Acorah Software Products - Accounts Production 16.4.675 false true 30 November 2023 1 December 2022 true 28 August 2025 true true true true true 1 December 2023 30 November 2024 30 November 2024 04650681 Mr C F Purchase Mrs E M Purchase Mr J M Purchase Mr C F Purchase true true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04650681 2023-11-30 04650681 2024-11-30 04650681 2023-12-01 2024-11-30 04650681 frs-core:CurrentFinancialInstruments 2024-11-30 04650681 frs-core:ComputerEquipment 2024-11-30 04650681 frs-core:ComputerEquipment 2023-12-01 2024-11-30 04650681 frs-core:ComputerEquipment 2023-11-30 04650681 frs-core:FurnitureFittings 2024-11-30 04650681 frs-core:FurnitureFittings 2023-12-01 2024-11-30 04650681 frs-core:FurnitureFittings 2023-11-30 04650681 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 04650681 frs-core:PlantMachinery 2024-11-30 04650681 frs-core:PlantMachinery 2023-12-01 2024-11-30 04650681 frs-core:PlantMachinery 2023-11-30 04650681 frs-core:ShareCapital 2024-11-30 04650681 frs-core:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 04650681 frs-core:RetainedEarningsAccumulatedLosses 2024-11-30 04650681 frs-bus:HighestPaidDirector 2023-12-01 2024-11-30 04650681 frs-bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 04650681 frs-bus:FullAccounts 2023-12-01 2024-11-30 04650681 frs-bus:MediumEntities 2023-12-01 2024-11-30 04650681 frs-bus:Audited 2023-12-01 2024-11-30 04650681 frs-bus:Medium-sizedCompaniesRegimeForAccounts 2023-12-01 2024-11-30 04650681 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport 2023-12-01 2024-11-30 04650681 frs-bus:OrdinaryShareClass1 2023-12-01 2024-11-30 04650681 frs-bus:OrdinaryShareClass1 2024-11-30 04650681 1 2023-12-01 2024-11-30 04650681 frs-core:DeferredTaxation 2023-12-01 2024-11-30 04650681 frs-core:DeferredTaxation 2023-11-30 04650681 frs-core:DeferredTaxation 2024-11-30 04650681 frs-bus:Director1 2023-12-01 2024-11-30 04650681 frs-bus:Director2 2023-12-01 2024-11-30 04650681 frs-bus:Director3 2023-12-01 2024-11-30 04650681 frs-bus:CompanySecretary1 2023-12-01 2024-11-30 04650681 1 2023-12-01 2024-11-30 04650681 frs-countries:EnglandWales 2023-12-01 2024-11-30 04650681 2022-11-30 04650681 2023-11-30 04650681 2022-12-01 2023-11-30 04650681 frs-core:CurrentFinancialInstruments 2023-11-30 04650681 frs-core:ShareCapital 2022-11-30 04650681 frs-core:ShareCapital 2023-11-30 04650681 frs-core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 04650681 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2022-11-30 04650681 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 04650681 frs-bus:HighestPaidDirector 2022-12-01 2023-11-30 04650681 frs-bus:OrdinaryShareClass1 2022-12-01 2023-11-30 04650681 1 2022-12-01 2023-11-30
Registered number: 04650681
Track Components Ltd
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
Independent Auditor's Report 4—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Notes to the Financial Statements 12—17
Page 1
Company Information
Directors Mr C F Purchase
Mrs E M Purchase
Mr J M Purchase
Secretary Mr C F Purchase
Company Number 04650681
Registered Office 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 company's principal activity continues to be that of general mechanical engineering.
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 company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet operating needs of the business.
Economic risk
The company is mindful of both national and international economic risks and builds reserves in the company 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 by over 15% to £12,129,459 (2023: £10,494,497) and a profit before tax of £3,217,266(2023: £2,591,508).  This is largely due to the increased inter-group sales activity with Track Medical Limited.
Key performance indicators
The key performance indicators are as follows:
2024
2023
£
£
Turnover
12,129,459
10,494,497
Gross profit
5,872,225
4,806,358
Profit/(loss) before tax
3,217,266
2,591,508
Shareholder's funds
11,320,829
image
9,544,836
image
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.
Directors
The directors who held office during the year were as follows:
Mr C F Purchase
Mrs E M Purchase
Mr J M Purchase
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 of the profit or loss of the company 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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'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's auditors are aware of that information.
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 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Track Components Ltd for the year ended 30 November 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity 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 company's affairs as at 30 November 2024 and of its 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 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 entity'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 4
Page 5
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 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, 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 5
Page 6
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 6
Page 7
Sterling Grove Accountants Limited
Fawley House
2 Regatta Place, Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
Page 7
Page 8
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 12,129,459 10,494,497
Cost of sales (6,257,234 ) (5,688,139 )
GROSS PROFIT 5,872,225 4,806,358
Distribution costs (67,186 ) (75,152 )
Administrative expenses (2,890,174 ) (2,977,237 )
Other operating income 233,904 820,846
OPERATING PROFIT 4 3,148,769 2,574,815
Profit on disposal of fixed assets - -
Other interest receivable and similar income 9 68,497 16,693
PROFIT BEFORE TAXATION 3,217,266 2,591,508
Tax on Profit 10 (841,273 ) (75,302 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,375,993 2,516,206
The notes on pages 12 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 2,375,993 2,516,206
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,375,993 2,516,206
Page 9
Page 10
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 1,767,082 1,752,195
1,767,082 1,752,195
CURRENT ASSETS
Stocks 12 174,016 107,607
Debtors 13 4,092,097 4,065,611
Cash at bank and in hand 7,108,724 5,276,956
11,374,837 9,450,174
Creditors: Amounts Falling Due Within One Year 14 (1,481,566 ) (1,444,375 )
NET CURRENT ASSETS (LIABILITIES) 9,893,271 8,005,799
TOTAL ASSETS LESS CURRENT LIABILITIES 11,660,353 9,757,994
PROVISIONS FOR LIABILITIES
Deferred Taxation 15 (339,524 ) (213,158 )
NET ASSETS 11,320,829 9,544,836
CAPITAL AND RESERVES
Called up share capital 17 2 2
Profit and Loss Account 11,320,827 9,544,834
SHAREHOLDERS' FUNDS 11,320,829 9,544,836
On behalf of the board
Mr C F Purchase
Director
28/08/2025
The notes on pages 12 to 17 form part of these financial statements.
Page 10
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 December 2022 2 9,084,575 9,084,577
Profit for the year and total comprehensive income - 2,516,206 2,516,206
Dividends paid - (2,055,947) (2,055,947)
As at 30 November 2023 and 1 December 2023 2 9,544,834 9,544,836
Profit for the year and total comprehensive income - 2,375,993 2,375,993
Dividends paid - (600,000) (600,000)
As at 30 November 2024 2 11,320,827 11,320,829
Page 11
Page 12
Notes to the Financial Statements
1. General Information
Track Components Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04650681 . The registered office is 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.
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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
  • the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 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 Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
  • the requirements of Section 26 Share-based Payment paragraphs 26.18 (b), 26.19 to 26.21 and 26.23;
2.3. 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.
2.4. 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 20 years
Plant & Machinery 20% on cost
Fixtures & Fittings 33% on cost
Computer Equipment 33% on cost
2.5. 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.
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2.6. 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.
2.7. 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 company'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.
2.8. Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.9. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised costs using the effective interest method.
3. Other Operating Income
2024 2023
£ £
Rental income 1,800 1,440
Other operating income 232,104 819,406
233,904 820,846
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4. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 52,329 109,312
Depreciation of tangible fixed assets 780,178 783,154
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 8,500 -
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,582,739 1,609,951
Social security costs 173,723 160,497
Other pension costs 191,725 152,195
1,948,187 1,922,643
7. Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2023: 44)
42 44
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
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9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 67,909 3,441
HMRC interest receivable 588 13,252
68,497 16,693
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% 714,907 259,399
Deferred Tax
Deferred taxation 126,366 (184,097 )
Total tax charge for the period 841,273 75,302
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 3,217,266 2,591,508
Tax on profit at 25% (UK standard rate) 804,317 596,331
Goodwill/depreciation not allowed for tax 195,045 180,211
Expenses not deductible for tax purposes 1,746 1,216
Capital allowances (221,211 ) (456,166 )
Research and Development tax credit (64,990 ) (62,193 )
Difference in tax rates 126,366 (184,097 )
Total tax charge for the period 841,273 75,302
11. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 8,254,008 204,131 146,910 8,605,049
Additions 785,166 9,899 - 795,065
Disposals (836,999 ) (2,120 ) (53,426 ) (892,545 )
As at 30 November 2024 8,202,175 211,910 93,484 8,507,569
...CONTINUED
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Depreciation
As at 1 December 2023 6,557,385 152,457 143,012 6,852,854
Provided during the period 739,447 38,216 2,515 780,178
Disposals (836,999 ) (2,120 ) (53,426 ) (892,545 )
As at 30 November 2024 6,459,833 188,553 92,101 6,740,487
Net Book Value
As at 30 November 2024 1,742,342 23,357 1,383 1,767,082
As at 1 December 2023 1,696,623 51,674 3,898 1,752,195
12. Stocks
2024 2023
£ £
Stock 174,016 107,607
13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,182,886 1,370,298
Amounts owed by group undertakings 2,440,789 1,857,804
Other debtors 468,422 837,509
4,092,097 4,065,611
14. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 940,898 1,203,741
Other creditors 9,233 9,950
Corporation tax 464,319 131,516
Taxation and social security 53,236 38,357
Accruals and deferred income 13,880 60,811
1,481,566 1,444,375
15. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 339,524 213,158
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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16. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 December 2023 213,158 213,158
Deferred taxation 126,366 126,366
Balance at 30 November 2024 339,524 339,524
17. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
18. Capital Commitments
2024 2023
£ £
At the end of the period 358,146 -
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
19. 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.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £191,725 (2023: £152,195).
At the balance sheet date contributions of £6,453 (2023: £6,196) were due to the fund and are included in creditors.
20. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 600,000 2,055,947
21. Related Party Disclosures
The company is a wholly owned subsidiary of a group that prepares publically available consolidated financial statements, namely the group head by Track Group Holdings Limited, so it has taken advantage of the exemption avaliable under Section 33.7 of the Financial Reporting Standard 102 to not disclose transactions with wholly owned group entities.
22. Controlling Parties
The ultimate parent company is Track Group Holdings Limited, which is incorporated in England. The registered office address
of Track Group Holdings Limited is 24 Church Street, Rickmansworth, Hertfordshire, WD3 1DD.
The ultimate controlling party are the directors who are the majority shareholders in the ultimate parent company.
The largest group financial statements that consolidate this company is Track Group Holdings Limited. Copies of the group
accounts are available to the public from the company at the registered office.
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