Company Registration No. 09496406 (England and Wales)
METCALFE RAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
31 March 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
METCALFE RAIL LIMITED
COMPANY INFORMATION
Director
Mr W P Metcalfe
Company number
09496406
Registered office
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
METCALFE RAIL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
METCALFE RAIL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
88,562
33,551
Current assets
Stocks
14,500
Debtors
4
76,915
70,411
Cash at bank and in hand
5,549
82,464
84,911
Creditors: amounts falling due within one year
5
(28,303)
(47,419)
Net current assets
54,161
37,492
Total assets less current liabilities
142,723
71,043
Creditors: amounts falling due after more than one year
6
(80,357)
(38,976)
Provisions for liabilities
(16,714)
(8,240)
Net assets
45,652
23,827
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
45,552
23,727
Total equity
45,652
23,827
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
METCALFE RAIL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 July 2024
Mr W P Metcalfe
Director
Company registration number 09496406 (England and Wales)
METCALFE RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Metcalfe Rail Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Century House, Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, BB1 5QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Vehicle stock currently held as investment.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
METCALFE RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
2,436
15,536
3,785
9,410
43,746
74,913
Additions
2,350
2,272
2,120
91,500
98,242
Disposals
(1,300)
(43,746)
(45,046)
At 31 March 2024
2,436
16,586
6,057
11,530
91,500
128,109
Depreciation and impairment
At 1 April 2023
1,844
10,582
2,327
9,198
17,411
41,362
Depreciation charged in the year
244
1,102
331
357
13,725
15,759
Eliminated in respect of disposals
(163)
(17,411)
(17,574)
At 31 March 2024
2,088
11,521
2,658
9,555
13,725
39,547
Carrying amount
At 31 March 2024
348
5,065
3,399
1,975
77,775
88,562
At 31 March 2023
592
4,954
1,458
212
26,335
33,551
METCALFE RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,364
17,794
Other debtors
67,551
52,617
76,915
70,411
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,000
7,627
Taxation and social security
15,440
28,194
Other creditors
7,863
11,598
28,303
47,419
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,250
11,250
Other creditors
74,107
27,726
80,357
38,976
7
Directors' transactions
The loan is interest free with no set repayment date.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
W Metcalfe
-
52,013
72,474
(57,540)
66,947
52,013
72,474
(57,540)
66,947
8
Secured debts
Hire purchase contracts totaling £80,021 (2023 - £nil) are secured by personal guarantees by the directors.