Tracs_Assets_Limited - Accounts
Tracs_Assets_Limited - Accounts
Company Registration No. SC311793 (Scotland)
Abbreviated financial statements
for the year ended 28 February 2015
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated financial statements
3 - 5
Abbreviated balance sheet
as at 28 February 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(65,232 )
(40,172 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
Abbreviated balance sheet (continued)
as at 28 February 2015
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 24 November 2015
Director
Company Registration No. SC311793
Notes to the abbreviated financial statements
for the year ended 28 February 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on a going concern basis. The directors have reviewed the company's current contracts, future potential opportunities and liabilities likely to arise on the next 12 months and has deemed the going concern basis to be appropriate in the preparation of these accounts.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Research and development
Amortisation is provided at the following rates in order to write off each asset over its estimated useful life.
Computer software 5% on cost
1.5
Tangible fixed assets and depreciation
Computer equipment
Notes to the abbreviated financial statements (continued)
for the year ended 28 February 2015
1
Accounting policies (continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all temporary timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 March 2014
119,511
Additions
-
818
At 28 February 2015
120,329
Depreciation
At 1 March 2014
42,341
Charge for the year
6,244
At 28 February 2015
48,585
Net book value
At 28 February 2015
71,744
At 28 February 2014
77,170
Notes to the abbreviated financial statements (continued)
for the year ended 28 February 2015
- 5 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid