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TRAIN'D UP RAILWAY RESOURCING LIMITED
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Strategic Report 1—3
Directors' Report 4—5
Independent Auditor's Report 6—9
Profit and Loss Account 10
Statement of Comprehensive Income 11
Balance Sheet 12—13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Statement of Cash Flows 16
Notes to the Financial Statements 17—23
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 July 2024.
Review of the Business
Train’d Up is primarily focused on delivering rail and engineering apprenticeship programmes throughout England. Operating mostly within the UK's rail and engineering sectors, our multi-disciplined team of experienced training professionals support industry by meeting their training needs.
During the financial period, the demand for apprenticeship provision has continued to increase, particularly within the engineering sector, where our flexible delivery options have proven popular with large national employers.
Regarding this year’s trading, Revenue has increased by 14% in 2024 to £12.3m 
(2023: £10.9m).  The operating profit for 2024 is £1.8m/15% (2023: £0.4m/4%).    
During the 2023-year there was a focus on strategic hires to strengthen the board, senior management, business development and teaching teams, allowing us to accelerate growth in target markets and to deliver in new subject areas (namely IT and Data).  The benefit of this can be seen in the above results.
Principal Risks and Uncertainties
The Board of Directors are responsible for overseeing risk management across the organisation. The Managing Director is responsible for ensuring that our Risk Register is implemented and maintained.  The Managing Director will review existing risks, identifying emerging areas of risk, review current controls and monitoring processes and identify further action to be taken to further reduce the potential impact and/or likelihood.
The Head of Finance leads the planning and management of project startup costs, diversification plans, operational expenses, and financial forecasting, supporting our year-on-year business growth plan.  The Managing Director and Head of Finance are tasked with keeping abreast of new funding opportunities, Government grants, and new contract opportunities (both Public and Private sector).
EXTERNAL ENVIRONMENTAL RISK
Encouragingly, the business has once again achieved a healthy performance to date in financial year 2024/25 and is targeting revenue growth for the year despite a recent change on Government which can often be unsettling for large employers (our core market).
WORKING CAPITAL RISK
Working capital is monitored on a continual basis within the business and continues to be one of the main areas of focus. Optimisation of our cash inflow/outflow processes alongside our robust forecasting method allows us to manage risk effectively.
The Board of Directors produce a Strategic Business Plan each year and set the key targets and associated financial budgets for the forthcoming year.
RISK OF SCALING UP
With a robust financial control and reporting system in place, operating margins are monitored with scrutiny and expected to be maintained as our business scales.
Key hires to the Board of Directors and the senior management team provide the oversight and experience to ensure coherence across all business decisions and ensure that focus is not lost as the business expands.
KEY PERFORMANCE INDICATORS
The business monitors various KPl's on a regular basis as part of the ongoing financial control and reporting framework used to support the strategic decision making of the business.
The main KPl's to reference for the reporting period and comparative period is:
KPI’s 2024 2023
Turnover £12.3m £10.9m
Gross Margin 43% 34%
...CONTINUED
Page 1
Page 2
Principal Risks and Uncertainties - continued
EBITDA £1.9m £0.5m
Future Developments
As we continue to develop our proposition to support our clients in all areas of business change and technology, our key areas of focus for future growth are in the following areas:
MARKET RESEARCH:
Accurate business intelligence informs the overall direction of travel and ambition, enabling a rapid and agile response to emerging skills and employment needs in specific sectors. The Board of Directors ensure the business is aligned to Government training and apprenticeships policy and to Rail Safety and Standards Board (RSSB) requirements. Through industry research and effective stakeholder feedback the business identifies its unique selling proposition (USP) and competitive advantage.
TRAIN’D UP WILL CONTINUE TO:
• Deliver high quality technical education aligned to our priority sectors, including the development of HNC and HND courses
• Provide high quality information, advice and guidance to our learners, including professional careers guidance
• Recruit new Business Development Managers to support growth
• Engage a Marketing PR firm to support business development growth
• Develop and implement new IT Solutions Technician Apprenticeship Standard Reference: ST0505, recruit assessor / tutor as required (planning for January 2025 commencement)
• Develop and implement new Data Technician Apprenticeship Reference: ST0795 Apprenticeship Standard, recruit assessor / tutor as required (planning for December 2025 commencement)
• Attract and retain high calibre learners and employers, including those currently underrepresented in the apprenticeship marketplace
• Maintain effective sub-contracting controls for niche rail sector employer partners.
• Promote educational excellence by delivering programmes that stretch and challenge our learners to achieve or exceed their ambitions
• Create a high-quality teaching and learning environment which embraces the principles of sustainability, optimises the opportunities for developing income generation strategies
• Ensure we have effective governance and efficiently manage resources, staff and capital assets to ensure financial sustainability
• Achieving (and retaining) a minimum Ofsted ‘Good’ grading, including strong contribution to local and national skills and ongoing improvements in our apprenticeship provision
• Continuous improvement remains a key objective, we challenge ourselves to always do better by trying new things, sharing knowledge, reflecting on practice and learning from others
• We will ensure that we are recognised as a great place to work and will recruit and retain the very best academic and support staff, investing in their development to grow the teachers and leaders of tomorrow
• We celebrate differences and diversity, recognising that we can learn from each other.
APPRENTICESHIP OFFER
During 2023/24, we continued to develop and widen our apprenticeship offer and continue to be one of the highest achieving training providers in England. With plans for new provision in 24/25, our offer has been extended to include IT and Data subject areas, whilst widening promoting our services to new engineering and rail clients.
Our People:
Our people are our business, our staff are the heart of everything we do.
Our Mission:
To provide high quality educational services for our learners today, meeting industries needs for tomorrow.
Our Values:
Train’d Up adopts the following values to underpin and guide its day-to-day activity and future development:
Integrity: 
We will operate ethically, reliably and honestly.
...CONTINUED
Page 2
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Future Developments - continued
Excellence: 
We will exceed expectations and strive to be the best we can be.
Care and Respect: 
We will provide a caring and understanding environment, acknowledging each other’s individuality and differences.
Differentiation: 
We will be leaders in our fields and create unique points of difference that set what we do apart from other training providers.
OUR COMMITMENT:
Train’d Up is committed to the following:
• Learners - Providing learners with excellence in tuition, a positive learning environment and the opportunity to excel in local, national and global employment markets.
• Skills: Providing industry and the wider communities in which we operate, with the highest skills which will develop capability and achieve local, national and global competitiveness.
• Staff: Providing a working environment that attracts staff, nurtures leaders and encourages excellence.
On behalf of the board
Mr Paul McGlynn
Director
18th December 2024
Page 3
Page 4
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Principal Activity
The company's principal activity continues to be that of a provider of recruitment and training services.
Directors
The directors who held office during the year were as follows:
Mr Paul McGlynn
Mr David Gillespie
Mr Andrew Fawcett Appointed 19/09/2024
Mr Nigel Ward Appointed 19/09/2024
Mr James Houston Appointed 19/09/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Haines Watts, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr David Gillespie
Company Secretary
18th December 2024
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Independent Auditor's Report
Opinion
We have audited the financial statements of TRAIN'D UP RAILWAY RESOURCING LIMITED for the year ended 31 July 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, Notes to the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 
Other Information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. 
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 
Page 6
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Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and 
  • the Report of the Directors has been prepared in accordance with applicable legal requirements. 
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. 
Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
...CONTINUED
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Auditor's Responsibilities for the Audit of the Financial Statements - continued
  • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
  • We identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge;
  • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment and data protection;
  • We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;
  • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assess the susceptibility of material misstatements to the company's financial statements, including obtaining an understanding of how fraud might occur by:
  • Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
  • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 
To address the risk of fraud through management bias and override of controls, we:
  • Performed analytical procedures to identify any unusual or unexpected relationships;
  • Tested journal entries to identify unusual transactions;
  • Assessed whether judgement and assumptions made in determining accounting estimates were indicative of potential bias; and
  • Investigated the rationale behind any significant or unusual transactions.In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • Agreeing financial statement disclosures to underlying supporting documentation;
  • Reading the minutes of meetings of those charged with governance;
  • Enquiring of management as to actual potential litigation and claims; and
  • Reviewing correspondence.
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. 
Other matters
The comparative balances shown in the financial statements for the year ended 31 July 2023 were not audited.
Page 8
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. 
Craig Hunter (Senior Statutory Auditor)
for and on behalf of Haines Watts Scotland , Statutory Auditor
18th December 2024
Haines Watts Scotland
Q Court
3 Quality Street
Edinburgh
EH4 5BP
Page 9
Page 10
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 12,348,565 10,868,325
Cost of sales (7,041,495 ) (7,159,035 )
GROSS PROFIT 5,307,070 3,709,290
Administrative expenses (3,520,833 ) (3,280,394 )
OPERATING PROFIT 3 1,786,237 428,896
Profit on disposal of fixed assets 1,549 4,082
Other interest receivable and similar income 8 72,738 20,946
Interest payable and similar charges 9 (5,646 ) (4,164 )
PROFIT BEFORE TAXATION 1,854,878 449,760
Tax on Profit 10 (467,868 ) (239,757 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,387,010 210,003
The notes on pages 16 to 23 form part of these financial statements.
Page 10
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 1,387,010 210,003
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,387,010 210,003
Page 11
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Balance Sheet
Registered number: SC260595
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 1,475,548 1,383,179
1,475,548 1,383,179
CURRENT ASSETS
Debtors 12 1,704,430 1,671,840
Cash at bank and in hand 5,022,753 4,305,274
6,727,183 5,977,114
Creditors: Amounts Falling Due Within One Year 13 (5,580,940 ) (5,807,680 )
NET CURRENT ASSETS (LIABILITIES) 1,146,243 169,434
TOTAL ASSETS LESS CURRENT LIABILITIES 2,621,791 1,552,613
Creditors: Amounts Falling Due After More Than One Year 14 (59,789 ) (12,770 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 16 (105,389 ) (81,592 )
NET ASSETS 2,456,613 1,458,251
CAPITAL AND RESERVES
Called up share capital 18 8 8
Profit and Loss Account 2,456,605 1,458,243
SHAREHOLDERS' FUNDS 2,456,613 1,458,251
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On behalf of the board
Mr Paul McGlynn
Director
Mr David Gillespie
Director
18th December 2024
The notes on pages 16 to 23 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 8 1,522,098 1,522,106
Profit for the year and total comprehensive income - 210,003 210,003
Dividends paid - (273,858) (273,858)
As at 31 July 2023 and 1 August 2023 8 1,458,243 1,458,251
Profit for the year and total comprehensive income - 1,387,010 1,387,010
Dividends paid - (388,648) (388,648)
As at 31 July 2024 8 2,456,605 2,456,613
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Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,255,868 1,809,045
Interest paid (5,646 ) (4,164 )
Tax paid (75,703 ) (131,423 )
Net cash generated from operating activities 1,174,519 1,673,458
Cash flows from investing activities
Purchase of tangible assets (101,461 ) (1,213,083 )
Proceeds from disposal of tangible assets 34,500 11,600
Interest received 72,738 20,946
Net cash generated from/(used in) investing activities 5,777 (1,180,537 )
Cash flows from financing activities
Equity dividends paid (388,648 ) (273,858 )
Repayment of finance leases (74,169 ) (48,209 )
Net cash used in financing activities (462,817 ) (322,067 )
Increase in cash and cash equivalents 717,479 170,854
Cash and cash equivalents at beginning of year 2 4,305,274 4,134,420
Cash and cash equivalents at end of year 2 5,022,753 4,305,274
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 1,387,010 210,003
Adjustments for:
Tax on profit 467,868 239,757
Interest expense 5,646 4,164
Interest income (72,738 ) (20,946 )
Depreciation of tangible assets 102,316 83,074
Profit on disposal of tangible assets (1,549) (4,082)
Movements in working capital:
Decrease in stocks - 189,905
Increase in trade and other debtors (32,590 ) (642,317 )
(Decrease)/increase in trade and other creditors (600,095 ) 1,749,487
Net cash generated from operations 1,255,868 1,809,045
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 5,022,753 4,305,274
3. Analysis of changes in net funds
As at 1 August 2023 Cash flows New finance leases As at 31 July 2024
£ £ £ £
Cash at bank and in hand 4,305,274 717,479 - 5,022,753
Finance leases (33,828) 74,169 (126,175) (85,834)
4,271,446 791,648 (126,175) 4,936,919
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Notes to the Financial Statements
1. General Information
TRAIN'D UP RAILWAY RESOURCING LIMITED is a private company, limited by shares, incorporated in Scotland, registered number SC260595 . The registered office is Old Manor House, 129 Henderson Street, Bridge of Allan, FK9 4RQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. 
During the year the directors reviewed the classification of amounts previously recorded as ‘Stock and Work in Progress’ and considered that such amounts were more appropriate to be recorded within Debtors. Accordingly a reclassification has been made in respect of the comparative figures.
2.2. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not Depreciated
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
No provision is made for the depreciation of heritable property as the directors are of the opinion that such a provision would be inappropriate as the property is maintained in a good state of repair, is increasing in value and has a life expectancy in excess of fifty years.
Impairment of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 
12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method 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. Financial
assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, 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. Financial liabilities classified as
payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course
of business from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially
at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Depreciation of tangible fixed assets - owned 75,001 71,648
Depreciation of tangible fixed assets - finance leases and hire purchase contracts 27,315 11,426
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 12,000 -
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5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,223,230 2,033,045
Social security costs 232,289 209,815
2,455,519 2,242,860
6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 11 11
Senior Management 7 4
Engineering and Functional Skills 21 22
Rail 16 16
55 53
7. Directors' remuneration
2024 2023
£ £
Emoluments 22,157 20,481
8. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 72,738 20,946
9. Interest Payable and Similar Charges
2024 2023
£ £
Finance charges payable under finance leases and hire purchase contracts 5,646 4,164
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10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 444,071 75,703
Prior period adjustment - 131,423
444,071 207,126
Deferred Tax
Deferred taxation 23,797 32,631
Total tax charge for the period 467,868 239,757
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,854,878 449,760
Tax on profit at 25% (UK standard rate) 444,071 75,703
Short term timing differences 23,797 32,631
Prior period adjustment - 131,423
Total tax charge for the period 467,868 239,757
11. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 1,053,992 353,104 140,149 200,035 1,747,280
Additions - 126,176 42,698 58,762 227,636
Disposals - (73,754 ) (25,225 ) - (98,979 )
As at 31 July 2024 1,053,992 405,526 157,622 258,797 1,875,937
...CONTINUED
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Depreciation
As at 1 August 2023 - 218,887 41,525 103,689 364,101
Provided during the period - 42,342 21,198 38,776 102,316
Disposals - (41,600 ) (24,428 ) - (66,028 )
As at 31 July 2024 - 219,629 38,295 142,465 400,389
Net Book Value
As at 31 July 2024 1,053,992 185,897 119,327 116,332 1,475,548
As at 1 August 2023 1,053,992 134,217 98,624 96,346 1,383,179
12. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,673,984 1,645,639
Other debtors 30,446 26,201
1,704,430 1,671,840
13. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,045 21,058
Trade creditors 5,043,585 5,611,833
Other creditors - 19,817
Corporation tax 444,071 75,703
Taxation and social security 67,239 79,269
5,580,940 5,807,680
14. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 59,789 12,770
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15. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 26,045 21,058
Later than one year and not later than five years 59,789 12,770
85,834 33,828
85,834 33,828
16. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 105,389 81,592
17. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2023 81,592 81,592
Deferred taxation 23,797 23,797
Balance at 31 July 2024 105,389 105,389
18. Share Capital
2024 2023
Allotted, called up and fully paid £ £
8 Ordinary Shares of £ 1.000 each 8 8
19. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 388,648 273,858
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