Railway Plant Services Ltd NI070092 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is railway maintenance services Digita Accounts Production Advanced 6.30.9574.0 true true NI070092 2023-09-01 2024-08-31 NI070092 2024-08-31 NI070092 bus:OrdinaryShareClass1 2024-08-31 NI070092 core:CurrentFinancialInstruments 2024-08-31 NI070092 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 NI070092 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 NI070092 core:FurnitureFittingsToolsEquipment 2024-08-31 NI070092 core:LandBuildings 2024-08-31 NI070092 core:OtherPropertyPlantEquipment 2024-08-31 NI070092 bus:SmallEntities 2023-09-01 2024-08-31 NI070092 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI070092 bus:FilletedAccounts 2023-09-01 2024-08-31 NI070092 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI070092 bus:RegisteredOffice 2023-09-01 2024-08-31 NI070092 bus:Director2 2023-09-01 2024-08-31 NI070092 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 NI070092 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI070092 core:FurnitureFittings 2023-09-01 2024-08-31 NI070092 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 NI070092 core:LandBuildings 2023-09-01 2024-08-31 NI070092 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 NI070092 core:PlantMachinery 2023-09-01 2024-08-31 NI070092 countries:NorthernIreland 2023-09-01 2024-08-31 NI070092 2023-08-31 NI070092 core:FurnitureFittingsToolsEquipment 2023-08-31 NI070092 core:LandBuildings 2023-08-31 NI070092 core:OtherPropertyPlantEquipment 2023-08-31 NI070092 2022-09-01 2023-08-31 NI070092 2023-08-31 NI070092 bus:OrdinaryShareClass1 2023-08-31 NI070092 core:CurrentFinancialInstruments 2023-08-31 NI070092 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 NI070092 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 NI070092 core:FurnitureFittingsToolsEquipment 2023-08-31 NI070092 core:LandBuildings 2023-08-31 NI070092 core:OtherPropertyPlantEquipment 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI070092

Railway Plant Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Railway Plant Services Ltd

(Registration number: NI070092)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,088,624

4,061,018

Current assets

 

Debtors

5

3,295,925

1,227,690

Cash at bank and in hand

 

2,613,753

2,591,023

 

5,909,678

3,818,713

Creditors: Amounts falling due within one year

6

(976,798)

(1,122,208)

Net current assets

 

4,932,880

2,696,505

Total assets less current liabilities

 

9,021,504

6,757,523

Creditors: Amounts falling due after more than one year

6

(143,345)

(334,499)

Provisions for liabilities

(933,371)

(921,773)

Net assets

 

7,944,788

5,501,251

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

7,944,786

5,501,249

Shareholders' funds

 

7,944,788

5,501,251

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Railway Plant Services Ltd

(Registration number: NI070092)
Balance Sheet as at 31 August 2024

Approved and authorised by the director on 2 December 2024
 

.........................................
Mr Christopher Hugh Feeney
Director

 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 51 Ballyvaddy Road, Carnlough, BT44 0LG.

These financial statements were authorised for issue by the director on 2 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less its estimated residual value of each asset over its expected useful life as follows:

Asset class

Depreciation method and rate

Tenant Improvements

10% straight line

Plant & Machinery

5% reducing balance / 7% straight line

Fixtures & Fittings

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

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 income statement in operating expenses.

 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 36 (2023 - 36).

 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Tenant improvements
£

Fixtures and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

296,909

61,810

4,763,718

5,122,437

Additions

92,579

14,556

249,968

357,103

Disposals

-

-

(191,668)

(191,668)

At 31 August 2024

389,488

76,366

4,822,018

5,287,872

Depreciation

At 1 September 2023

60,995

26,853

973,571

1,061,419

Charge for the year

38,948

9,903

173,365

222,216

Eliminated on disposal

-

-

(84,387)

(84,387)

At 31 August 2024

99,943

36,756

1,062,549

1,199,248

Carrying amount

At 31 August 2024

289,545

39,610

3,759,469

4,088,624

At 31 August 2023

235,914

34,957

3,790,147

4,061,018

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,030,521

636,385

Prepayments

67,625

40,267

Other debtors

1,197,779

551,038

 

3,295,925

1,227,690

 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Hire purchase

245,995

245,125

Trade creditors

 

157,233

220,130

Taxation and social security

 

479,787

491,166

Accruals

 

92,246

108,727

Other creditors

 

1,537

57,060

 

976,798

1,122,208

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Hire purchase

143,345

334,499

The bank borrowing and hire purchase finance are secured by an all monies floating charge over all assets and chattels of the company.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       
 

Railway Plant Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Related party transactions

The following amounts were due from/(to) the directors at the year end:-

 

2024
 £

2023
 £

Directors current account

777,039

(56,461)

The company rents yards from each of the directors. Rentals of £15,600 were paid to the directors during the year. (2023 : £15,600).

The director has provided a guarantee for the sum of £250,000 to the company bankers in respect of the overdraft and any other liabilities.