goods consist of material and direct labour costs, together with an appropriate proportion of production overheads.

 
2.15

Debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.17

Creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If any arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

 
2.18

Financial instruments


The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; however, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 


Page 19

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.18
Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Directors are continually evaluating estimates and judgements based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The key source of estimation uncertainty at the balance sheet date relates to the carrying value of stock and work in progress. Management continually assesses the recoverability of its assets in light of customer demand.
The Directors consider that there are no other critical accounting judgements in applying the Company's accounting policies.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

United Kingdom
8,777
7,938

Europe
11,969
15,047

Rest of the world
1,478
1,772

22,224
24,757


Page 20

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

5.


Operating profit

The operating profit is stated after charging / (crediting):

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

Operating lease expense
316
342

Depreciation
800
776

(Profit)/loss on disposal of fixed assets
-
(4)

Foreign exchange (gains)/losses
48
62

Restructuring costs
207
183


6.


Auditors' remuneration

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

Fees payable to the Company's auditors for the audit of the Company's financial statements
49
48


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

Wages and salaries
6,504
7,001

Social security costs
698
759

Cost of defined contribution pension scheme
789
806

7,991
8,566


Page 21

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

7.Employees (continued)

The average monthly number of employees, including the directors, during the period was as follows:


     Period ended
       31 March
       Year ended
        30 April
        2025
        2024
            No.
            No.







Management and administration
69
77



Production
93
86

162
163


8.


Directors' remuneration

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

Directors' emoluments
228
120

Company contributions to defined contribution pension schemes
15
15

243
135


During the period retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £137,000 (2024 - £69,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,000 (2024 - £5,000).

During the year, the Company also incurred directors fees totalling £31,000 (2024: £60,000).

Page 22

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

9.


Interest payable and similar expenses

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000


Bank interest payable
95
83

Invoice discounting
195
305

290
388


10.


Taxation


Period ended
31 March
Year ended
30 April
2025
2024
£000
£000

Current tax


Current tax on profits for the year
-
-


Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
-
-

Total deferred tax
-
-


-
-
Page 23

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

Period ended
31 March
Year ended
30 April
2025
2024
£000
£000


Profit on ordinary activities before tax
1,025
1,522


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
256
381

Effects of:


Expenses not deductible for tax purposes
109
20

Capital allowances for period/year in excess of depreciation
(308)
(441)

Short-term timing differences
-
8

Movement in tax losses carried forward
(57)
32

Total tax charge for the period/year
-
-


Factors that may affect future tax charges

The Company has estimated tax losses carried forward of £98,955,000 (2024: £99,182,000), which are expected to be offset against future taxable profits of the Company.
There is an estimated unrecognised deferred tax asset of £26,427,000 (2024: £26,785,000) which will be recognised when the directors foresee suitable taxable profits.


11.


Dividends

31 March
30 April
2025
2024
£000
£000


Ordinary dividend paid
8,000
-

8,000
-

Page 24

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

12.


Tangible fixed assets







Leasehold improve- ments
Plant 
and machinery
Fixtures and fittings
Computer hardware
Computer software
Asset 
under construction
Total

£000
£000
£000
£000
£000
£000
£000



Cost


At 1 May 2024
709
20,486
1,678
247
688
338
24,146


Additions
-
-
-
-
-
180
180


Transfers between classes
-
512
-
6
-
(518)
-



At 31 March 2025

709
20,998
1,678
253
688
-
24,326



Depreciation


At 1 May 2024
683
16,727
1,678
227
612
-
19,927


Charge for the period 
6
757
-
8
29
-
800



At 31 March 2025

689
17,484
1,678
235
641
-
20,727



Net book value



At 31 March 2025
20
3,514
-
18
47
-
3,599



At 30 April 2024
26
3,759
-
20
76
338
4,219

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 March
30 April
2025
2024
£000
£000



Plant and machinery
503
144

Assets under construction
-
242

503
386

Page 25

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

13.


Stocks

31 March
30 April
2025
2024
£000
£000

Raw materials and consumable tools
1,547
1,304

Work in progress
5,156
5,906

Finished goods
137
12

6,840
7,222


The carrying value of stocks are stated net of impairment losses totalling £1,556,000 (2024: £1,213,000).


14.


Debtors

31 March
30 April
2025
2024
£000
£000


Trade debtors
3,370
3,705

Amounts owed by group undertakings
4,707
5,310

Other debtors
12
116

Prepayments and accrued income
221
307

8,310
9,438



15.


Cash and cash equivalents

31 March
30 April
2025
2024
£000
£000

Cash at bank and in hand
1,145
508


Page 26

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

16.


Creditors: Amounts falling due within one year

31 March
30 April
2025
2024
£000
£000

Trade creditors
1,478
2,227

Amounts owed to group undertakings
3,000
5,000

Other taxation and social security
185
184

Obligations under finance lease and hire purchase contracts
86
56

Other creditors
725
901

Accruals and deferred income
1,169
814

6,643
9,182


Included in other creditors is £725,000 (2024: £901,000) in respect of the Company's invoice discounting facility. This facility is secured by a fixed and floating charge over the assets of the Company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


17.


Creditors: Amounts falling due after more than one year

31 March
30 April
2025
2024
£000
£000

Obligations under finance leases and hire purchase contracts
302
281

Amounts owed to group undertakings
8,000
-

8,302
281


Amounts owed to group undertakings include an £8,000,000 (2024: £5,000,000 - included in creditors due within 1 year see note 16) secured term loan facility provided by the Company's parent, Trac Holdings Limited (formerly Rcap Eleven Limited). This facility is interest free and secured by a fixed and floating charge over the assets of the Company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 27

 
TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
30 April
2025
2024
£000
£000


Within one year
86
56

Between 1-5 years
302
281

388
337


19.


Share capital

31 March
30 April
2025
2024
£000
£000
Authorised, allotted, called up and fully paid



100 (2024 - 1,020,100) Ordinary shares of £1.00 each
-
1,020

On 17 October 2024, a capital reduction was agreed by special resolution to reduce the Company's share capital, by cancelling and extinguishing 1,020,000 Ordinary Shares of £1 each, and crediting the amount of £1,020,000 to distributable reserves.



20.


Reserves

Share premium account

This reserve records all amounts paid for Ordinary shares in excess of their nominal value.

Other reserves

Other reserves include a capital contribution given to the Company from its immediate parent undertaking.

Profit and loss account

This reserve records all current and prior period retained profits and losses.


21.


Contingent liabilities

The Company has given a guarantee in favour of HMRC totalling £369,000 (2024: £369,000) in relation to Customs Clearance Guarantees.

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TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

22.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £789,000 (2024: £806,000). Contributions totaling £73,000 (2024: £71,000) were payable to the fund at the balance sheet date and are included in accruals.


23.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
30 April
2025
2024
£000
£000


Not later than 1 year
393
393

Later than 1 year and not later than 5 years
708
1,068

1,101
1,461


24.


Related party transactions

The Company has taken advantage of the exemption, as permitted by section 33.1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
During the period, the Company incurred company secretarial services from a company under common control totalling £2,000 (2024: £5,000). At the balance sheet date, the Company owed £nil (2024: £500) to this company.
During the period, the Company incurred management fees from a company under common control totaling £128,000 (2024: £242,000). At the balance sheet date, the Company owed £nil (2024: £24,000) to this company.
During the period, the Company incurred taxation compliance services from a company under common control totaling £8,000 (2024: £19,000). At the balance sheet date, the Company owed £nil (2024: £nil) to this company.
During the period, the Company purchased goods from a company under common control totalling £4,000 (2024: £nil). At the balance sheet date, the Company owed £nil (2024: £nil) to this company.
The Company's parent, Trac Holdings Limited (formerly Rcap Eleven Limited) has provided the Company with an £8,000,000 (2024: £5,000,000) secured term loan facility. This facility is interest free and secured by a fixed and floating charge over the assets of the Company.

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TRAC PRECISION SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025

25.


Key management personnel

During the current period, key management personnel are considered to be the directors of the Company only and the remuneration paid to these individuals is disclosed in note 6. During the previous year, amounts paid to key management personnel totalled £84,000.


26.


Ultimate controlling party

The immediate parent company is Trac Group Limited a company incorporated in England, United Kingdom with a registered address of 9a Marshfield Bank Industrial Estate, Crewe, Cheshire, CW2 8UY.
The ultimate parent undertaking is PTC Industries Limited a company incorporated in India, with a registered office address of Nh-25A Sarai  Sahjadi, Lucknow, Uttar Pradesh, India.
The smallest group, in which the results of the Company are consolidated, is that headed by Trac Holdings Limited (formerly Rcap Eleven Limited), a company incorporated in England, United Kingdom. The financial statements of Trac Holdings Limited (formerly Rcap Eleven Limited) may be obtained from its registered office address, 9a Marshfield Bank Business Park, Middlewich Road, Crewe, Cheshire, CW2 8UY.
The largest group, in which the results of the Company are consolidated, is that headed by PTC Industries Limited, a company incorporated in India, with a registered office address of Nh-25A Sarai Sahjadi, Lucknow, Uttar Pradesh, India. The financial statements of PTC Industries Limited are availabe on the group's website.

 
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