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Registration number: NI645369

Railway Street Limited

Filleted Financial Statements

for the Year Ended 31 March 2023

 

Railway Street Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Railway Street Limited

Company Information

Directors

Stephen Barker

Hannah Barker

Registered office

2 Railway Street
Newcastle
Co. Down
BT33 0AL

 

Railway Street Limited

(Registration number: NI645369)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

74,370

60,865

Current assets

 

Debtors

5

11,345

30,943

Cash at bank and in hand

 

60,668

95,241

 

72,013

126,184

Creditors: Amounts falling due within one year

(47,572)

(26,071)

Net current assets

 

24,441

100,113

Total assets less current liabilities

 

98,811

160,978

Creditors: Amounts falling due after more than one year

(22,813)

(47,264)

Net assets

 

75,998

113,714

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

75,898

113,614

Shareholders' funds

 

75,998

113,714

For the financial year 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 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.

 

Railway Street Limited

(Registration number: NI645369)
Balance Sheet as at 31 March 2023

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 23 November 2023 and signed on its behalf by:
 

.........................................
Stephen Barker
Director

.........................................
Hannah Barker
Director

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
2 Railway Street
Newcastle
Co. Down
BT33 0AL

These financial statements were authorised for issue by the Board on 23 November 2023.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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 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.

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income 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 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.

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

Coffee Brew Bar Equipment

20% Straight Line

Cafe Furniture

20% Straight Line

Office Equipment

25% Straight Line

Vehicles

20% Straight Line

Roaster

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 16).

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Roaster
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

41,473

10,250

24,955

29,407

106,085

Additions

2,411

-

-

33,791

36,202

Disposals

-

-

-

(17,090)

(17,090)

At 31 March 2023

43,884

10,250

24,955

46,108

125,197

Depreciation

At 1 April 2022

16,044

7,688

6,655

14,833

45,220

Charge for the year

8,100

2,050

2,495

3,716

16,361

Eliminated on disposal

-

-

-

(10,754)

(10,754)

At 31 March 2023

24,144

9,738

9,150

7,795

50,827

Carrying amount

At 31 March 2023

19,740

512

15,805

38,313

74,370

At 31 March 2022

25,429

2,562

18,300

14,574

60,865

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Trade debtors

13,467

10,568

Other debtors

(2,122)

20,375

11,345

30,943

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

13,049

1,059

Trade creditors

 

15,294

8,652

Taxation and social security

 

13,715

8,584

Income tax liability

 

3,671

3,572

Other creditors

 

1,843

4,204

 

47,572

26,071

Due after one year

 

Loans and borrowings

7

22,813

47,264

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,813

39,333

Hire purchase contracts

-

7,931

22,813

47,264

 

Railway Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,520

-

Hire purchase contracts

3,439

-

Other borrowings

1,090

1,059

13,049

1,059

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100