Company registration number 03351025 (England and Wales)
ROAD AND RAIL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ROAD AND RAIL LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ROAD AND RAIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of rail head operator.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B C Hill
M A Hill
C L Reddish
T J Davenport
R E Hill
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B C Hill
Director
1 April 2025
ROAD AND RAIL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
99,439
222,495
Current assets
Debtors
4
1,151,825
1,192,099
Cash at bank and in hand
36,606
47,755
1,188,431
1,239,854
Creditors: amounts falling due within one year
5
(1,023,173)
(1,160,684)
Net current assets
165,258
79,170
Total assets less current liabilities
264,697
301,665
Creditors: amounts falling due after more than one year
6
(28,213)
Provisions for liabilities
(22,803)
(39,310)
Net assets
241,894
234,142
Capital and reserves
Called up share capital
302
302
Profit and loss reserves
241,592
233,840
Total equity
241,894
234,142
ROAD AND RAIL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
M A Hill
Director
Company registration number 03351025 (England and Wales)
ROAD AND RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Road and Rail Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wolsey Drive, Lowmoor Road, Kirkby in Ashfield, Nottinghamshire, NG17 7JR. The company registration number is 03351025.
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.
1.2
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.
1.3
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:
Short leasehold
5% on cost
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
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.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
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Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
ROAD AND RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Loans and borrowings
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
39
ROAD AND RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Short leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
359,216
313,475
6,100
134,274
813,065
Additions
25,743
35,500
61,243
Disposals
(313,475)
(313,475)
At 30 September 2024
359,216
25,743
6,100
169,774
560,833
Depreciation and impairment
At 1 October 2023
346,851
151,890
6,100
85,729
590,570
Depreciation charged in the year
4,141
12,352
16,314
32,807
Eliminated in respect of disposals
(161,983)
(161,983)
At 30 September 2024
350,992
2,259
6,100
102,043
461,394
Carrying amount
At 30 September 2024
8,224
23,484
67,731
99,439
At 30 September 2023
12,365
161,585
48,545
222,495
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,112,828
1,059,942
Other debtors
38,997
132,157
1,151,825
1,192,099
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
56,426
Trade creditors
505,469
481,975
Corporation tax
37,092
18,908
Other taxation and social security
88,204
68,835
Other creditors
385,639
482,546
Accruals and deferred income
6,769
51,994
1,023,173
1,160,684
ROAD AND RAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
28,213
7
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.