Company registration number 06753229 (England and Wales)
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
COMPANY INFORMATION
Director
Mr M Mason
Company number
06753229
Registered office
7 Henwood Industrial Estate
Ashford
Kent
TN24 8DH
Auditor
Gilchrists AB LLP
Grove House
2 Woodberry Grove
London
N12 0DR
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9 - 10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 33
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Fair review of the business

For the financial year ended 31 December 2024, the pre-tax profit for the current year was £333,343 (2023 - £16,353), of which £183,009 related to profits generated from the disposal of the Doncaster site.

 

The results for the year are set out on page 9.

Principal risks and uncertainties

The business continues to face market competition within its sector but remains confident that the reputation, close association with customers and industry experience will enable the business to be successful in dealing with any changes or challenges to occur in the future.

Development and performance of the business
The company's turnover has dropped slightly but the gross profit margin has increased to 28.98% compared to 26.81% in the prior year and this reflects the position of the company.
Financial instruments

The company has no borrowings other than a bank loan secured on the freehold property.

 

All sales are transacted in sterling, as a consequence the company does not feel exposed to exchange rate movements.

 

The director does not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or its profit for the year.

 

Position of the company's business at the end of the year
Following a challenging trading year, primarily driven by multiple factors relating to rises in inflation, increased costs of living and whilst being locked into multiple legacy framework contracts, the business remains in a strong position with reserves of £1.756m (2023 £1.769m).
The Company continues to focus on its core business activities and current client base, but is also acquiring new contracts within its current business sector and to allow growth, is identifying new business areas for expansion. Combined, these business activities will allow future growth in revenue and margin.
With several large contracts ending, a detailed financial and operating review was carried out on the sustainability of the Doncaster office. The Company therefore took the difficult decision to close the office during the year for the future security of the Company.”.
Key Performance Indicators (KPI)
The following KPIs are used to monitor the efficiency and probability of the business and to optimise working capital.
2024
2023
Turnover
£12.24m
£13.13m
Gross profit margin
28.98%
26.81%
Operating (loss)/profit
£187.3k
£92.4k
Operating profit margin
1.53%
0.70%
Future developments

The company remains committed to increasing its sales and profitability during the coming year. There have been no important events to note, since the year end date.

 

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr M Mason
Director
6 August 2025
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of supplying personnel to the rail infrastructure and construction industry.

Director

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

Mr M Mason
Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £270,000 (2023 - £45,000l). The director does not recommend payment of a final dividend.
Financial instruments

The company's activities give rise to multiple financial risks, including the price risk, credit risk, liquidity risk and cashflow risk. The essential risk management policies are determined by the company and applied by the company's finance departments.

 

The most significant financial risks to which the company is exposed are described below:

Liquidity Risks

Liquidity risk is related to the company's need for sufficient financing of its operations and development.

 

The relevant liquidity risks are the subject of management through the meticulous monitoring of debts, financial liabilities and payments made on a regular basis.

 

The company ensures that there are sufficient available credit facilities to be able to cover its short-term business needs, after the calculation of cash flows arising from the operation as well as cash and cash equivalents which are held.

Credit Risks

The company does not exhibit any considerable concentration of credit risk in any one customer. Credit risk originates from available cash and cash equivalents, deposits with banks and financial institutions and clients with respect to trade receivables.

 

To minimise credit risk on cash reserves and cash equivalents, the company specifies certain limits to its exposure on each individual financial institutions and only engages in transactions with creditworthy financial institutions of high credit rating.

 

The company monitors its business claims and adopts policies to ensure that such claims are collected.

Auditor

In accordance with the company's articles, a resolution proposing that Gilchrists AB LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties and future developments.
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of director's responsibilities

The director is responsible for preparing the directors' report, the strategic report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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.

 

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

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.

On behalf of the board
Mr M Mason
Director
6 August 2025
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CRS RESOURCE LIMITED
- 5 -
Opinion

We have audited the financial statements of CRS Resource Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 United Kingdom, 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 director is 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:

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CRS RESOURCE LIMITED
- 6 -
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 director's 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 director

As explained more fully in the director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We consider the nature of the Company’s industry and its control environment and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the Company operates in and identified the key laws and regulations that:

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud, and how and where fraud might occur in the financial statements.

In common with all audits under the ISA’s (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CRS RESOURCE LIMITED
- 7 -

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments: assessed whether the judgements made in making accounting estimates are indicative of a potential bias: and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in the internal control that we identify during our audit.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

 

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CRS RESOURCE LIMITED
- 8 -

Use of our report

This report is made solely to the Company’s members, as a body corporate, 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 members those matters we are required to state to them in an Auditors’ 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

 

George Andrew Christodoulou FCCA (Senior Statutory Auditor)
For and on behalf of
Gilchrists AB LLP
Chartered Certified Accountants & Statutory Auditor
Grove House
2 Woodberry Grove
London
N12 0DR
6 August 2025
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
4
9,094,683
3,147,432
12,242,115
9,459,564
3,674,890
13,134,454
Cost of sales
(6,447,206)
(2,247,650)
(8,694,856)
(6,756,757)
(2,856,098)
(9,612,855)
Gross profit
2,647,477
899,782
3,547,259
2,702,807
818,792
3,521,599
Administrative expenses
(2,596,235)
(823,174)
(3,419,409)
(2,653,857)
(905,616)
(3,559,473)
Other operating income
59,459
-
0
59,459
130,243
-
0
130,243
Operating profit
6
110,701
76,608
187,309
179,193
(86,824)
92,369
Interest receivable and similar income
7
3,884
-
0
3,884
651
-
0
651
Interest payable and similar expenses
9
(40,859)
-
0
(40,859)
(43,878)
-
0
(43,878)
Fair value gains and losses on investment properties
15
-
0
-
-
(32,789)
-
(32,789)
Profit/(loss) on disposal of operations
- Doncaster
-
183,009
183,009
-
-
-
Profit/(Loss) before taxation
73,726
259,617
333,343
103,177
(86,824)
16,353
Tax on profit
12
(28,475)
(65,976)
(94,451)
(41,950)
19,675
(22,275)
Profit/(loss) for the financial year
45,251
193,641
238,892
61,227
(67,149)
(5,922)
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
- 10 -
Other comprehensive income
Revaluation of tangible fixed assets and intangible assets
-
0
22,697
Other comprehensive income of associates and jointly controlled entities accounted for using the equity method
17,568
16,732
Total comprehensive income for the year
256,460
33,507
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
14
11,300
11,300
Tangible assets
13
407,096
453,724
Investment properties
15
1,002,803
1,002,803
1,421,199
1,467,827
Current assets
Debtors falling due after more than one year
16
368,932
351,364
Debtors falling due within one year
16
1,286,108
3,270,023
Cash at bank and in hand
28,912
51,908
1,683,952
3,673,295
Creditors: amounts falling due within one year
17
(882,579)
(2,868,986)
Net current assets
801,373
804,309
Total assets less current liabilities
2,222,572
2,272,136
Creditors: amounts falling due after more than one year
18
(315,968)
(346,586)
Provisions for liabilities
(150,764)
(156,170)
Net assets
1,755,840
1,769,380
Capital and reserves
Called up share capital
22
3
3
Revaluation reserve
23
149,516
149,516
Profit and loss reserves
23
1,606,321
1,619,861
Total equity
1,755,840
1,769,380
The financial statements were approved and signed by the director and authorised for issue on 6 August 2025
Mr M Mason
Director
Company Registration No. 06753229
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
3
126,819
1,654,051
1,780,873
Year ended 31 December 2023:
Loss
-
-
(5,922)
(5,922)
Other comprehensive income:
Revaluation of tangible fixed assets and intangible assets
-
22,697
-
22,697
Other comprehensive income of associates and jointly controlled entities
-
-
0
16,732
16,732
Total comprehensive income
-
22,697
10,810
33,507
Dividends
11
-
-
(45,000)
(45,000)
Balance at 31 December 2023
3
149,516
1,619,861
1,769,380
Year ended 31 December 2024:
Profit
-
-
238,892
238,892
Other comprehensive income:
Other comprehensive income of associates and jointly controlled entities
-
-
0
17,568
17,568
Total comprehensive income
-
-
256,460
256,460
Dividends
11
-
-
(270,000)
(270,000)
Balance at 31 December 2024
3
149,516
1,606,321
1,755,840
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
250,794
447,413
Interest paid
(40,859)
(43,878)
Income taxes paid
(42,054)
(118,235)
Net cash inflow from operating activities
167,881
285,300
Investing activities
Proceeds from disposal of business
183,009
-
0
Purchase of tangible fixed assets
(68,560)
(63,911)
Proceeds from disposal of tangible fixed assets
55,469
34,250
Interest received
3,884
651
Net cash generated from/(used in) investing activities
173,802
(29,010)
Financing activities
Repayment of bank loans
(14,584)
(10,181)
Payment of finance leases obligations
(12,529)
24,117
Non-operating income treated as financing activity
(67,566)
(232,900)
Dividends paid
(270,000)
(45,000)
Net cash used in financing activities
(364,679)
(263,964)
Net decrease in cash and cash equivalents
(22,996)
(7,674)
Cash and cash equivalents at beginning of year
51,908
59,582
Cash and cash equivalents at end of year
28,912
51,908
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

2
Accounting policies
Company information

CRS Resource Limited is a private company limited by shares and its incorporated in England and Wales with the registration number 06753229. The registered office is 7 Henwood Industrial Estate, Ashford, Kent, TN24 8DH.

2.1
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 preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

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 £.

 

These financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings, fixed asset intangibles and certain financial instruments measured at fair value in accordance with the accounting policies set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has performed a detailed review of the projected profit and loss account which extend at least 12 months from the date of approval of these accounts. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 15 -
2.4
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, these are accounted for under the IAS 38 revaluation model on the basis there is an active market for the transfer and sale of the asset the company holds. The intangible asset is carried at its revalued amount which is its fair value at the date of revaluation less any subsequent accumulated impairment loss.

An increase in fair value is recorded first through Profit or Loss in respect of any previous impairment recognised being reversed, with any further gains being recognised through Other Comprehensive Income. A decrease in fair value is recorded first through Other Comprehensive Income in respect of any previous gains recognised being reversed, with any further impairment being recognised through Profit or Loss.

2.5
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit or loss and included in other operating income.

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:

Freehold buildings
50 years and 5 years straight line basis
Fixtures and fittings
over 3 years
Equipment
over 3 years
Motor vehicles
25% straight line basis

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.

Land and buildings held and used in the company’s own activities for the supply of services or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease in the carrying amount of land and buildings is recognised in other comprehensive income and is included in the property revaluation reserve in equity.

2.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

2.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.8
Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.10
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 income statement 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

2.11
Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the scheme are held separately from those of the company in an independently administered fund.

2.12
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 statement of financial position 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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 19 -
2.13

Factored debts

The company accounts for factored debts according to where the risks and benefits of ownership reside. A gross asset (equivalent in amount to the gross amount of the debts) is shown on the balance sheet within assets, and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities.

2.14

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received.

2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans , are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial , in which case they are stated at cost.

 

3
Sources of estimation uncertainty - Valuation of land and buildings
As described in note 12 to the financial statements, freehold buildings are stated at fair value based on the valuation performed by an independent professional valuer Glenny LLP, Chartered Surveyors, who are an independent company with experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, condition of the asset. However, the rise in interest rates and inflation has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation.
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rail infrastructure services
12,242,115
13,134,454
2024
2023
£
£
Other revenue
Interest income
3,884
651
Rent receivable
59,459
72,940

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Employees and directors

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

2024
2023
Number
Number
Administrative staff
24
32
Management staff
1
1
Total
25
33

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
985,874
986,137
Social security costs
96,472
96,282
Pension costs
15,905
17,612
1,098,251
1,100,031
6
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
13,375
Depreciation of owned tangible fixed assets
49,081
47,684
Depreciation of tangible fixed assets held under finance leases
22,698
18,122
Defined contribution pension costs
15,905
17,612
Profit on disposal of tangible fixed assets
(12,061)
(15,376)
Operating lease charges - property
25,310
24,716
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
96
Other interest income
3,884
555
Total income
3,884
651
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
8
Director's remuneration
2024
2023
£
£
Aggregate remuneration (including benefits in kind)
15,203
7,646
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
Not wholly repayable within five years
25,449
24,623
Interest on finance leases and hire purchase contracts
Not wholly repayable within five years
15,410
11,785
Interest on overdue taxation
-
0
7,470
40,859
43,878
10
Discontinued operations
Doncaster

In the year ended 31 December 2024 the company closed the Doncaster office, which constituted a discontinued operation under Under FRS 102 s5.5B.f.

 

The results of this discontinued operation are presented separately in the income statement and the profit on disposal of operations is detailed separately.

 

11
Dividends
2024
2023
£
£
Final paid
270,000
45,000
No final dividends are proposed.
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
33,881
31,922
Tax on discontinued operations
65,976
(19,676)
Total current tax
99,857
12,246
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(5,406)
10,029
Total tax charge
94,451
22,275

Of the charge to current tax in relation to discontinued operations, £20,224 relates to tax on profits and £45,752 arose on disposal.

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

2024
2023
£
£
Profit before taxation
333,343
16,353
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.11%)
83,336
3,616
Tax effect of expenses that are not deductible in determining taxable profit
8,491
8,253
Permanent capital allowances in excess of depreciation
8,030
5,799
Effect of revaluations of investments
-
0
7,250
Effect of revaluation of Investment property
-
0
(12,670)
Deferred tax adjustments
(5,406)
10,029
Rounding on tax charge
-
0
(2)
Taxation charge for the year
94,451
22,275
Factors that may affect future tax charges
In the 2021 Spring Budget, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% for companies with taxable profits above £250,000. The 25% rate is used to measure UK deferred taxes in 2024 (and in 2023 the 22.11% rate used reflects 9 months of the new rate and 3 months of the previous rate of 19% to the extent the related timing differences were expected to reverse after 1 April 2023) to the extent the related timing differences of £5,406 are expected to reverse in 2025 or later.
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
397,197
4,015
96,600
164,292
662,104
Additions
-
0
3,304
12,175
53,081
68,560
Disposals
-
0
-
0
-
0
(99,932)
(99,932)
At 31 December 2024
397,197
7,319
108,775
117,441
630,732
Depreciation and impairment
At 1 January 2024
66,447
4,015
71,928
65,990
208,380
Depreciation charged in the year
10,500
551
17,274
43,455
71,780
Eliminated in respect of disposals
-
0
-
0
-
0
(56,524)
(56,524)
At 31 December 2024
76,947
4,566
89,202
52,921
223,636
Carrying amount
At 31 December 2024
320,250
2,753
19,573
64,520
407,096
At 31 December 2023
330,750
-
0
24,672
98,302
453,724
The analysis of the cost or valuation at 31 December 2024 and 2023 of the above assets are as follows:
Freehold buildings
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
At 31 December 2024
At cost
-
7,319
108,775
117,441
233,535
At valuation
397,197
-
-
-
397,197
397,197
7,319
108,775
117,441
630,732
At 31 December 2023
At cost
-
4,015
96,600
164,292
264,907
At valuation
397,197
-
-
-
397,197
397,197
4,015
96,600
164,292
662,104
Fixed assets include in the above, which are held under finance lease and hire purchase contracts are as follows:
Motor vehicles
Cost
£
At 1 January 2024
109,690
Additions
39,731
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 24 -
Disposal
(58,629)
At 31 December 2024
90,792
Depreciation
At 1 January 2024
33,738
Charges for the year
30,340
Disposal
(21,421)
At 31 December 2024
42,657
Net Book Value
At 31 December 2024
48,135
At 31 December 2023
75,952

Freehold property was revalued on 14 June 2023 to its fair value of £397,197 by Glenny LLP, Chartered Surveyors who are Independent of the company and have experience of valuing similar properties. The director is of the opinion that the fair value of the property has not materially changed as at 31 December 2024 since the previous valuation.

If freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £162,615 (2023 - £166,928), including accumulated depreciation of £55,319 (2023 - £51,007).

14
Intangible fixed assets
Crypto currency
£
Cost
At 1 January 2024 and 31 December 2024
11,300
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
11,300
At 31 December 2023
11,300

Intangible assets relate to Crypto Currency held by the company. Based on the market value, the director is of the opinion that that fair value has not materially changed as at 31 December 2024 and still holds a fair value of £11,300. If this was included in the balance sheet on a historical cost basis, then the carrying amount would be £92,260.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
15
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,002,803

Investment property was revalued on 14 June 2023 to its fair value of £1,002,803 by Glenny LLP, Chartered Surveyors who are Independent of the company and have experience of valuing similar properties.

The director is of the opinion that the fair value of the property has not materially changed as at 31 December 2024 since the previous valuation.

 

The company has allowed a floating charge over the company's assets, including the freehold land and buildings and investment properties with a carrying amount of £1,150,000, as security for the bank loan.

 

The historical cost of the investment properties was £382,001 (2023- £382,001).

16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,083,556
2,729,023
Amounts owed by associated undertakings
84,368
34,368
Other debtors
74,070
456,936
Prepayments and accrued income
44,114
49,696
1,286,108
3,270,023
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
368,932
351,364
Total debtors
1,655,040
3,621,387
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
17,278
9,468
Obligations under finance leases
7,717
12,022
Payments received on account
440,513
1,430,574
Trade creditors
194,758
221,467
Corporation tax
94,978
37,175
Other taxation and social security
15,680
26,219
Other creditors
14,522
767,169
Accruals and deferred income
97,133
364,892
882,579
2,868,986

The balance due to the factoring company at 31 December 2024 was £440,513 (2023 £1,430,574) is secured by a fixed and floating charge over the undertaking and all property and assets.

18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
268,845
291,239
Obligations under finance leases
47,123
55,347
315,968
346,586
Amounts included above which fall due after five years are as follows:
Payable by instalments
159,484
253,368
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Loans and overdrafts
2024
2023
£
£
Current
Bank loans - secured
17,278
9,468
Bank loans - unsecured
-
-
17,278
9,468
Non-current
Bank loans - secured
268,845
291,239
Bank loans - unsecured
-
-
286,123
300,707
Carrying amount repayable
Wholly repayable within 5 years
126,639
117,002
Not wholly repayable within 5 years
159,484
183,705
286,123
300,707
Non-current bank loans comprise:
Carrying amount
Maturity
Effective
2024
2023
Date
Interest
£
£
Variable rate bank loan
2035
8.25%
268,845
291,239
268,845
291,239

The bank loans are secured on the Company’s buildings which have a carrying value of £320,250 (2023 - £330,750) and Investment property of £1,002,803 (2023 - £1,002,803). The directors consider that their carrying amounts of the bank loans approximate to their fair value.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
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
3,395
8,800
Revaluations
44,038
44,039
Investment property
103,331
103,331
150,764
156,170
2024
Movements in the year:
£
Liability at 1 January 2024
156,170
Credit to profit or loss
(5,406)
Liability at 31 December 2024
150,764

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.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,905
17,612

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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,905 (2023 - £17,612). Contributions totalling £2,133 (2023 - £3,749) were payable to the fund at the balance sheet date and are included in creditors.

22
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Allotted, issued and fully paid
Ordinary shares of £1 each
3
3
3
3

The holders of the ordinary shares are entitled to receive dividends as declared.

All ordinary shares rank equally with regard to the company's residual assets.

Called-up share capital represents the nominal value of the shares that have been issued.

 

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
23
Reserves
Retained
Revaluation
Totals
earnings
Reserve
£
£
£
At 1 January 2024
1,619,861
149,516
1,769,377
Profit/(Loss) for the year
(31,108)
-
(31,108)
Other comprehensive income
17,568
-
17,568
Fair value movement
-
-
-
At 31 December 2024
1,606,321
149,516
1,755,837

Share capital

This represents the nominal value of ordinary shares that have been issued by the company and which are classified as equity instruments.

Revaluation reserve

This reserve comprises current and prior year revaluations relating to fixed asset Investments and Investment properties.

Profit and loss reserves

This reserve comprises all current and prior retained profits and losses.

24
Leases
As a lessee
Finance leases

The total future minimum lease payments under non-cancellable operating leases are payable as follows:

2024
2023
£
£
Within one year
13,381
18,366
Between two and five years
53,746
69,083
67,127
87,449
Future finance charges
(13,286)
(20,079)
Net carrying amount of obligations under finance leases
53,841
67,370
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Leases
(Continued)
- 30 -
The finance leases are for motor vehicles which are rented for a period of four years. These are recognized as tangible fixed assets (see note 13). The lease agreements are for fixed lease payments and include a purchase option at the end of the lease term.
The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £48,135 (2023 - £75,952). The director consider that the carrying amount of the obligations under finance lease agreements approximate to their fair value.
The Company had no commitments under non-cancellable finance leases at the year end (2023 - £Nil).
Operating leases
The Company's total future minimum lease payments under non-cancellable operating leases are payable as follows:
2024
2023
£
£
Within one year
95,782
23,962
Between two and five years
180,348
49,950
276,130
73,912
In 2023, the operating leases are for offices rented in Doncaster. The lease was surrendered on 24 February 2025.
Other operating leases are for equipment which is rented for 5 years and expires on 23 March 2025 and for vehicles which are rented for 5 years and expires on 19 March 2029.
The Company had no commitments under non-cancellable operating leases at the year end (2023 - £Nil).
As a lessor
Operating leases
The Company's total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Within one year
64,630
114,630
Between two and five years
137,640
252,270
In over five years
-
0
-
0
202,270
366,900
Lease payments recognized as ‘Other operating Income' in the period were £59,459 (2023 - £72,940).
There were no contingent rents in the period (2023 - £Nil).
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
25
Capital commitments

There were no capital commitments contracted for at the year end.

26
Events after the reporting date

On 24th February 2025 the business paid £37,068 to surrender the lease on the Doncaster office.

27
Related party transactions

The company was under the control of Mr M Mason throughout the current and previous year. Mr Mason is the managing director and majority shareholder.

 

During the year the company did not receive any repayment of the loan due from M&M Management Services Limited, a company in which Mr. M Mason is a director and shareholder. As at the Balance Sheet date the company was owed £368,932 (2023 - £351,364) which is included within Debtors: amounts falling due after more than one year. The transactions between the Company and the related party during the year consisted of loans advanced by the Company of £17,568 (2023 - £16,732) and loans repaid to the Company of £Nil (2023 - £Nil).

 

During the year, the company loaned funds to Goddens Estates Limited, a company in which Mr M Mason is a director. As at the balance sheet date the company was owed £34,481 (2023 - £17,981). The transactions between the Company and the related party during the year consisted of loans advanced by the Company of £16,500 (2023 - £15,500) and loans repaid to the Company of £Nil (2023 - £nil).

 

During the year, the company loaned funds to Goddens Property Management Limited, a company in which Mr. M Mason is a director. As at the balance sheet date the company was owed £49,887 (2023 - £16,387). The transactions between the Company and the related party during the year consisted of loans advanced by the Company of £71,500 (2023 - £61,000) and loans repaid to the Company of £38,000 (2023 - £416,500).

 

These loans are unsecured, non interest bearing with no fixed repayment terms and repayable on demand.

 

Key management personnel comprise only the director who has authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £15,203 (2023 - £7,646). Amounts owed to directors are disclosed in note 27 – Loans to directors.

 

28
Bank facilities

As at the balance sheet date the company had a credit facility of £33,000 on company credit cards.

CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
29
Directors' transactions

Dividends totalling £270,000 (2023 - £45,000) were paid in the year in respect of shares held by the company's director.

Included within other creditors are the following loans from the director:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
Maximum outstanding during the year
£
£
£
£
£
Mr M Mason -
(756,896)
1,072,023
(320,000)
(4,873)
-
(756,896)
1,072,023
(320,000)
(4,873)
-
30
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
238,892
(5,922)
Adjustments for:
Taxation charged
94,451
22,275
Finance costs
40,859
43,878
Investment income
(3,884)
(651)
Related party loan discounting adjustment
17,568
16,732
Gain on disposal of tangible fixed assets
(12,061)
(15,376)
Gain on disposal of business
(183,009)
-
Fair value gain on investment properties
-
0
(24,514)
Depreciation and impairment of tangible fixed assets
71,780
65,807
Movements in working capital:
Decrease in debtors
2,033,913
657,350
Decrease in creditors
(2,047,715)
(312,166)
Cash generated from operations
250,794
447,413
CRS RESOURCE LIMITED
PREVIOUSLY "CIVIL RAIL SOLUTIONS LTD"
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
31
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
51,908
(22,996)
28,912
Borrowings excluding overdrafts
(300,707)
14,584
(286,123)
Obligations under finance leases
(67,369)
13,529
(53,840)
Intragroup debt
385,732
67,566
453,298
69,564
72,683
142,247
32
Discontinued operations

On 24 September 2024 the company disposed of its Doncaster site. The profit on disposal of the Doncaster site has been calculated as follows:

 

 

£
Cash proceeds/profit on disposal before tax
222,600
£
The net inflow of cash in respect of the sale of the Doncaster site is as follows:
Cash consideration
225,000
Cash transferred on disposal
41,991
Net inflow of cash
183,009
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