Registered number
11322527
SEP RAIL SERVICES LTD
Filleted Accounts
30 June 2024
SEP RAIL SERVICES LTD
Registered number: 11322527
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,058,322 756,760
Current assets
Stocks 387,572 659,896
Debtors 4 2,429,454 1,595,577
Cash at bank and in hand 27,131 23,967
2,844,157 2,279,440
Creditors: amounts falling due within one year 5 (3,204,213) (2,537,985)
Net current liabilities (360,056) (258,545)
Total assets less current liabilities 698,266 498,215
Creditors: amounts falling due after more than one year 6 (283,130) (309,371)
Provisions for liabilities (75,835) -
Net assets 339,301 188,844
Capital and reserves
Called up share capital 100 100
Profit and loss account 339,201 188,744
Shareholders' funds 339,301 188,844
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Rikki Morrow
Director
Approved by the board on 1 October 2024
SEP RAIL SERVICES LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery 15% Reducing balance
Fixtures & Fittings 20% Reducing balance
Motor Vehicles 25% Reducing balance
Computer equipment 33.3% on Cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 57 51
3 Tangible fixed assets
Equipment, Fixtures & fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 109,841 843,789 122,195 1,075,825
Additions 20,090 376,392 64,791 461,273
At 30 June 2024 129,931 1,220,181 186,986 1,537,098
Depreciation
At 1 July 2023 72,140 214,994 31,931 319,065
Charge for the year 17,276 117,228 25,207 159,711
At 30 June 2024 89,416 332,222 57,138 478,776
Net book value
At 30 June 2024 40,515 887,959 129,848 1,058,322
At 30 June 2023 37,701 628,795 90,264 756,760
4 Debtors 2024 2023
£ £
Trade debtors 1,990,024 1,374,734
Prepayments 65,910 31,753
Deferred tax asset - 9,483
Other debtors 373,520 179,607
2,429,454 1,595,577
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 84,693 17,770
Obligations under finance lease and hire purchase contracts 257,704 220,244
Trade creditors 1,243,542 1,090,483
Taxation and social security costs 70,631 48,536
Other creditors 1,547,643 1,160,952
3,204,213 2,537,985
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,221 29,221
Obligations under finance lease and hire purchase contracts 263,909 280,150
283,130 309,371
7 Other information
SEP RAIL SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Commerce House
1 Exchange Square
Middlesbrough
North Yorkshire
TS1 1DE
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