Silverfin false 11 August 2025 11 August 2025 Stephen Drew S&W Partners Audit Limited (Formerly CLA Evelyn Partners Limited) 667,026 520,405 false true 31/12/2024 01/01/2024 31/12/2024 G W Christiansen III 30/12/2022 B A Christiansen 30/12/2022 D G Da Pra 23/03/2023 D J Sowter 23/03/2023 11 August 2025 The principal activity of the company during the period was the design, manufacture and sale of maintenance-of-way equipment to the railroad industry. 14563309 2024-12-31 14563309 bus:Director1 2024-12-31 14563309 bus:Director2 2024-12-31 14563309 bus:Director3 2024-12-31 14563309 bus:Director4 2024-12-31 14563309 2023-12-31 14563309 core:CurrentFinancialInstruments 2024-12-31 14563309 core:CurrentFinancialInstruments 2023-12-31 14563309 core:ShareCapital 2024-12-31 14563309 core:ShareCapital 2023-12-31 14563309 core:RetainedEarningsAccumulatedLosses 2024-12-31 14563309 core:RetainedEarningsAccumulatedLosses 2023-12-31 14563309 core:LeaseholdImprovements 2023-12-31 14563309 core:PlantMachinery 2023-12-31 14563309 core:Vehicles 2023-12-31 14563309 core:ComputerEquipment 2023-12-31 14563309 core:LeaseholdImprovements 2024-12-31 14563309 core:PlantMachinery 2024-12-31 14563309 core:Vehicles 2024-12-31 14563309 core:ComputerEquipment 2024-12-31 14563309 core:WithinOneYear 2024-12-31 14563309 core:WithinOneYear 2023-12-31 14563309 core:BetweenOneFiveYears 2024-12-31 14563309 core:BetweenOneFiveYears 2023-12-31 14563309 2024-01-01 2024-12-31 14563309 bus:FilletedAccounts 2024-01-01 2024-12-31 14563309 bus:SmallEntities 2024-01-01 2024-12-31 14563309 bus:Audited 2024-01-01 2024-12-31 14563309 2022-12-30 2023-12-31 14563309 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14563309 bus:Director1 2024-01-01 2024-12-31 14563309 bus:Director2 2024-01-01 2024-12-31 14563309 bus:Director3 2024-01-01 2024-12-31 14563309 bus:Director4 2024-01-01 2024-12-31 14563309 core:LeaseholdImprovements 2024-01-01 2024-12-31 14563309 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 14563309 core:Vehicles 2024-01-01 2024-12-31 14563309 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 14563309 core:PlantMachinery 2024-01-01 2024-12-31 14563309 core:ComputerEquipment 2024-01-01 2024-12-31 14563309 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 14563309 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 14563309 (England and Wales)

RACINE RAILROAD PRODUCTS UK LIMITED

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

RACINE RAILROAD PRODUCTS UK LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

RACINE RAILROAD PRODUCTS UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
RACINE RAILROAD PRODUCTS UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS G W Christiansen III
B A Christiansen
D G Da Pra
D J Sowter
REGISTERED OFFICE Eq
4th Floor
111 Victoria Street
Bristol
BS1 6AX
United Kingdom
COMPANY NUMBER 14563309 (England and Wales)
AUDITOR S&W Partners Audit Limited (Formerly CLA Evelyn Partners Limited)
Statutory Auditor
103 Colmore Row
Birmingham
B3 3AG
RACINE RAILROAD PRODUCTS UK LIMITED

BALANCE SHEET

As at 31 December 2024
RACINE RAILROAD PRODUCTS UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 133,006 156,480
133,006 156,480
Current assets
Stocks 1,003,487 922,625
Debtors 5 160,884 63,231
Cash at bank and in hand 48,714 52,992
1,213,085 1,038,848
Creditors: amounts falling due within one year 6 ( 2,533,521) ( 1,715,732)
Net current liabilities (1,320,436) (676,884)
Total assets less current liabilities (1,187,430) (520,404)
Net liabilities ( 1,187,430) ( 520,404)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 1,187,431 ) ( 520,405 )
Total shareholder's deficit ( 1,187,430) ( 520,404)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Racine Railroad Products UK Limited (registered number: 14563309) were approved and authorised for issue by the Board of Directors on 11 August 2025. They were signed on its behalf by:

D J Sowter
Director
RACINE RAILROAD PRODUCTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
RACINE RAILROAD PRODUCTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Racine Railroad Products UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Eq, 4th Floor, 111 Victoria Street, Bristol, BS1 6AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Racine Railroad Products UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

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

The directors have received confirmation from the immediate parent company, Racine Railroads Products Inc that it is their intention to continue to use the Company to service its markets in the UK for the period covering at least the next 12 months from the date of signing of these accounts.

The immediate parent company directors have prepared a group budget that demonstrates the group's ability to meet its liabilities as they fall due for a period of at least one year from the approval of these financial statements. The UK company is included within the budget, and the ultimate parent company directors have confirmed in writing that the ultimate parent company will provide financial support to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least one year from the date of approval of these financial statements.

In the event that the existing trading relationship in place with Racine Railroads Products Inc were to change, the Company may not remain a going concern. The directors do not believe this to be a likely scenario. On this basis, the directors of the Company has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair
value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is
recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction;
and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 5 years straight line
Vehicles 20 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Prior year adjustment

During the audit, it was identified that the recharge to the company of certain expenses paid by the parent company on behalf of the Company for the period ended 31 December 2023 had been overstated by £47,451. This overstatement related specifically to Employer’s National Insurance contributions. This led to an overstatement of £47,451 in amounts owed to group undertakings.

An adjustment has been made to the comparative figures to reflect the correction, resulting in a reduction in Employers NI by £26,888, a reduction in Directors' employers NI by £20,563, and a corresponding decrease in amounts owed to group undertakings by £47,451.

The net impact of this adjustment at 31 December 2023 was a reduction in the reported loss for the year by £47,451 and a decrease in net liabilities of the same amount.

3. Employees

Year ended
31.12.2024
Period from
30.12.2022 to
31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2024 34,532 84,744 56,278 0 175,554
Additions 0 0 7,676 2,238 9,914
At 31 December 2024 34,532 84,744 63,954 2,238 185,468
Accumulated depreciation
At 01 January 2024 4,029 6,149 8,896 0 19,074
Charge for the financial year 6,100 16,949 10,085 254 33,388
At 31 December 2024 10,129 23,098 18,981 254 52,462
Net book value
At 31 December 2024 24,403 61,646 44,973 1,984 133,006
At 31 December 2023 30,503 78,595 47,382 0 156,480

5. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 155,884 15,447
Prepayments 5,000 4,267
VAT recoverable 0 43,517
160,884 63,231

6. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Trade creditors 16,266 128,704
Amounts owed to Group undertakings 2,457,305 1,509,647
Accruals 40,204 70,125
Other taxation and social security 17,991 6,023
Other creditors 1,755 1,233
2,533,521 1,715,732

The 2023 figures have been restated, see Note 2.

Amounts owed to group undertakings are interest free and repayable on demand.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2024 31.12.2023
£ £
within one year 21,000 14,000
between one and five years 60,300 81,300
81,300 95,300

8. Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.

9. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The audit report was signed by Stephen Drew on behalf of S&W Partners Audit Limited (Formerly CLA Evelyn Partners Limited).

10. Ultimate controlling party

The Company's parent company is Racine Railroad Products Inc., a company incorporated in USA.