Wadebridge (34007) Locomotive Limited |
Registered number: |
01673483 |
Directors' Report |
|
The directors present their report and accounts for the year ended 31 March 2023. |
|
Principal activities |
The company's principal activity during the year continued to be the ownership and maintenance of ex Southern Railway steam locomotive number 34007 'Wadebridge'. |
|
Directors |
The following persons served as directors during the year: |
|
|
J E Barrett |
|
D G Williams |
|
Mrs S Crowther |
|
D J Ford |
|
S N Evans |
|
C S Roberts |
|
G H Watson |
|
P Greenwood (appointed 5 October 2022) |
|
Small company provisions |
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
This report was approved by the board on 5 October 2023 and signed on its behalf. |
|
|
|
|
|
S N Evans |
Director |
|
Wadebridge (34007) Locomotive Limited |
|
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Wadebridge (34007) Locomotive Limited for the year ended 31 March 2023 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wadebridge (34007) Locomotive Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance |
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF. |
|
|
Cochrane & Co Accountants Limited |
Accountants and Statutory Auditors |
38 Kings Road |
Lee-on-the-Solent |
Hampshire |
PO13 9NU |
|
18 October 2023 |
|
Wadebridge (34007) Locomotive Limited |
Registered number: 01673483 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
561,890 |
|
|
489,854 |
|
Current assets |
Cash at bank and in hand |
|
|
247,287 |
|
|
322,683 |
|
Creditors: amounts falling due within one year |
4 |
|
(22,944) |
|
|
(18,771) |
|
Net current assets |
|
|
|
224,343 |
|
|
303,912 |
|
Total assets less current liabilities |
|
|
|
786,233 |
|
|
793,766 |
|
|
Provisions for liabilities |
|
|
|
(52,966) |
|
|
(72,151) |
|
|
Net assets |
|
|
|
733,267 |
|
|
721,615 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
538,708 |
|
|
538,708 |
Profit and loss account |
|
|
|
194,559 |
|
|
182,907 |
|
Shareholders' funds |
|
|
|
733,267 |
|
|
721,615 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
|
|
|
|
S N Evans |
Director |
Approved by the board on 5 October 2023 |
|
Wadebridge (34007) Locomotive Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax, of the hire of the locomotive. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Locomotive |
5% reducing balance |
|
Tender and boiler under construction |
Nil (until completed) |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Locomotive 34007 |
|
Locomotive 34007 overhaul costs |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
529,268 |
|
140,063 |
|
669,331 |
|
Additions |
- |
|
72,036 |
|
72,036 |
|
At 31 March 2023 |
529,268 |
|
212,099 |
|
741,367 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
179,477 |
|
- |
|
179,477 |
|
At 31 March 2023 |
179,477 |
|
- |
|
179,477 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
349,791 |
|
212,099 |
|
561,890 |
|
At 31 March 2022 |
349,791 |
|
140,063 |
|
489,854 |
|
|
4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
21,757 |
|
11,382 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
6,671 |
|
6,671 |
|
Taxation and social security costs |
(6,734) |
|
(312) |
|
Other creditors |
1,250 |
|
1,030 |
|
|
|
|
|
|
22,944 |
|
18,771 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
J Barrett is both a director and shareholder of the company. |
|
|
6 |
Controlling party |
|
|
The ultimate controlling party is Watercress Line Heritage Railway Trust Limited, a registered charity and company registered in England and Wales. The charity is controlled by its board of Trustees. Copies of the consolidated financial statements can be obtained from Companies House. |
|
|
7 |
Other information |
|
|
Wadebridge (34007) Locomotive Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Alresford Station |
|
Hampshire |
|
SO24 9JG |