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REGISTERED NUMBER: SC477734 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Mc Rail Systems Limited

Mc Rail Systems Limited (Registered number: SC477734)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Mc Rail Systems Limited (Registered number: SC477734)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 246 350

CURRENT ASSETS
Debtors 5 123,976 70,950
Cash at bank 20,227 26,766
144,203 97,716
CREDITORS
Amounts falling due within one year 6 (81,134 ) (60,370 )
NET CURRENT ASSETS 63,069 37,346
TOTAL ASSETS LESS CURRENT
LIABILITIES

63,315

37,696

CREDITORS
Amounts falling due after more than one
year

7

(62,470

)

(26,844

)

PROVISIONS FOR LIABILITIES - (88 )
NET ASSETS 845 10,764

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 835 10,754
SHAREHOLDERS' FUNDS 845 10,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mc Rail Systems Limited (Registered number: SC477734)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 February 2025 and were signed by:





Mr B Mcauley - Director


Mc Rail Systems Limited (Registered number: SC477734)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

MC Rail Systems Limited is a private company, limited by shares, domiciled in Scotland, registration number SC477734. The registered office is 32 John Davidson Drive, Denny, Stirlingshire, FK6 6NA.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services in respect of rail engineers and consultants. excluding value added tax. Sales are recognised at the point at which the service is complete.

Tangible fixed assets and depreciation
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 cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

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.

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.

Mc Rail Systems Limited (Registered number: SC477734)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 2,134 864 2,721 5,719
DEPRECIATION
At 1 June 2023 2,134 514 2,721 5,369
Charge for year - 104 - 104
At 31 May 2024 2,134 618 2,721 5,473
NET BOOK VALUE
At 31 May 2024 - 246 - 246
At 31 May 2023 - 350 - 350

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors - 1,679
Other debtors 123,976 69,271
123,976 70,950

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 24,220 23,370
Trade creditors 1 1
Taxation and social security 56,671 36,945
Other creditors 242 54
81,134 60,370

Mc Rail Systems Limited (Registered number: SC477734)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 62,470 26,844

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 86,690 50,214

The directors are provided personal guarantees over funding provided by Funding Circle.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the following amounts were advanced to directors:-

B McAuley £106,141 (2023:- £42,446)