| Victa Railfreight Ltd |
| Registered number: |
03017321 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 March 2018. |
|
| Principal activities |
| The company's principal activities during the year continued to be rail operations support to freight train operators and freight customers, rail freight logistics management and consultancy, rail operations and safety training and provision of rail operations staff and expertise to major construction projects. |
|
| Trading review |
| Recent growth continued, with existing business streams all expanding and our established hire of operations staff being extended to include provision of main line train drivers to other Freight Operating Companies in the second half of the year. Mobilisation for a significant long term rail terminal operations contract in the North West of England, starting in June 2019, commenced at the end of the period in review. |
|
| Directors |
| The following persons served as directors during the year: |
|
|
Duncan Buchanan |
|
Neil Sime |
|
| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
| This report was approved by the board on 10 December 2018 and signed on its behalf. |
|
|
|
|
|
| Neil Sime |
| Director |
|
| Victa Railfreight Ltd |
|
| Report to the directors on the preparation of the unaudited statutory accounts of Victa Railfreight Ltd for the year ended 31 March 2018 |
| In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the accounts of Victa Railfreight Ltd for the year ended 31 March 2018 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/. |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
| Alan Johnson Accountancy Ltd |
| Chartered Certified Accountants |
|
| 10 December 2018 |
|
| Victa Railfreight Ltd |
| Registered number: |
03017321 |
| Balance Sheet |
| as at 31 March 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
4 |
|
|
5,334 |
|
|
8,534 |
| Tangible assets |
5 |
|
|
14,993 |
|
|
10,752 |
| Investments |
6 |
|
|
600 |
|
|
600 |
|
|
|
|
20,927 |
|
|
19,886 |
|
| Current assets |
| Debtors |
7 |
|
1,704,427 |
|
|
1,022,007 |
| Cash at bank and in hand |
|
|
314,699 |
|
|
439,938 |
|
|
|
2,019,126 |
|
|
1,461,945 |
|
| Creditors: amounts falling due within one year |
8 |
|
(1,084,170) |
|
|
(1,019,436) |
|
| Net current assets |
|
|
|
934,956 |
|
|
442,509 |
|
| Total assets less current liabilities |
|
|
|
955,883 |
|
|
462,395 |
|
| Provisions for liabilities |
|
|
|
(2,849) |
|
|
(2,043) |
|
| Net assets |
|
|
|
953,034 |
|
|
460,352 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
152,000 |
|
|
152,000 |
| Profit and loss account |
|
|
|
801,034 |
|
|
308,352 |
|
| Shareholders' funds |
|
|
|
953,034 |
|
|
460,352 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
|
|
|
|
| Neil Sime |
| Director |
| Approved by the board on 10 December 2018 |
|
| Victa Railfreight Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and from the sale of goods. Turnover from the rendering of support and similar services is recognised when the right to consideration is obtained through the delivery of the service. Turnover from the rendering of consultancy and similar services is recognised by reference to the stage of completion of the contract, which is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and equipment |
over 5-7 years |
|
Computer equipment |
over 3 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Tax on profit |
2018 |
|
2017 |
| £ |
£ |
|
|
Corporation tax |
122,782 |
|
62,210 |
|
Deferred tax |
806 |
|
2,043 |
|
|
|
|
|
|
123,588 |
|
64,253 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
81 |
|
47 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Other intangible assets: |
|
|
Cost |
|
At 1 April 2017 |
16,000 |
|
At 31 March 2018 |
16,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2017 |
7,466 |
|
Provided during the year |
3,200 |
|
At 31 March 2018 |
10,666 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2018 |
5,334 |
|
At 31 March 2017 |
8,534 |
|
|
|
|
|
|
|
|
|
|
Other intangible assets are being written off in equal annual instalments over their estimated economic life of 5 years. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2017 |
24,297 |
|
Additions |
10,263 |
|
At 31 March 2018 |
34,560 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2017 |
13,545 |
|
Charge for the year |
6,022 |
|
At 31 March 2018 |
19,567 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2018 |
14,993 |
|
At 31 March 2017 |
10,752 |
|
|
| 6 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 April 2017 |
600 |
|
|
At 31 March 2018 |
600 |
|
|
| 7 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Trade debtors |
400,058 |
|
314,663 |
|
Other debtors |
1,304,369 |
|
707,344 |
|
|
|
|
|
|
1,704,427 |
|
1,022,007 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Bank loans and overdrafts |
4,400 |
|
1,807 |
|
Trade creditors |
63,228 |
|
76,185 |
|
Taxation and social security costs |
506,810 |
|
483,319 |
|
Other creditors |
509,732 |
|
458,125 |
|
|
|
|
|
|
1,084,170 |
|
1,019,436 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
|
|
Included under creditors falling due within one year is the amount of £43,367 owed by the company to the director Duncan Buchanan, representing loans by him to the company net of amounts converted to non redeemable preference shares. There are no formal terms for repayment. |
|
|
| 10 |
Other information |
|
|
Victa Railfreight Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
First Floor, Unit 1, Viewpoint |
|
Boxley Road |
|
Penenden Heath |
|
Maidstone |
|
ME14 2DZ |