| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PRODTRAC LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| PRODTRAC LIMITED |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PRODTRAC LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 3rd Floor |
| St George's House |
| 56 Peter Street |
| Manchester |
| M2 3NQ |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Prodtrac Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Changes in accounting policies |
| During the year, the directors made the decision to adopt a change in the amortisation of software development to reflect a more accurate useful life of the software. Previously, software development was amortised over a useful life of five years. On conversion to a cloud based platform for the year ended 31 December 2024, the software development is now depreciated over ten years, with prior year costs depreciated over the remaining years of this useful life. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Software development is being amortised evenly over its estimated useful life of ten years. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Office equipment | - |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Software |
| development |
| £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Amortisation |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Office |
| fittings | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 12,834 | 19,080 |
| Other debtors |
| Directors' loan accounts | 8,746 | 8,099 |
| Prepayments and accrued income |
| Prior year balances have been reclassified to reallocate amounts owed from participating interests which were previously included within trade debtors. The total debtor balance remains unchanged. |
| PRODTRAC LIMITED (REGISTERED NUMBER: 04981179) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Corporation tax |
| VAT | 10,740 | 16,168 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Other loans - 1-2 years |
| 9. | RELATED PARTY TRANSACTIONS |
| During the year, Prodtrac Limited entered into transactions with CI Hub Limited, a related party in which Mr G Pates is a common director and shareholder. During the year Prodtrac Limited charged CI Hub Limited a total of £117,025 (2023 - £124,875) for services. CI Hub Limited charged Prodtrac Limited £1,000 (2023 - £4,000) for services. At balance sheet date there was an amount of £12,834 owed by CI Hub Limited to Prodtrac Limited (2023 - 19,080). |
| During the year, Prodtrac Limited entered into transactions with SquareGo Limited, a related party in which Mr G Pates is a common director and shareholder. During the year Prodtrac Limited charged SquareGo Limited a total of £29,855 (2023 - £16,000) for website development services. SquareGo Limited charged Prodtrac Limited £19,870 (2023 - £nil) for reporting services. At the balance sheet date, no amounts are owed by SquareGo Limited (2023 - £10,000 ). |