Tracs Assets Limited Filleted accounts for Companies House (small and micro)

TRACS ASSETS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC311793

TRACS ASSETS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2018

TRACS ASSETS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

TRACS ASSETS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr D Austin
	Mrs S Austin

Registered office	11 Bon Accord Crescent
	Aberdeen Business Centre
	Aberdeen
	Scotland
	AB11 6DE

Accountants	Ritsons
	Chartered Accountants
	1a Cluny Square
	Buckie
	Moray
	AB56 1AH

TRACS ASSETS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRACS ASSETS LIMITED

YEAR ENDED 28 FEBRUARY 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Ritsons Chartered Accountants

1a Cluny Square Buckie Moray AB56 1AH

5 November 2018

TRACS ASSETS LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018	2017
		(restated)
Note	£	£

Fixed assets

Intangible assets	5	121,915	94,023
Tangible assets	6	52	363
		---------	--------
		121,967	94,386

Current assets

Debtors	7	69,508	2,820
Cash at bank and in hand		1,880	14,196
		--------	--------
		71,388	17,016

Creditors: amounts falling due within one year	8	148,444	123,345
		---------	---------
Net current liabilities		77,056	106,329
		---------	---------
Total assets less current liabilities		44,911	( 11,943)

Provisions	62	69
	--------	--------
Net assets/(liabilities)	44,849	( 12,012)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	44,749	( 12,112)
	--------	--------
Shareholders funds/(deficit)	44,849	( 12,012)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 .

TRACS ASSETS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2018

These financial statements were approved by the board of directors and authorised for issue on 5 November 2018 , and are signed on behalf of the board by:

Mr D Austin	Mrs S Austin
Director	Director

Company registration number: SC311793

TRACS ASSETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Bon Accord Crescent, Aberdeen Business Centre, Aberdeen, AB11 6DE, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Intangible Asset	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Computer Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 March 2017 (as restated)	155,278
Additions	–
Additions from internal developments	37,533
	---------
At 28 February 2018	192,811
	---------
Amortisation
At 1 March 2017	61,255
Charge for the year	9,641
	---------
At 28 February 2018	70,896
	---------
Carrying amount
At 28 February 2018	121,915
	---------
At 28 February 2017	94,023
	---------

6. Tangible assets

	Equipment
	£
Cost
At 1 March 2017 (as restated) and 28 February 2018	2,510
	-------
Depreciation
At 1 March 2017	2,147
Charge for the year	311
	-------
At 28 February 2018	2,458
	-------
Carrying amount
At 28 February 2018	52
	-------
At 28 February 2017	363
	-------

7. Debtors

	2018	2017
		(restated)
	£	£
Trade debtors	41,009	720
Amounts owed by group undertakings and undertakings in which the company has a participating interest	14,921	–
Other debtors	13,578	2,100
	--------	-------
	69,508	2,820
	--------	-------

8. Creditors: amounts falling due within one year

	2018	2017
		(restated)
	£	£
Trade creditors	41,147	45,226
Amounts owed to group undertakings and undertakings in which the company has a participating interest	20,000	217
Corporation tax	5,082	–
Social security and other taxes	9,286	8,973
Other creditors	72,929	68,929
	---------	---------
	148,444	123,345
	---------	---------

9. Prior period adjustments

The company has reallocated time spent on developing TRACKER from wages to Intangible Assets. This has resulted in an adjustment of £34,702 which can be seen in the SOCIE

10. Related party transactions

At 28th February 2018 the company owed the directors £71,429 (2017 £66,929) by way of a directors loan account.