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REGISTERED NUMBER: 02083871 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

S R S RAIL SYSTEM LIMITED

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


S R S RAIL SYSTEM LIMITED

COMPANY INFORMATION
for the Year Ended 30 April 2024







DIRECTORS: Mr Richard Mark Whatley
Mr Simon John Whatley





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





REGISTERED NUMBER: 02083871 (England and Wales)





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

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

STRATEGIC REPORT
for the Year Ended 30 April 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Board Of Directors are satisfied with the results for the financial period. The company's balance sheet remains strong with distributable reserves of £4,259,788.

Turnover 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 a distribution of prior years profits was made. The directors expect profitability to improve in the foreseeable future. The directors have also identified new markets and opportunities over the medium term which should also reinforce the company's financial position.

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

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company 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 for the year confirm these assertions.

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

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

The company is in a good position to expand its' fleet of vehicles to meet increased future demands. New markets are expected to open up in the short to middle term and the directors consider the company 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 company 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 company's liquidity position has historically been secure and has continued to improve significantly during the year. Likewise adequate cash reserves have been retained by the company to ensure financial stability for the foreseeable future.

ON BEHALF OF THE BOARD:





Director


28 January 2025

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

REPORT OF THE DIRECTORS
for the Year Ended 30 April 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the importation and sales of railway equipment and providing specialist railway inspection services.

DIVIDENDS
An interim dividend of £10.0381945 per share was paid on 18 April 2024 and another interim dividend of £20.0763895 per share was paid on 23 April 2024. The directors recommend that no final dividend be paid.

The total distributions 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 Richard Mark Whatley
Mr Simon John Whatley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr Simon John Whatley - Director


28 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S R S RAIL SYSTEM LIMITED


Opinion
We have audited the financial statements of S R S Rail System Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 30 April 2024 and of its 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 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 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 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 Strategic Report and the Report of the Directors have 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 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, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S R S RAIL SYSTEM LIMITED


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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S R S RAIL SYSTEM 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 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 journal entries into our audit approach along with testing of bank payments and receipts that did not relate to Customers and Suppliers. We reviewed these transactions for any outside the normal course of business, none were identified.

We considered the risk of fraud in relation to revenue recognition and completed detailed sales testing on the highest risk factor to ensure maximum testing was completed. We also completed significant testing in relation to cut off which is where the high risk is ascertained to be and were satisfied with the application of cut off in relation to the revenue recognition policies and FRS102.

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
S R S RAIL SYSTEM 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

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

INCOME STATEMENT
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 (2,985,705 ) (3,201,967 )
(183,381 ) (219,490 )

Other operating income 400 -
OPERATING LOSS 4 (182,981 ) (219,490 )

Interest receivable and similar income 97,088 19,103
LOSS BEFORE TAXATION (85,893 ) (200,387 )

Tax on loss 5 12,917 4,275
LOSS FOR THE FINANCIAL YEAR (72,976 ) (196,112 )

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

LOSS FOR THE YEAR (72,976 ) (196,112 )


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

(1,180,684

)

(715,806

)

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

BALANCE SHEET
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 1,317,302 1,494,830
1,317,302 1,494,830

CURRENT ASSETS
Stocks 9 103,964 109,437
Debtors 10 954,094 1,471,665
Investments 11 2,150,479 1,068,848
Cash at bank and in hand 889,246 3,175,623
4,097,783 5,825,573
CREDITORS
Amounts falling due within one year 12 1,028,054 1,137,479
NET CURRENT ASSETS 3,069,729 4,688,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,387,031

6,182,924

PROVISIONS FOR LIABILITIES 14 107,243 120,160
NET ASSETS 4,279,788 6,062,764

CAPITAL AND RESERVES
Called up share capital 15 20,000 20,000
Retained earnings 4,259,788 6,042,764
SHAREHOLDERS' FUNDS 20 4,279,788 6,062,764

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 Simon John Whatley - Director


S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 20,000 6,838,876 6,858,876

Changes in equity
Dividends - (80,306 ) (80,306 )
Total comprehensive income - (715,806 ) (715,806 )
Balance at 30 April 2023 20,000 6,042,764 6,062,764

Changes in equity
Dividends - (602,292 ) (602,292 )
Total comprehensive income - (1,180,684 ) (1,180,684 )
Balance at 30 April 2024 20,000 4,259,788 4,279,788

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


1. STATUTORY INFORMATION

S R S Rail System 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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 values 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 estimates 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 company 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 useful life.

Trade Marks - 10% on cost

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


2. ACCOUNTING POLICIES - continued

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

Tangible fixed assets are included at cost less depreciation and impairment.

At each balance sheet date, the Company reviews the carrying amounts of its plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. There has been no impairment loss in this financial year.

The gross amount of fixed assets are shown at historic 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

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 defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Contributions to an incentive scheme
During the accounting period the company gifted £1,107,708 to an Incentive Scheme from reserves brought forward rather than profits for the year. In order to reflect the substance of this transaction and to present a true and fair view of the results for the year, these contributions have been charged to reserves brought forward rather than 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 - -

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

NOTES TO THE 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 21,440 16,000
Auditors' remuneration for non audit work 13,644 15,227

5. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax - 64,003

Deferred tax:
Change in timing differences (9,896 ) (73,138 )
Change in rate movement (3,021 ) 4,860
Total deferred tax (12,917 ) (68,278 )
Tax on loss (12,917 ) (4,275 )

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 )

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

6. DIVIDENDS
30.4.24 30.4.23
£    £   
Interim 602,292 80,306

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


7. INTANGIBLE FIXED ASSETS
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.

8. TANGIBLE FIXED ASSETS
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

9. STOCKS
30.4.24 30.4.23
£    £   
Stocks 103,964 109,437

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 569,422 1,045,050
Other debtors 15,000 2,000
Amounts due from related compa
ny 3,976 2,976
Directors' current accounts 3,654 53,867
Tax 13,363 8,993
VAT 46,409 -
Prepayments & accrued income 302,270 358,779
954,094 1,471,665

11. CURRENT ASSET INVESTMENTS
30.4.24 30.4.23
£    £   
Current asset investments 2,150,479 1,068,848

Investments have been included as current asset 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.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 174,323 189,271
Social security and other taxes 46,912 57,012
VAT - 70,165
Amount due to related company 32,082 36,908
Accruals and deferred income 774,737 784,123
1,028,054 1,137,479

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 75,500 75,500
Between one and five years 302,000 302,000
In more than five years 44,042 119,542
421,542 497,042

14. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 107,243 120,160

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


14. PROVISIONS FOR LIABILITIES - continued

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

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
20,000 Ordinary £1 20,000 20,000

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

16. ULTIMATE PARENT COMPANY

The controlling party is SRS Rail Systems (Holdings) Limited.

This company is part of the Group in which SRS Rail Systems (Holdings) Limited draws up Consolidated Financial Statements, whose registered office is Unit 3 Riverside Way, Gateway Business Park, Bolsover, Derbyshire, S44 6GA. A copy of these accounts can be obtained from Companies House.

17. CONTINGENT LIABILITIES

The company 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.

18. 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
£    £   
Mr Simon John 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 totalling £3,654 (2023 - £53,867). This loan is interest free and repayable on demand.

S R S RAIL SYSTEM LIMITED (REGISTERED NUMBER: 02083871)

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


19. RELATED PARTY DISCLOSURES

At the year end, the company was owed £3,976 (2023 - £2,976) by companies that are under common control. The company also owed £32,082 (2023 - £36,908) to companies that are under common control. The receivable and payable are unsecured with no terms and conditions and no guarantees have been received.

During the year expenses totalling £787,090 (2023 - £658,980) were paid to a company under common control and rent totalling £75,500 (2023 - £75,500) was paid to the holding company.

20. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
30.4.24 30.4.23
£    £   
Loss for the financial year (72,976 ) (196,112 )
Dividends (602,292 ) (80,306 )
(675,268 ) (276,418 )
Other comprehensive income relating to the year (net) (1,107,708 ) (519,694 )
Net reduction of shareholders' funds (1,782,976 ) (796,112 )
Opening shareholders' funds 6,062,764 6,858,876
Closing shareholders' funds 4,279,788 6,062,764