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Registered number: 12998964
Track Group Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 November 2024
Elco Accounting Limited
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—8
Consolidated Profit and Loss Account 9
Consolidated Balance Sheet 10
Company Balance Sheet 11
Consolidated Statement of Changes in Equity 12
Company Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—25
Page 1
Company Information
Directors Mr C F Purchase
Mrs E M Purchase
Mr J M Purchase
Company Number 12998964
Registered Office C/O Elco Accounting
24 Church Street
Rickmansworth
Hertfordshire
WD3 1DD
Accountants Elco Accounting Limited
24 Church Street
Rickmansworth
Hertfordshire
WD3 1DD
Auditors Sterling Grove Accountants Limited
Fawley House
2 Regatta Place, Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 30 November 2024.
Principal Activity
The group's principal activity continues to be that of general mechanical engineering and the Company continues to be a parent to the Track Group of companies along with letting of commercial property.
Review of the Business
The Directors are pleased to report that the group has made significant strides in strengthening its subsidiaries market positions, as borne out by the financial figures in the group accounts. The group continues to work closely with group companies in striving for excellence as evidenced by the continued certification through the International Organization for Standardization (ISO). The group continues to remain committed to meeting higher customer satisfaction by maintaining the relevant tooling stock which, in turn, reduces component prices and reduces lead times. The company is continues to monitor and improve property stock, where necessary, to accommodate the ever-growing group companies.
Principal Risks and Uncertainties
The directors regularly assess, review and evaluate the main risks to the company identified below.  This is not an exhaustive list.
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet operating needs of the businesses.
Economic risk
The group is mindful of both national and international economic risks and builds reserves across the group as much as possible to mitigate any potential issues.
Credit risk
Investments of cash surpluses are made through banks and companies that fulfil credit rating criteria.
Development and performance
The directors report an increase in turnover in the consolidated accounts by over 18% to £13,822,261 (2023: £11,684,057) and a group profit before tax of £5,390,944 (2023: £3,273,888).  This is largely due to the increased sales through Track Medical Limited.
Key performance indicators
The key performance indicators are as follows:
2024
2023
Consolidated figures
£
£
Turnover
13,822,261
11,684,057
Gross profit
8,333,250
5,756,437
Profit/(loss) before tax
5,390,944
3,273,888
Shareholder funds
16,082,901
12,198,814
image
image
Future Developments
The directors continue to look for different avenues to improve manufacturing methods and continue to invest in research and development.
On behalf of the board
Mr C F Purchase
Director
28/08/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 30 November 2024.
Dividends
The value of dividends paid amounted to £1,500 .
The directors recommended a final dividend of £NIL .
Financial Instruments
Financial risk management objectives and policies
The group actively uses financial instruments as part of its financial risk management. It is exposed to the usual credit risks and cash flow associated with selling on credit and manages these risks through credit control procedures. The group manages cash flow and liquidity risks by managing cash reserves prudently.
Directors
The directors who held office during the year were as follows:
Mr C F Purchase
Mrs E M Purchase
Mr J M Purchase
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Page 3
Page 4
Independent Auditors
The auditors, Sterling Grove Accountants Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr C F Purchase
Director
28/08/2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Track Group Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 November 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 30 November 2024 and of the group's profit/(loss) for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group and parent company's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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. In connection with our audit of the financial statements, 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 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.
Opinions 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or 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 3—4, 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 6
Page 7
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's 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.
Gino Paolo Amasanti FCCA (Senior Statutory Auditor)
for and on behalf of Sterling Grove Accountants Limited , Statutory Auditor
28/08/2025
...CONTINUED
Page 7
Page 8
Sterling Grove Accountants Limited
Fawley House
2 Regatta Place, Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
Page 8
Page 9
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 13,822,261 11,684,057
Cost of sales (5,489,011 ) (5,927,620 )
GROSS PROFIT 8,333,250 5,756,437
Distribution costs (67,186 ) (75,223 )
Administrative expenses (2,945,984 ) (3,071,084 )
Other operating income 1,800 646,955
OPERATING PROFIT 4 5,321,880 3,257,085
Other interest receivable and similar income 9 69,064 16,803
PROFIT BEFORE TAXATION 5,390,944 3,273,888
Tax on Profit 10 (1,505,357 ) (258,510 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 3,885,587 3,015,378
Profit attributable to:
Owners of the parent 3,863,161 3,025,470
Non-controlling interest 22,426 (10,092)
3,885,587 3,015,378
The notes on pages 15 to 25 form part of these financial statements.
Page 9
Page 10
Consolidated Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 5,640,881 5,730,872
5,640,881 5,730,872
CURRENT ASSETS
Stocks 13 1,187,090 153,107
Debtors 14 4,199,279 2,508,443
Cash at bank and in hand 8,646,883 7,580,239
14,033,252 10,241,789
Creditors: Amounts Falling Due Within One Year 15 (3,251,708 ) (3,559,255 )
NET CURRENT ASSETS (LIABILITIES) 10,781,544 6,682,534
TOTAL ASSETS LESS CURRENT LIABILITIES 16,422,425 12,413,406
PROVISIONS FOR LIABILITIES
Deferred Taxation 16 (339,524 ) (214,592 )
NET ASSETS 16,082,901 12,198,814
CAPITAL AND RESERVES
Called up share capital 18 30 30
Profit and Loss Account 16,087,413 12,225,752
Equity attributable to owners of the parent 16,087,443 12,225,782
Non-controlling interest (4,542 ) (26,968 )
TOTAL EQUITY 16,082,901 12,198,814
On behalf of the board
Mr C F Purchase
Director
28/08/2025
The notes on pages 15 to 25 form part of these financial statements.
Page 10
Page 11
Company Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 3,869,305 3,971,129
Investments 12 63 63
3,869,368 3,971,192
CURRENT ASSETS
Debtors 14 196,737 -
Cash at bank and in hand 1,854 10
198,591 10
Creditors: Amounts Falling Due Within One Year 15 (1,321,038 ) (1,892,975 )
NET CURRENT ASSETS (LIABILITIES) (1,122,447 ) (1,892,965 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,746,921 2,078,227
NET ASSETS 2,746,921 2,078,227
CAPITAL AND RESERVES
Called up share capital 18 30 30
Profit and Loss Account 2,746,891 2,078,197
SHAREHOLDERS' FUNDS 2,746,921 2,078,227
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 670,194 (2023: £ 2,081,197 profit).
On behalf of the board
Mr C F Purchase
Director
28/08/2025
The notes on pages 15 to 25 form part of these financial statements.
Page 11
Page 12
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total Attributable to Parent Non-controlling interest Total
£ £ £ £ £
As at 1 December 2022 30 9,203,282 9,203,312 (16,876 ) 9,186,436
Profit for the year and total comprehensive income - 3,025,470 3,025,470 (10,092 ) 3,015,378
Dividends paid - (3,000) (3,000) - (3,000)
As at 30 November 2023 and 1 December 2023 30 12,225,752 12,225,782 (26,968 ) 12,198,814
Profit for the year and total comprehensive income - 3,863,161 3,863,161 22,426 3,885,587
Dividends paid - (1,500) (1,500) - (1,500)
As at 30 November 2024 30 16,087,413 16,087,443 (4,542 ) 16,082,901
Page 12
Page 13
Company Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 1 December 2022 30 - - 30
Profit for the year and total comprehensive income - - 2,081,197 2,081,197
Dividends paid - - (3,000) (3,000)
As at 30 November 2023 and 1 December 2023 30 - 2,078,197 2,078,227
Profit for the year and total comprehensive income - - 670,194 670,194
Dividends paid - - (1,500) (1,500)
As at 30 November 2024 30 - 2,746,891 2,746,921
Page 13
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 3,735,642 3,563,347
Tax paid (1,017,605 ) (56,919 )
Net cash generated from operating activities 2,718,037 3,506,428
Cash flows from investing activities
Purchase of tangible assets (795,973 ) (3,130,508 )
Proceeds from disposal of tangible assets - (645,589 )
Interest received 69,064 16,803
Net cash used in investing activities (726,909 ) (3,759,294 )
Cash flows from financing activities
Equity dividends paid (1,500 ) (3,000 )
Amount introduced by directors - 1,853,870
Amount withdrawn by directors (922,984) (10,408)
Net cash (used in)/generated from financing activities (924,484 ) 1,840,462
Increase in cash and cash equivalents 1,066,644 1,587,596
Cash and cash equivalents at beginning of year 2 7,580,239 5,992,643
Cash and cash equivalents at end of year 2 8,646,883 7,580,239
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 3,885,587 3,015,378
Adjustments for:
Tax on profit 1,505,357 258,510
Interest income (69,064 ) (16,803 )
Depreciation of tangible assets 885,965 888,716
Foreign exchange losses - 71
Movements in working capital:
(Increase)/decrease in stocks (1,033,983 ) 12,739
Increase in trade and other debtors (1,494,099 ) (381,516 )
Increase/(decrease) in trade and other creditors 55,879 (213,748 )
Net cash generated from operations 3,735,642 3,563,347
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 8,646,883 7,580,239
3. Analysis of changes in net funds
As at 1 December 2023 Cash flows As at 30 November 2024
£ £ £
Cash at bank and in hand 7,580,239 1,066,644 8,646,883
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Notes to the Financial Statements
1. General Information
Track Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12998964 . The registered office is C/O Elco Accounting, 24 Church Street, Rickmansworth, Hertfordshire, WD3 1DD.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006.  The company made a profit after tax for the financial year of £670,194 (2023: profit of £2,081,197).
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 November 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying merger accounting principles.
The carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value, although appropriate adjustments shall be made to achieve uniformity of accounting policies in the combining entities.
The results and cash flows of all the combining entities shall be brought into the financial statements of the
combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information shall be restated by including, for all the combining entities, the total comprehensive income for the previous reporting period and their statements of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies. 
The difference, if any, between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange shall be shown as a movement on other reserves in the consolidated financial statements. Any existing balances on the share premium account or capital redemption reserve of the new subsidiary shall be brought in by being shown as a movement on other reserves. These movements shall be shown in the statement of changes in equity.
Merger expenses are not to be included as part of this adjustment, but shall be charged to the statement of comprehensive income as part of profit or loss of the combined entity at the effective date of the group reconstruction.
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2.4. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.5. 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.
2.6. 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:
Freehold Straight line over 40 years
Plant & Machinery 20% and 25% on cost
Fixtures & Fittings 33% on cost
Computer Equipment 25% and 33% on cost
2.7. 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 is determined using the first-in, first-out method. 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.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.9. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realised the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.10. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.11. 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 group'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. Other Operating Income
2024 2023
£ £
Rental income 1,800 1,440
Other operating income - 645,515
1,800 646,955
4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 52,329 109,312
Depreciation of tangible fixed assets 885,965 888,716
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 21,000 -
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,700,739 1,723,451
Social security costs 187,496 173,650
Other pension costs 193,998 154,334
2,082,233 2,051,435
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 44 (2023: 46)
Company
Average number of employees, including directors, during the year was: 3 (2023: 3)
44 46
3 3
8. Directors' remuneration
2024 2023
£ £
Emoluments 175,000 231,411
Company contributions to money purchase pension schemes 161,321 121,321
336,321 352,732
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 3 3
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 100,000 180,000
Company contributions to money purchase pension schemes 41,321 1,321
141,321 181,321
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 67,909 3,441
HMRC interest receivable 1,155 13,362
69,064 16,803
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10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.0% 1,380,425 443,955
Deferred Tax
Deferred taxation 124,932 (185,445 )
Total tax charge for the period 1,505,357 258,510
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 5,390,944 3,273,888
Tax on profit at 25% (UK standard rate) 1,347,737 757,431
Goodwill/depreciation not allowed for tax 221,493 203,634
Expenses not deductible for tax purposes 2,003 1,217
Tax losses utilised (11,880 ) -
Capital allowances (221,438 ) (307,614 )
Research and Development tax credit (64,990 ) (62,194 )
Difference in tax rates 124,932 (185,455 )
Transfer pricing adjustments 107,500 -
Revenue exempt from taxation - (148,509 )
Total tax charge for the period 1,505,357 258,510
11. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2023 4,072,953 8,259,534 204,131 156,331 12,692,949
Additions - 785,166 9,900 907 795,973
Disposals - (836,999 ) (2,120 ) (53,426 ) (892,545 )
As at 30 November 2024 4,072,953 8,207,701 211,911 103,812 12,596,377
Depreciation
As at 1 December 2023 101,824 6,560,148 152,457 147,648 6,962,077
Provided during the period 101,824 740,828 38,216 5,096 885,964
Disposals - (836,999 ) (2,120 ) (53,426 ) (892,545 )
As at 30 November 2024 203,648 6,463,977 188,553 99,318 6,955,496
...CONTINUED
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Net Book Value
As at 30 November 2024 3,869,305 1,743,724 23,358 4,494 5,640,881
As at 1 December 2023 3,971,129 1,699,386 51,674 8,683 5,730,872
Company
Land & Property
Freehold
£
Cost
As at 1 December 2023 4,072,953
As at 30 November 2024 4,072,953
Depreciation
As at 1 December 2023 101,824
Provided during the period 101,824
As at 30 November 2024 203,648
Net Book Value
As at 30 November 2024 3,869,305
As at 1 December 2023 3,971,129
12. Investments
Company
Unlisted
£
Cost
As at 1 December 2023 63
As at 30 November 2024 63
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 63
As at 1 December 2023 63
Subsidiaries
Details of the company's subsidiaries as at 30 November 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Track Components Limited 24 Church Street, Rickmansworth, WD3 1DD Ordinary 100.00% -
Track Medical Limited 24 Church Street, Rickmansworth, WD3 1DD Ordinary 100.00% -
Arcadia Desiccant Technology Limited 24 Church Street, Rickmansworth, WD3 1DD Ordinary 51.00% -
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Subsidiary
Principal activity
Track Components Limited
General mechinical engineering
Track Medical Limited
Medical component manufacture
Arcadia Desiccant Technology Limited
Supply of components
13. Stocks
2024 2023
£ £
Stock 1,187,090 153,107
Stock figure includes materials, components and finished goods.
14. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 3,721,276 1,949,959 - -
Other debtors 478,003 558,484 196,737 -
4,199,279 2,508,443 196,737 -
15. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 969,054 1,211,200 - -
Amounts owed to group undertakings - - 131,652 -
Other creditors 1,084,379 1,860,986 1,074,703 1,850,595
Corporation tax 729,481 317,017 107,283 37,980
Taxation and social security 433,019 94,366 - -
Accruals and deferred income 35,775 75,686 7,400 4,400
3,251,708 3,559,255 1,321,038 1,892,975
16. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 339,524 214,592
The deferred tax provision relates to differences between accumulated depreciation and capital allowances.  The net deferred tax liability expected to reverse in 2025 is £140,615, relating to the reversal of existing timing differences on capital allowances.
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17. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 December 2023 214,592 214,592
Additions 124,932 124,932
Balance at 30 November 2024 339,524 339,524
18. Share Capital
2024 2023
Allotted, called up and fully paid £ £
30 Ordinary Shares of £ 1.00 each 30 30
19. Financial Instruments
The group has the following financial instruments:
Group Company
2024 2023 2024 2023
£ £ £ £
Financial assets
Financial assets measured at fair value through profit and loss 12,527,042 9,534,730 148,947 10
Financial liabilities
Financial liabilities measured at fair value through profit and loss 2,089,208 3,147,872 1,213,755 1,854,995
20. Capital Commitments
2024 2023
£ £
At the end of the period 358,146 -
At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements
21. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £193,998 (2023: £154,334).
At the balance sheet date contributions of £6,895 (2023: £6,638) were due to the fund and are included in creditors.
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22. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Joseph Purchase (4,990 ) 152,083 - - 147,093
The above loan is unsecured, interest free and repayable on demand.
23. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 1,500 3,000
24. Related Party Disclosures
Transactions between group companies, which are related parties have been eliminated on consolidation and are not disclosed in this note.
During the year dividends £1,500 (2023: £3,000) were paid to the directors.
Key management personnel (including directors) received compensation of £417,642 (2023: £434,053).  This includes pension contributions.
417,642 434,053
25. Controlling Parties
The company is under the control of the directors.
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