Xrail Solutions Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07813112 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2016

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:

40 Bank Street

Canary Wharf

London

E14 5NR

REGISTERED NUMBER:

07813112 (England and Wales)

FIXED ASSETS

Tangible assets

2

7,491

8,752

CURRENT ASSETS

Debtors

126,352

68,683

Cash at bank

82,498

76,614

208,850

145,297

CREDITORS

Amounts falling due within one year

172,555

131,184

NET CURRENT ASSETS

36,295

14,113

TOTAL ASSETS LESS CURRENT
LIABILITIES

43,786

22,865

CAPITAL AND RESERVES

Called up share capital

3

100

Share premium

39,975

Profit and loss account

3,711

(17,210

)

SHAREHOLDERS' FUNDS

43,786

22,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 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 26 January 2017 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 2015

24,315

Additions

5,708

At 31 October 2016

30,023

DEPRECIATION

At 1 November 2015

15,563

Charge for year

6,969

At 31 October 2016

22,532

NET BOOK VALUE

At 31 October 2016

7,491

At 31 October 2015

8,752

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

4.	ULTIMATE PARENT COMPANY

MGP Solutions Limited had a controlling interest of 75% of Xrail Solutions Limited until 16 January

2016.

From 16 January 2016, Xrail Group Limited held 75% 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

MGP Solutions Limited

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:

2016

2015

£

Services provided by MGP Solutions Limited

109,195

14,560

Amount due from MGP Solutions Limited

nil

12,096

A balance of £55,000 (2015: £55,000) is owed to MGP Solutions Ltd in respect of a previous loan.

Xrail Group Limited

Xrail Group Limited is the parent company of Xrail Solutions Limited.

During the year, the following transactions took place between the company and Xrail Group

Limited:

2016

£

Sale of services to Xrail Group Limited

63,750

Amount due from Xrail Group Limited

47,145

Xrail Systems Limited

Xrail Group Limited is the parent company of Xrail Systems Limited.

At the year-end, there was an amount due from Xrail Systems Limited to Xrail Solutions Limited of

£225. This is due to formation costs paid on behalf of Xrail Systems Limited.

Loans from directors

Included within other creditors is a balance due to the director Mr M Patel of £2,540 (2015 - £2,540).