Thingtrax_Limited - Accounts
Thingtrax_Limited - Accounts
• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Thingtrax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 69 Wilson Street, London, EC2A 2BB.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017 are the first financial statements of Thingtrax Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 27 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
At the year end the company had net liabilities of £2,705, including a total of £10,000 owing to the directors of the company. The directors have confirmed they will not seek repayment of these balances for a period of at least twelve months from the date of approval of these accounts if to do so would jeopardise the company's ability to continue trading and that they will provide additional financial support to the company during the same period if required.
On this basis, the directors consider it appropriate for the accounts to be prepared on the going concern basis.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
On 21 December 2016, the ordinary share capital of the company, which comprised of 10 ordinary shares of £1 each, was subdivided into 1,000 ordinary shares of 1p each. Subsequently, 64 ordinary shares of 1p each were issued for a total consideration of £13,336.
At the year end there was a balance due to A Gupta, a director of the company, of £5,000 (2016: £nil).
At the year end there was a balance due to I Shafqat, a director of the company, of £5,000 (2016: £nil).