17 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 00034916 2021-01-01 2021-12-31 00034916 2021-12-31 00034916 2020-12-31 00034916 2020-01-01 2020-12-31 00034916 2020-12-31 00034916 core:LandBuildings core:LongLeaseholdAssets 2021-01-01 2021-12-31 00034916 core:PlantMachinery 2021-01-01 2021-12-31 00034916 core:FurnitureFittings 2021-01-01 2021-12-31 00034916 bus:Director1 2021-01-01 2021-12-31 00034916 bus:Director2 2021-01-01 2021-12-31 00034916 core:WithinOneYear 2021-12-31 00034916 core:WithinOneYear 2020-12-31 00034916 core:AfterOneYear 2021-12-31 00034916 core:ShareCapital 2021-12-31 00034916 core:ShareCapital 2020-12-31 00034916 core:RevaluationReserve 2021-12-31 00034916 core:RevaluationReserve 2020-12-31 00034916 core:RetainedEarningsAccumulatedLosses 2021-12-31 00034916 core:RetainedEarningsAccumulatedLosses 2020-12-31 00034916 bus:SmallEntities 2021-01-01 2021-12-31 00034916 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 00034916 bus:AbridgedAccounts 2021-01-01 2021-12-31 00034916 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 00034916 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: 00034916
The Bridgnorth Castle Hill Railway Company Limited
Filleted Unaudited Abridged Financial Statements
31 December 2021
The Bridgnorth Castle Hill Railway Company Limited
Abridged Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
522,474
524,534
Current assets
Stocks
5,092
1,033
Debtors
4,693
10,469
Cash at bank and in hand
82,955
24,415
--------
--------
92,740
35,917
Creditors: amounts falling due within one year
58,293
87,044
--------
--------
Net current assets/(liabilities)
34,447
( 51,127)
---------
---------
Total assets less current liabilities
556,921
473,407
Creditors: amounts falling due after more than one year
35,000
Provisions
Taxation including deferred tax
12,400
12,700
---------
---------
Net assets
509,521
460,707
---------
---------
Capital and reserves
Called up share capital
6,000
6,000
Revaluation reserve
51,135
51,135
Profit and loss account
452,386
403,572
---------
---------
Shareholders funds
509,521
460,707
---------
---------
These abridged 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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
The Bridgnorth Castle Hill Railway Company Limited
Abridged Statement of Financial Position (continued)
31 December 2021
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:
Dr M L D B Tipping
Mrs E E Tipping
Director
Director
Company registration number: 00034916
The Bridgnorth Castle Hill Railway Company Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6A Castle Terrace, Bridgnorth, Shropshire, WV16 4AH.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long Leasehold Property
-
1% straight line
Plant & Machinery
-
5% reducing balance
Fixtures & Fittings
-
7% straight line
Ticket machines - Equal instalments over 13 years Rolling stock - 5% per annum on written down value Computer equipment - 30% per annum on written down value No provision is made for depreciation on Freehold Buildings used in the business. This is not in accordance with the recommendations of the FRS 102 Section 1a. However, in the directors' opinion such depreciation if provided would not be material. No depreciation is provided on property held for investment purposes.
(f) Investment property
Included in freehold property is an investment property which is valued on an open market basis. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
(g) 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.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2020: 17 ).
5. Tangible assets
£
Cost
At 1 January 2021
594,358
Additions
3,324
---------
At 31 December 2021
597,682
---------
Depreciation
At 1 January 2021
69,824
Charge for the year
5,384
---------
At 31 December 2021
75,208
---------
Carrying amount
At 31 December 2021
522,474
---------
At 31 December 2020
524,534
---------
Included in freehold land and buildings is a property held for investment purposes. At 31 December 2014 the directors revalued the property at an open market value of £100,000. It is the opinion of the directors that this still represents a fair valuation of the property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 December 2021
Aggregate cost
52,993
Aggregate depreciation
--------
Carrying value
52,993
--------
At 31 December 2020
Aggregate cost
52,993
Aggregate depreciation
--------
Carrying value
52,993
--------
6. Controlling party
The ultimate parent company is Devitt & Sons Limited a company registered in England and Wales.