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Registration number: 07107508

Boden Rail Engineering Ltd

Unaudited Financial Statements

for the Period from 1 January 2022 to 31 March 2023

 

Boden Rail Engineering Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Boden Rail Engineering Ltd

(Registration number: 07107508)
Balance Sheet as at 31 March 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

4

110,385

166,915

Current assets

 

Debtors

5

216,830

153,690

Cash at bank and in hand

 

24,576

8,345

 

241,406

162,035

Creditors: Amounts falling due within one year

6

(149,220)

(183,884)

Net current assets/(liabilities)

 

92,186

(21,849)

Total assets less current liabilities

 

202,571

145,066

Creditors: Amounts falling due after more than one year

6

(67,124)

(113,261)

Provisions for liabilities

(20,973)

(31,714)

Net assets

 

114,474

91

Capital and reserves

 

Called up share capital

2

2

Retained earnings

114,472

89

Shareholders' funds

 

114,474

91

 

Boden Rail Engineering Ltd

(Registration number: 07107508)
Balance Sheet as at 31 March 2023

For the financial period ending 31 March 2023 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 accounts for the period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr Neil Robert Boden
Director

 

Boden Rail Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

1

General information

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

The address of its registered office is:
1 Worfield Gardens
Penn
Wolverhampton
WV3 7EL

The principal place of business is:
Eastcroft Depot
London Road
Nottingham
NG2 3AH

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Boden Rail Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical 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 where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of maintenance and engineering services to locomotives. Turnover is shown net of sales/value added tax, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Boden Rail Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

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

Fixtures, fittings and equipment

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 14 (2021 - 10).

 

Boden Rail Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

4

Tangible assets

Fixtures, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2022

22,461

6,890

110,157

268,029

407,537

Additions

1,754

2,668

-

-

4,422

Disposals

(20,159)

(4,066)

-

(43,332)

(67,557)

At 31 March 2023

4,056

5,492

110,157

224,697

344,402

Depreciation

At 1 January 2022

21,734

5,498

27,907

185,483

240,622

Charge for the period

565

741

25,698

22,082

49,086

Eliminated on disposal

(20,159)

(4,066)

-

(31,466)

(55,691)

At 31 March 2023

2,140

2,173

53,605

176,099

234,017

Carrying amount

At 31 March 2023

1,916

3,319

56,552

48,598

110,385

At 31 December 2021

727

1,392

82,250

82,546

166,915

 

Boden Rail Engineering Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 31 March 2023

5

Debtors

Current

2023
£

2021
£

Trade debtors

87,319

98,953

Other debtors

129,511

54,737

 

216,830

153,690

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Loans and borrowings

37,548

34,807

Trade creditors

 

42,177

88,802

Other creditors

 

69,495

60,275

 

149,220

183,884

2023
£

2021
£

Current loans and borrowings

Bank borrowings

12,740

10,000

Contract hire liabilities

24,808

24,807

37,548

34,807