Excell Rail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06812988 (England and Wales)

EXCELL RAIL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Dummer

REGISTERED OFFICE:

8 Church Green East

Redditch

Worcestershire

B98 8BP

REGISTERED NUMBER:

06812988 (England and Wales)

ACCOUNTANTS:

Charles Lovell & Co Limited

Chartered Certified Accountants

and Statutory Auditors

8 Church Green East

Redditch

Worcestershire

B98 8BP

FIXED ASSETS

Tangible assets

4

97,266

91,855

97,266

91,855

CURRENT ASSETS

Debtors

5

665,307

1,174,147

Cash at bank and in hand

127,520

143,052

792,827

1,317,199

CREDITORS

Amounts falling due within one year

6

740,560

1,268,454

NET CURRENT ASSETS

52,267

48,745

TOTAL ASSETS LESS CURRENT LIABILITIES

149,533

140,600

CREDITORS

Amounts falling due after more than one year

7

(42,893

)

(32,116

)

PROVISIONS FOR LIABILITIES

(15,354

)

(15,477

)

NET ASSETS

91,286

93,007

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

91,276

92,997

SHAREHOLDERS' FUNDS

91,286

93,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 January 2022 and were signed by:

D Dummer - Director

1.	STATUTORY INFORMATION

Excell Rail Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2020

9,700

16,420

156,573

6,289

188,982

Additions

-

-

32,004

6,367

38,371

Disposals

-

-

(16,667

)

-

(16,667

)

At 28 February 2021

9,700

16,420

171,910

12,656

210,686

DEPRECIATION

At 1 March 2020

2,183

16,420

76,932

1,592

97,127

Charge for year

970

-

21,872

1,915

24,757

Eliminated on disposal

-

-

(8,464

)

-

(8,464

)

At 28 February 2021

3,153

16,420

90,340

3,507

113,420

NET BOOK VALUE

At 28 February 2021

6,547

-

81,570

9,149

97,266

At 29 February 2020

7,517

-

79,641

4,697

91,855

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2020

111,198

Transfer to ownership

(111,198

)

At 28 February 2021

-

DEPRECIATION

At 1 March 2020

52,967

Transfer to ownership

(52,967

)

At 28 February 2021

-

NET BOOK VALUE

At 28 February 2021

-

At 29 February 2020

58,231

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

657,019

1,157,614

Other debtors

8,288

16,533

665,307

1,174,147

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans and overdrafts

7,108

-

Hire purchase contracts

-

19,175

Trade creditors

49,706

39,872

Amounts owed to group undertakings

78,616

145,000

Taxation and social security

97,488

294,174

Other creditors

507,642

770,233

740,560

1,268,454

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans

42,893

-

Hire purchase contracts

-

32,116

42,893

32,116

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,651

-

8.	SECURED DEBTS

A fixed and floating charge over the tangible and intangible fixed assets held by the company both now and in the future was created on 11 July 2018 securing the company's indebtedness to Gener8 Finance Limited.