Tracx Finance Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 09393231 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TRACX FINANCE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs T L Richards

Mr D M Richards

Mr M F Cox BSc FCA

Mr M S Wignall

Mr S G T Scott

Mr P A Stokes

SECRETARIES:

Mrs T L Richards

Mr P Raven

REGISTERED OFFICE:

c/o Cox Costello & Horne

Langwood House

63-81 High Street

Rickmansworth

Hertfordshire

WD3 1EQ

REGISTERED NUMBER:

09393231 (England and Wales)

AUDITORS:

UHY Hacker Young

Quadrant House

4 Thomas More Square

London

E1W 1YW

FIXED ASSETS

Investments

4

3,380,820

3,380,820

CURRENT ASSETS

Debtors

5

10,004

26,404

Cash at bank

12,100

2,626

22,104

29,030

CREDITORS

Amounts falling due within one year

6

831,814

890,690

NET CURRENT LIABILITIES

(809,710

)

(861,660

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,571,110

2,519,160

CREDITORS

Amounts falling due after more than one year

7

165,200

165,200

NET ASSETS

2,405,910

2,353,960

CAPITAL AND RESERVES

Called up share capital

371,867

371,867

Share premium

1,939,328

1,939,328

Capital redemption reserve

7,286

7,286

Retained earnings

87,429

35,479

SHAREHOLDERS' FUNDS

2,405,910

2,353,960

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 11 May 2017 and were signed on its behalf by:

Mr D M Richards - Director

1.	STATUTORY INFORMATION

Tracx Finance 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

The financial statements have been prepared under the historical cost convention and in accordance with

Section 1A Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in

the UK and the Republic of Ireland and the Companies Act 2006.

Transition to FRS 102

This the first year that the company has presented its results under FRS 102. The last financial statements under

UK GAAP were for the period ended 31 December 2015. The date of transition to FRS 102 was 16 January

2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The current economic

conditions continue to create uncertainty over (a) the level of demand for the company's services; and (b) the

availability of bank finance for the foreseeable future. The company's forecasts and projections, taking account

of reasonably possible changes in trading performance, show that the company should be able to operate within

the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company

therefore continues to adopt the going concern basis in preparing its financial statements.

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

Dividend income is recognised when the right to receive payment is established.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.y's exposure and other relevant factors, to cater for potential

client failures.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the balance sheet date, except that:

-

the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-

any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

Distributions to equity holders

Dividends and other distributions to company’s shareholders are recognised as a liability in the financial

statements in the period in which the dividends and other distributions are approved by the company’s

shareholders. These amounts are recognised in the statement of changes in equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2015 - 6 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2016

and 31 December 2016

3,380,820

NET BOOK VALUE

At 31 December 2016

3,380,820

At 31 December 2015

3,380,820

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Other debtors

10,004

26,404

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Amount owed to group undertaking

804,733

619,822

Other creditors

27,081

270,868

831,814

890,690

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Other creditors

165,200

165,200

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

The Report of the Auditors was unqualified.

Matthew Anderson (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing

transactions with members of the same group that are wholly owned.

During the reporting year, the company received services amounting to £200,000 (2015: £Nil) and was charged

interest of £2,904 (2015: £Nil) on loan provided by Tracx Investments LLP, an LLP where Mr D M Richards and

Mrs T L Richards are members. At the reporting date, the amounts outstanding on the services were £Nil (2015:

£Nil) and interest outstanding was £1,254 (2015: £nil) included within accruals. The loan amount outstanding

was £62,200 (2015: £Nil) and is included in creditors due after more than one year.

During the reporting period, the company received services amounting to £2,422 (2015: £2,092) from Cox

Costello & Horne Limited , a company where Mr M F Cox, is a director. At the reporting date, the amount

outstanding was £1,750 (2015: £1,750).

At the reporting date, the company had outstanding loans with certain directors. These loans are considered

long term in nature and attract interest annually. During the reporting year, interest payable amounted to £9,391

(2015; £7,487) and due to the following directors: Mr M F Cox £1,930 (2015: £3,193), Mr M S Wignall £3,932

(2015: £1,872) and Mr S G T Scott £3,529 (2015: £2,422). At the reporting date, interest outstanding was £2,077

(2015: £7,487)and is included within accruals. At the reporting date, the loans due to directors were as follows:

Mr M F Cox £Nil (2015: £58,000), Mr M S Wignall £59,000 (2015: £34,000) and Mr S G T Scott £44,000 (2015:

£44,000).