Registered number: 05575809
MOSDORFER RAIL LIMITED
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2024
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MOSDORFER RAIL LIMITED
Registered number: 05575809
Balance Sheet
As at 30 June 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
G A Marshall
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Page 1
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
Mosdorfer Rail Limited is a private Company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the Company information page of these financial statements. The Company's registration number is 05575809.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the financial reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical costs convention, modified to include certain items at fair value.
The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Knill Energy Holding GmbH as at 30 June 2024 and these financial statements may be obtained from Eisengasse 25A-8160 WeizAustria.
In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the Company. In the Directors’ opinion, the Company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Page 2
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. This usually occurs on despatch of goods. The following criteria must also be met before revenue is recognised:
Sale of goods
Reven from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
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3 to 10 years reducing balance basis
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Page 3
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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Short term debtors and creditors
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Short-term debtors and creditors are measured at transaction price, less any impairment. Loans receivable and other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange at the balance sheet date.
Page 4
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 5
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The significant judgements, estimates and assumptions are:
Stock provision
The stock provision is calculated through providing for obsolete and slow-moving items depending on the age and current selling prices of the individual stock lines. Impairment losses are recognised immediately in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 16 (2023 - 16).
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Page 6
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Charge for the year on owned assets
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Page 7
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Leasehold dilapidations relate to the estimated cost of returning a leasehold property to its original state at the end of the lease in accordance with the lease terms. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease.
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Page 8
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MOSDORFER RAIL LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
The Company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Company to the scheme and amounted to £106,003 (2023: £158,147). Contributions totalling £Nil (2023: £Nil) were payable to the scheme at the end of the period and are included in creditors.
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions with other members of the group which are 100% owned by the group.
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The Company is controlled by Knill Energy Holdings GmbH, a company incorporated and resident in Austria who own 100% of the ordinary share capital of Mosdorfer Rail Limited. In turn, Knill Energy Holdings GmbH is ultimately controlled by CK Vermögensverwaltungs GmbH and GK Betriebs GmbH which are both incorporated and resident in Austria, the registered office addresses being Eisengasse 25, A-8160 Weiz, Austria and Feldgasse 105, 8181 St. Ruprecht an der Raab, Austria.
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Provisions available for audits of small entities
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The entity qualifies for PAASE and therefore in common with many other businesses of this size and nature, the Company auditors are also engaged to prepare the financial statements.
The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
The audit report was signed on 16 September 2024 by Sarah Flear (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 9
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