Company Registration No. 09489150 (England and Wales)
SEVA RAIL SERVICES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SEVA RAIL SERVICES LTD
COMPANY INFORMATION
Directors
Mr B Robinson
Mr G Smith
Company number
09489150
Registered office
First Floor
Goodwood Barn
Courtlodge Farm
Ashford
Kent
TN25 5NR
Accountants
Accounts Unlocked Limited
Office 43
The Cobalt Building
1600 Eureka Park
Lower Pemberton
Ashford, Kent
TN25 4BF
SEVA RAIL SERVICES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
SEVA RAIL SERVICES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
393,695
468,645
Current assets
Stocks
98,750
160,000
Debtors
984,302
1,514,101
Cash at bank and in hand
378,230
20,212
1,461,282
1,694,313
Creditors: amounts falling due within one year
(547,242)
(752,019)
Net current assets
914,040
942,294
Total assets less current liabilities
1,307,735
1,410,939
Creditors: amounts falling due after more than one year
5
(143,186)
(192,149)
Net assets
1,164,549
1,218,790
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,164,449
1,218,690
Total equity
1,164,549
1,218,790
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
SEVA RAIL SERVICES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
Mr B Robinson
Director
Company registration number 09489150 (England and Wales)
SEVA RAIL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Seva Rail Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Goodwood Barn, Courtlodge Farm, Ashford, Kent, TN25 5NR.
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 £.
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%Straight Line
Plant and equipment
33.33% Reducing balance
Fixtures and fittings
33.33% Reducing balance
Motor vehicles
25% Reducing balance
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
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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 income statement 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.
SEVA RAIL SERVICES LTD
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 income statement, 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2023 - 18).
SEVA RAIL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
4,780
566,244
106,993
399,745
1,077,762
Additions
85,608
566
66,000
152,174
Disposals
(195,000)
(46,500)
(241,500)
At 31 March 2024
4,780
456,852
107,559
419,245
988,436
Depreciation and impairment
At 1 April 2023
757
363,203
67,597
177,558
609,115
Depreciation charged in the year
478
73,824
13,144
47,609
135,055
Eliminated in respect of disposals
(136,351)
(13,078)
(149,429)
At 31 March 2024
1,235
300,676
80,741
212,089
594,741
Carrying amount
At 31 March 2024
3,545
156,176
26,818
207,156
393,695
At 31 March 2023
4,023
203,040
39,396
222,186
468,645
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other Creditors
143,186
192,149
6
Related party transactions
Included within other debtors is an intercompany loan. At the balance sheet date, the company was owed by Seva Estates Limited £490,999 (2023 - £413,016). Both directors are also directors of Seva Estates Limited.
7
Directors' transactions
Dividends totalling £130,000 (2023 - £142,000) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr G Smith & Mr B Robinson
55,937
172,611
(258,985)
(30,437)
55,937
172,611
(258,985)
(30,437)