GAC Rail Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 07184897

GAC RAIL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2017

GAC RAIL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

CONTENTS	PAGES

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 5

GAC RAIL LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

THE BOARD OF DIRECTORS	Mr C G Poole
	Hughes Armstrong Industries Limited
	Mr C W Griffiths

REGISTERED OFFICE	Perfecta Works
	Bath Road
	Kettering
	NN16 8NQ

ACCOUNTANTS	Meadows & Co Limited
	Chartered accountant
	Headlands House
	1 Kings Court
	Kettering Parkway
	Kettering
	NN15 6WJ

GAC RAIL LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2017

	2017		2016
Note	£	£	£	£

CURRENT ASSETS

Stocks		11,771	5,918
Debtors	5	106,391	224,570
Cash at bank and in hand		424	4,813
		---------	---------
		118,586	235,301

CREDITORS: amounts falling due within one year	6	121,545		76,820
		---------		---------
NET CURRENT (LIABILITIES)/ASSETS			( 2,959)		158,481
			-------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 2,959)		158,481
			-------		---------
NET (LIABILITIES)/ASSETS			( 2,959)		158,481
			-------		---------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Profit and loss account	( 3,959)	157,481
	-------	---------
MEMBERS (DEFICIT)/FUNDS	( 2,959)	158,481
	-------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GAC RAIL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 29 March 2018 , and are signed on behalf of the board by:

Mr C G Poole

Director

Company registration number: 07184897

GAC RAIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Perfecta Works, Bath Road, Kettering, NN16 8NQ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. DEBTORS

	2017	2016
	£	£
Trade debtors	65,026	75,323
Amounts owed by group undertakings and undertakings in which the company has a participating interest	20,019	75,165
Other debtors	21,346	74,082
	---------	---------
	106,391	224,570
	---------	---------

6. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	13,380	8,899
Amounts owed to group undertakings and undertakings in which the company has a participating interest	82,676	9,592
Corporation tax	87	–
Social security and other taxes	17,493	18,914
Other creditors	7,909	39,415
	---------	--------
	121,545	76,820
	---------	--------

7. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	5,691	–
Later than 1 year and not later than 5 years	–	11,381
	-------	--------
	5,691	11,381
	-------	--------