Railway Wheelset & Brake Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03148643 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 March 2017

for

Railway Wheelset & Brake Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M C Hart OBE

SECRETARY:

Mrs H F Hart

REGISTERED OFFICE:

6 Spencer Green

Whiston

Rotherham

South Yorkshire

S60 4NR

REGISTERED NUMBER:

03148643 (England and Wales)

ACCOUNTANTS:

Andertons Liversidge & Co

Chartered Accountants

12-14 Percy Street

Rotherham

South Yorkshire

S65 1ED

BANKERS:

HSBC

35 College Street

Rotherham

S65 1AF

FIXED ASSETS

Tangible assets

4

1,056

7,015

CURRENT ASSETS

Stocks

322,780

195,608

Debtors

5

380,662

824,916

Cash at bank and in hand

1,025,821

1,116,774

1,729,263

2,137,298

CREDITORS

Amounts falling due within one year

6

173,589

556,135

NET CURRENT ASSETS

1,555,674

1,581,163

TOTAL ASSETS LESS CURRENT LIABILITIES

1,556,730

1,588,178

CAPITAL AND RESERVES

Called up share capital

950

950

Capital redemption reserve

50

50

Retained earnings

1,555,730

1,587,178

SHAREHOLDERS' FUNDS

1,556,730

1,588,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 December 2017 and were signed by:

M C Hart OBE - Director

1.	STATUTORY INFORMATION

Railway Wheelset & Brake Ltd. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2016

9,929

37,334

47,263

Additions

780

-

780

Disposals

-

(37,334

)

(37,334

)

At 31 March 2017

10,709

-

10,709

DEPRECIATION

At 1 April 2016

8,941

31,307

40,248

Charge for year

712

-

712

Eliminated on disposal

-

(31,307

)

(31,307

)

At 31 March 2017

9,653

-

9,653

NET BOOK VALUE

At 31 March 2017

1,056

-

1,056

At 31 March 2016

988

6,027

7,015

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

350,741

794,978

Other debtors

29,921

29,938

380,662

824,916

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

104,442

426,232

Taxation and social security

58,132

119,760

Other creditors

11,015

10,143

173,589

556,135

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

M C Hart OBE

Balance outstanding at start of year

19,200

18,000

Amounts advanced

674

1,200

Amounts repaid

(380

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,494

19,200

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr M C Hart, a director of the company.