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REGISTERED NUMBER: 01936470 (England and Wales)















Wealden Railway Company Limited

Unaudited Financial Statements for the Year Ended 31 January 2023






Wealden Railway Company Limited (Registered number: 01936470)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wealden Railway Company Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr J S Nye
Mr J Pay
Mr S Pay
Mr S R Owens
Mr C J Hobden





REGISTERED OFFICE: West Station
Nevill Terrace
Tunbridge Wells
Kent
TN2 5QY





REGISTERED NUMBER: 01936470 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX

Wealden Railway Company Limited (Registered number: 01936470)

Balance Sheet
31 January 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 459,761 470,665

CURRENT ASSETS
Stocks 17,353 14,825
Debtors 5 173,687 158,947
Cash at bank and in hand 323,541 321,240
514,581 495,012
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

313,218

246,197
NET CURRENT ASSETS 201,363 248,815
TOTAL ASSETS LESS CURRENT
LIABILITIES

661,124

719,480

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(36,499

)

(38,999

)

PROVISIONS FOR LIABILITIES (41,736 ) (61,275 )
NET ASSETS 582,889 619,206

Wealden Railway Company Limited (Registered number: 01936470)

Balance Sheet - continued
31 January 2023

2023 2022
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 8 518,610 518,610
Other reserves 9 36,166 30,776
Fair value reserve 9 112,086 112,086
Retained earnings 9 (83,973 ) (42,266 )
SHAREHOLDERS' FUNDS 582,889 619,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





Mr J S Nye - Director


Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Wealden Railway Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - over the term of the lease
Plant and machinery - 15% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are made when an obligation exists for a future liability in respect of a past event and where the amount of obligation can be reliably estimated. Provisions are made for costs relating to the maintenance and overhaul of locomotives, diesel units and carriages used by the railway and are calculated based on an average cost per operating day. Provisions are stated at the present value of the amount expected to be required to settle the obligation.

Going concern
The directors have also assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months. The company's parent company has also indicated its willingness to continue to support the company for the foreseeable future and the directors thus conclude that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 February 2022 200,000 202,902 -
Additions - - 23,033
At 31 January 2023 200,000 202,902 23,033
DEPRECIATION
At 1 February 2022 - 153,880 -
Charge for year - 13,993 922
At 31 January 2023 - 167,873 922
NET BOOK VALUE
At 31 January 2023 200,000 35,029 22,111
At 31 January 2022 200,000 49,022 -

Plant and Computer
machinery equipment Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 434,199 30,769 867,870
Additions 4,805 283 28,121
At 31 January 2023 439,004 31,052 895,991
DEPRECIATION
At 1 February 2022 237,170 6,155 397,205
Charge for year 17,898 6,212 39,025
At 31 January 2023 255,068 12,367 436,230
NET BOOK VALUE
At 31 January 2023 183,936 18,685 459,761
At 31 January 2022 197,029 24,614 470,665

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2023 is represented by:

Improvements
Freehold Short to
property leasehold property
£    £    £   
Valuation in 2021 112,086 - -
Cost 87,914 202,902 23,033
200,000 202,902 23,033

Plant and Computer
machinery equipment Totals
£    £    £   
Valuation in 2021 - - 112,086
Cost 439,004 31,052 783,905
439,004 31,052 895,991

Freehold land was valued on an open market basis on 31 January 2021 by Watsons Estates. The directors do not consider there to have been a significant change in the valuation.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Amounts owed by group undertakings 415 -
Other debtors 173,272 158,947
173,687 158,947

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts - 25,999
Trade creditors 156,511 32,704
Amounts owed to group undertakings - 37,436
Other creditors 156,707 150,058
313,218 246,197

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Other creditors 36,499 38,999

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
518,610 Ordinary £1 518,610 518,610

9. RESERVES
Fair
Retained Other value
earnings reserves reserve Totals
£    £    £    £   

At 1 February 2022 (20,471 ) 30,776 112,086 122,391
Prior year adjustment (21,795 ) (21,795 )
(42,266 ) 100,596
Deficit for the year (36,317 ) (36,317 )
Transfer to/from other reserve (5,390 ) 5,390 - -
At 31 January 2023 (83,973 ) 36,166 112,086 64,279

Other reserves comprises the Resilient Reserve Heritage Fund.

10. RELATED PARTY DISCLOSURES

The Tunbridge Wells & Eridge Railway Preservation Society Limited (TW&ERPS) owned 85% of the company's ordinary share capital at the balance sheet date. The company received grants from TW&ERPS amounting to £4,651 during the year (2022 - £102,396).

The company was owed £415 from TW&ERPS (2022 - the company owed TW&ERPS £37,436) at the balance sheet date. The loan is interest free, unsecured and repayable on demand.