Company Registration No. 12353266 (England and Wales)
Bullet Train Limited
Unaudited accounts
for the period from 9 December 2019 to 31 December 2020
Bullet Train Limited
Unaudited accounts
Contents
Bullet Train Limited
Company Information
for the period from 9 December 2019 to 31 December 2020
Directors
Mathew Althauser
Matthew Evans
Alexander Reynolds-Boswell
Benjamin Rometsch
Secretary
Benjamin Rometsch
Company Number
12353266 (England and Wales)
Registered Office
4th Floor, 86-90 Paul Street
London
EC2A 4NE
England
Accountants
Tonbridge Accountants Limited
27 Old Gloucester Street
London
WC1N 3AX
Bullet Train Limited
Statement of financial position
as at 31 December 2020
Called up share capital not paid
100
Cash at bank and in hand
67,214
Creditors: amounts falling due within one year
(33,773)
Called up share capital
117
Profit and loss account
(63,008)
Shareholders' funds
38,182
For the period ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2021 and were signed on its behalf by
Benjamin Rometsch
Director
Company Registration No. 12353266
Bullet Train Limited
Notes to the Accounts
for the period from 9 December 2019 to 31 December 2020
Bullet Train Limited is a private company, limited by shares, registered in England and Wales, registration number 12353266. The registered office is 4th Floor, 86-90 Paul Street, London, EC2A 4NE, England.
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Compliance with accounting standards
The financial statements of Bullet Train Limited have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
i. Functional and presentation currency
The company's functional and presentation currency is the pound sterling.
ii. Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings are presented in the profit and loss account within finance (expense)/ income. All other foreign exchange gains and losses are presented in the profit and loss account within other operating (losses)/gains.
The company's primary source of revenue is from monthly fees for services billed in advance. Revenue is recognised rateably over each monthly period and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Deferred income consists of fees billed that have not yet been recognised.
Bullet Train Limited
Notes to the Accounts
for the period from 9 December 2019 to 31 December 2020
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
i. Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.
Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.
ii. Operating leased assets
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
iii. Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of minimum lease payments. Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities, including trade and other payables, and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
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Debtors: amounts falling due within one year
2020
Accrued income and prepayments
2,048
Bullet Train Limited
Notes to the Accounts
for the period from 9 December 2019 to 31 December 2020
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Creditors: amounts falling due within one year
2020
Amounts owed to group undertakings and other participating interests
5,000
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Transactions with related parties
During the period ending 31 December 2020 the company entered into the following related party transactions with its immediate parent Solid State Technology Limited.
i. Sales of £5,000 were made in relation to software development. No balance remained outstanding at the balance sheet date.
ii. Purchases of £18,673 were made regarding the use of a consultant for development work. £11,049 remained outstanding at the balance sheet date.
iii. A loan of £5,000 was made from the parent to the company. £5,000 remained outstanding at the balance sheet date. The loan is unsecured and not subject to specific terms and conditions. Settlement is expected in cash at a date to be agreed between both parties.
The immediate parent undertaking is Solid State Technology Limited, registered at 86-90 Paul Street, London, EC2A 4NE.
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Average number of employees
During the period the average number of employees was 0.
