Andrail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC146547 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Andrail Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G S Wylie

SECRETARY:

G S Wylie

REGISTERED OFFICE:

145 St Vincent Street

Glasgow

G2 5JF

REGISTERED NUMBER:

SC146547 (Scotland)

ACCOUNTANTS:

McLay, McAlister & McGibbon LLP

Chartered Accountants

145 St Vincent Street

Glasgow

G2 5JF

BANKERS:

Royal Bank of Scotland

23 Sauchiehall Street

Glasgow

G2 3AD

FIXED ASSETS

Tangible assets

4

1,398,500

604,977

Investments

5

16,802

14,077

1,415,302

619,054

CURRENT ASSETS

Stocks

1,000

11,000

Debtors

6

328,574

241,667

Cash at bank

712,242

748,411

1,041,816

1,001,078

CREDITORS

Amounts falling due within one year

7

976,086

1,999

NET CURRENT ASSETS

65,730

999,079

TOTAL ASSETS LESS CURRENT LIABILITIES

1,481,032

1,618,133

PROVISIONS FOR LIABILITIES

1,955

1,437

NET ASSETS

1,479,077

1,616,696

CAPITAL AND RESERVES

Called up share capital

4

6

Capital redemption reserve

4

2

Fair value reserve

8

9,847

7,640

Retained earnings

1,469,222

1,609,048

SHAREHOLDERS' FUNDS

1,479,077

1,616,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 May 2022 and were signed by:

G S Wylie - Director

1.	STATUTORY INFORMATION

Andrail Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Land & Buildings - 2% straight line

- 21 years

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.

Investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2020

783,567

12,734

796,301

Additions

1,116,914

-

1,116,914

Disposals

(378,853

)

-

(378,853

)

At 31 May 2021

1,521,628

12,734

1,534,362

DEPRECIATION

At 1 June 2020

178,590

12,734

191,324

Charge for year

30,493

-

30,493

Eliminated on disposal

(85,955

)

-

(85,955

)

At 31 May 2021

123,128

12,734

135,862

NET BOOK VALUE

At 31 May 2021

1,398,500

-

1,398,500

At 31 May 2020

604,977

-

604,977

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 June 2020

14,077

Revaluations

2,725

At 31 May 2021

16,802

NET BOOK VALUE

At 31 May 2021

16,802

At 31 May 2020

14,077

The historic cost of the investment held at the year end was £5,000 (2020: £5,000).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Other loans

262,944

195,470

Other debtors

65,630

46,197

328,574

241,667

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Taxation and social security

11,580

-

Other creditors

964,506

1,999

976,086

1,999

8.

RESERVES

Fair

value

reserve

£

At 1 June 2020

7,640

Fair value

2,725

Deferred tax

(518

)

At 31 May 2021

9,847

9.	RELATED PARTY DISCLOSURES

At the year end a balance of £10,897 (2020: £79,423) was due to Andrail Limited from Avallon Limited, a company controlled by the director.

At the year end a balance of £65,000 (2020: NIL) was due from Inverkeithing School Company Ltd, a company controlled by the director.

At the year end a balance of £962,506 was due to the director, G Wylie. (2020: £18,022 was due from the director, G Wylie)