Trace Me Luggage Tracker Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04597661 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

Trace Me Luggage Tracker Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R C Beckett

N S Preston

D G Steer

SECRETARY:

M J Hill

REGISTERED OFFICE:

Dettingen House

Dettingen Way

Bury St Edmunds

Suffolk

IP33 3TU

REGISTERED NUMBER:

04597661 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Intangible assets

4

3,792

9,342

Tangible assets

5

276

368

4,068

9,710

CURRENT ASSETS

Inventory

3,812

4,681

Debtors

6

15,667

13,912

Cash at bank and in hand

464

18,987

19,943

37,580

CREDITORS

Amounts falling due within one year

7

729,882

611,935

NET CURRENT LIABILITIES

(709,939

)

(574,355

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(705,871

)

(564,645

)

CAPITAL AND RESERVES

Called up share capital

8

111

111

Retained earnings

(705,982

)

(564,756

)

SHAREHOLDERS' FUNDS

(705,871

)

(564,645

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 30 November 2018 and were signed on its behalf by:

R C Beckett - Director

N S Preston - Director

D G Steer - Director

1.	STATUTORY INFORMATION

Trace Me Luggage Tracker 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Fair value measurement of financial statements

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be

measured based on quoted prices in active markets, their fair value is measured using valuation techniques

including the discounted cash flow model. The inputs to these models are taken from observable markets

where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.

Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other

related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present

value of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected

to be paid or received. However if the arrangements of a short-term instrument constitute a financing

transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate

of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial

asset or liability is measured, initially and subsequently, at the present value of the future payment discounted

at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate, which is an approximation of the amount that the

company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

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.

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.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the

transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use

and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in profit and loss.

Going concern

Having estimated the projected results and cash flow of the company, it is expected that the company's results

will continue to improve in the year ended 31 March 2019. The directors are totally confident that the cash

demands of the company will be satisfied, and it is therefore appropriate to prepare the financial statements

on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

and 31 March 2018

61,277

AMORTISATION

At 1 April 2017

51,935

Charge for year

5,550

At 31 March 2018

57,485

NET BOOK VALUE

At 31 March 2018

3,792

At 31 March 2017

9,342

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

1,296

DEPRECIATION

At 1 April 2017

928

Charge for year

92

At 31 March 2018

1,020

NET BOOK VALUE

At 31 March 2018

276

At 31 March 2017

368

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

9,320

1,764

Other debtors

6,347

12,148

15,667

13,912

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

816

151

Taxation and social security

3,247

2,539

Other creditors

725,819

609,245

729,882

611,935

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

111

Ordinary

£1

111

111

9.	RELATED PARTY DISCLOSURES

The directors are supporting the company and have total loans outstanding due to them at the year end of

£521,475 (2017 - £402,475). These loans are repayable on demand. No interest is being charged.

The shareholders are also supporting the company and have loans outstanding due to them at the year end of

£197,061 (2017 - £203,061). These loans are repayable on demand. No interest is being charged.