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Registered number: 13894712










Rail Partners Limited
(A company limited by guarantee)










Financial statements

Information for filing with the registrar

For the period ended 31 March 2023

 
Rail Partners Limited
 
(A company limited by guarantee)
 

Company Information


Directors
A S K Bagnall (appointed 4 February 2022)
D D G Booth (appointed 24 May 2022)
D Brown (appointed 24 May 2022)
S H Montgomery (appointed 24 May 2022)
J R Thomas (appointed 24 May 2022)




Registered number
13894712



Registered office
1 Northumberland Avenue

London

United Kingdom

WC2N 5BW




Independent auditors
Williams & Co Epsom LLP

8-10 South Street

Epsom

Surrey

KT18 9PF




Accountants
Kreston Reeves LLP
37 St Margarets Street

Canterbury

Kent

CT1 2TU





 
Rail Partners Limited
 
(A company limited by guarantee)
Registered number: 13894712

Balance sheet
As at 31 March 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
22,021

Tangible assets
 5 
55,087

  
77,108

Current assets
  

Debtors: amounts falling due within one year
 6 
294,012

Cash at bank and in hand
  
887,253

  
1,181,265

Creditors: amounts falling due within one year
 7 
(461,985)

Net current assets
  
 
 
719,280

Total assets less current liabilities
  
796,388

  

Net assets
  
796,388


Capital and reserves
  

Other reserves
  
159,000

Profit and loss account
  
637,388

  
796,388


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 September 2023.




A S K Bagnall
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
Rail Partners Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the period ended 31 March 2023

1.


General information

Rail Partners Limited is a private company limited by guarantee without share capital and is incorporated in England and Wales with the company number 13894712. The company's registered office is 1 Northumberland Avenue, London, United Kingdom, WC2N 5BW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statement are rounded to the nearest pound.    
                                                                                                                                                                                                                         The companys functional and presentation currency is Pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 2

 
Rail Partners Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the period ended 31 March 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
Computer equipment
-
33%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
Rail Partners Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the period ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 15.


4.


Intangible assets



Website

£



Cost


Additions
24,000



At 31 March 2023

24,000



Amortisation


Charge for the period on owned assets
1,979



At 31 March 2023

1,979



Net book value



At 31 March 2023
22,021



Page 4

 
Rail Partners Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the period ended 31 March 2023

5.


Tangible fixed assets





Long-term leasehold property
Computer equipment
Office equipment
Total

£
£
£
£



Cost or valuation


Additions
27,561
41,927
3,405
72,893


Disposals
-
(2,360)
-
(2,360)



At 31 March 2023

27,561
39,567
3,405
70,533



Depreciation


Charge for the period on owned assets
5,050
10,177
514
15,741


Disposals
-
(295)
-
(295)



At 31 March 2023

5,050
9,882
514
15,446



Net book value



At 31 March 2023
22,511
29,685
2,891
55,087


6.


Debtors

2023
£


Trade debtors
5,471

Other debtors
95,135

Prepayments and accrued income
193,406

294,012



7.


Creditors: Amounts falling due within one year

2023
£

Credit cards
5,004

Trade creditors
41,520

Other taxation and social security
66,640

Other creditors
23,445

Accruals and deferred income
325,376

461,985


Page 5

 
Rail Partners Limited

(A company limited by guarantee)
 

 
Notes to the financial statements
For the period ended 31 March 2023


8.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


9.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.


10.


Controlling party

The directors consider there to be no ultimate controlling party.


11.


Auditors' information

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 
The Report of the Auditors was unqualified. 

The audit report was signed on 13 September 2023 by Mark Williams FCA (Senior statutory auditor) on behalf of Williams & Co Epsom LLP.


Page 6