Company registration number 10261799 (England and Wales)
PRO RAIL HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PRO RAIL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PRO RAIL HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
2
2
Current assets
Debtors
5
2,058,559
1,868,859
Cash at bank and in hand
16,357
17,484
2,074,916
1,886,343
Creditors: amounts falling due within one year
Taxation and social security
15,493
20,601
Other creditors
10,040
5,262
25,533
25,863
Net current assets
2,049,383
1,860,480
Net assets
2,049,385
1,860,482
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,049,285
1,860,382
Total equity
2,049,385
1,860,482
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
S Maloney
Director
Company registration number 10261799 (England and Wales)
PRO RAIL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Pro Rail Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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. Income is recognised on the provision of the management service.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PRO RAIL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
PRO RAIL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recoverability of intercompany balances
Management regularly review intercompany balances for recoverability.
Valuation of Investments
The valuation of the company’s investment in its subsidiary company. The investment is held in the accounts at historic cost and has not been revalued. The carrying value is reviewed annually by the management for any impairment based on the trading results of the subsidiary company for the year with reference to the original cost.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,056,216
1,189,292
Other debtors
1,002,343
679,567
2,058,559
1,868,859
PRO RAIL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Debtors
(Continued)
- 5 -
The amounts owed by group undertakings are unsecured, interest-free and repayable on demand with no fixed repayment terms.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
240
2,862
Taxation and social security
15,493
20,601
Other creditors
9,800
2,400
25,533
25,863
There is a Debenture dated 21 April 2022 in favour of the company's bankers, Barclays Bank UK Plc and Barclays Security Trustee Limited, to secure debts and other liabilities owed by the company. This comprises fixed and floating charges over the undertaking and an assignment of certain rights and assets all property and all fixed and current assets present and future. The charge was satisfied on 5 December 2024.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lawrence Issacharoff FCA
Statutory Auditor:
Goldblatts
Date of audit report:
31 January 2025
8
Financial commitments, guarantees and contingent liabilities
The company has provided guarantees in respect of unpaid hire purchase liabilities of its subsidiary company. At 30 April 2024, the outstanding hire purchase liabilities in that related company, which are not included in the company's balance sheet, amounted to £365,356 (2023: £285,938).
9
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Aggregate compensation
8,840
8,840
Transactions with related parties
During the year the company entered into the following transactions with related parties:
PRO RAIL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,056,216
1,183,292
Key management personnel
150,000
-
Other information
The amounts outstanding are unsecured, repayable on demand, interest-free and will be settled in cash.
As set out in Note 8, parent company, the company has indemnified certain obligations under finance leases of the subsidiary company, Pro Rail Services Limited. At 30 April 2024, the unpaid liabilities indemnified amounted to £365,356 (2023: £285,938).
10
Directors' transactions
Loans have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's loan
2.25
517,039
141,483
658,522
517,039
141,483
658,522
The maximum outstanding during the year was £658,522. The loan is unsecured and repayable on demand. Interest of £13,370 was charged at a rate of 2.25%.
11
Prior period adjustment
In preparing these financial statements, an error in accounting for the investment in an Associate Company that was dissolved in May 2021 and that should have been written off in the 2022 accounts, was identified. In addition, an error in accounting for S455 corporation tax which had overstated the corporation tax charge and liability in 2023, was also identified.
On 18 May 2021, the Associate Company Charlesworth Gardner Ltd was dissolved. The carrying value adjusted by way of a prior period adjustment was £75,000.
The S455 corporation tax liability of £22,161 was overstated in the 2023 accounts.
The net effect on opening profit and loss reserves restated, reflecting the above adjustments amounted to £52,839. These adjustments have been reflected in the financial statements.