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REGISTERED NUMBER: 07106456 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RAIL OP OHL LIMITED

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


RAIL OP OHL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: M A Gilbert
Mrs K Gilbert



SECRETARY: M A Gilbert



REGISTERED OFFICE: Magpie Hall
Plaistow Green Road
Halstead
Essex
CO9 1QB



REGISTERED NUMBER: 07106456 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven Collins



INDEPENDENT AUDITORS: Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
The Directors are satisfied with the state of affairs of the Company as reflected in the balance sheet.

The Company's principal activities are primarily the provision of electrification services to the rail industry, together with on track plant hire, highly skilled safety critical support staff and all grades of Civils staff.

The Company had no cease in operations in 2021 because of the COVID pandemic and there was minimal impact financially. The UK economy was again affected by uncertainty due to Brexit, COVID, and now the war in Ukraine, but we still expect the government to prioritise funding to Network Rail so it can achieve its zero-carbon emission strategy by the 2050 target.

Despite these extraordinary circumstances the Company has still been able to post strong operating profits of £2.1m for the year, contributing to a 16.56% increase in shareholders' funds at the balance sheet date. This has been achieved by the Company securing work in its familiar core markets and concentrating on opportunities for repeat business. Low turnover of our highly skilled personnel has been key to our success. Retention and training of excellent, highly qualified staff is essential to the business. A high percentage of our personnel have been with us for over 5 years.

The key financial and other performance indicators during the year are as follows:

2021 2020
£   's £   's %

Turnover £11,388 £11,528 -1.21%
Operating Profit £2,106 £1,715 +22.80%
Profit after Tax £1,704 £1,444 +18.01%
Equity Shareholders' Funds £8,651 £7,422 +16.56%
Current Assets as % of Current
Liabilities

853%

773%

+10.35%


RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

PRINCIPAL RISKS AND UNCERTAINTIES
The Company has a satisfactory level of workload and has demonstrated a good level of ability with all its key customers. The Company's strategy is directed at reducing risk and building a sustainable and profitable business with predictable income streams and increasing margins. The Directors believe that the Company's reputation and experience will enable it to secure a substantial volume of repeat business and gain selection for major projects.

Credit risk is minimised by dealing only with reputable and established businesses and establishing good communication from the outset, so any credit issues are dealt with promptly.

Overhead budgets continue to be monitored closely by the Directors together with ensuring that sufficient liquidity is available to meet foreseeable needs.

Staffing resources have been established to allow for continued growth and staff training is continually ongoing to maintain a highly multi-skilled workforce.

A healthy and safe working environment for the Company's staff and contractors is an essential part of its risk management strategy. The Company is continually reviewing and investing to ensure that risks in this area are minimised and controlled.

ON BEHALF OF THE BOARD:





M A Gilbert - Director


17 August 2022

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of overhead line construction.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2021 will be £ 475,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

M A Gilbert
Mrs K Gilbert

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Baverstocks Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M A Gilbert - Director


17 August 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAIL OP OHL LIMITED

Opinion
We have audited the financial statements of Rail Op OHL Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAIL OP OHL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAIL OP OHL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to assessing the risks of material misstatement due to fraud and noncompliance with laws and regulations was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to compliance with the Companies Act 2006, Financial Reporting Standard 102, relevant tax legislation, the Railway Industry Supplier Qualification Scheme (RISQS) and the Fleet Operator Recognition Scheme (FORS).

We assessed the risks of material misstatements in respect of fraud and determined that the principal risks were related to posting of journal entries to manipulate the results for the financial year. We made enquiries of management during the audit to determine any instances of fraud, while also discussing the areas of risk in relation to audit as part of our audit team meeting.

Based upon the results of our risk assessment we designed our audit procedures to identify noncompliance with such laws and regulations identified above and also material misstatements in respect of fraud as follows:-

- We obtained an understanding of the legal and regulatory framework in relation to the entity and how it
complies with this framework. This included discussions with management, reviews of legal and professional
fees and a review of the results of audits conducted by RISQS and FORS.

-
We discussed with the management the entity's policies and procedures including systems and controls.
Compliance with these was tested via discussion and walkthrough testing of controls.

-
We enquired of management of their policies and procedures in relation to fraud and their knowledge of any
actual, suspected, or alleged fraud.

-
We ensured compliance with Pay as You Earn and Value Added Tax laws via reviewing returns and
correspondence.
- We reviewed the recent results of audits with RISQS to ensure ongoing compliance.


-
We considered the risk of fraud through management override, and, in response, we incorporated testing of
manual journal entries into our audit approach. This included the testing of journal entries throughout the year
as well as year end journals.
- We agreed the financial statement disclosures to underlying supporting documentation.
- We enquired of management if there were any potential litigation or claims.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RAIL OP OHL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Collins (Senior Statutory Auditor)
for and on behalf of Baverstocks Limited
Statutory Auditor
Chartered Certified Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ

23 August 2022

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £   

TURNOVER 3 11,388,003 11,527,872

Cost of sales 8,580,826 9,082,544
GROSS PROFIT 2,807,177 2,445,328

Administrative expenses 701,657 755,420
2,105,520 1,689,908

Other operating income 4 - 24,867
OPERATING PROFIT 6 2,105,520 1,714,775

Interest receivable and similar income - 2,818
2,105,520 1,717,593

Interest payable and similar expenses 7 661 2,390
PROFIT BEFORE TAXATION 2,104,859 1,715,203

Tax on profit 8 400,836 271,661
PROFIT FOR THE FINANCIAL YEAR 1,704,023 1,443,542

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £   

PROFIT FOR THE YEAR 1,704,023 1,443,542


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,704,023

1,443,542

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 462,782 329,576
462,782 329,576

CURRENT ASSETS
Debtors 12 3,551,434 3,676,085
Cash at bank and in hand 5,794,065 4,496,963
9,345,499 8,173,048
CREDITORS
Amounts falling due within one year 13 1,096,115 1,056,650
NET CURRENT ASSETS 8,249,384 7,116,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,712,166

7,445,974

CREDITORS
Amounts falling due after more than one
year

14

-

(3,434

)

PROVISIONS FOR LIABILITIES 17 (61,525 ) (20,922 )
NET ASSETS 8,650,641 7,421,618

CAPITAL AND RESERVES
Called up share capital 18 101 101
Retained earnings 19 8,650,540 7,421,517
SHAREHOLDERS' FUNDS 8,650,641 7,421,618

The financial statements were approved by the Board of Directors and authorised for issue on 17 August 2022 and were signed on its behalf by:





M A Gilbert - Director


RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2020 101 7,294,165 7,294,266

Changes in equity
Dividends - (1,316,190 ) (1,316,190 )
Total comprehensive income - 1,443,542 1,443,542
Balance at 31 December 2020 101 7,421,517 7,421,618

Changes in equity
Dividends - (475,000 ) (475,000 )
Total comprehensive income - 1,704,023 1,704,023
Balance at 31 December 2021 101 8,650,540 8,650,641

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,221,663 (225,896 )
Interest element of hire purchase payments
paid

(661

)

(2,390

)
Tax paid (211,787 ) (500,439 )
Net cash from operating activities 2,009,215 (728,725 )

Cash flows from investing activities
Purchase of tangible fixed assets (244,854 ) (22,804 )
Sale of tangible fixed assets 17,500 -
Sale of investment property - 300,000
Transfer of fixed assets - 818,258
Interest received - 2,818
Net cash from investing activities (227,354 ) 1,098,272

Cash flows from financing activities
Capital repayments in year (9,854 ) (234,609 )
Amount introduced by directors 475,000 3,520,950
Amount withdrawn by directors (474,905 ) (2,259,222 )
Equity dividends paid (475,000 ) (1,316,190 )
Net cash from financing activities (484,759 ) (289,071 )

Increase in cash and cash equivalents 1,297,102 80,476
Cash and cash equivalents at beginning of
year

2

4,496,963

4,416,487

Cash and cash equivalents at end of year 2 5,794,065 4,496,963

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2021 2020
£    £   
Profit before taxation 2,104,859 1,715,203
Depreciation charges 109,982 111,182
Profit on disposal of fixed assets (15,833 ) -
Finance costs 661 2,390
Finance income - (2,818 )
2,199,669 1,825,957
Decrease/(increase) in trade and other debtors 233,200 (198,783 )
Decrease in trade and other creditors (211,206 ) (1,853,070 )
Cash generated from operations 2,221,663 (225,896 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 5,794,065 4,496,963
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 4,496,963 4,416,487


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.21 Cash flow At 31.12.21
£    £    £   
Net cash
Cash at bank and in hand 4,496,963 1,297,102 5,794,065
4,496,963 1,297,102 5,794,065
Debt
Finance leases (13,288 ) 9,854 (3,434 )
(13,288 ) 9,854 (3,434 )
Total 4,483,675 1,306,956 5,790,631

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Rail Op OHL Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no estimates and assumptions that have a significant risk of causing material adjustment in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the provision of electrification services to the rail industry and plant hire is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the date the supply of labour and plant hire was made.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to Property - 4% on cost
Plant and Machinery - 25% on cost and 20% on cost
Fixtures and Fittings - 25% on cost
Motor Vehicles - 25% on cost
Computer Equipment - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.


RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2021 2020
£    £   
Rendering of services 11,388,003 11,527,872
11,388,003 11,527,872

4. OTHER OPERATING INCOME
2021 2020
£    £   
Rents Received - 7,665
Government Grants - 17,202
- 24,867

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 367,876 327,671
Social security costs 35,438 27,540
Other pension costs 5,716 5,392
409,030 360,603

The average number of employees during the year was as follows:
2021 2020

Directors 2 2
Administration 5 5
Direct 4 4
11 11

2021 2020
£    £   
Directors' remuneration 33,638 15,276

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021 2020
£    £   
Hire of Plant and Machinery 1,195,924 1,536,000
Other Operating Leases 12,000 12,000
Depreciation - owned assets 106,770 98,338
Depreciation - assets on hire purchase contracts 3,211 12,845
Profit on disposal of fixed assets (15,833 ) -
Auditors Remuneration 12,000 15,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Hire Purchase Interest 591 2,390
HMRC Penalties and Interest 70 -
661 2,390

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 360,233 330,526

Deferred Taxation 40,603 (58,865 )
Tax on profit 400,836 271,661

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 2,104,859 1,715,203
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

399,923

325,889

Effects of:
Expenses not deductible for tax purposes 2,504 2,431
Utilisation of tax losses (1,591 ) (12,172 )
Adjustment to deferred taxation - (44,487 )
Total tax charge 400,836 271,661

9. DIVIDENDS
2021 2020
£    £   
Ordinary shares of 1 each
Interim 475,000 1,316,190

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 3,000
AMORTISATION
At 1 January 2021
and 31 December 2021 3,000
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
Property Machinery Fittings
£    £    £   
COST
At 1 January 2021 259,507 153,412 6,302
Additions - 8,460 -
Disposals - - -
At 31 December 2021 259,507 161,872 6,302
DEPRECIATION
At 1 January 2021 75,636 119,588 5,415
Charge for year 10,380 19,615 546
Eliminated on disposal - - -
At 31 December 2021 86,016 139,203 5,961
NET BOOK VALUE
At 31 December 2021 173,491 22,669 341
At 31 December 2020 183,871 33,824 887

Motor Computer
Vehicles Equipment Totals
£    £    £   
COST
At 1 January 2021 353,518 44,438 817,177
Additions 233,519 2,875 244,854
Disposals (58,065 ) (2,778 ) (60,843 )
At 31 December 2021 528,972 44,535 1,001,188
DEPRECIATION
At 1 January 2021 251,739 35,223 487,601
Charge for year 74,187 5,253 109,981
Eliminated on disposal (56,398 ) (2,778 ) (59,176 )
At 31 December 2021 269,528 37,698 538,406
NET BOOK VALUE
At 31 December 2021 259,444 6,837 462,782
At 31 December 2020 101,779 9,215 329,576

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
Vehicles
£   
COST
At 1 January 2021
and 31 December 2021 51,380
DEPRECIATION
At 1 January 2021 48,169
Charge for year 3,211
At 31 December 2021 51,380
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 3,211

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade Debtors 216,894 735,190
Amounts owed by group undertakings 2,398,083 2,289,533
Other Debtors 122,195 138,750
Net wages in advance 12,962 6,542
Prepayments & Accrued Income 801,300 506,070
3,551,434 3,676,085

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts (see note 15) 3,434 9,854
Trade Creditors 67,895 332,521
Corporation Tax 216,769 68,323
Social Security and Other
Taxes 515,443 407,226
Other Creditors 1,421 1,278
Directors Current Accounts 143 48
Accruals and Deferred Income 291,010 237,400
1,096,115 1,056,650

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Hire purchase contracts (see note 15) - 3,434

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2021 2020
£    £   
Gross obligations repayable:
Within one year 3,482 10,445
Between one and five years - 3,482
3,482 13,927

Finance charges repayable:
Within one year 48 591
Between one and five years - 48
48 639

Net obligations repayable:
Within one year 3,434 9,854
Between one and five years - 3,434
3,434 13,288

16. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 3,434 13,288

The hire purchase debt is secured against the specific fixed asset purchased.

17. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred Taxation - Capital
Allowances 61,525 20,922
61,525 20,922

Deferred
tax
£   
Balance at 1 January 2021 20,922
Charge to Income Statement during year 40,603
Balance at 31 December 2021 61,525

RAIL OP OHL LIMITED (REGISTERED NUMBER: 07106456)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary 1 100 100
1 A £1 1 1
101 101

19. RESERVES
Retained
earnings
£   

At 1 January 2021 7,421,517
Profit for the year 1,704,023
Dividends (475,000 )
At 31 December 2021 8,650,540

20. ULTIMATE PARENT COMPANY

Rail Op Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Copies of the group financial statements of Rail Op Holdings Limited can be obtained from the registered office, Dickens House, Guithavon Street, Witham, Essex, CM8 1BJ.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
M A Gilbert and Mrs K Gilbert
Balance outstanding at start of year - 1,261,680
Amounts advanced 82,056 57,399
Amounts repaid (82,056 ) (1,319,079 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

22. RELATED PARTY DISCLOSURES

The key management personnel are the directors and therefore the compensation due to them is the same as the directors emoluments disclosed in note 3.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M and K Gilbert.