Cashtrac Ltd - Period Ending 2017-03-31

Registration number: 05831093

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Contents

Company Information	1
Statement of Director's Responsibilities	2
Balance Sheet	3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 8

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Company Information

Director

K King

Registered office

15 Westgate House Westgate Street Gloucester Gloucestershire GL1 2RU

Bankers

Lloyds TSB plc Gloucester 19 Eastgate Street Gloucester Gloucestershire GL1 1NU

Accountants

Cashtrac Acountancy Services 15 Westgate House Westgate Street Gloucester Gloucestershire GL1 2RU

Page 1

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Statement of Director's Responsibilities

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 section 1A, the Financial Reporting Standard applicable to the Small Entities Regime. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

Cashtrac Ltd

trading as Cashtrac Accountancy Services

(Registration number: 05831093)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,928	2,492
Current assets
Debtors	5	4,902	2,774
Cash at bank and in hand		2,845	26,867
		7,747	29,641
Creditors: Amounts falling due within one year	6	(9,188)	(30,792)
Net current liabilities		(1,441)	(1,151)
Net assets		487	1,341
Capital and reserves
Called up share capital		60	60
Profit and loss account		427	1,281
Total equity		487	1,341

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 November 2017
 

.........................................

K King

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	60	1,281	1,341
Profit for the year	-	25,246	25,246
Total comprehensive income	-	25,246	25,246
Dividends	-	(26,100)	(26,100)
At 31 March 2017	60	427	487

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	50	-	50
Profit for the year	-	30,256	30,256
Total comprehensive income	-	30,256	30,256
Dividends	-	(28,975)	(28,975)
Other share capital movements	10	-	10
At 31 March 2016	60	1,281	1,341

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
15 Westgate House
Westgate Street
Gloucester
Gloucestershire
GL1 2RU

These financial statements were authorised for issue by the director on 1 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 5

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Depreciation method and rate
Plant & Machinery	25% reducing balance
Fixtures & Fittings	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

Page 6

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	2,220	13,220	15,440
At 31 March 2017	2,220	13,220	15,440
Depreciation
At 1 April 2016	1,624	11,326	12,950
Charge for the year	89	473	562
At 31 March 2017	1,713	11,799	13,512
Carrying amount
At 31 March 2017	507	1,421	1,928
At 31 March 2016	596	1,896	2,492

5

Debtors

	2017 £	2016 £
Trade debtors	3,288	1,037
Prepayments	1,193	1,316
Other debtors	421	421
	4,902	2,774

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	426	399
Taxation and social security	2,454	2,305
Other creditors	6,308	28,088
	9,188	30,792

Page 7

Cashtrac Ltd

trading as Cashtrac Accountancy Services

Notes to the Financial Statements for the Year Ended 31 March 2017

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	50	50	50	50
Preference of £1 each	10	10	10	10
	60	60	60	60

8

Dividends

		2017		2016
		£		£

9	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	11,075	10,596

10	Transition to FRS 102

Date of Transition 1st April 2015

There are no further changes to report

Page 8