REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
The Somerset & Dorset Joint Railway |
Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
The Somerset & Dorset Joint Railway |
Company Limited |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
The Somerset & Dorset Joint Railway |
Company Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
110A Cher |
Minehead |
Somerset |
TA24 5EW |
BANKERS: |
P.O.Box 250 |
Delf House |
Skelmersdale |
Lancashire |
WN8 6WT |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Chairman's Report |
for the Year Ended 31 March 2023 |
Across the operating season of 2022 we increased our number of days of operations to 80 in order to push the envelope of our activities. Although we met the requirements of virtually all the days of operations from a staffing point of view, it failed to show a commensurate financial return for our efforts. It was an informative experience and whilst it was good to be so vibrant, it did demonstrate that for the given conditions, we didn't achieve the increase in footfall and turnover that we had hoped for, whilst putting extra pressure on our volunteers. Therefore, for the operating season 2023 we have dropped operating days back down to 49. |
Across the course of the latter half of last season and the early part of this year, we have also experienced a net loss of working volunteers which would have put an additional constraint on the ability to operate for an enhanced number of days this year. |
The big event in the Summer was the Queen's Jubilee, which we ran in conjunction with Midsomer Norton Town Council. Everyone had a wonderful time and it proved to be a most fitting tribute to Her Majesty Queen Elizabeth II before the sadness of her loss in September. |
During last year's operating season, loco Austin 1 was with us for the whole season. It served us well and was appreciated by the visiting public. The loco's last use was 1st January, 2023 when it was subsequently returned to Llangollen. Although it was great to have the loco with us, it does make you appreciate that, for longer term hires, you are also likely to have to pay for consumables - fire bars in this case. |
In January this year diesel shunter D1120 returned, having been successfully retro-fitted with vacuum brake controls and will be in service on public operating days during the summer. |
Joyce (the Sentinel) was in service across the earlier part of 2022 but then it developed, what transpired to be, a super-heater leak in the boiler, but it is hoped that the loco will return to service mid to late summer 2023. |
The 03 diesel shunter D2128, owned by Andrew Briddon, that was on loan to us, suffered a torque convertor failure in April 2022 and was thus unusable for the majority of the season. This failure has resulted in a residual expense to us of approximately £3,000 as it failed on our watch. It is envisaged that the loco will return to us during this season. |
It was then decided to bolster our diesel shunter capability and hire in the 03 from Swindon & Cricklade D2022. Although the loco worked well, a deterioration in the working relationship between the owner and ourselves ultimately led to the locomotive returning to Swindon & Cricklade in October. This incurred transport costs of around £3,000 for a relatively low amount of actual on-site usage. |
The privately owned DMU was featured in our programme for the first time during the season and was well received. |
In January this year, steam locomotive Cranford 0-6-0 arrived to be the steam loco for the current season. Following the identification of a technical and safety issue with the boiler, the relationship with the owners deteriorated, leading to them terminating the contract without notice. This led to a dispute between the owners and ourselves, which was subsequently put to arbitration using the auspices of the Heritage Railway Association. |
For the current season, activities have been undertaken to source a steam loco for the autumn and to ensure we have a steam loco for the Santa trains. Discussions are under way with various parties. |
Financially our sales turnover in 22/23 was £92.5k which was an increase of 9% on the previous year. Within the turnover number catering sales increased by 36% to £14.9k due to more regular opening. Core retail sales decreased but gross profit increased by 8% points due to the success of the second-hand Emporium (run by the retail team) which delivers 100% margin on the donated items it sells. Revenues from the Easter & Halloween train events and especially from the Santa season were strong but this was not the case for "standard" train services especially during the hot spells in the summer. Direct costs were adversely impacted by the factors covered above leading to higher loco haulage costs, as well as higher train operating costs due to a more intensive service and increased coal costs. Overhead costs include the £3k provision for the repair work required to the 03 Shunter. Taking all these factors into account has meant a significantly reduced surplus gifted to the Trust of £4.3k compared to £22.3k in the previous year. |
From 1st April 2023, it has been agreed that the Company will pay for all diesel fuel used on site. It is likely that this will be less onerous than we first envisaged, due to recent falls in red diesel prices. However, it is still an additional cost that the company needs to bear, although it is right that the user pays and it is felt that it will lead to better control of usage. Additionally, we continue to purchase coal via a local coal merchant, at a cost of £600 per tonne. Due to the financial pressures on our local coal merchant, we have forward purchased 10 tonnes of coal at the agreed rate, with the knowledge that we will burn it within the current financial year. |
In early 2023 it was decided to buy into the full version of the Heritage Operations Processing System (HOPS) which has significant advantage over the basic system and more appropriate for the duty placed upon us for record keeping. |
Across the course of the year there have been a number of changes to the make-up of the Board of Directors. Mike Abbott resigned from his role as Director and Head of Operations in September, Steve Thornton took on the role of Head of Operations; Roger Taylor joined us in February; Steve Jones joined us in April and Pat Stevenson stood down in May. Pat continues, at this time, to undertake the role of bookkeeper, although we are actively seeking a replacement at his request and also using JDM Accountants more than previously, obviously at a greater cost. We thank Pat very much for the time, energy and expertise he has put into the role as Director. |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Chairman's Report |
for the Year Ended 31 March 2023 |
Since the commencement of the season, there have been a number of new volunteers to the organisation, which is helping to spread the operational workload, but there is always a need for more people in all areas. |
It has been a year, at points fraught with issues and problems some of which we are continuing to battle with at the time of writing. However, the highs have outweighed the lows and we are looking forward positively. As ever none of what we have achieved could have been delivered without the tireless efforts and dedication of the volunteers, who give of their time so freely. |
Matthew Cornborough |
Chairman |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the the Board of Directors and authorised for issue on |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
The Somerset & Dorset Joint Railway Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Other creditors |
Other (inter-organisational) creditors of £ 4219 (2022 £2609) relates to amounts due to the parent company, the Somerset & Dorset Railway Heritage Trust. |
7. | CONTINGENT LIABILITIES |
The Company is currently in a contractual dispute with the owners of steam loco Cranford which was to have been the guest loco for the 2023 season. |
The HRA are involved as arbiters in this dispute. Any further costs relating to Cranford will be taken in 23/24 financial year once established. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |