Railsite Limited - Period Ending 2018-12-31
Railsite Limited - Period Ending 2018-12-31
Company registration number:
for the Year Ended
Railsite Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Railsite Limited
(Registration number: 04042640)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss reserve |
|
|
|
Total equity |
|
|
Railsite Limited
(Registration number: 04042640)
Balance Sheet as at 31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
|
Railsite Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover recognition
Turnover comprises rents received net of value added tax. Rental income is recognised in the period for which it is receivable. Deferred income is recognised in relation to capital contributions for the construction of mast sites released over the lease period. These are included within creditors.
Tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Railsite Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold property |
Over the term of associated agreement - 20 years straight line |
Office equipment |
3 years straight line |
Investments
Investments in subsidiaries are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Other short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value net of transaction costs, and subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade creditors are classified as current liabilities if the Company
does not have an unconditional right, at the end of the reporting period, to defer settlement of the
creditor for at least twelve months after the reporting date. If there is an unconditional right to defer
settlement for at least twelve months after the reporting date, they are presented as non-current
liabilities.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including
loans, are initially measured initially at fair value, net of transaction costs, and subsequently measured
at amortised cost using the effective interest method.
Non current liabilities amount to capital contributions for the construction of mast sites that are released to the profit and loss over the lease period.
Borrowings
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Railsite Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Railsite Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2018 |
|
|
|
Disposals |
( |
- |
( |
At 31 December 2018 |
|
|
|
Depreciation |
|||
At 1 January 2018 |
|
|
|
Charge for the year |
|
- |
|
Eliminated on disposal |
( |
- |
( |
At 31 December 2018 |
|
|
|
Carrying amount |
|||
At 31 December 2018 |
|
- |
|
At 31 December 2017 |
|
- |
|
Included within the net book value of land and buildings above is £169,856 (2017 - £194,191) in respect of short leasehold land and buildings.
Investments |
2018 |
2017 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2018 |
|
Additions |
|
At 31 December 2018 |
|
Provision |
|
Carrying amount |
|
At 31 December 2018 |
|
At 31 December 2017 |
|
Railsite Limited
Notes to the Financial Statements
for the Year Ended 31 December 2018
Debtors |
Note |
2018 |
2017 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
- |
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Other non-current financial liabilities |
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £