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Registration number: 03633836

The Train Chartering Company Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

The Train Chartering Company Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

The Train Chartering Company Ltd

(Registration number: 03633836)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,725

6,300

Current assets

 

Debtors

6

1,000,659

1,276,082

Cash at bank and in hand

 

418,666

248,260

 

1,419,325

1,524,342

Creditors: Amounts falling due within one year

7

(1,313,020)

(1,554,385)

Net current assets/(liabilities)

 

106,305

(30,043)

Total assets less current liabilities

 

111,030

(23,743)

Provisions for liabilities

(898)

(1,197)

Net assets/(liabilities)

 

110,132

(24,940)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

110,130

(24,942)

Shareholders' funds/(deficit)

 

110,132

(24,940)

 

The Train Chartering Company Ltd

(Registration number: 03633836)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 July 2023 and signed on its behalf by:
 

.........................................
Mr S Pielow
Director

 

The Train Chartering Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Benwell House
Preston
Wiltshire
SN14 5DX
England

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.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

The Train Chartering Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing Balance

Computer Equipment

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licences

10% Straight Line

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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

The Train Chartering Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

1,720

1,720

At 31 March 2023

1,720

1,720

Amortisation

At 1 April 2022

1,720

1,720

At 31 March 2023

1,720

1,720

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

4,067

81,689

85,756

At 31 March 2023

4,067

81,689

85,756

Depreciation

At 1 April 2022

4,038

75,416

79,454

Charge for the year

8

1,569

1,577

At 31 March 2023

4,046

76,985

81,031

Carrying amount

At 31 March 2023

21

4,704

4,725

At 31 March 2022

28

6,272

6,300

 

The Train Chartering Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

63,004

146,777

Prepayments

933,600

1,121,413

Other debtors

4,055

7,892

 

1,000,659

1,276,082

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

90,004

119,563

Taxation and social security

41,504

-

Other creditors

1,181,512

1,434,822

1,313,020

1,554,385


Included within Other Creditors is an amount of £1,124,902 (2022 - £1,382,355) of deferred income which relates to trips which are travelling post year end.

8

Parent and ultimate parent undertaking

The company's immediate parent is Luxury Adventures LTD, incorporated in England and Wales.