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Registration number: 09146470

Vale of Rheidol Trading Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2021

 

Vale of Rheidol Trading Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6 to 9

 

Vale of Rheidol Trading Limited

Company Information

Directors

Mr L A Ap Iolo

Mr R J Gambrill

Registered office

Park Avenue
Aberystwth
Ceredigion
SY23 1PG

Auditors

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Vale of Rheidol Trading Limited

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors of the company

The directors who held office during the year were as follows:

Mr L A Ap Iolo

Mr R J Gambrill

Principal activity

The principal activity of the company is the specialist retail and repair of railway equipment

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

.........................................
Mr R J Gambrill
Director

 

Vale of Rheidol Trading Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Vale of Rheidol Trading Limited

Profit and Loss Account for the Year Ended 31 December 2021

Note

2021
£

2020
£

Turnover

 

239,491

170,383

Cost of sales

 

(181,488)

(77,622)

Gross profit

 

58,003

92,761

Administrative expenses

 

(58,003)

(92,761)

Operating profit/(loss)

 

-

-

Profit/(loss) before tax

-

-

Profit/(loss) for the financial year

 

-

-

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Vale of Rheidol Trading Limited

(Registration number: 09146470)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Current assets

 

Stocks

5

83,221

79,457

Debtors

6

15,461

36,811

Cash at bank and in hand

 

166,436

105,098

 

265,118

221,366

Creditors: Amounts falling due within one year

7

(265,018)

(221,266)

Net assets

 

100

100

Capital and reserves

 

Called up share capital

8

100

100

Shareholders' funds

 

100

100

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.

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

.........................................
Mr R J Gambrill
Director

 

Vale of Rheidol Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Park Avenue
Aberystwth
Ceredigion
SY23 1PG
Wales

These financial statements were authorised for issue by the Board on 15 August 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 August 2022 was Gillian McIntosh, who signed for and on behalf of MMO Limited.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Vale of Rheidol Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 directors) during the year, was 8 (2020 - 8).

4

Auditors' remuneration

2021
£

2020
£

Audit of the financial statements

4,341

2,295

 

Vale of Rheidol Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2021


 

5

Stocks

2021
£

2020
£

Other inventories

83,221

79,457

6

Debtors

Current

2021
£

2020
£

Trade debtors

3,902

27,078

Other debtors

11,559

9,733

 

15,461

36,811

 

Vale of Rheidol Trading Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

787

1,168

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

9

257,936

211,068

Taxation and social security

 

-

2,735

Accruals and deferred income

 

6,295

6,295

 

265,018

221,266

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Summary of transactions with parent

Parent company Vale of Rheidol Railway Limited
 Included in other creditors is a balance of £257,936 (2020 : £211,068) owed to the Parent company.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Vale of Rheidol Railway Limited, incorporated in England.

 The ultimate parent is Phyllis Rampton Narrow Gauge Railway Trust, incorporated in Charity number 292240.

 The most senior parent entity producing publicly available financial statements is Phyllis Rampton Narrow Gauge Railway Trust. These financial statements are available upon request from Markwick Farm, Loxhill, Godalming, Surrey, GU8 4BE