WESTERN RAIL SERVICES (HOLDINGS) LIMITED Company Accounts

WESTERN RAIL SERVICES (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07601027

WESTERN RAIL SERVICES (HOLDINGS) LIMITED

Filleted Unaudited Financial Statements

30 April 2017

WESTERN RAIL SERVICES (HOLDINGS) LIMITED

Financial Statements

Year ended 30 April 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

WESTERN RAIL SERVICES (HOLDINGS) LIMITED

Officers and Professional Advisers

Director	Mr I P Merrifield

Registered office	Trinity House
	3 Friars Lane
	Plymouth
	Devon
	PL1 2LG

Accountants	New Wave Accountants (SW) Ltd
	Chartered Certified Accountants
	Trinity House
	3 Friars Lane
	The Barbican
	Plymouth
	Devon
	PL1 2LG

WESTERN RAIL SERVICES (HOLDINGS) LIMITED

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	4	126,825	125,959
		---------	---------
Total assets less current liabilities		126,825	125,959

Creditors: amounts falling due after more than one year	5	125,625	125,625
		---------	---------
Net assets		1,200	334
		---------	---------

Capital and reserves

Called up share capital	1,200	334
	-------	----
Members funds	1,200	334
	-------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 2 November 2017 , and are signed on behalf of the board by:

Mr I P Merrifield
Director

Company registration number: 07601027

WESTERN RAIL SERVICES (HOLDINGS) LIMITED

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Trinity House, 3 Friars Lane, Plymouth, Devon, PL1 2LG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2016	125,959
Additions	866
	---------
At 30 April 2017	126,825
	---------
Impairment
At 1 May 2016 and 30 Apr 2017	–
	---------

Carrying amount
At 30 April 2017	126,825
	---------
At 30 April 2016	125,959
	---------

The company owns 100% of the issued share capital of WRS Cables Limited.

The last two years aggregate capital and reserves and the profit and (loss) for each year is shown below.

	2017	2016
	£	£
Aggregate capital and reserves	204,445	183,205
Profit and (loss) for the year	186,240	35,754

WRS Cables Limited is a company incorporated in the UK, it's principle activity is the supply and distribution of rail cables and related products. The company registration number is 04613828 and its registered office address is Trinity House, 3 Friars Lane, The Barbican, Plymouth, Devon, PL1 2LG

5. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	125,625	125,625
	---------	---------

6. Related party transactions

During the year the company received a dividend from WRS Cables Limited totalling £165,000. At the year end there was an amount owed to WRS Cables Limited totalling £125,625 (2016: £125,625).

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.