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No description of principal activity
2019-03-01
Sage Accounts Production Advanced 2020 - FRS102_2019
192,811
80,537
9,641
90,178
102,633
112,274
2,510
104
2,614
2,510
35
2,545
69
xbrli:pure
xbrli:shares
iso4217:GBP
SC311793
2019-03-01
2020-02-28
SC311793
2020-02-28
SC311793
2019-02-28
SC311793
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2019-02-28
SC311793
2019-02-28
SC311793
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SC311793
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SC311793
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SC311793
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2020-02-28
COMPANY REGISTRATION NUMBER:
SC311793
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 28 FEBRUARY 2020
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 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
Mr D Austin |
|
Mrs S Austin |
|
|
Company secretary |
Mrs S Austin |
|
|
Registered office |
11 Bon Accord Crescent |
|
Aberdeen Business Centre |
|
Aberdeen |
|
Scotland |
|
AB11 6DE |
|
|
Accountants |
Ritsons |
|
Chartered Accountants |
|
26-30 Marine Place |
|
Buckie |
|
Moray |
|
AB56 1UT |
|
|
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 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tracs Assets Limited for the year ended 28 February 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Tracs Assets Limited, as a body, in accordance with the terms of our engagement letter dated 20 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Tracs Assets Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tracs Assets Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Tracs Assets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tracs Assets Limited. You consider that Tracs Assets Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Tracs Assets Limited. 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 financial statements.
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
1 December 2020
STATEMENT OF FINANCIAL POSITION |
|
28 February 2020
FIXED ASSETS
Intangible assets |
5 |
102,633 |
112,274 |
Tangible assets |
6 |
69 |
– |
|
--------- |
--------- |
|
102,702 |
112,274 |
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
23,407 |
22,749 |
Cash at bank and in hand |
35,925 |
8,575 |
|
-------- |
-------- |
|
59,332 |
31,324 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
122,985 |
119,858 |
|
--------- |
--------- |
NET CURRENT LIABILITIES |
63,653 |
88,534 |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
39,049 |
23,740 |
|
-------- |
-------- |
NET ASSETS |
39,049 |
23,740 |
|
-------- |
-------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
100 |
100 |
Profit and loss account |
38,949 |
23,640 |
|
-------- |
-------- |
SHAREHOLDERS FUNDS |
39,049 |
23,740 |
|
-------- |
-------- |
|
|
|
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 Section 1A of 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 income statement has not been delivered.
For the year ending 28 February 2020 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
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
28 February 2020
These financial statements were approved by the
board of directors
and authorised for issue on
1 December 2020
, and are signed on behalf of the board by:
Mr D Austin |
Mrs S Austin |
Director |
Director |
|
|
Company registration number:
SC311793
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 28 FEBRUARY 2020
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.
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.
Taxation
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 less depreciation and impairment.
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 |
|
|
|
|
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company.
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
1
(2019:
2
).
5.
Intangible assets
|
Patents, trademarks and licences |
|
£ |
Cost |
|
At 1 March 2019 and 28 February 2020 |
192,811 |
|
--------- |
Amortisation |
|
At 1 March 2019 |
80,537 |
Charge for the year |
9,641 |
|
--------- |
At 28 February 2020 |
90,178 |
|
--------- |
Carrying amount |
|
At 28 February 2020 |
102,633 |
|
--------- |
At 28 February 2019 |
112,274 |
|
--------- |
|
|
6.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 March 2019 |
2,510 |
Additions |
104 |
|
------- |
At 28 February 2020 |
2,614 |
|
------- |
Depreciation |
|
At 1 March 2019 |
2,510 |
Charge for the year |
35 |
|
------- |
At 28 February 2020 |
2,545 |
|
------- |
Carrying amount |
|
At 28 February 2020 |
69 |
|
------- |
At 28 February 2019 |
– |
|
------- |
|
|
7.
Debtors
|
2020 |
2019 |
|
£ |
£ |
Trade debtors |
– |
728 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
19,921 |
19,921 |
Other debtors |
3,486 |
2,100 |
|
-------- |
-------- |
|
23,407 |
22,749 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020 |
2019 |
|
£ |
£ |
Trade creditors |
32,617 |
33,125 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
20,000 |
20,000 |
Corporation tax |
2,639 |
– |
Social security and other taxes |
– |
4,304 |
Other creditors |
67,729 |
62,429 |
|
--------- |
--------- |
|
122,985 |
119,858 |
|
--------- |
--------- |
|
|
|
9.
Related party transactions
At 28th February 2020 the company owed the directors £66,229 (2019: £60,929) by way of a directors loan account.