Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312022-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity282falsetruefalse 10286647 2022-08-01 2024-01-31 10286647 2021-08-01 2022-07-31 10286647 2024-01-31 10286647 2022-07-31 10286647 c:Director2 2022-08-01 2024-01-31 10286647 d:MotorVehicles 2022-08-01 2024-01-31 10286647 d:OfficeEquipment 2022-08-01 2024-01-31 10286647 d:OfficeEquipment 2024-01-31 10286647 d:OfficeEquipment 2022-07-31 10286647 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2024-01-31 10286647 d:CurrentFinancialInstruments 2024-01-31 10286647 d:CurrentFinancialInstruments 2022-07-31 10286647 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 10286647 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10286647 d:ShareCapital 2024-01-31 10286647 d:ShareCapital 2022-07-31 10286647 d:RetainedEarningsAccumulatedLosses 2024-01-31 10286647 d:RetainedEarningsAccumulatedLosses 2022-07-31 10286647 c:FRS102 2022-08-01 2024-01-31 10286647 c:AuditExemptWithAccountantsReport 2022-08-01 2024-01-31 10286647 c:FullAccounts 2022-08-01 2024-01-31 10286647 c:PrivateLimitedCompanyLtd 2022-08-01 2024-01-31 10286647 2 2022-08-01 2024-01-31 10286647 e:PoundSterling 2022-08-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 10286647









SPECTRUM RAIL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2024

 
SPECTRUM RAIL LTD
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SPECTRUM RAIL LTD
FOR THE PERIOD ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spectrum Rail Ltd for the period ended 31 January 2024 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of Spectrum Rail Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Spectrum Rail Ltd and state those matters that we have agreed to state to the Board of directors of Spectrum Rail Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spectrum Rail Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Spectrum Rail Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Spectrum Rail Ltd. You consider that Spectrum Rail Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Spectrum Rail Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Duce
 
Chartered Certified Accountants
  
35 St. Thomas's Road
Chorley
England
PR71HP
15 October 2024
Page 1

 
SPECTRUM RAIL LTD
REGISTERED NUMBER: 10286647

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

31 January
31 July
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,793
1,942

  
2,793
1,942

Current assets
  

Debtors: amounts falling due within one year
 5 
1,263,473
64,484

Cash at bank and in hand
 6 
94,653
1,455

  
1,358,126
65,939

Creditors: amounts falling due within one year
 7 
(1,606,077)
(107,444)

Net current liabilities
  
 
 
(247,951)
 
 
(41,505)

Total assets less current liabilities
  
(245,158)
(39,563)

Provisions for liabilities
  

Deferred tax
  
(310)
(369)

  
 
 
(310)
 
 
(369)

Net liabilities
  
(245,468)
(39,932)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(245,568)
(40,032)

  
(245,468)
(39,932)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
SPECTRUM RAIL LTD
REGISTERED NUMBER: 10286647
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2024.




Neil Anthony Farrow
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Spectrum Rail Limited is a private company limited by shares registered in the United Kingdom, company number 10286647. It's registered office is Manor House, 35 St. Thomas's Road, Chorley, PR7 1HP.
During the period, the principal activity was that of other service activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period 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 reporting 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 reporting 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 reporting date.

 
2.9

Tangible fixed assets

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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.

Page 6

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

2024
2022
£
£

Wages and salaries
707,903
66,331

Social security costs
113,742
4,938

Cost of defined contribution scheme
7,422
275

829,067
71,544


The average monthly number of employees, including directors, during the period was 28 (2022 - 2).

Page 7

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 August 2022
6,360


Additions
1,966



At 31 January 2024

8,326



Depreciation


At 1 August 2022
4,418


Charge for the period on owned assets
1,115



At 31 January 2024

5,533



Net book value



At 31 January 2024
2,793



At 31 July 2022
1,942


5.


Debtors

31 January
31 July
2024
2022
£
£


Trade debtors
1,263,473
44,395

Other debtors
-
11,291

Prepayments and accrued income
-
8,798

1,263,473
64,484


Page 8

 
SPECTRUM RAIL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

6.


Cash and cash equivalents

31 January
31 July
2024
2022
£
£

Cash at bank and in hand
94,653
1,455

94,653
1,455



7.


Creditors: Amounts falling due within one year

31 January
31 July
2024
2022
£
£

Bank loans
198,530
217,636

Trade creditors
33,121
12,017

Other taxation and social security
316,922
9,720

Other creditors
1,012,916
(136,584)

Accruals and deferred income
44,588
4,655

1,606,077
107,444



8.


Pension commitments

 
Page 9