Registered number
02595826
Techrail Retail Services Limited
Filleted Abridged Accounts
31 March 2023
Techrail Retail Services Limited
Registered number: 02595826
Abridged Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 205,621 199,365
Current assets
Stocks 10,000 10,000
Debtors 514,643 531,151
Cash at bank and in hand 103,422 117,029
628,065 658,180
Creditors: amounts falling due within one year (350,770) (662,144)
Net current assets/(liabilities) 277,295 (3,964)
Total assets less current liabilities 482,916 195,401
Creditors: amounts falling due after more than one year (92,030) (128,215)
Provisions for liabilities (38,220) (28,178)
Net assets 352,666 39,008
Capital and reserves
Called up share capital 15,000 15,000
Profit and loss account 337,666 24,008
Shareholders' funds 352,666 39,008
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr. C.J. Rowley
Director
Approved by the board on 25 September 2023
Techrail Retail Services Limited
Notes to the Abridged Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 25% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 22
3 Tangible fixed assets
Total
£
Cost
At 1 April 2022 931,435
Additions 57,779
Disposals (1,000)
At 31 March 2023 988,214
Depreciation
At 1 April 2022 732,070
Charge for the year 50,523
At 31 March 2023 782,593
Net book value
At 31 March 2023 205,621
At 31 March 2022 199,365
4 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 10,088
Secured bank loans 98,294 352,041
Debenture -R.B.S. Invoice Finance Limited
Fixed and floating charge over the undertaking and all property and assets present and future,
including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
Mortgage Debenture-National Westminster Bank PLC 11th August 1997
A specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof
fixed and floating charges over undertaking and all property and assets present and future including
goodwill bookdebts and the benefits of any licences.
National Westminster Bank PLC- Government backed Loan
5 Controlling party
The controlling party is Mr. C.J. Rowley who owns 72.5% of the company's shares.
6 Other information
Techrail Retail Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
11-17 Willoughby Place
Millfield Industrial Estate
Chard
Somerset
TA20 2BB
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