Transac International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01465151

Audited Financial Statements for the Year Ended 31 March 2020

for

TRANSAC INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P S Troniseck

REGISTERED OFFICE:

73 Park Lane

Croydon

CR0 1JG

REGISTERED NUMBER:

01465151

AUDITORS:

Owadally & King

Chartered Certified Accountants

& Registered Auditors

73 Park Lane

Croydon

Surrey

CR0 1JG

FIXED ASSETS

Tangible assets

4

216

288

CURRENT ASSETS

Debtors

5

1,580,872

1,589,166

Cash at bank and in hand

1,624

2,297

1,582,496

1,591,463

CREDITORS

Amounts falling due within one year

6

2,401

2,399

NET CURRENT ASSETS

1,580,095

1,589,064

TOTAL ASSETS LESS CURRENT LIABILITIES

1,580,311

1,589,352

CAPITAL AND RESERVES

Called up share capital

1,902,611

1,902,611

Retained earnings

(322,300

)

(313,259

)

SHAREHOLDERS' FUNDS

1,580,311

1,589,352

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

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

The financial statements were approved by the director and authorised for issue on 29 March 2021 and were signed by:

P S Troniseck - Director

1.	STATUTORY INFORMATION

Transac International Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on the fixed assets (including computer equipment, fixtures and fittings and motor vehicles) is charged to profit and loss so as to write off their value, over their estimated useful lives of at a rate of 25% using the reducing balance method.

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any of these items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of an asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts, if any, are shown within borrowings or current liabilities.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

33,315

DEPRECIATION

At 1 April 2019

33,027

Charge for year

72

At 31 March 2020

33,099

NET BOOK VALUE

At 31 March 2020

216

At 31 March 2019

288

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

1,574,575

1,582,869

Other debtors

6,297

6,297

1,580,872

1,589,166

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other creditors

2,401

2,399

7.	FINANCIAL INSTRUMENTS

Financial instruments that are debt instruments measured at amortised cost:

Other debtors £6,297 (2019 - £6,297)

Financial liabilities measured at amortised cost:

Bank loans and overdraft £Nil (2019- Nil)

Other creditors £2,400 (2019- £2,401)

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Mohammed Yousouf F Owadally (Senior Statutory Auditor)

for and on behalf of Owadally & King

9.	RELATED PARTY DISCLOSURES

At the end of the year, the director P S Troniseck owed the company £2,002 (2019- £2,002).

At the year end, the company was owed £1,574,575 (2019 - £1,582,869) by its parent company, Transac International Holding Ltd.

The company's key management personnel are considered to be the directors.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Transac International Holding Ltd.