REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
VINTAGE TRAINS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
VINTAGE TRAINS LIMITED |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
VINTAGE TRAINS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The results for the year show a loss for the period of £340,838 (2022: £78,718). |
Our plans were severely disrupted by the Covid-19 pandemic and whilst we were only able to recommence operations in August 2021, a full train programme was promoted for the 2022 season. However, this was also disrupted due to the rail network being closed as a result of strike action. A number of trains were cancelled, but where possible rescheduled but with some loss in passenger revenue. Also, during the dry summer certain steam trips were either cancelled or run with diesel traction. Whilst overall customer numbers were better than 2021 they did not return to pre-pandemic levels. We will need to continue to subsidise our operations for a while longer as passenger confidence and volumes rebuild to ensure we can generate an operating surplus. In the meantime we still need to grow our business. We continue to develop The Shakespeare Express, The Polar Express Train Ride and add entertainment to our portfolio, but still provide a range of long distance charters to popular destinations. |
Throughout the year ended 31 March 2023 operations have been supported by funding from its parent Vintage Trains CBS , its ultimate parent Vintage Trains Charitable Trust and the drawn down Business Bounce Back loan which is now being repaid. Steps continue to be taken to reduce costs where ever possible but have been hampered by higher than expected inflation. |
The Directors consider that there is adequate financial headroom as the operational patterns settle down and that support is available from Vintage Trains Charitable Trust group. It is on this basis that the accounts are prepared as a going concern. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 then 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. |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Mark J Rees LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Vintage Trains Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of tickets and souvenirs, excluding value added tax. Turnover relating to ticket sales is recognised on the date of the event. Income and deposits received in advance of events are included as deferred income. |
The company provides services to customers under standard terms and conditions. In all cases revenue is recognised when the risk and rewards to ownership are transferred and this is defined to be on the date the train is operated. |
Intangible assets |
Intangible assets are initially recognised at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences consists of the application costs to obtain an operating licence from the Office of Rail and Road. |
The licence will continue to be in force until revoked by the Office of Rail and Road. As there is no evidence that this will occur as of the approval date of the financial statements, it has been determined that the asset has an indefinite life. |
The accounting policy will be reviewed annually to assess whether the life of the licence has become definite, in which case the asset will be amortised evenly over the remaining useful life. |
Tangible fixed assets |
Fixtures and fittings | - |
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standard. |
Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value in use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for defective items where appropriate. |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction cost, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
As explained in the review of business in the Directors' Report these financial statements have been prepared on the going concern basis. |
As at 31 March 2023 the liabilities exceed the assets by £1,638,987 and there is total net current liabilities of £283,015. The company is supported by loans amounting to £1,396,900 from the company's parent, Vintage Trains CBS (amounting to £846,900 which is not repayable until the company has net positive worth) and the company's ultimate parent company Vintage Trains Charitable Trust (amounting to £550,000 which is not repayable until the company has net positive worth). |
In addition, the directors have received confirmation that Vintage Trains Charitable Trust will provide additional funding to meet the immediate cashflow requirements of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 March 2023 |
DEPRECIATION |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security | ( |
) |
Other creditors |
VINTAGE TRAINS LIMITED (REGISTERED NUMBER: 10436785) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Included within bank loans is a Bounce Back loan of £10,000 (2022:£10,000). Interest of 2.5% per annum is charged on the loan and the loan term remaining is 4 years. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
Amounts owed to group undertakings consists of a loan from the company's parent, Vintage Trains CBS £846,900 (2022: £849,000) and a loan from the Ultimate Parent Company Vintage Trains Charitable Trust £550,000 (2022: £350,000). |
Both loans have interest charged at 2% with no repayments due until Vintage Trains Limited has a positive net worth. |
Included within bank loans is a Bounce Back loan of £25,009 (2022: £35,000). Interest of 2.5% per annum is charged on the loan and the loan term remaining is 4 years. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
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 with wholly owned subsidiaries within the group. |
11. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Vintage Trains CBS, a Community Benefit Society. |
The ultimate parent company is Vintage Trains Charitable Trust, a charitable company limited by guarantee and incorporated in England and Wales. |