REGISTERED NUMBER: |
FASTRAILTICKETING LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
FASTRAILTICKETING LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
FASTRAILTICKETING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
FastRailTicketing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
When preparing financial statements, directors shall make an assessment of the company's ability to continue as a going concern. Financial statements shall be prepared on a going concern basis unless director either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The directors have formed the judgement, at the time of approving the financial statements, that the company has sufficient access to financial resources which, together with internally generated cash flows, will continue to provide sufficient sources of liquidity to fund its current operations including its contractual and commercial commitments. |
For reasons mentioned, the directors continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover is measured at their fair value of the consideration received or receivable and represents amounts receivable for services supplied within the United Kingdom in the normal course of business, net of discounts, VAT and other related taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost 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. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion, design costs and other costs incurred in bringing the stocks to their present location and condition. For stocks relating to rail tickets and related consumables, cost is determined using a first-in, first-out (FIFO) method. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory, as well as its anticipated utilisation and saleability. |
Financial instruments |
a) Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
b) Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
c) Cash at bank |
Cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and bank balances are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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. |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development expenditure |
Expenditure on research activities is recognised as an expense in the period in which it is incurred. |
In the event that an internally generated intangible asset arises from the company's development activities |
then it will be recognised only if all of the following conditions are met: |
- | an asset is created that can be identified (such as software and new processes); |
- | the project from which the asset arises meets the company's criteria for assessing technicalfeasibility; |
- | it is probable that the asset created will generate future economic benefits; and |
- | the development cost of the asset can be measured reliably. |
Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where |
no internally generated intangible asset can be recognised, development expenditure is recognised as an |
expense in the period in which it is incurred. |
Release of costs |
Research and development expenditure capitalised in accordance with the above policy is written off over |
the expected life of the project which is between three and five years. |
Subsequent expenditure |
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future |
economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as |
incurred. |
Pension costs |
The company makes payments into personal retirement schemes of certain employees. The contributions payable by the company and the staff are deposited in the respective pension schemes within 30 days following the deduction. Once the contributions have been paid, the company as employer, has no further obligations. The company's contributions are charged to the profit and loss account in the period to which they relate. |
Operating leases |
Rentals paid under operating leases are charged to the profit or on a straight-line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amount owed by associate |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loan |
Amounts falling due between one and two years: |
Bank loan |
FASTRAILTICKETING LIMITED (REGISTERED NUMBER: 06521565) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | LOANS - continued |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due between two and five years: |
Bank loan |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Between one and five years |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
FASTRAILTICKETING LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FastRailTicketing Limited for the year ended 31 March 2024 which comprise the Profit and Loss, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of FastRailTicketing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of FastRailTicketing Limited and state those matters that we have agreed to state to the Board of Directors of FastRailTicketing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FastRailTicketing Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that FastRailTicketing Limited 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 profit of FastRailTicketing Limited. You consider that FastRailTicketing Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of FastRailTicketing Limited. 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. |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |