Xrail Solutions Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07813112 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2015

for

Xrail Solutions Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M G Patel

V Rajani

SECRETARY:

M G Patel

REGISTERED OFFICE:

The Glades

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

07813112 (England and Wales)

FIXED ASSETS

Tangible assets

2

8,752

6,802

CURRENT ASSETS

Debtors

68,683

224,728

Cash at bank

76,614

42,894

145,297

267,622

CREDITORS

Amounts falling due within one year

131,184

206,382

NET CURRENT ASSETS

14,113

61,240

TOTAL ASSETS LESS CURRENT LIABILITIES

22,865

68,042

CAPITAL AND RESERVES

Called up share capital

3

100

100

Share premium

39,975

39,975

Profit and loss account

(17,210

)

27,967

SHAREHOLDERS' FUNDS

22,865

68,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 May 2016 and were signed on its behalf by:

M G Patel - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the supply of services represents

the value of services provided under contracts, to the extent that there is a right to consideration,

and is recorded at the value of the consideration due. Where a contract has only been partially

completed at the balance sheet date turnover represents the value of the service provided to date

based on a proportion of the total contract value.

Tangible fixed assets

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

Website

-

25% on cost

Computer equipment

-

33.33% on cost

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2014

16,157

Additions

8,158

At 31 October 2015

24,315

DEPRECIATION

At 1 November 2014

9,355

Charge for year

6,208

At 31 October 2015

15,563

NET BOOK VALUE

At 31 October 2015

8,752

At 31 October 2014

6,802

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100

4.	ULTIMATE PARENT COMPANY

MGP Solutions Limited had a controlling interest of 80% of Xrail Solutions Limited until 16 January

2016.

From 16 January 2016, Xrail Group Limited held 80% of the share capital in Xrail Solutions Limited

and MGP Solutions Limited is recognised as the ultimate parent company by virtue of it holding 100%

of the shares in Xrail Group Limited.

5.	RELATED PARTY DISCLOSURES

Transactions with other related parties

Mr M Patel is also a director and shareholder of MGP Solutions Limited.

During the year, the following transactions took place between the company and MGP Solutions

Limited:

2015

2014

£

£

Services provided by MGP Solutions Limited

14,560

28,047

Amount due from MGP Solutions Limited

12,096

1,117

A balance of £55,000 (2014: £65,000) is owed to MGP Solutions Ltd in respect of a previous loan.

Loans from directors

Included within other creditors is a balance due to the director Mr M Patel of £2,540 (2014 -

£2,547).