Railway Brake Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05922192 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Railway Brake Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Nicholson

REGISTERED OFFICE:

Unit 2

Sidings Industrial Estate

Wetmore Road

Burton-on-Trent

Staffordshire

DE14 1SB

REGISTERED NUMBER:

05922192 (England and Wales)

ACCOUNTANTS:

Bourne & Co

Chartered Accountants

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

FIXED ASSETS

Tangible assets

4

2,670

4,096

CURRENT ASSETS

Stocks

136,576

120,042

Debtors

5

86,910

109,226

Cash at bank and in hand

235

10,505

223,721

239,773

CREDITORS

Amounts falling due within one year

6

99,325

67,627

NET CURRENT ASSETS

124,396

172,146

TOTAL ASSETS LESS CURRENT LIABILITIES

127,066

176,242

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

127,064

176,240

SHAREHOLDERS' FUNDS

127,066

176,242

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 June 2024 and were signed by:

K Nicholson - Director

1.	STATUTORY INFORMATION

Railway Brake Services 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 represents the net sales value of goods and services provided in the period, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

Factored debts

The company utilises the services of a factoring company and assigns some of its invoices in return for an advance of 80%. The factoring company provides finance for a period of 30 days after which the company must repay the advance if the invoice remains unpaid.

The company recognises its trade debts as an asset on the balance sheet and the advance from the factoring company as a liability

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2022

and 30 September 2023

14,202

2,375

2,117

18,694

DEPRECIATION

At 1 October 2022

11,288

1,949

1,361

14,598

Charge for year

724

103

599

1,426

At 30 September 2023

12,012

2,052

1,960

16,024

NET BOOK VALUE

At 30 September 2023

2,190

323

157

2,670

At 30 September 2022

2,914

426

756

4,096

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

73,113

100,848

Other debtors

13,797

8,378

86,910

109,226

Included within trade debtors in 2022 was £37,485 that was subject to a factoring agreement.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans and overdrafts

2,093

-

Trade creditors

59,374

-

Taxation and social security

25,777

47,334

Other creditors

12,081

20,293

99,325

67,627

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.23

30.9.22

£

£

Within one year

11,298

8,093

Between one and five years

8,683

10,882

19,981

18,975

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.23

30.9.22

value:

£

£

2

"A" Ordinary Shares

1

2

2

9.	RELATED PARTY DISCLOSURES

The Director has lent money to the company on an interest free loan. At 31st December 2023 £5,000 was due to the director (2022:£10,000).