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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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Trace Me Luggage Tracker Ltd. |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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Trace Me Luggage Tracker Ltd. |
Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Trace Me Luggage Tracker Ltd. |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Eldo House, Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Inventory |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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R C Beckett - Director | N S Preston - Director |
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D G Steer - Director |
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Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Trace Me Luggage Tracker Ltd. is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are the first financial statements that comply with FRS 102 Section 1A small |
entities. The date of transition is 1 April 2015. The transition has resulted in an alignment of accounting |
policies to those required in the adoption of FRS 102 and FRS 102 section 1A. Any impact is explained in the |
notes to these financial statements. |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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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. |
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Website development is being amortised evenly over its estimated useful life of 3 years. |
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Tangible fixed assets |
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Computer equipment | - |
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Inventories |
Inventories have been valued at the lower of cost and estimated selling price less costs to sell. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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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 2018. The company expects the continued support of its |
directors. Whilst there is always considerable uncertainty in predicting cash flows more than a few months |
into the future, the directors are 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Trace Me Luggage Tracker Ltd. (Registered number: 04597661) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 111 | 111 |
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9. | RELATED PARTY DISCLOSURES |
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The directors are supporting the company and have total loans outstanding due to them of £402,475 at the |
31/03/2017. Loans from shareholders supporting the company amount to £203,061 at the 31/03/2017. |