ACCOUNTS - Final Accounts preparation


08347661 2015-01-01 2015-12-31 false true 2015-12-31 08347661 d:EntityAccountantsOrAuditors 2015-12-31 08347661 2015-01-01 2015-12-31 08347661 2015-12-31 08347661 2014-12-31 08347661 c:MotorVehicles 2015-01-01 2015-12-31 08347661 c:FixturesFittingsToolsEquipment 2015-01-01 2015-12-31 08347661 d:OrdinaryShareClass1 2015-12-31 08347661 d:OrdinaryShareClass1 2014-12-31 08347661 d:OrdinaryShareClass1 2015-01-01 2015-12-31 08347661 d:PreferenceShareClass1 2014-12-31 08347661 d:PreferenceShareClass1 2015-01-01 2015-12-31 08347661 d:Director2 2015-01-01 2015-12-31 08347661 c:OfficeEquipment 2015-01-01 2015-12-31 08347661 c:PlantMachinery 2015-01-01 2015-12-31 08347661 c:ProvisionsForDeferredTaxation 2014-12-31 08347661 d:EntityAccountantsOrAuditors 2015-01-01 2015-12-31 08347661 d:PreferenceShareClass1 2015-12-31 xbrli:shares iso4217:GBP

Registered number: 08347661










ROAD RAIL CRANES LIMITED

UNAUDITED
ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015























PM+M Solutions for Business LLP
Chartered Accountants
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB

PAGE 1
 
 
ROAD RAIL CRANES LIMITED
 
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROAD RAIL CRANES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Road Rail Cranes Limited for the year ended 31 December 2015 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at:
www.icaew.com/en/members/regulations-standards-and-guidance/.


This report is made solely to the Board of directors of Road Rail Cranes Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Road Rail Cranes Limited and state those matters that we have agreed to state to the Board of directors of Road Rail Cranes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Road Rail Cranes Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Road Rail Cranes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Road Rail Cranes Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Road Rail Cranes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





PM+M Solutions for Business LLP
 
Chartered Accountants
  
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB

12 September 2016


PAGE 2
 
ROAD RAIL CRANES LIMITED
REGISTERED NUMBER: 08347661

ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015

2015
2014
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
779,174
881,484
 
CURRENT ASSETS





 
Stock and work in progress
93,644
2,379

 
Debtors
2,202,270
500,166

 
Cash at bank and in hand

113,821
13,181







 
2,409,735
515,726
 
CREDITORS: amounts falling due within one year
3
(1,354,487)
(631,770)
 
NET CURRENT ASSETS/(LIABILITIES)


1,055,248

(116,044)
 
TOTAL ASSETS LESS CURRENT LIABILITIES
1,834,422
765,440
 
CREDITORS: amounts falling due after more than one year
4
(241,085)

(621,268)
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(132,758)
(32,571)

NET ASSETS




 1,460,579


 111,601
  
CAPITAL AND RESERVES

 
Called up share capital
5
300
300
 
Profit and loss account
1,460,279
111,301
 
SHAREHOLDERS' FUNDS
 

 1,460,579

 111,601



PAGE 3
 
 
ROAD RAIL CRANES LIMITED
    
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which 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, were approved and authorised for issue by the board and were signed on its behalf on 12 September 2016.





D J Hook
Director

The notes on pages 4 to 6 form part of these financial statements.



PAGE 4
 

ROAD RAIL CRANES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Basis of Consolidation

At the year end, the company was a wholly owned subsidiary of Minera Holdings Limited, a company incorporated in the UK.  In accordance with Section 401 of the Companies Act 2006, the company is not required to produce consolidated financial statements.

1.3
Cash flow

The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.4
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.5
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
10% reducing balance
Office equipment
-
10% reducing balance

1.6
Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.



PAGE 5
 
 
ROAD RAIL CRANES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES (continued)

1.8
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.


2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 January 2015
911,067

Additions
1,481,130

Transfers intra group
(1,552,108)

Disposals
(13,950)


At 31 December 2015

826,139



Depreciation


At 1 January 2015
29,583

Charge for the year
109,340

Transfers intra group
(86,742)

On disposals
(5,216)


At 31 December 2015

46,965




Net book value


At 31 December 2015
 779,174


At 31 December 2014

 881,484



PAGE 6
 

ROAD RAIL CRANES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

3.CREDITORS:
Amounts falling due within one year

Net obligations under finance leases and hire purchase contracts of £63,227 (2014- £148,655) are secured on assets to which they relate.
The amount of £575,259 
(2014- £198,031) relates to sales invoice financing.  The balance is secured by a fixed and floating charge on the company's assets.

 

4.CREDITORS:
Amounts falling due after more than one year
Net obligations under finance leases and hire purchase contracts of £120,085 (2014- £500,268) are secured on assets to which they relate.


5.SHARE CAPITAL
        2015
        2014
        £

        £

Shares classified as capital
 
Allotted, called up and fully paid



300 Ordinary shares of £1 each
 300
 300

Shares classified as debt
 
Allotted, called up and fully paid



121,000 Cumulative 15% Redeemable Preference shares of £1 each
 121,000
 121,000

The shares are redeemable at the option of the holders on any date after the second anniversary. As the shares were issued on varying dates the redemption option, if and to the extent exercised, would occur  between 2015 and 2016.
The company is obliged to redeem the whole of the preference shares outstanding on the fifth anniversary of the issue of the shares. This would be upon varying dates between 2018 and 2019.
The value of any premium paid on the redemption of the cumulative preference shares shall be at various rates between 40% and 100% of the nominal value depending upon the closeness of the actual redemption date to the fifth anniversary.


6.ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is 100% owned by Minera Holdings Limited.  The company is under the control of Mr S Williams, Mr I Cross and Mr D Hook, all of whom are directors.