Trackit247 Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06959329 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

Trackit247 Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

S Mistry

H Mistry

REGISTERED OFFICE:

Unit 7 Marchmont Gate

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7BF

REGISTERED NUMBER:

06959329 (England and Wales)

ACCOUNTANTS:

Stewarts Accountants Limited

271 High Street

Berkhamsted

Hertfordshire

HP4 1AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trackit247 Limited for the year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Trackit247 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Trackit247 Limited and state those matters that we have agreed to state to the Board of Directors of Trackit247 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trackit247 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Trackit247 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trackit247 Limited. You consider that Trackit247 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Trackit247 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stewarts Accountants Limited

271 High Street

Berkhamsted

Hertfordshire

HP4 1AA

25 November 2023

FIXED ASSETS

Tangible assets

4

125,900

102,792

CURRENT ASSETS

Stocks

21,662

42,058

Debtors

5

127,972

299,051

Cash at bank

1,022,794

1,586,556

1,172,428

1,927,665

CREDITORS

Amounts falling due within one year

6

322,293

244,349

NET CURRENT ASSETS

850,135

1,683,316

TOTAL ASSETS LESS CURRENT LIABILITIES

976,035

1,786,108

PROVISIONS FOR LIABILITIES

31,475

19,531

NET ASSETS

944,560

1,766,577

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

944,460

1,766,477

944,560

1,766,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2023 and were signed on its behalf by:

S Mistry - Director

1.	STATUTORY INFORMATION

Trackit247 Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable from the provision of tracking solution services and sale of tracking devices, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

Over the lease term

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2022

70,754

47,871

28,700

15,472

162,797

Additions

43,411

8,261

-

2,189

53,861

Disposals

-

-

(28,700

)

-

(28,700

)

At 30 June 2023

114,165

56,132

-

17,661

187,958

DEPRECIATION

At 1 July 2022

-

36,725

16,700

6,580

60,005

Charge for year

10,589

3,723

2,000

4,441

20,753

Eliminated on disposal

-

-

(18,700

)

-

(18,700

)

At 30 June 2023

10,589

40,448

-

11,021

62,058

NET BOOK VALUE

At 30 June 2023

103,576

15,684

-

6,640

125,900

At 30 June 2022

70,754

11,146

12,000

8,892

102,792

5.

DEBTORS

30.6.23

30.6.22

£

£

Amounts falling due within one year:

Trade debtors

108,972

79,440

Other debtors

19,000

19,000

Prepayments and accrued income

-

611

127,972

99,051

Amounts falling due after more than one year:

Other debtors

-

200,000

Aggregate amounts

127,972

299,051

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

95

95

Trade creditors

30,639

25,735

Tax

201,693

163,987

Social security and other taxes

2,088

1,294

Pension contributions payable

534

506

VAT

80,612

45,209

Credit card balances

6,469

7,523

Directors' current accounts

163

-

322,293

244,349