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REGISTERED NUMBER: 03046824 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

SRS RAIL SYSTEM (HOLDINGS) LIMITED

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 April 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


SRS RAIL SYSTEM (HOLDINGS) LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mr R M Whatley
Mr S J Whatley





REGISTERED OFFICE: Unit 3 Riverside Way
Gateway Business Park
Bolsover
Chesterfield
Derbyshire
S44 6GA





REGISTERED NUMBER: 03046824 (England and Wales)





AUDITORS: Pesters (Chartered Certified Accountants and
Statutory Auditors)
2 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

GROUP STRATEGIC REPORT
for the Year Ended 30 April 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Board of Directors are satisfied with the results for the financial period. The group's balance sheet remains strong with distributable reserves of £6,232,681.

Turnover from the trading subsidiary has stabilised after fluctuations following the aftermath of the pandemic. This shows the steps taken by the directors to control costs after government Covid-19 support stopped worked and saw the company increase profit before depreciation and distribution of prior year profits. The directors expect profitability to improve for the foreseeable future. The directors have also identified new markets and opportunities over the medium term which should reinforce the company's financial position.

Cash reserves to fund future investment remain strong and the directors are satisfied with the current levels.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group continue to be those of trading in a restricted market where prices and margins can be influenced by political pressures. However, the directors are still of the opinion that their strategic plans are enabling them to meet these challenges and the results in the year confirm their assertions.

The Group continues to maintain the importance of providing clients with a high quality specialist hire fleet.

Other risks relate to exposure to downward values of investments, however, these are held for the long term and so this risk is considered to be low.

FUTURE DEVELOPMENTS
The company has maintained its' core base of customers and continues to provide high quality hire services.

The group remains is in a good position to expand its' fleet of vehicles to meet increased future demands. New markets continue to be explored that are expected to open up in the short to middle term and the directors consider the group to be in a good position to exploit those opportunities.

This model is continually monitored and is incorporated into its' future expansion opportunities.

FINANCIAL STATEMENTS
The accounts can be obtained by any person entitled to them by writing to the registered office shown on the information page of these accounts. The accounts, strategic report and directors' report were unqualified.

FINANCIAL RISK MANAGEMENT
The Group does not feel there is a material financial risk in relation to price exposure of financial instruments due to the industry in which it operates and it's own position regarding financial reserves. The Group's liquidity position has historically been secure and has continued to remain so during the year. Likewise adequate cash reserves have been retained by the Group to ensure financial stability for the foreseeable future.

ON BEHALF OF THE BOARD:





Mr S J Whatley - Director


28 January 2025

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

REPORT OF THE DIRECTORS
for the Year Ended 30 April 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of specialist services to the railway industry.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 602,292 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr R M Whatley
Mr S J Whatley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr S J Whatley - Director


28 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SRS RAIL SYSTEM (HOLDINGS) LIMITED


Opinion
We have audited the financial statements of SRS Rail System (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's loss 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 group 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 group's and the parent 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 Group Strategic Report and 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.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SRS RAIL SYSTEM (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SRS RAIL SYSTEM (HOLDINGS) LIMITED


Auditors' 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity (and subsidiaries) and determined that the most significant are those that relate to:

- FRS102
- Treatment of incentive scheme contributions
- Employment law
- Health and safety
- Fraud in relation to revenue recognition

We assessed the risks of material misstatement in respect of fraud as follows:

- We made enquiries with management and directors
- We made enquiries with our internal team that provides services to the organisation
- We completed analytical procedures to identify any unusual or unexpected balances, figures and transactions
- The audit team discussed and identified particular areas that were susceptible to misstatement as part of our fraud discussion
- The audit team identified any fraud risk factors in its discussion of related party relationships and transactions

Due to the nature of the business acting across the country, additional testing took place to ensure that expenses on staff credit cards was tested with the specific intention to look for potential fraudulent activities, none were noted.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

We gained an understanding of how instances on non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented by making enquiries with management and directors

We corroborated our enquiries through reviewing correspondence with HM Revenue & Customs, Companies House, clients Solicitors invoices, reviewing the media and at the end of these enquiries, there was no contradictory evidence noted.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SRS RAIL SYSTEM (HOLDINGS) LIMITED


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.




Michele Ann Herzog (Senior Statutory Auditor)
for and on behalf of Pesters (Chartered Certified Accountants and
Statutory Auditors)
2 Park Court
Pyrford Road
West Byfleet
Surrey
KT14 6SD

29 January 2025

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 6,188,764 6,221,761

Cost of sales (3,386,440 ) (3,239,284 )
GROSS PROFIT 2,802,324 2,982,477

Administrative expenses (2,918,392 ) (3,137,496 )
(116,068 ) (155,019 )

Other operating income 400 -
OPERATING LOSS 4 (115,668 ) (155,019 )

Income from fixed asset investments (6,375 ) 40,944
Interest receivable and similar income 97,088 19,103
LOSS BEFORE TAXATION (24,955 ) (94,972 )

Tax on loss 5 5,197 (16,315 )
LOSS FOR THE FINANCIAL YEAR (19,758 ) (111,287 )

OTHER COMPREHENSIVE INCOME
Reserves contributed to incentive scheme (1,107,708 ) (519,694 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(1,107,708

)

(519,694

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,127,466

)

(630,981

)

Loss attributable to:
Owners of the parent (19,758 ) (111,287 )

Total comprehensive income attributable to:
Owners of the parent (1,127,466 ) (630,981 )

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

CONSOLIDATED BALANCE SHEET
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 1,317,302 1,494,830
Investments 10 1,024,525 1,030,900
Investment property 11 1,014,062 1,014,062
3,355,889 3,539,792

CURRENT ASSETS
Stocks 12 103,964 109,437
Debtors 13 937,881 1,456,539
Investments 14 2,150,479 1,068,848
Cash at bank and in hand 907,035 3,192,954
4,099,359 5,827,778
CREDITORS
Amounts falling due within one year 15 1,008,991 1,178,638
NET CURRENT ASSETS 3,090,368 4,649,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,446,257

8,188,932

PROVISIONS FOR LIABILITIES 16 107,243 120,160
NET ASSETS 6,339,014 8,068,772

CAPITAL AND RESERVES
Called up share capital 17 90,000 90,000
Share premium 18 6,333 6,333
Capital redemption reserve 18 10,000 10,000
Retained earnings 18 6,232,681 7,962,439
SHAREHOLDERS' FUNDS 6,339,014 8,068,772

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr S J Whatley - Director


SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

COMPANY BALANCE SHEET
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,044,725 1,051,100
Investment property 11 1,014,062 1,014,062
2,058,787 2,065,162

CURRENT ASSETS
Debtors 13 32,082 36,908
Cash at bank 16,995 17,325
49,077 54,233
CREDITORS
Amounts falling due within one year 15 25,456 90,417
NET CURRENT ASSETS/(LIABILITIES) 23,621 (36,184 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,082,408

2,028,978

CAPITAL AND RESERVES
Called up share capital 17 90,000 90,000
Share premium 18 6,333 6,333
Capital redemption reserve 18 10,000 10,000
Retained earnings 18 1,976,075 1,922,645
SHAREHOLDERS' FUNDS 2,082,408 2,028,978

Company's profit for the financial year 655,722 165,341

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





Mr S J Whatley - Director


SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 April 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 90,000 8,673,725 6,333 10,000 8,780,058

Changes in equity
Dividends - (80,305 ) - - (80,305 )
Total comprehensive income - (630,981 ) - - (630,981 )
Balance at 30 April 2023 90,000 7,962,439 6,333 10,000 8,068,772

Changes in equity
Dividends - (602,292 ) - - (602,292 )
Total comprehensive income - (1,127,466 ) - - (1,127,466 )
Balance at 30 April 2024 90,000 6,232,681 6,333 10,000 6,339,014

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 April 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 May 2022 90,000 1,837,609 6,333 10,000 1,943,942

Changes in equity
Dividends - (80,305 ) - - (80,305 )
Total comprehensive income - 165,341 - - 165,341
Balance at 30 April 2023 90,000 1,922,645 6,333 10,000 2,028,978

Changes in equity
Dividends - (602,292 ) - - (602,292 )
Total comprehensive income - 655,722 - - 655,722
Balance at 30 April 2024 90,000 1,976,075 6,333 10,000 2,082,408

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 641,270 909,241
Tax paid (24,960 ) (80,257 )
Net cash from operating activities 616,310 828,984

Cash flows from investing activities
Purchase of tangible fixed assets (259,566 ) -
Purchase of fixed asset investments - (40,945 )
Purchase of investment property (1,000,000 ) -
Sale of tangible fixed assets 1,667 -
Reserves contributed to incentive scheme (1,107,708 ) (519,694 )
Rounding - (2 )
Interest received 15,457 19,103
Dividends received - 40,944
- (19,103 )
Net cash from investing activities (2,350,150 ) (519,697 )

Cash flows from financing activities
Amount introduced by directors 345,867 130,000
Amount withdrawn by directors (295,654 ) (194,661 )
Equity dividends paid (602,292 ) (80,305 )
Net cash from financing activities (552,079 ) (144,966 )

(Decrease)/increase in cash and cash equivalents (2,285,919 ) 164,321
Cash and cash equivalents at beginning
of year

2

3,192,954

3,028,633

Cash and cash equivalents at end of year 2 907,035 3,192,954

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 April 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
Loss before taxation (24,955 ) (94,972 )
Depreciation charges 434,355 523,667
Loss on disposal of fixed assets 1,072 -
Finance income (90,713 ) (60,047 )
319,759 368,648
Decrease/(increase) in stocks 5,473 (27,409 )
Decrease/(increase) in trade and other debtors 472,815 (211,246 )
(Decrease)/increase in trade and other creditors (156,777 ) 779,248
Cash generated from operations 641,270 909,241

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 907,035 3,192,954
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 3,192,954 3,028,633


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 3,192,954 (2,285,919 ) 907,035
3,192,954 (2,285,919 ) 907,035

Liquid resources
Current asset investments 1,068,848 1,081,631 2,150,479
1,068,848 1,081,631 2,150,479
Total 4,261,802 (1,204,288 ) 3,057,514

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

SRS Rail System (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated accounts are prepared under the equity method of consolidation. All subsidiaries are included in the consolidated accounts.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimate and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Simple financial instruments of less than one year are recognised at cost as this is deemed to be fair value. There are no items that require a significant estimation uncertainty.

Turnover
Turnover is measured at fair value for the consideration receivable excluding discounts, rebates and value added tax. It is recognised at the point a job or service is completed or, if not fully completed, to the percentage of completion at that point in time that the group is entitled to receive.

Intangible fixed assets
Amortisation is provided at the following annual rates in order to write off each asset over its estimated life.
useful

Trade Marks - 10% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Specialist rail vehicles - 10% on cost and 5% on cost

The gross amount of fixed assets are shown at historical cost as management consider this to be fair value.

Capitalised costs of Specialist Inspection Vehicles include all associated costs incurred in bringing vehicles to their current locations and conditions.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost comprises all costs of purchase, cost of conversion and other costs incurred bringing the inventories to their present condition.


SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

Pension costs and other post-retirement benefits
The Company operates a self self administered defined contribution scheme. The assets of the scheme are held separately from those of the company. Contributions for the year are charged in the profit and loss account.

3. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 2,024,631 1,833,383
Social security costs 225,523 208,202
Other pension costs 69,077 37,205
2,319,231 2,078,790

The average number of employees during the year was as follows:
30.4.24 30.4.23

Administration staff 13 13
Operating staff 32 33
45 46

30.4.24 30.4.23
£    £   
Directors' remuneration - -

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


4. OPERATING LOSS

The operating loss is stated after charging:

30.4.24 30.4.23
£    £   
Hire of plant and machinery 200,326 114,552
Depreciation - owned assets 434,355 523,665
Loss on disposal of fixed assets 1,072 -
Auditors' remuneration 28,840 23,600
Auditors' remuneration for non audit work 13,644 15,227

5. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 7,720 84,593

Deferred tax:
Reversal of timing differences (9,896 ) (73,138 )
Differences in tax rates (3,021 ) 4,860
Total deferred tax (12,917 ) (68,278 )
Tax on loss (5,197 ) 16,315

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Loss before tax (24,955 ) (94,972 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 %
(2023 - 19 %)

(4,741

)

(18,045

)

Effects of:
Expenses not deductible for tax purposes - 27,829
Depreciation in excess of capital allowances 9,896 71,299
Utilisation of tax losses (6,424 ) -
Deferred tax movements (2,454 ) (68,278 )
Non trading company losses - 40
Change in tax rate during period (1,474 ) 3,470
Total tax (credit)/charge (5,197 ) 16,315

Tax effects relating to effects of other comprehensive income

30.4.24
Gross Tax Net
£    £    £   
Reserves contributed to incentive scheme (1,107,708 ) - (1,107,708 )


SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


5. TAXATION - continued
30.4.23
Gross Tax Net
£    £    £   
Reserves contributed to incentive scheme (519,694 ) - (519,694 )

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
30.4.24 30.4.23
£    £   
Interim 602,292 80,305

8. INTANGIBLE FIXED ASSETS

Group
Trade
marks
£   
COST
At 1 May 2023
and 30 April 2024 2,878
AMORTISATION
At 1 May 2023
and 30 April 2024 2,878
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Intangible Fixed Assets have been valued at cost.

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


9. TANGIBLE FIXED ASSETS

Group
Specialist
Plant and Motor rail
machinery vehicles vehicles Totals
£    £    £    £   
COST
At 1 May 2023 857,901 587,163 8,196,555 9,641,619
Additions - 41,774 217,792 259,566
Disposals - (29,040 ) - (29,040 )
At 30 April 2024 857,901 599,897 8,414,347 9,872,145
DEPRECIATION
At 1 May 2023 772,453 435,285 6,939,051 8,146,789
Charge for year 21,362 38,766 374,227 434,355
Eliminated on disposal - (26,301 ) - (26,301 )
At 30 April 2024 793,815 447,750 7,313,278 8,554,843
NET BOOK VALUE
At 30 April 2024 64,086 152,147 1,101,069 1,317,302
At 30 April 2023 85,448 151,878 1,257,504 1,494,830

10. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 May 2023 1,030,900
Share of profit/(loss) (6,375 )
At 30 April 2024 1,024,525
NET BOOK VALUE
At 30 April 2024 1,024,525
At 30 April 2023 1,030,900
Company
Unlisted
investments
£   
COST
At 1 May 2023 1,051,100
Share of profit/(loss) (6,375 )
At 30 April 2024 1,044,725
NET BOOK VALUE
At 30 April 2024 1,044,725
At 30 April 2023 1,051,100

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


SRS Rail System Limited
Registered office: Unit 3 Riverside Way, Gateway Business Park, Bolsover, Chesterfield, Derbyshire S44 6GA.
Nature of business: Providing specialist rail services
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 4,279,788 6,062,764
Loss for the year (72,976 ) (196,112 )

SRS Rail System International Limited
Registered office: Unit 3 Riverside Way, Gateway Business Park, Bolsover, Chesterfield, Derbyshire, S44 6GA.
Nature of business: Specialist vehicle hire and sales
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves (3,081 ) (2,870 )
Loss for the year (211 ) (211 )

SRS Rail Systems International Hire Limited
Registered office: Unit 3 Riverside Way, Gateway Business Park, Bolsover, Chesterfield, Derbyshire, S44 6GA
Nature of business: Specialist vehicle hire and sales
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 100 100


Fixed Asset Investments comprise of the shareholdings in the three subsidiary companies valued at cost all detailed above. Also included is an additional investment made during the period via an investment company in a Partnership. The value in the accounts has been calculated using the valuation per the investment providers report at the year end date.

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,014,062
NET BOOK VALUE
At 30 April 2024 1,014,062
At 30 April 2023 1,014,062

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


11. INVESTMENT PROPERTY - continued

Company
Total
£   
COST
At 1 May 2023
and 30 April 2024 1,014,062
NET BOOK VALUE
At 30 April 2024 1,014,062
At 30 April 2023 1,014,062

The investment property has been included at cost including all related fees. As the property is rented to another group entity the directors have taken the decision under Section 17 to use the cost model.

12. STOCKS

Group
30.4.24 30.4.23
£    £   
Stocks 103,964 109,437

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 569,422 1,045,050 - -
Other debtors 15,000 2,000 - -
Due from related company - - 32,082 36,908
Directors' current accounts 3,654 53,867 - -
Tax 13,363 8,993 - -
VAT 46,409 - - -
Prepayments and accrued income 290,033 346,629 - -
937,881 1,456,539 32,082 36,908

14. CURRENT ASSET INVESTMENTS

Group
30.4.24 30.4.23
£    £   
Current asset investments 2,150,479 1,068,848

Investments have been included as current assets due to the nature of the investments. These investments are liquid in nature and can be withdrawn from the current position within the next year.

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade creditors 174,323 189,271 - -
Tax 7,720 20,590 7,720 20,590
Social security and other taxes 46,912 57,012 - -
VAT - 70,165 - -
Other creditors - 52,222 - 52,222
Due to related company - - 200 200
Accruals and deferred income 780,036 789,378 17,536 17,405
1,008,991 1,178,638 25,456 90,417

16. PROVISIONS FOR LIABILITIES

Group
30.4.24 30.4.23
£    £   
Deferred tax 107,243 120,160

Group
Deferred
tax
£   
Balance at 1 May 2023 120,160
Timing differences (9,896 )
Rate movement (3,021 )
Balance at 30 April 2024 107,243

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
90,000 Ordinary £1 90,000 90,000

All shares have equal rights with respect to voting, dividends and the repayment of capital.

18. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 7,962,439 6,333 10,000 7,978,772
Deficit for the year (19,758 ) (19,758 )
Dividends (602,292 ) (602,292 )
Reserves contributed to incentive
scheme

(1,107,708

)

-

-

(1,107,708

)

At 30 April 2024 6,232,681 6,333 10,000 6,249,014

SRS RAIL SYSTEM (HOLDINGS) LIMITED (REGISTERED NUMBER: 03046824)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 April 2024


18. RESERVES - continued

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 1,922,645 6,333 10,000 1,938,978
Profit for the year 655,722 655,722
Dividends (602,292 ) (602,292 )
At 30 April 2024 1,976,075 6,333 10,000 1,992,408


19. CONTINGENT LIABILITIES

The trading subsidiary operates a Trust based incentive scheme. In some cases these schemes have been challenged by HMRC. The directors and Trust advisors are of the opinion that the scheme is being operated correctly and no provision has been made, or is considered necessary, in the financial statements for any potential tax liabilities arising from its' use.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
S J Whatley
Balance outstanding at start of year 53,867 (10,794 )
Amounts advanced 295,654 194,661
Amounts repaid (345,867 ) (130,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,654 53,867

At the year end, there was a loan outstanding due from a director to one of the subsidiary companies totalling £3,654 (2023 - £53,867). This loan is interest free and repayable on demand.

21. RELATED PARTY DISCLOSURES

During the year, expenses totalling £787,090 (2023 - £658,980) were paid to a company under common control.