Scotrack Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC394628 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

SCOTRACK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C P Biggar

REGISTERED OFFICE:

9 Glasgow Road

Paisley

PA1 3QS

REGISTERED NUMBER:

SC394628 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

40,681

Tangible assets

5

36,529

CURRENT ASSETS

10,000

Stocks

10,000

108,076

Debtors

6

124,183

185,177

Cash at bank

126,245

303,253

260,428

CREDITORS

137,344

Amounts falling due within one year

7

95,226

165,909

NET CURRENT ASSETS

165,202

206,590

TOTAL ASSETS LESS CURRENT LIABILITIES

201,731

7,729

PROVISIONS FOR LIABILITIES

6,941

198,861

NET ASSETS

194,790

CAPITAL AND RESERVES

1

Called up share capital

8

1

198,860

Retained earnings

194,789

198,861

SHAREHOLDERS' FUNDS

194,790

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 director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 20 December 2018 and were signed by:

C P Biggar - Director

1.	STATUTORY INFORMATION

Scotrack Ltd is a private company, limited by shares , registered in Scotland. 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

The financial statements have been prepared on a going concern basis under the historical cost convention.

Turnover

Turnover represents the total of sales less credit notes and discounts given, excluding value added tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Stocks consist of goods for resale and are valued at the lower of purchase cost and estimated selling price less

costs to sell, after making due allowances for obsolete and slow moving items.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the

liability is settled or the asset is realised,

based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting

period.

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.

Financial instruments

Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when

the company becomes a party to the contractual provisions of the instrument and are classified in accordance

with their underlying economic reality.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which

the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in

equity.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

Totals

machinery

fittings

vehicles

equipment

£

£

£

£

£

COST

At 1 April 2017

55,124

11,840

758

40,708

1,818

Additions

7,186

4,750

-

758

1,678

At 31 March 2018

62,310

16,590

758

41,466

3,496

DEPRECIATION

At 1 April 2017

14,443

3,667

455

9,175

1,146

Charge for year

11,338

2,843

152

8,018

325

At 31 March 2018

25,781

6,510

607

17,193

1,471

NET BOOK VALUE

At 31 March 2018

36,529

10,080

151

24,273

2,025

At 31 March 2017

40,681

8,173

303

31,533

672

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

121,822

105,198

Other debtors

-

310

Prepayments

2,361

2,568

124,183

108,076

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

61,141

56,978

Corporation Tax

17,075

41,577

Social security and other taxes

784

1

Pension

82

-

VAT

14,100

36,824

Directors' loan accounts

494

-

Accruals and deferred income

1,550

1,964

95,226

137,344

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

1

Ordinary

£1

1

1

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director's loan is unsecured, interest free and has no fixed repayment terms.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is C P Biggar.