Tracs Assets Limited - Limited company - abbreviated - 11.6

Tracs Assets Limited - Limited company - abbreviated - 11.6

TRACS ASSETS LIMITED - Company Information

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REGISTERED NUMBER: SC311793 (Scotland)















ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2014

FOR

TRACS ASSETS LIMITED

TRACS ASSETS LIMITED (REGISTERED NUMBER: SC311793)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2014










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

TRACS ASSETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2014







DIRECTORS: Mrs S Austin
D Austin





SECRETARY: Mrs S Austin





REGISTERED OFFICE: 48 Queens Road
Aberdeen
AB15 4YE





REGISTERED NUMBER: SC311793 (Scotland)





ACCOUNTANTS: Henderson Loggie
Chartered Accountants
48 Queens Road
Aberdeen
AB15 4YE
Page 1
TRACS ASSETS LIMITED (REGISTERED NUMBER: SC311793)

ABBREVIATED BALANCE SHEET
28 FEBRUARY 2014

28.2.14 28.2.13
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 77,134 83,072
Tangible assets 3 36 72
77,170 83,144

CURRENT ASSETS
Debtors 14,185 11,099
Cash at bank 40,644 19,554
54,829 30,653
CREDITORS
Amounts falling due within one year 40,172 33,260
NET CURRENT ASSETS/(LIABILITIES) 14,657 (2,607 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
91,827
80,537

CAPITAL AND RESERVES
Called up share capital 4 100 100
Profit and loss account 91,727 80,437
SHAREHOLDERS' FUNDS 91,827 80,537

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 31 October 2014 and were signed on its behalf
by:





D Austin - Director


The notes form part of these abbreviated accounts

Page 2
TRACS ASSETS LIMITED (REGISTERED NUMBER: SC311793)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 28 FEBRUARY 2014


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Intangible fixed assets
Amortisation is provided at the following rates in order to write off each asset over its estimated useful life.

Computer software - 5% on cost

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

Computer equipment - 33% on cost

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 carrying amounts of assets and liabilities in the accounts and
the corresponding tax bases, as used on the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable timing differences 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 tax rates that are expected to
apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss accounts, except when it related to items charged or credited directly to equity, in which case the
deferred tax is also dealt with in equity.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the
period of the lease.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 March 2013
and 28 February 2014 118,750
AMORTISATION
At 1 March 2013 35,678
Amortisation for year 5,938
At 28 February 2014 41,616
NET BOOK VALUE

At 28 February 2014 77,134
At 28 February 2013 83,072

Page 3 continued...
TRACS ASSETS LIMITED (REGISTERED NUMBER: SC311793)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2014


3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 March 2013
and 28 February 2014 761
DEPRECIATION
At 1 March 2013 689
Charge for year 36
At 28 February 2014 725
NET BOOK VALUE
At 28 February 2014 36
At 28 February 2013 72

4. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 28.2.14 28.2.13
value: £    £   
100 Share capital 1 1 100 100

5. ULTIMATE PARENT COMPANY

Tracs Assets Limited is a subsidiary of Root-5 Ltd, a company incorporated in Scotland.

Page 4