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Registration number: 04002399

Buffrail Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Buffrail Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Buffrail Limited

Company Information

Director

Mr J Woods

Registered office

Unit 6 Oldington Trading Estate
Stourport Road
Kidderminster
Worcestershire
DY11 7QP

 

Buffrail Limited

(Registration number: 04002399)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

116,706

79,660

Current assets

 

Stocks

6

51,398

44,593

Debtors

7

177,082

222,287

Cash at bank and in hand

 

39,180

3,567

 

267,660

270,447

Creditors: Amounts falling due within one year

8

(183,821)

(185,871)

Net current assets

 

83,839

84,576

Total assets less current liabilities

 

200,545

164,236

Creditors: Amounts falling due after more than one year

8

(136,820)

(104,724)

Provisions for liabilities

(21,777)

(14,815)

Net assets

 

41,948

44,697

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

(8,052)

(5,303)

Shareholders' funds

 

41,948

44,697

 

Buffrail Limited

(Registration number: 04002399)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 April 2024
 

.........................................
Mr J Woods
Director

   
     
 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Unit 6 Oldington Trading Estate
Stourport Road
Kidderminster
Worcestershire
DY11 7QP

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 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.

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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

Plant and machinery

10 years straight line.

Fixtures and Fittings

10 years straight line.

Motor Vehicles

3/4 years straight line.

Office Equipment

5 years straight line.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years 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.

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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 the director) during the year, was 5 (2023 - 5).

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

55,324

55,324

At 31 January 2024

55,324

55,324

Amortisation

At 1 February 2023

55,324

55,324

At 31 January 2024

55,324

55,324

Carrying amount

At 31 January 2024

-

-

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

6,732

31,056

72,936

140,123

250,847

Additions

-

280

443

88,438

89,161

Disposals

-

-

-

(48,918)

(48,918)

At 31 January 2024

6,732

31,336

73,379

179,643

291,090

Depreciation

At 1 February 2023

6,725

28,675

63,211

72,576

171,187

Charge for the year

7

1,509

5,043

40,555

47,114

Eliminated on disposal

-

-

-

(43,917)

(43,917)

At 31 January 2024

6,732

30,184

68,254

69,214

174,384

Carrying amount

At 31 January 2024

-

1,152

5,125

110,429

116,706

At 31 January 2023

7

2,381

9,725

67,547

79,660

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

51,398

44,593

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

85,419

119,506

Amounts owed by related parties

10

42,357

40,071

Prepayments

 

49,306

62,710

   

177,082

222,287

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

58,805

38,224

Trade creditors

 

65,958

125,047

Taxation and social security

 

11,510

6,380

Accruals and deferred income

 

44,559

15,816

Other creditors

 

2,989

404

 

183,821

185,871

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

136,820

104,724

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

99,336

57,697

Other borrowings

37,484

47,027

136,820

104,724

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

28,856

20,749

Directors current account

1,987

1,987

Hire purchase liabilities

27,962

15,488

58,805

38,224

 

Buffrail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

1,987

1,987

At end of period

1,987

1,987

2023

Key management
£

Total
£

At start of period

5,587

5,587

Repaid

(3,600)

(3,600)

At end of period

1,987

1,987

11

Parent and ultimate parent undertaking

The company's immediate parent is City Hydraulics Limited , incorporated in England.