Company registration number 11380261 (England and Wales)
LOCOMOTIVE INTERCITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LOCOMOTIVE INTERCITY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,884,276
5,668,917
Current assets
Debtors
4
198,028
156,625
Cash at bank and in hand
440,660
448,510
638,688
605,135
Creditors: amounts falling due within one year
5
(1,736,998)
(1,412,123)
Net current liabilities
(1,098,310)
(806,988)
Net assets
3,785,966
4,861,929
Capital and reserves
Called up share capital
105
104
Share premium account
5,614,294
5,100,004
Profit and loss reserves
(1,828,433)
(238,179)
Total equity
3,785,966
4,861,929

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 17 November 2023
Mr J Hosking
Director
Company Registration No. 11380261
LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Locomotive Intercity Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The director has undertaken a number of scenario projections to understand the potential impact on the business and remains satisfied that due to the continued support of the shareholder, the Company is able to meet its liabilities as they fall due over the next 12 months. Thus it has adopted the going concern basis in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Following a review of the entity's accounting policy, depreciation will be described as below.

 

Plant and machinery 10% straight line

 

An impairment review is conducted each year. Should any impairment or movement in impairment arise from this review, this will be charged to the profit and loss account in the period in which it occurs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0, (2022 - 0).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
5,668,917
Additions
1,096,045
At 31 March 2023
6,764,962
Depreciation and impairment
At 1 April 2022
-
0
Impairment losses
1,880,686
At 31 March 2023
1,880,686
Carrying amount
At 31 March 2023
4,884,276
At 31 March 2022
5,668,917
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
198,028
156,625
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
443,369
312,818
Other creditors
1,293,629
1,099,305
1,736,998
1,412,123
LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Related party transactions

During the year Locomotive Services Limited, a company under common control registered in England and Wales, paid costs on behalf of the Company of £58,396 (2022: £523,436). It also received income and VAT repayments on behalf of the Company totalling £nil (2022: £90,889).

At 31 March 2023 Locomotive Services Limited owed the company £nil (2022: £nil).

During the year, the Company earned gross income of £2,540 (2022: £13,140) from Locomotive Services (TOC) Limited, a related undertaking. At 31 March 2023, the balance outstanding was £nil (2022: £nil).

During the year, the Company earned gross income of £71,360 (2022: £nil) from Steam Dreams Rail Co Limited, a related undertaking. At 31 March 2023, the balance outstanding was £nil (2022: £nil).

During the year, the Company issued a share to Mr J Hosking for total consideration of £90,451.

.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityJ Hosking Esqfalse113802612022-04-012023-03-31113802612023-03-31113802612022-03-3111380261core:OtherPropertyPlantEquipment2023-03-3111380261core:OtherPropertyPlantEquipment2022-03-3111380261core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111380261core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3111380261core:CurrentFinancialInstruments2023-03-3111380261core:CurrentFinancialInstruments2022-03-3111380261core:ShareCapital2023-03-3111380261core:ShareCapital2022-03-3111380261core:SharePremium2023-03-3111380261core:SharePremium2022-03-3111380261core:RetainedEarningsAccumulatedLosses2023-03-3111380261core:RetainedEarningsAccumulatedLosses2022-03-3111380261bus:Director12022-04-012023-03-3111380261core:OtherPropertyPlantEquipment2022-03-3111380261core:OtherPropertyPlantEquipment2022-04-012023-03-3111380261core:WithinOneYear2023-03-3111380261core:WithinOneYear2022-03-3111380261bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111380261bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111380261bus:FRS1022022-04-012023-03-3111380261bus:AuditExempt-NoAccountantsReport2022-04-012023-03-3111380261bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP