Trainsport Limited - Period Ending 2021-03-31

Trainsport Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Trainsport Limited

Company Information

Directors

Z Haim C Ogunmakin D Edgar

Registered office

Interland Group 73 Maygrove Road London NW6 2EG

Auditors

Harris & Trotter LLP 64 New Cavendish Street London W1G 8TB

Trainsport Limited

(Registration number: 06278964)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Investments	5	784	784
Current assets
Debtors	6	447	27,421
Cash at bank and in hand		196,129	622,637
		196,576	650,058
Creditors: Amounts falling due within one year	7	(1,334,077)	(2,152,839)
Net current liabilities		(1,137,501)	(1,502,781)
Net liabilities		(1,136,717)	(1,501,997)
Capital and reserves
Called up share capital	8	2	2
Profit and loss account		(1,136,719)	(1,501,999)
Shareholders' deficit		(1,136,717)	(1,501,997)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 February 2022 and signed on its behalf by:
 

.........................................

C Ogunmakin
Director

Trainsport Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

The principal place of business is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

The Company number is 06278964

These financial statements were authorised for issue by the Board on 11 February 2022.

2	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 have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, the functional currency of the company has been determined to be Sterling.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 March 2021 total liabilities exceeded total assets by £1,136,717.

This basis is dependent upon the ongoing support of the creditors of the company, none of whom have indicated their intention to withdraw their support.

The coronavirus pandemic (Covid-19) disrupted all sectors of the economy. The directors do not believe that it has had any effect on the financial results of the company for the year ended 31 March 2021. Directors are taking steps to preserve the company's ability to trade.

Trainsport Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably 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.

Trade 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.

Trainsport Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4	Audit Information

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 February 2022 was Nicholas Newman, who signed for and on behalf of Harris & Trotter LLP.

5	Investments

	2021 £	2020 £
Investments in subsidiaries	784	784

Subsidiaries	£
Cost or valuation
At 1 April 2020	784
Provision
Carrying amount
At 31 March 2021	784
At 31 March 2020	784

Trainsport Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

6

Debtors

	Note	2021 £	2020 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		7	26,981
Other debtors		440	440
		447	27,421

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,327,877	2,149,639
Taxation and social security		-	200
Accruals and deferred income		6,200	3,000
		1,334,077	2,152,839

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

9	Parent and ultimate parent undertaking

The company's immediate parent is Interland Group Limited, incorporated in England.