West Midlands Rail Limited - Period Ending 2023-03-31
West Midlands Rail Limited - Period Ending 2023-03-31
Registration number:
West Midlands Rail Limited
(A company limited by guarantee)
for the Year Ended 31 March 2023
West Midlands Rail Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
West Midlands Rail Limited
Company Information
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Directors |
M Rouse J O'Boyle M Bird J Cotton A Goddard E Clements A Andrews P White I Seccombe P Larratt R Marshall I Courts K Hawkins S Phipps P Butlin D Williams L Carter P Akhtar P Hughes J Lester P Price D Carroll C Collingswood S Evans M Bayliss |
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Registered office |
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West Midlands Rail Limited
(Registration number: 08991160)
Balance Sheet as at 31 March 2023
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Note |
2023 |
(As restated) |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Reserves |
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Retained earnings |
1,134,165 |
868,213 |
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Surplus |
1,134,165 |
868,213 |
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.
Approved and authorised by the
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West Midlands Rail Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 which is the functional currency of the company.
Summary of disclosure exemptions
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Going concern
The financial statements have been prepared on a going concern basis.
West Midlands Rail Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Audit report
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Prior period errors
West Midlands Rail Limited receives an in-kind non-cash contribution from West Midlands Combined Authority of £257,600 equivalent to the expenditure recharged by West Midlands Combined Authority for the value of time of employees engaged in providing services to West Midlands Metro Rail Limited. This had previously not been recognised in the financial statements and so a prior year adjustment has been included.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Turnover | - | 257,600 | - |
Subcontractor costs | - | 257,600 | - |
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for services provided as part of the collaboration agreement with the Department for Transport.
Grants
Turnover is comprised of grants and contributions that relate to grants from the Department for Transport and contributions from the West Midlands Rail partner authorities as part of a collaboration agreement.
Turnover includes an in-kind non-cash contribution from West Midlands Combined Authority of £257,600 equivalent to the expenditure recharged by West Midlands Combined Authority for the value of time of employees engaged in providing services to West Midlands Metro Rail Limited.
Tax
The tax expense for the period comprises current 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.
West Midlands Rail Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
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.
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Staff numbers |
The average number of persons employed by the company during the year, was
The company has no employees other than the directors.
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Debtors |
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Current |
2023 |
2022 |
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Other debtors |
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West Midlands Rail Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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Creditors |
Creditors: amounts falling due within one year
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2023 |
(As restated) |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Within other creditors is a balance of £86,967 (2022: £100,994) owed to West Midlands Combined Authority, an entity which has a 50% interest in the company by virtue of seven out of the fourteen partnership authorities of the company being metropolitan districts that make up the Combined Authority.
West Midlands Combined Authority contributed a levy contribution of £40,600 (2022: £40,600) to the company for the year ended 31st March 2023.
West Midlands Combined Authority made a contribution in kind non-financial transaction of £257,600 (2022: £257,600) for the value of the time spent by West Midlands Combined Authority officers on West Midlands Rail Limited matters for the year ended 31st March 2023
West Midlands Combined Authority recharged expenses of £225,636 including VAT (2022: £232,954) and provided corporate support and professional services of £55,415 (2022: £55,416) including VAT for the year ended 31st March 2023.
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APB Ethical Standards relevant circumstances |
In common with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.