GB Rail Limited 06874619 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is trading in railway materials and related items to all parts of the world. Digita Accounts Production Advanced 6.30.9574.0 true 06874619 2022-01-01 2022-12-31 06874619 2022-12-31 06874619 core:RetainedEarningsAccumulatedLosses 2022-12-31 06874619 core:ShareCapital 2022-12-31 06874619 core:CurrentFinancialInstruments 2022-12-31 06874619 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06874619 core:OtherPropertyPlantEquipment 2022-12-31 06874619 bus:SmallEntities 2022-01-01 2022-12-31 06874619 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06874619 bus:FullAccounts 2022-01-01 2022-12-31 06874619 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06874619 bus:RegisteredOffice 2022-01-01 2022-12-31 06874619 bus:Director2 2022-01-01 2022-12-31 06874619 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06874619 core:PlantMachinery 2022-01-01 2022-12-31 06874619 core:OtherRelatedParties 2022-01-01 2022-12-31 06874619 countries:England 2022-01-01 2022-12-31 06874619 2021-12-31 06874619 core:OtherPropertyPlantEquipment 2021-12-31 06874619 2021-01-01 2021-12-31 06874619 2021-12-31 06874619 core:RetainedEarningsAccumulatedLosses 2021-12-31 06874619 core:ShareCapital 2021-12-31 06874619 core:CurrentFinancialInstruments 2021-12-31 06874619 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 06874619

GB Rail Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

GB Rail Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

GB Rail Limited

(Registration number: 06874619)
Balance Sheet as at 31 December 2022

Note

2022
 £

2021
 £

Current assets

 

Debtors

5

354,409

671,086

Cash at bank and in hand

 

369,077

311,821

 

723,486

982,907

Creditors: Amounts falling due within one year

6

(143,752)

(437,100)

Net assets

 

579,734

545,807

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

579,634

545,707

Total equity

 

579,734

545,807

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Directors' responsibilities:

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

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

These financial statements 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.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

M B Burrow

Director

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
The Rubicon
51 Norman Road
LONDON
SE10 9QB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Government grants

The company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price and thereafter stated at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial in which case they are stated at cost. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 4).

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

2,330

2,330

At 31 December 2022

2,330

2,330

Depreciation

At 1 January 2022

2,330

2,330

At 31 December 2022

2,330

2,330

Carrying amount

At 31 December 2022

-

-

5

Debtors

Current

2022
£

2021
£

Trade debtors

140,581

240,149

Prepayments

-

67,252

Other debtors

213,828

363,685

 

354,409

671,086

6

Creditors

2022
 £

2021
 £

Due within one year

Trade creditors

54,891

158,527

Other taxation and social security

76,602

72,502

Other creditors

4,177

194,875

Corporation tax

8,082

11,196

143,752

437,100

 

GB Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Related party transactions

Summary of transactions with other related parties

Included in other debtors is an amount of £213,828 (2021: £363,585) due from Holdtrade (UK) Limited where M Burrow is a director and majority shareholder.

During the year the company paid a management fee of £NIL (2021: £30,000) to Holdtrade (UK) Limited where Mr M Burrow is a shareholder and director of the company.