Company registration number 08036648 (England and Wales)
PRO RAIL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PRO RAIL SERVICES LIMITED
COMPANY INFORMATION
Directors
Siobhan Maloney
Steven Maloney
Company number
08036648
Registered office
17 Pennine Parade
Pennine Drive
London
NW2 1NT
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
Unit 2-4 Little Ridge
The Ridgeway
Welwyn Garden City
Hertfordshire
AL7 2BH
PRO RAIL SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
PRO RAIL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

Pro Rail Services is a family-owned construction and plant hire company operating mostly on rail infrastructure. Since being founded in 2012, we have grown to operate across the following disciplines:

The company's head office is based at Welwyn Garden City with many depots throughout the country, enabling us to support our clients nationwide. In the past year we have expanded with new depots in Dunfermline and Bournemouth.

Performance

The Directors are pleased to report that overall, it has been a challenging year for the business, with a reduction in turnover due to general market uncertainties and investment programmes from our clients. However, all our projects were built safely and delivered to the same high standard expected by our clients, strengthening our position as a leader in our industry.

 

The reduction in turnover was due to significant budget constraints from the Department for Transport and Network Rail coinciding with the end of Control Period 6, Network Rail’s five-year budget plan period. Control Period 7 (CP7) began in April and has seen a notable upturn in spending, within the first nine months of our financial year our turnover has exceeded that of last year. Our business has been impacted by sustained inflation through the 2023/24 financial year, with market conditions limiting our ability to pass cost on, these pressures have reduced through 2024/25.

 

CP7 will see £45 billion invested into renewing and maintaining Britain’s railways over the next five years, an investment programme and time horizon few industries benefit from. We are well placed to benefit from the strategic changes Network Rail has made in CP7, with increases in drainage and earthwork spending to improve climate resilience, the disciplines which drives more revenue than any other for our business. The impact of climate change on the railway means our our specialism in emergency and reactive works, such as track flooding and landslips, are in increasing demand. Our 24/7 365 day a year reactive capability ensures our clients can rely on us to deliver works quickly and safely to ensure the railway remains operational.

 

During the year we have continued our strategy of both widening our existing client base as well as the type of work we undertake for our existing clients. A renewed focus on our survey division has seen a significant increase in revenue and a new client base that has led to additional opportunities for other parts of the business. We have successfully aligned ourselves with the majority of Network Rail’s new Control Period 7 tier one framework contractors, enabling us to expand in new regions and disciplines.

 

We have begun expanding into new sectors of infrastructure development, including projects to support the green transition and the water industries AMP 8 investment programme. The current financial year saw our first project supporting the development of a new nuclear power plant, with further projects to support the green economy to be delivered this year.

 

We remain committed to investing in our fleet of specialised on-track plant. This is a key differentiator and allows us to provide industry leading plant reliability and safe delivery of plant operations for our clients in-house.

PRO RAIL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Health & Safety is at the forefront of what we do and part of our business ethics, our stringent monitoring and measurements, helps maintain our continued improvement and excellent record. Since we were founded, we have never had a RIDDOR, and we have maintained our zero Lost Time Injury Frequency Rate. This outstanding safety record is a testament to our teams and the way we plan, manage and deliver our works.

 

We are committed to our environmental responsibilities and continue to support and work with our clients with the overall aim of reducing emissions, unnecessary waste and increase recycling amongst others. As the UK’s rail operations continue to be impacted by climate change, we are conscious for our responsibility to mitigate our impact on the environment both in our day-to-day operations and the delivery of our projects. We are committed to supporting Network Rail and our client’s goal of achieving biodiversity net gain in the delivery of projects by 2035.

Principal risks and uncertainties

Economic uncertainty remains the single biggest risk within the construction sector, and we manage these risks through robust systems and procedures. Our industry is highly dependant on central Government funding; however, we do not expect the Government to deviate from existing spending commitments as defined by Office for Road and Rail. The Government has continued to emphasise the importance of new infrastructure supporting economic growth and the transition to a greener economy, as such there is the potential that budgets will increase further. We have a strong forward order book for 2024/25 and beyond and continue to expand our key client list through our reputation of delivery and relationships within the sector.

The impact from high inflation on labour levels and supply chain is being closely monitored and managed as is the effect on materials.

The Company is continuing to expand its customer base both within and outside the current sectors and firmly believe it has a good foundation to weather any unforeseen outcomes in the near future. With the strength of our balance sheet and our business model, we are confident that we can keep the ongoing impact of those challenges to a minimum.

There are a number of potential risks and uncertainties which could impact the Company’s performance, and these are considered by the Board on a regular basis. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company’s operations. The key risks affecting the business are as follows:

Operating Risk - the Company manages this risk by providing added value services to its clients, having fast response times not only in supplying products and services but also in handling all client queries and by maintaining strong relationships with clients. The Company's operating risk is reduced due to the market share of their clients as many of the Company's clients are long standing market leaders in their field. The Company has spread its operating risk by not only actively seeking to widen its client base but also through continued expansion of its activities in the South of England.

Market Risk - the Company seeks to maintain a competitive advantage by offering an appropriate and relevant service range and providing a high level of customer service from professional and dedicated staff. The Company keeps abreast of developments in the market through maintaining strong relationships with its clients and monitoring the wider economic environment.

Personnel Risk – the Company is a privately-owned business and places great emphasis on recruiting, training, rewarding and retaining high quality people. The Directors consider staff resourcing on a regular basis. We promote from within whenever we can to maintain the Company culture. We also embrace new people from elsewhere as they bring fresh ideas and the benefits of their experience. The Board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the Company.

Taxation risk -the Company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector-specific professional advisers to mitigate the impact of any changes and ensure compliance.

 

 

PRO RAIL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

Financial Risk- the Company finances its operation through the generation of cash from operating activities. The financial risk management objectives of the Company in relation to financial instruments are set by the board of Directors with a view to minimising exposure to price risk, credit risk, liquidity risk and cash flow risk. Financial monitoring, forecasting, and planning are ever present processes with the care taken to achieve a reasonable profit margin and investment in resources whilst maintaining delivery of a high-quality service to its clients - see also Financial instruments.

Information Technology – the Company relies heavily on systems to operate its business, ordering goods, paying suppliers, ensuring health and safety records are accurate, accounting and payroll. The risk of Cyber-attacks is ever present and an increasing risk to every business. Ensuring we have robust and up to date Cyber security measures and vigilant users is critical to the successful running of these systems, as well as employing appropriately skilled and experienced staff and external specialist support as required.

Economic risk - the Directors have identified and evaluated risks and uncertainties and have controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The Company is exposed to the economic risks that could lower the Company's revenues and operating results in the future. However, actions continue to be taken to maximise the Company's performance in all aspects of the business.

Development and performance

The balance sheet on page 12 of the financial statements shows that the Company's financial position at the year end is, in terms of both net assets and liquidity, has improved marginally over the previous year.

Key performance indicators

The Company regularly reviews a number of financial and non-financial key performance indicators at both board and operational levels. The Company carries out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed. The key financial and non financial performance indicators used to determine the progress and performance of the Company are set out below:

 

     2024                   2023

 

Turnover                             £11,700,879            £13,194,978

 

Gross profit                          £1,691,424             £2,380,573

 

Gross margin                          14.5%             18.0%

 

Operating (loss/) profit                     £(17,640)         £461,403

 

Operating profit as a % of sales                 (0.1)%              3.5%

 

Net assets                         £2,623,220              £2,608,216

 

Net cash balance                         £734,440              £2,172,364

 

Market Share

The Company is a medium-sized privately owned construction company based in England. Although difficult to quantify the Company is estimated to have a strong market share.

Cash measure

The net cash balance (cash and cash equivalents less borrowings) is a measure of the strength of the balance sheet and to confirm that the Company has the funds necessary to continue to fund its operations and to continue to grow organically.

 

At the year end, the Company had a net cash balance of £734,440 (2023: £2,172,364), a decrease of £1,437,924 on the previous year.

 

 

PRO RAIL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Other performance indicators

The Company reviews non-financial KPIs on a regular basis in a number of areas:

Health & Safety

The importance of Health & Safety is at the forefront of everything that we do in terms of our moral and legal duty and of course, the potential of any breach. The Company aims to achieve year-on-year improvement in accident incidence rate and remain below the Health and Safety Executive benchmark for the UK. We continue to maintain an excellent health and safety record.

Customer Experience

The Company aspires to deliver a high level of customer satisfaction which is key to supporting sustainable long term growth in the sectors in which we operate. Feedback received demonstrated that all of our customers are totally or mostly satisfied with our services.

Directors remain in direct contact with all our principal customers and have developed relationships to ensure we have full understanding of their objectives and our part in delivering those. Regular internal team meetings are held to discuss all aspects of these ongoing relationships.

Environment

The Company recognizes the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the Company’s activities. Initiatives designed to minimize the Company’s impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption. The Directors are taking steps to expand its environmental department and are continually striving to improve their environmental policies.

Accreditations and memberships

We have retained and developed a range of industry accreditations and memberships:

 

Accreditations:

RISQS

Network Rail Plant Operations Scheme

Acclaim - Safety Schemes in Procurement

Constructionline Gold

ISO 9001

ISO 14001

ISO 45001

FORS Silver

 

Memberships

5% Charter Signatory

Amenity Forum Member

Arboricultural Association Member

Constructing Better Help Member

CECA Member

CIRAS Member

Construction Plant-Hire Association Member

Rail Plant-Hire Association Member

Freight Transport Association Member

IMEA Member

ISO

O Licence

Permenant Way Association Member

Rail Forum Member

Supply Chain Sustainability School Member

 

PRO RAIL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Other information and explanations

Staff turnover – employees who leave and the reasons thereto.

Tenders - enquiry success rate for tenders and price estimates.

On behalf of the board

Siobhan Maloney
Director
31 January 2025
PRO RAIL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the Company continued to be that of specialist rail contractors.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Siobhan Maloney
Steven Maloney
Financial instruments
Treasury operations and financial instruments

Objectives and policies

The Company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to related companies. The main purpose of these instruments is to raise funds for the Company's operations and to finance the Company's operations. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below.

 

Cash flow and liquidity risk

In respect of bank balances the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through and agreed payment policy. Strict payment terms are negotiated with the Company's customers which enables it to ensure that it is paid promptly once an application has been issued. This policy ensures that sufficient funds are available to meet amounts due to trade creditors.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding and the timely chasing of outstanding debt.

 

In respect of loans to and from related companies, these are unsecured, at an agreed rate of interest, with no fixed date for repayment. Loans from group companies are unsecured, interest-free and repayable on demand, with no fixed date for repayment.

Research and development

The Company sees R&D activity as a vital part of sustaining competitive advantage and when presented with technical challenges, will seek to develop the optimal solution.

 

During the year the Company undertook several Research and Development (‘R&D’) projects that sought to achieve advancements in technology in carrying out various railway infrastructure projects

Future developments

The Company is focused on securing profitable work and to continuing to increase its market share by expanding its customer base and is working towards securing more work as trusted partner for our clients. The Directors believe that the Company is well positioned to respond to trading conditions and to profit from the opportunities in newer markets.

 

Our strategy of self-delivery and specialism within the delivery of world class infrastructure projects remains.

PRO RAIL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 these financial statements, the directors are required to:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Siobhan Maloney
Director
31 January 2025
PRO RAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRO RAIL SERVICES LIMITED
- 8 -
Opinion

We have audited the financial statements of Pro Rail Services Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PRO RAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRO RAIL SERVICES LIMITED (CONTINUED)
- 9 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PRO RAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRO RAIL SERVICES LIMITED (CONTINUED)
- 10 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements for the year ended 30 April 2023, forming the corresponding figures (as restated) of the financial statements for the year ended 30 April 2024, are unaudited as the directors’ claimed exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Lawrence Issacharoff FCA
Senior Statutory Auditor
For and on behalf of Goldblatts
31 January 2025
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
PRO RAIL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
as restated
Notes
£
£
Turnover
3
11,700,879
13,194,978
Cost of sales
(10,009,455)
(10,814,436)
Gross profit
1,691,424
2,380,542
Administrative expenses
(1,709,064)
(1,928,389)
Other operating income
-
0
9,250
Operating (loss)/profit
4
(17,640)
461,403
Interest receivable and similar income
7
1,713
2,308
Interest payable and similar expenses
8
(194,355)
(189,884)
(Loss)/profit before taxation
(210,282)
273,827
Tax on (loss)/profit
9
375,286
115,449
Profit for the financial year
165,004
389,276

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PRO RAIL SERVICES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,809,657
2,912,389
Current assets
Stocks
12
36,174
548,713
Debtors
14
3,153,423
3,139,043
Cash at bank and in hand
734,440
2,172,364
3,924,037
5,860,120
Creditors: amounts falling due within one year
15
(3,443,845)
(4,381,332)
Net current assets
480,192
1,478,788
Total assets less current liabilities
4,289,849
4,391,177
Creditors: amounts falling due after more than one year
16
(1,414,891)
(1,490,135)
Provisions for liabilities
Deferred tax liability
19
251,738
292,826
(251,738)
(292,826)
Net assets
2,623,220
2,608,216
Capital and reserves
Called up share capital
22
2
2
Profit and loss reserves
2,623,218
2,608,214
Total equity
2,623,220
2,608,216

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Siobhan Maloney
Director
Company registration number 08036648 (England and Wales)
PRO RAIL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
2,318,938
2,319,038
Prior Period Changes
(98)
-
0
(98)
As restated
2
2,318,938
2,318,940
Year ended 30 April 2023:
Profit and total comprehensive income
-
389,276
389,276
Dividends
10
-
(100,000)
(100,000)
Balance at 30 April 2023
2
2,608,214
2,608,216
Year ended 30 April 2024:
Profit and total comprehensive income
-
165,004
165,004
Dividends
10
-
(150,000)
(150,000)
Balance at 30 April 2024
2
2,623,218
2,623,220
PRO RAIL SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(43,406)
1,734,985
Interest paid
(194,355)
(189,884)
Income taxes (paid)/refunded
(57,026)
15,966
Net cash (outflow)/inflow from operating activities
(294,787)
1,561,067
Investing activities
Purchase of tangible fixed assets
(71,220)
(135,091)
Proceeds from disposal of tangible fixed assets
-
0
65,000
Repayment of loans
(50,000)
(100,000)
Interest received
1,713
2,308
Net cash used in investing activities
(119,507)
(167,783)
Financing activities
Repayment of bank loans
(38,340)
(62,500)
Payment of finance leases obligations
(985,290)
(915,366)
Dividends paid
-
0
(100,000)
Net cash used in financing activities
(1,023,630)
(1,077,866)
Net (decrease)/increase in cash and cash equivalents
(1,437,924)
315,418
Cash and cash equivalents at beginning of year
2,172,364
1,856,946
Cash and cash equivalents at end of year
734,440
2,172,364
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Pro Rail Services 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.

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.

1.2
Going concern

These financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from its Ultimate Parent Company. true

 

Assurances have been received from the Ultimate Parent Company that existing liabilities will not be called upon until Pro Rail Services Limited is in a position to repay them. In addition, indications have been given that continued funding will be provided to support Pro Rail Services Limited for the foreseeable future and to enable it to meet its day-to-day commitments from cash flows.

 

As a consequence, the Directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. In view of the above, and at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

If the Company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed assets as current assets.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised on the basis of work measured, valued and certified at the year end. The policies adopted for the recognition of turnover are as follows:

 

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

 

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Reducing Balance Method
Fixtures, fittings & equipment
25% Reducing Balance Method
Computer equipment
25% Reducing Balance Method
Motor vehicles
20% Reducing Balance Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. These typically arise where mid month valuations have occurred and a time apportioned estimate of the cost of measured work has been calculated. Net realisable value represents the certified value of the measured work carried out in a particular period, invoiced subsequent to the year end. .

1.6
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 SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Revenue recognition - stage of completion for ongoing contracts

Revenue recognition is a key area of judgement especially in companies operating in the construction industry. The calculation of contract turnover, gross amounts due from customers and work in progress is contingent on the accurate measurement of work done and internal valuations by key management personnel. The amounts due from contract customers requires the company to make a judgement in relation to the stage of completion of the contracts ongoing at the year end. Management are provided with internal valuations by experienced personnel based on the costs incurred to date and the terms and conditions of the contract.

 

The directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated and certified

Recoverability of intercompany balances

Management regularly review intercompany balances for recoverability.

Fixed assets

Management regularly review the depreciation rates given to each class of fixed asset to ensure they are carrying the asset at the appropriate value. Where necessary the impairment of assets is also considered where the net book value seems unrealisable.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Construction income
11,696,027
13,194,563
Other income
4,852
415
11,700,879
13,194,978
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,668,949
13,194,978
Rest of Europe
31,930
-
11,700,879
13,194,978
2024
2023
£
£
Other revenue
Interest income
1,713
2,308
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
3,829
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
16,000
-
0
Depreciation of owned tangible fixed assets
94,129
191,325
Depreciation of tangible fixed assets held under finance leases
363,665
483,168
Profit on disposal of tangible fixed assets
-
(20,014)
Operating lease charges
139,160
160,898

The company incurred bad and doubtful debts in the sum of £132,948 (2023: £0) in the year.

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
36
39

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,722,088
1,903,863
Social security costs
178,504
211,521
Pension costs
108,555
98,567
2,009,147
2,213,951
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
103,494
97,500
Company pension contributions to defined contribution schemes
40,000
13,333
143,494
110,833

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,713
2,308
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,713
2,308
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
21,856
16,086
Other finance costs:
Interest on finance leases and hire purchase contracts
172,499
173,798
194,355
189,884
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
44,254
Adjustments in respect of prior periods
(334,198)
-
0
Total current tax
(334,198)
44,254
Deferred tax
Origination and reversal of timing differences
(41,088)
(159,703)
Total tax credit
(375,286)
(115,449)
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 21 -

From 1 April 2023 the rate of corporation tax increased from 19% to 25%.

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(210,282)
273,827
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(52,571)
53,396
Tax effect of expenses that are not deductible in determining taxable profit
11,482
45
Unutilised tax losses carried forward
221,213
-
0
Adjustments in respect of prior years
(80,500)
-
0
Permanent capital allowances in excess of depreciation
(221,213)
(20,650)
Research and development tax credit
(253,697)
-
0
Deferred tax adjustments in respect of prior years
-
0
(148,197)
Tax at marginal rate
-
0
(43)
Taxation credit for the year
(375,286)
(115,449)
10
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary Shares
Interim paid
75,000.00
50,000.00
150,000
100,000
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
4,679,809
2,428
67,803
1,052,417
5,802,457
Additions
929,819
-
0
-
0
425,243
1,355,062
At 30 April 2024
5,609,628
2,428
67,803
1,477,660
7,157,519
Depreciation and impairment
At 1 May 2023
2,286,233
1,851
46,791
555,193
2,890,068
Depreciation charged in the year
298,988
144
5,253
153,409
457,794
At 30 April 2024
2,585,221
1,995
52,044
708,602
3,347,862
Carrying amount
At 30 April 2024
3,024,407
433
15,759
769,058
3,809,657
At 30 April 2023
2,393,576
577
21,012
497,224
2,912,389

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
2,448,745
1,833,166
Motor vehicles
628,774
324,175
3,077,519
2,157,341

Certain Plant & Machinery and Motor Vehicles with a net carrying amount as stated above have been pledged to secure finance lease borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity, unless otherwise agreed with the lender or until the liability is settled.

12
Stocks
2024
2023
£
£
Raw materials and consumables
1,467
-
Work in progress
34,707
548,713
36,174
548,713
PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
13
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
541,725
-
0

At 30 April 2024, retentions held by customers for contract work amounted to £41,599 (2023 - £0).

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,961,918
2,662,987
Gross amounts owed by contract customers
541,725
-
0
Corporation tax recoverable
253,697
-
0
Other debtors
352,255
413,717
Prepayments and accrued income
43,828
62,339
3,153,423
3,139,043

Included in other debtors are amounts owed by related companies. The amounts are unsecured, interest-free and repayable on demand.

15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
70,505
46,875
Obligations under finance leases
18
938,261
626,435
Trade creditors
689,653
1,785,377
Amounts owed to group undertakings
1,056,216
1,183,292
Corporation tax
-
0
137,527
Other taxation and social security
21,772
47,739
Deferred income
20
63,791
-
0
Other creditors
532,371
481,513
Accruals and deferred income
71,276
72,574
3,443,845
4,381,332

The amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed repayment terms.

Included in other creditors are amounts owed to related companies. The amounts are unsecured, interest-free and repayable on demand.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
18,774
80,744
Obligations under finance leases
18
1,396,117
1,409,391
1,414,891
1,490,135

Obligations under finance leases falling due within one and after more than one year amounting to £2,334,378 (2023: £2,035,826) are secured - see Note 11.

17
Loans and overdrafts
2024
2023
£
£
Bank loans
89,279
127,619
Payable within one year
70,505
46,875
Payable after one year
18,774
80,744

The bank loan is unsecured and has an annual fixed interest the rate of 10.2%.

 

The 60-month CBILS loan was taken out in July 2020 and is repayable from August 2021 in 48 monthly instalments ending in July 2025.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
938,261
626,435
In two to five years
1,396,117
1,409,391
2,334,378
2,035,826

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis.

 

At 30 April 2024, the Company's parent company, Pro Rail Holdings Limited has agreed to indemnify certain finance lease obligations amounting to £365,356 (2023: £285,938).

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
251,738
292,826
2024
Movements in the year:
£
Liability at 1 May 2023
292,826
Credit to profit or loss
(41,088)
Liability at 30 April 2024
251,738

£90,870 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Deferred income
2024
2023
£
£
Other deferred income
63,791
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,555
98,567

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2

The company has one class of ordinary shares which carry no right to fixed income.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
137,966
125,223
Between two and five years
317,754
416,245
In over five years
-
0
39,475
455,720
580,943
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
53,797
25,833
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
66,000
80,015
Entities over which the entity has control, joint control or significant influence
263,000
285,167

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,056,216
1,183,292
Entities over which the entity has control, joint control or significant influence
492,490
278,414

The amounts owed to related parties are unsecured, interest-free, have no fixed dates of repayment and are repayable on demand.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
24
Related party transactions
(Continued)
- 27 -

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
108,668
-

The amounts owed by related parties are unsecured, interest-free, have no fixed dates of repayment and are repayable on demand.

Other information

The amounts outstanding are unsecured and will be settled in cash.

As set out in Note 18, Parent Company, Pro Rail Holdings limited has indemnified certain obligations under finance leases of the Company. At 30 April 2024, the unpaid liabilities indemnified amounted to £365,356 (2023: £285,938).

 

25
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the Company's Directors.

Loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
2.00
100,000
50,000
(150,000)
-
100,000
50,000
(150,000)
-

The maximum outstanding during the year was £150,000. The loan is unsecured and repayable on demand. Interest of £0 was charged at a rate of 2%.

26
Ultimate controlling party

The Ultimate Parent Company is Pro Rail Holdings Limited and its Registered Office is 17 Pennine Parade, Pennine Drive, London NW2 1NT.

 

The ultimate controlling parties are Siobhan Maloney and Edward Maloney who each own 50% of the issued share capital of Pro Rail Holdings Limited, the Ultimate Parent Company.

No consolidated accounts are prepared by the Ultimate Parent Company Pro Rail Holdings Limited.

 

Copies of the accounts of Pro Rail Holdings Limited are available to the public from the parent company's Registered Office at 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

 

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
27
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
165,004
389,276
Adjustments for:
Taxation credited
(375,286)
(115,449)
Finance costs
194,355
189,884
Investment income
(1,713)
(2,308)
Gain on disposal of tangible fixed assets
-
(20,014)
Depreciation and impairment of tangible fixed assets
457,794
674,493
Movements in working capital:
Decrease/(increase) in stocks
512,539
(412,167)
Decrease/(increase) in debtors
139,317
(228,905)
(Decrease)/increase in creditors
(1,199,207)
1,260,175
Increase in deferred income
63,791
-
Cash (absorbed by)/generated from operations
(43,406)
1,734,985
28
Analysis of changes in net funds/(debt)
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
2,172,364
(1,437,924)
-
734,440
Borrowings excluding overdrafts
(127,619)
38,340
-
(89,279)
Obligations under finance leases
(2,035,826)
985,290
(1,283,842)
(2,334,378)
8,919
(414,294)
(1,283,842)
(1,689,217)
29
Prior period adjustment

In preparing these financial statements, errors in accounting for deferred tax and issued share capital were identified.

 

Cumulative trading losses arising as a result of excess capital allowances were not taken into account when calculating the deferred tax provision in the prior period accounts. As a result the deferred tax provision was not correctly reflected in the prior year financial statements and was overstated by £148,197. Accordingly, these financial statements have restated the positions previously reported at 1 May 2023. These adjustments have now been reflected in the financial statements.

 

Issued share capital was overstated due to a share issue that didn't take place at the time of the share for share exchange in 2016. As a result the issued share capital was not correctly reflected in the prior year financial statements and was overstated by £98. Accordingly, these financial statements have restated the positions previously reported at 1 May 2023 and 30 April 2022. These adjustments have now been reflected in the financial statements. There is no effect on the opening reserves.

PRO RAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
29
Prior period adjustment
(Continued)
- 29 -
Adjustments to equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Deferred tax
(98)
148,099
Analysis of the effect upon equity
Share capital
(98)
(98)
Profit and loss reserves
-
148,197
(98)
148,099
Adjustments to profit for the previous financial period
2023
£
Adjustments to prior year
Deferred tax
148,197
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