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Registration number: 10368826

K.G.J. Price Rail Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

K.G.J. Price Rail Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

K.G.J. Price Rail Limited

(Registration number: 10368826)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

209,827

37,900

Current assets

 

Stocks

5

318,172

633,806

Debtors

6

1,256,583

1,413,488

Cash at bank and in hand

 

1,149,482

199,944

 

2,724,237

2,247,238

Creditors: Amounts falling due within one year

7

(1,615,527)

(1,322,475)

Net current assets

 

1,108,710

924,763

Total assets less current liabilities

 

1,318,537

962,663

Creditors: Amounts falling due after more than one year

7

(91,303)

(138,229)

Provisions for liabilities

(51,152)

(8,086)

Net assets

 

1,176,082

816,348

Capital and reserves

 

Called up share capital

8

182

208

Capital redemption reserve

26

-

Retained earnings

1,175,874

816,140

Shareholders' funds

 

1,176,082

816,348

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

K.G.J. Price Rail Limited

(Registration number: 10368826)
Balance Sheet as at 30 September 2024

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.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 

.........................................
R Ingham
Director

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
54 Bootham
YORK
YO30 7XZ

These financial statements were authorised for issue by the Board on 13 February 2025.

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.

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leashold improvements

10% reducing balance

Plant and equipment

25% reducing balance

Office equipmnt

25% reducing balance

Computers

25% reducing balance

Motor vehicles

25% 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

8,437

68,371

14,750

91,558

Additions

-

242,706

-

242,706

Disposals

-

(3,469)

-

(3,469)

At 30 September 2024

8,437

307,608

14,750

330,795

Depreciation

At 1 October 2023

1,220

47,139

5,301

53,660

Charge for the year

722

65,415

2,362

68,499

Eliminated on disposal

-

(1,191)

-

(1,191)

At 30 September 2024

1,942

111,363

7,663

120,968

Carrying amount

At 30 September 2024

6,495

196,245

7,087

209,827

At 30 September 2023

7,217

21,234

9,449

37,900

Included within the net book value of land and buildings above is £6,495 (2023 - £7,218) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

318,172

633,806

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

588,197

1,134,535

Amounts owed by related parties

11

144,711

-

Prepayments

 

94,293

65,299

Other debtors

 

429,382

213,654

   

1,256,583

1,413,488

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

46,955

49,385

Trade creditors

 

801,471

815,141

Taxation and social security

 

488,713

68,220

Accruals and deferred income

 

221,223

177,274

Other creditors

 

57,165

212,455

 

1,615,527

1,322,475


On 13 February 2020. HSBC UK Bank plc registerd a fixed and floating charge over all assets of the company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

91,303

138,229

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

182

182

208

208

       
 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

91,303

136,382

Other borrowings

-

1,847

91,303

138,229

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,648

45,648

Other borrowings

1,307

3,737

46,955

49,385

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

233,771

179,124

Later than one year and not later than five years

249,738

256,898

483,509

436,022

The amount of non-cancellable operating lease payments recognised as an expense during the year was £244,191 (2023 - £179,124).

 

K.G.J. Price Rail Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

Summary of transactions with parent

Weeland Group Limited
 During the year Weeland Group Limited provided management and consultancy services to the company of £332,000 (2023: £Nil).

The total amount payable to the company by Weeland Group Limited at the year end was £143,887 (2023: £Nil)

 

Summary of transactions with other related parties

During the year Richard Ingham and Partners Limited provided consultancy services totalling £67,616 (2023: £105,775). There was no outstanding liability at the year end.

Mr R. Ingham is a director and a shareholder of the company.

During the year, recharges and admin charges were made between this company and K.G.J Price (Railway Contractors) Ltd.

At the 30 September 2024 there was nothing owed to K.G.J. Price (Railway Contractors) Ltd (2023: £175,543).

Mr K. G. J. Price and Mr M. A. Harris are both a director and shareholder of K.G.J. Price (Railway Contractors) Ltd

During the year the company purchased 26 Shares from Mr M. R. Cook in a share buy back arrangement at a cost of £10,000.

12

Parent and ultimate parent undertaking

Weeland Group Limited acquired a majority share holding in the company on 9 April 2024.

 The company's immediate parent is Weeland Group Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Weeland Group Limited. These financial statements are available upon request from 54 Bootham, YORK, YO30 7XZ