Company No:
Contents
| 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 |
| Note | 31.12.2024 | 31.12.2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 133,006 | 156,480 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 1,213,085 | 1,038,848 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (1,320,436) | (676,884) | ||
| Total assets less current liabilities | (1,187,430) | (520,404) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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The financial statements of Racine Railroad Products UK Limited (registered number:
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D J Sowter
Director |
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.
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.
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
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.
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.
| Leasehold improvements |
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| Plant and machinery |
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| Vehicles |
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| Computer equipment |
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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.
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.
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 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 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.
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.
| Year ended 31.12.2024 |
Period from 30.12.2022 to 31.12.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Leasehold improve- ments |
Plant and machinery | Vehicles | Computer equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
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| Charge for the financial year |
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| At 31 December 2024 |
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| 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 |
| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| VAT recoverable |
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| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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Amounts owed to group undertakings are interest free and repayable on demand.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 31.12.2024 | 31.12.2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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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.
The audit report was signed by Stephen Drew on behalf of S&W Partners Audit Limited (Formerly CLA Evelyn Partners Limited).