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Registered number: 08587047
Rail Ticketing Assets Limited
Financial Statements
For The Year Ended 30 September 2023
Devonports LAS Accountants Ltd
Cumberland House
24 - 28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08587047
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 212,401 218,214
212,401 218,214
CURRENT ASSETS
Debtors 5 5,875 10,732
Cash at bank and in hand 41,219 11,074
47,094 21,806
Creditors: Amounts Falling Due Within One Year 6 (22,998 ) (13,997 )
NET CURRENT ASSETS (LIABILITIES) 24,096 7,809
TOTAL ASSETS LESS CURRENT LIABILITIES 236,497 226,023
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,766 ) (5,957 )
NET ASSETS 231,731 220,066
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 231,631 219,966
SHAREHOLDERS' FUNDS 231,731 220,066
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Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J A Sarson
Director
20/03/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Rail Ticketing Assets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08587047 . The registered office is Cumberland House, 24-28 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Fair value
Plant & Machinery 20% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 October 2022 186,859 113,612 300,471
Additions 458 - 458
As at 30 September 2023 187,317 113,612 300,929
Depreciation
As at 1 October 2022 - 82,257 82,257
Provided during the period - 6,271 6,271
As at 30 September 2023 - 88,528 88,528
Net Book Value
As at 30 September 2023 187,317 25,084 212,401
As at 1 October 2022 186,859 31,355 218,214
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,680 8,880
Prepayments and accrued income 1,195 1,852
5,875 10,732
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 781
Corporation tax 6,092 7,521
Other taxes and social security 1,058 1,310
Accruals and deferred income 15,803 4,385
Director's loan account 45 -
22,998 13,997
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
The company received a market rent from the director for the part owned freehold property.
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