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TRACE FIRST LIMITED - Company Information

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Trace First Limited

Registered Number:NI065105

For the year ended 31 May 2020

Northern Ireland

Unaudited Financial Statements

For the year ended 31 May 2020

Trace First Limited

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

Registered Number :

NI065105

As at 31 May 2020

Trace First Limited

Statement of Financial Position

2019

2020

Notes

Fixed assets

Intangible assets

3,236,056

Property, plant and equipment

291,815

303,636

Financial assets

1,029,997

4,557,868

3,539,692

Current assets

Inventories

125,512

127,335

Trade and other receivables

376,637

4,620

1,427,173

Cash and cash equivalents

980,400

1,112,355

1,929,322

Trade and other payables: amounts falling due within one

year

(508,789)

(410,081)

1,420,533

702,274

Net current assets

Total assets less current liabilities

5,260,142

4,960,225

(11,710)

Provisions for liabilities

5,248,432

Net assets

4,960,225

Capital and reserves

Called up share capital

Retained earnings

5,248,380

4,960,173

5,248,432

4,960,225

Shareholders' funds

For the year ended 31 May 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006

The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of

each financial year and of its profit or loss for each financial year in accordance with the requirements of Section

394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial

statements, so far as applicable to the company.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mr Brian Morrow Director

Mrs Anne Morrow Director

These financial statements were approved and authorised for issue by the Board on 17 December 2020 and were signed by:

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Registered Number :

NI065105

For the year ended 31 May 2020

Trace First Limited

Statement of Financial Position Continued

The notes form part of these financial statements

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For the year ended 31 May 2020

Trace First Limited

Notes to the Financial Statements

Statutory Information

Trace First Limited is a private limited company, limited by shares, domiciled in Northern Ireland, registration number

NI065105.

Registered address:

88A Main Street

Moira

County Down

BT67 0LH

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the

Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Property, plant and equipment

Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

25 Reducing balance

Computer Equipment

25 Reducing balance

Furniture and Fittings

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Inventories

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

Foreign currencies

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 at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.

2. Intangible fixed assets

Other

Intangible

Assets

Cost or valuation

At 01 June 2019

3,236,056

At 31 May 2020

3,236,056

Net book value

At 31 May 2020

3,236,056

At 31 May 2019

3,236,056

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For the year ended 31 May 2020

Trace First Limited

Notes to the Financial Statements Continued

3. Property, plant and equipment

Total

Computer

Equipment

Furniture and

Fittings

Motor

Vehicles

Land and

Buildings

Cost or

valuation

At 01 June 2019

346,496

37,177

1,811

77,508

230,000

At 31 May 2020

77,508

1,811

37,177

346,496

230,000

Provision for depreciation and impairment

At 01 June 2019

42,860

30,021

1,213

11,626

Charge for year

11,821

1,789

150

9,882

At 31 May 2020

54,681

31,810

1,363

21,508

At 31 May 2020

Net book value

230,000

56,000

448

5,367

291,815

At 31 May 2019

230,000

65,882

598

7,156

303,636

4. Inventories

2019

2020

Stocks

127,335

125,512

5. Trade and other receivables

2019

2020

Trade debtors

372,976

Other debtors

4,620

3,661

376,637

4,620

6. Trade and other payables: amounts falling due within one year

2019

2020

Taxation and social security

109,779

184,519

Other creditors

300,302

324,270

410,081

508,789

7. Average number of persons employed

During the year the average number of employees was 7 (2019 : 7)

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