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Registration number: 09997458

Vintage Road, Rail and Steam Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2018

 

Vintage Road, Rail and Steam Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Vintage Road, Rail and Steam Ltd

Company Information

Director

J Jones-Pratt

Registered office

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Vintage Road, Rail and Steam Ltd
for the Year Ended 28 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vintage Road, Rail and Steam Ltd for the year ended 28 February 2018 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Vintage Road, Rail and Steam Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Vintage Road, Rail and Steam Ltd and state those matters that we have agreed to state to the Board of Directors of Vintage Road, Rail and Steam Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vintage Road, Rail and Steam Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Vintage Road, Rail and Steam Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Vintage Road, Rail and Steam Ltd. You consider that Vintage Road, Rail and Steam Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Vintage Road, Rail and Steam Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

9 November 2018

 

Vintage Road, Rail and Steam Ltd

(Registration number: 09997458)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

398,331

485,100

Current assets

 

Debtors

5

7,117

-

Cash at bank and in hand

 

20

19

 

7,137

19

Creditors: Amounts falling due within one year

6

(384,777)

(472,225)

Net current liabilities

 

(377,640)

(472,206)

Net assets

 

20,691

12,894

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

80,504

23,475

Profit and loss account

(59,913)

(10,681)

Total equity

 

20,691

12,894

For the financial year ending 28 February 2018 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Vintage Road, Rail and Steam Ltd

(Registration number: 09997458)
Balance Sheet as at 28 February 2018

Approved and authorised by the director on 9 November 2018
 

.........................................

J Jones-Pratt
Director

 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF
United Kingdom

The principal place of business is:
Slimeridge Farm
Lynx Road
Uphill
Weston-super-Mare
Somerset
BS23 4XY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is Pound Sterling (£).

 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles

2% straight line/12.5% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Tangible assets

Vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

495,000

495,000

Additions

472,735

472,735

Disposals

(512,500)

(512,500)

At 28 February 2018

455,235

455,235

Depreciation

At 1 March 2017

9,900

9,900

Charge for the year

63,504

63,504

Eliminated on disposal

(16,500)

(16,500)

At 28 February 2018

56,904

56,904

Carrying amount

At 28 February 2018

398,331

398,331

At 28 February 2017

485,100

485,100

 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

5

Debtors

2018
£

2017
£

Prepayments

3,118

-

Other debtors

3,999

-

7,117

-

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

6,825

426,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

371,452

45,475

Accruals and deferred income

 

6,500

750

 

384,777

472,225

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Vintage Road, Rail and Steam Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

8

Related party transactions

Loans from related parties

2018

Parent
£

At start of period

45,475

Advanced

900,161

Repaid

(517,156)

Interest transactions

(57,028)

At end of period

371,452

2017

Parent
£

Advanced

69,050

Repaid

(100)

Interest transactions

(23,475)

At end of period

45,475

Terms of loans from related parties


The loan from the parent company, J J P Holdings (South West) Ltd, is interest free and has been discounted over a period of 5 years at an interest rate of 4.25%.

 

9

Parent and parent undertaking

The company's immediate parent is J J P Holdings (South West) Limited, incorporated in England and Wales.

 The ultimate controlling party is J Jones-Pratt.