Registered number
03750993
Tracware Limited
Filleted Accounts
31 December 2024
Tracware Limited
Registered number: 03750993
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 8,761 12,837
Investments 6 20,201 20,201
28,962 33,038
Current assets
Stocks - -
Debtors 7 218,277 172,767
Cash at bank and in hand 135,664 209,305
353,941 382,072
Creditors: amounts falling due within one year 9 (69,845) (113,537)
Net current assets 284,096 268,535
Total assets less current liabilities 313,058 301,573
Creditors: amounts falling due after more than one year 10 (115,520) (156,666)
Net assets 197,538 144,907
Capital and reserves
Called up share capital 42,494 42,494
Share premium 114,735 114,735
Profit and loss account 11 40,309 (12,322)
Shareholders' funds 197,538 144,907
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A G Maley
Director
Approved by the board on 6 June 2025
Tracware Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenant's improvements over5 years
Fixtures, fittings, tools and equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Corporation tax on profits 11606
R& D expenditure claim -22287
-10681
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 10
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 27,466 83,645 - 111,111
Additions - 7,315 - 7,315
At 31 December 2024 27,466 90,960 - 118,426
Depreciation
At 1 January 2024 23,802 74,472 - 98,274
Charge for the year 3,663 7,728 - 11,391
At 31 December 2024 27,465 82,200 - 109,665
Net book value
At 31 December 2024 1 8,760 - 8,761
At 31 December 2023 3,664 9,173 - 12,837
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2024 20,201 - 20,201
At 31 December 2024 20,201 - 20,201
7 Debtors 2024 2023
£ £
Trade debtors 100,032 73,776
Amounts owed by group undertakings and undertakings in which the company has a participating interest 114,014 94,721
Other debtors 4,231 4,270
218,277 172,767
9 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,000 40,000
Trade creditors 37,224 43,763
Taxation and social security costs 14,910 29,774
Other creditors (22,289) -
69,845 113,537
10 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 115,520 156,666
115,520 156,666
11 Correction of prior year errors
This relates to the incorrect statement of R & D tax credits
23 Other information
Tracware Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 2 52 West Hill Road Ryde
PO33 1LN
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