Steertrak (UK) Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Steertrak (UK) Ltd

Company Information

Director

J R M Krantz

Registered office

Commercial House Station Road Tewkesbury Gloucester GL20 5DR

Registered Number

05445776

Accountants

Verinder Powell Associates Limited Suite 5 Corum 2 Corum Office Park Crown Way Warmley Bristol BS30 8FJ

Steertrak (UK) Ltd

(Registration number: 05445776)
Balance Sheet as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	132,833	157,525
Tangible assets	5	188,155	181,486
		320,988	339,011
Current assets
Stocks	6	715	2,786
Debtors	7	339,855	311,058
Cash at bank and in hand		219,221	284,057
		559,791	597,901
Creditors: Amounts falling due within one year	8	(333,984)	(398,025)
Net current assets		225,807	199,876
Total assets less current liabilities		546,795	538,887
Creditors: Amounts falling due after more than one year	8	-	(153,333)
Provisions for liabilities		(46,355)	(44,657)
Net assets		500,440	340,897
Capital and reserves
Called up share capital		8,227	8,227
Share premium reserve		180,826	180,826
Retained earnings		311,387	151,844
Shareholders' funds		500,440	340,897

Steertrak (UK) Ltd

(Registration number: 05445776)
Balance Sheet as at 31 May 2025

For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2025
 

......................................... J R M Krantz Director

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Commercial House
Station Road
Tewkesbury
Gloucester
GL20 5DR

These financial statements were authorised for issue by the director on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).There have been no material departures from the Financial Reporting Standard 102 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in Pounds Sterling (£), and are rounded to the nearest pound.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with members of its group, on the grounds that it is a wholly owned subsidiary.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

No amortisation is being charged on other intangible assets.

Goodwill

Goodwill, being the amount paid in connection with two business acquisitions, in 2007 and 2016, is being amortised evenly over its estimated useful life of 20 years.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Asset class	Depreciation method and rate
Plant and machinery	10% straight line
Fixtures and fittings	10% straight line
Motor vehicles	20% reducing balance
Computer equipment	33% straight line

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

Hire purchase and leasing commitments

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Once the contributions have been paid, the company has no further payment obligations.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2024 - 21).

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

4	Intangible fixed assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 June 2024	493,831	14,775	508,606
At 31 May 2025	493,831	14,775	508,606
Amortisation
At 1 June 2024	351,081	-	351,081
Amortisation charge	24,692	-	24,692
At 31 May 2025	375,773	-	375,773
Carrying amount
At 31 May 2025	118,058	14,775	132,833
At 31 May 2024	142,750	14,775	157,525

5	Tangible assets

	Plant and machinery £	Fixtures and fittings £	Motor vehicles  £	Computer equipment £	Total £
Cost or valuation
At 1 June 2024	209,354	7,488	384,785	20,499	622,126
Additions	5,659	1,873	51,792	4,135	63,459
Disposals	(6,445)	-	(63,301)	-	(69,746)
At 31 May 2025	208,568	9,361	373,276	24,634	615,839
Depreciation
At 1 June 2024	185,471	6,873	230,151	18,145	440,640
Charge for the year	7,561	315	30,720	2,499	41,095
Eliminated on disposal	(3,717)	-	(50,334)	-	(54,051)
At 31 May 2025	189,315	7,188	210,537	20,644	427,684
Carrying amount
At 31 May 2025	19,253	2,173	162,739	3,990	188,155
At 31 May 2024	23,883	615	154,634	2,354	181,486

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

6

Stocks

	2025 £	2024 £
Stocks	715	2,786

7

Debtors

	Note	2025 £	2024 £
Trade debtors		329,705	287,253
Amounts owed by related parties	11	1,560	-
Prepayments		5,543	5,172
Other debtors		3,047	18,633
		339,855	311,058

8

Creditors

Due within one year	2025 £	2024 £
Bank borrowings	502	92,000
Trade creditors	31,624	18,858
Taxation and social security	230,261	187,780
Accruals and deferred income	66,599	97,594
Other creditors	4,998	1,793
	333,984	398,025

 

	2025 £	2024 £
Due after one year
Bank borrowings	-	153,333

9	Secured debts

Steertrak (UK) Limited provides security in respect of group borrowings by way of debenture over the company's assets.

Steertrak (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

10	Financial commitments, guarantees and contingencies

Pension commitments

The entity operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £2,023 (2024 - £1,793) were payable to the fund at the reporting date.

Off balance sheet commitments

At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £5,378 (2024 - £16,378).

11	Related party transactions

Loans from related parties

2025	Key management £	Total £
Advanced	12,867	12,867
Repaid	(12,867)	(12,867)
At end of period	-	-

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.