Registered number
01673483
Wadebridge (34007) Locomotive Limited
Report and Unaudited Accounts
31 March 2023
Wadebridge (34007) Locomotive Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Notes to the accounts 6
Wadebridge (34007) Locomotive Limited
Company Information
Directors
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)
Secretary
P Greenwood (appointed 10 May 2022)
Accountants
Cochrane & Co Accountants Ltd
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Alresford Station
Alresford
Hampshire
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Registered number
01673483
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
Profit and Loss Account
for the year ended 31 March 2023
2023 2022
£ £
Turnover 300 1,500
Cost of sales (7,066) -
Gross (loss)/profit (6,766) 1,500
Administrative expenses (4,085) (3,311)
Other operating income 2,306 5,703
Operating (loss)/profit (8,545) 3,892
Interest receivable 1,012 5
(Loss)/profit before taxation (7,533) 3,897
Tax on (loss)/profit 19,185 (16,973)
Profit/(loss) for the financial year 11,652 (13,076)
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
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