Track Components Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04650681 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

TRACK COMPONENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

Mr C F Purchase

Mrs E M Purchase

SECRETARY:

Mr C F Purchase

REGISTERED OFFICE:

c/o Cox Costello

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

REGISTERED NUMBER:

04650681 (England and Wales)

ACCOUNTANTS:

Cox Costello South Ltd t/a Cox Costello & Horne

Chartered Accountants and Chartered Tax Advisers

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

FIXED ASSETS

Tangible assets

4

1,801,597

1,972,026

CURRENT ASSETS

Stocks

51,933

23,152

Debtors

5

1,024,524

1,027,950

Cash at bank

1,262,266

1,736,368

2,338,723

2,787,470

CREDITORS

Amounts falling due within one year

6

759,616

1,604,485

NET CURRENT ASSETS

1,579,107

1,182,985

TOTAL ASSETS LESS CURRENT LIABILITIES

3,380,704

3,155,011

CREDITORS

Amounts falling due after more than one year

7

(415,735

)

(453,374

)

PROVISIONS FOR LIABILITIES

(66,462

)

(86,979

)

NET ASSETS

2,898,507

2,614,658

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

2,898,505

2,614,656

SHAREHOLDERS' FUNDS

2,898,507

2,614,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 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 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 16 July 2018 and were signed on its behalf by:

Mr C F Purchase - Director

1.	STATUTORY INFORMATION

Track Components Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised on general mechanical engineering services in the United Kingdom and Europe and is

recognised as goods and services are provided. Turnover is stated net of sales tax.

Tangible fixed assets

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

Land and buildings

-

Straight line over 3 years

Plant and machinery etc

-

33% on cost and 20% on cost

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 Income Statement, 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 33 (2016 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 December 2016

797,539

3,461,255

69,078

Additions

-

368,371

-

Disposals

-

(20,550

)

-

At 30 November 2017

797,539

3,809,076

69,078

DEPRECIATION

At 1 December 2016

159,508

2,150,512

64,916

Charge for year

39,877

483,914

2,080

Eliminated on disposal

-

(17,550

)

-

At 30 November 2017

199,385

2,616,876

66,996

NET BOOK VALUE

At 30 November 2017

598,154

1,192,200

2,082

At 30 November 2016

638,031

1,310,743

4,162

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2016

850

106,886

4,435,608

Additions

-

3,411

371,782

Disposals

-

-

(20,550

)

At 30 November 2017

850

110,297

4,786,840

DEPRECIATION

At 1 December 2016

850

87,796

2,463,582

Charge for year

-

13,340

539,211

Eliminated on disposal

-

-

(17,550

)

At 30 November 2017

850

101,136

2,985,243

NET BOOK VALUE

At 30 November 2017

-

9,161

1,801,597

At 30 November 2016

-

19,090

1,972,026

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

940,363

881,250

Other debtors

1,565

2,565

VAT

54,822

119,502

Prepayments and accrued income

27,774

24,633

1,024,524

1,027,950

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Other loans

33,902

32,414

Trade creditors

549,122

1,389,886

Tax

97,019

80,656

Social security and other taxes

25,934

15,526

Other creditors

6,010

6,655

Directors' current accounts

47,629

79,348

759,616

1,604,485

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Other loans - 1-2 years

34,649

33,128

Other loans - 2-5 years

112,573

146,447

Other loans more 5yrs instal

268,513

273,799

415,735

453,374

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

268,513

273,799

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.17

30.11.16

£

£

Bank loan

449,637

485,788

A charge was registered on 24 May 2013 over the company's freehold land and buildings at 3B Corinium

Industrial Estate, Raans Road, Amersham in relation to this loan.

9.	RELATED PARTY DISCLOSURES

Mr C F Purchase & Mrs E M Purchase are the owners of a building from which the company operates. During the

year the total rent for the building was £48,000 (2016: £130,000). This was charged on normal commercial terms

to the company.

As at the year end, a balance of £47,629 (2016: £79,347 was owed to Mr C F Purchase.

The director's loan balance is unsecured, repayable on demand and attracts no interest.

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

accounts of Track Components Ltd for the period ended 30 November 2015 as set out on pages 2 to 8 from the

company's accounting records and from information and explanations you have given us.

As a 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 at:

www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Track Components Ltd, as a body, in accordance with the terms

of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Track

Components Ltd and state those matters that we have agreed to state to the Board of Directors of Track Components

Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other than Track Components Ltd and its Board of Directors

as a body for our work or for this report.

It is your duty to ensure that Track Components Ltd has kept adequate accounting records and to prepare statutory

accounts that give a true and fair view of the assets, liabilities, financial position and profit of Track Components Ltd.

You consider that Track Components Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Track Components Ltd. 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 accounts.

Cox Costello South Ltd t/a Cox Costello & Horne

Chartered Accountants and Chartered Tax Advisers

Basing House

46 High Street

Rickmansworth

Hertfordshire

WD3 1HP

16 July 2018