General Information
Xrail Group Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 09581016,registration address Boardman House,64 Broadway,Stratford,London,E15 1NT.
The presentation currency is £ sterling.
| 1. |
Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
10 Reducing Balance
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instrument
The following assets and liabilities are classified as financial instruments - debtors, creditors and directors' loans.
Director's loan (being repayable on demand), debtors and creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at 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 income and Retained Earnings.
|
| 2. |
Tangible fixed assets
| Cost or Valuation |
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
| At 01 June 2017 |
2,460 |
|
2,460 |
| Additions |
3,447 |
|
3,447 |
| Disposals |
- |
|
- |
| At 31 May 2018 |
5,907 |
|
5,907 |
| Depreciation |
| At 01 June 2017 |
246 |
|
246 |
| Charge for year |
566 |
|
566 |
| On disposals |
- |
|
- |
| At 31 May 2018 |
812 |
|
812 |
| Net book values |
| Closing balance as at 31 May 2018 |
5,095 |
|
5,095 |
| Opening balance as at 01 June 2017 |
2,214 |
|
2,214 |
|
| 3. |
Investments
| Cost or Valuation |
Investments in group undertakings |
|
Total |
| |
£ |
|
£ |
| At 01 June 2017 |
575 |
|
575 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 May 2018 |
575 |
|
575 |
|
| 4. |
Stocks
|
2018
£ |
|
2017
£ |
| Work in Progress |
23,840 |
|
23,840 |
|
23,840 |
|
23,840 |
|
| 5. |
Debtors: amounts falling due within one year
|
2018
£ |
|
2017
£ |
| Trade Debtors |
150,278 |
|
145,112 |
| Prepayments & Accrued Income |
- |
|
31,361 |
| Other Debtors |
4,000 |
|
- |
| VAT |
121,897 |
|
17,598 |
|
276,175 |
|
194,071 |
|
| 6. |
Creditors: amount falling due within one year
|
2018
£ |
|
2017
£ |
| Trade Creditors |
238,991 |
|
221,671 |
| HSBC Invoice Finance |
89,371 |
|
- |
| Credit Card Account |
3,894 |
|
- |
| Corporation Tax |
106 |
|
9,683 |
| Accrued Expenses |
1,099 |
|
1,099 |
| Other Creditors |
174,000 |
|
- |
| Directors' Current Accounts |
105,284 |
|
104,925 |
|
612,745 |
|
337,378 |
|
| 7. |
Provisions for liabilities
|
2018
£ |
|
2017
£ |
| Deferred Tax |
(10,415) |
|
- |
|
(10,415) |
|
- |
|
| 8. |
Average Employees
During the year the average number of employees was 1.
|
| 9. |
Financial Commitments
The company had outstanding commitments in respect of operating leases as at 31 May 2018 of £60,300 payable as follows:
Due in less than 1 year - £24,120
Due between 2-5 years - £36,180
|
| 10. |
Related Party Transactions
Included in creditors amounts falling due within one year is a director's loan balance with Mr. Munir Gulamyahya Patel. The balance owed to the director at the end of the year was £105,284 (2017: £104,925). This loan is unsecured, interest free and repayable upon demand.
During the year company bought consultancy services to the value of £498,417 from Xrail Site Ltd and £1,197,212 from Xrail Systems Ltd on normal commercial terms. Mr M G Patel has ultimate control of Xrail Site Ltd and Xrail Systems Ltd.
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3
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