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REGISTERED NUMBER: 03778022 (England and Wales)














Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Harry Needle Railroad Company Ltd

Harry Needle Railroad Company Ltd (Registered number: 03778022)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Harry Needle Railroad Company Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: Mr H C Needle





SECRETARY: Mrs C A Needle





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





REGISTERED NUMBER: 03778022 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Harry Needle Railroad Company Ltd (Registered number: 03778022)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,765,612 8,745,008
9,765,612 8,745,008

CURRENT ASSETS
Stocks 375,026 375,026
Debtors 6 2,709,151 2,504,677
Cash at bank 2,209,626 2,513,723
5,293,803 5,393,426
CREDITORS
Amounts falling due within one year 7 2,904,609 3,610,419
NET CURRENT ASSETS 2,389,194 1,783,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,154,806

10,528,015

CREDITORS
Amounts falling due after more than one
year

8

(2,543,745

)

(2,558,375

)

PROVISIONS FOR LIABILITIES (39,419 ) (60,239 )
NET ASSETS 9,571,642 7,909,401

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 9,571,542 7,909,301
SHAREHOLDERS' FUNDS 9,571,642 7,909,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Harry Needle Railroad Company Ltd (Registered number: 03778022)

Balance Sheet - continued
28 February 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 November 2023 and were signed by:





Mr H C Needle - Director


Harry Needle Railroad Company Ltd (Registered number: 03778022)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Harry Needle Railroad Company Ltd 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Section 1A "Small Entities" 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.

Turnover
Revenue is recognised in the income statement on a straight line basis over the period of the hire.

Revenue arising from services provided is recognised in the income statement when the service is performed.

Revenue arising from storage income is recognised in the income statement in the period in which it is receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvement to property - 2% on cost
Locomotives on hire - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

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 Statement of Income and Retained Earnings, 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.


Harry Needle Railroad Company Ltd (Registered number: 03778022)

Notes to the Financial Statements - continued
for the Year Ended 28 February 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

Operating leases
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

Going concern
The company's financial statements for the year ended 28 February 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 10,000
AMORTISATION
At 1 March 2022
and 28 February 2023 10,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

Harry Needle Railroad Company Ltd (Registered number: 03778022)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS
Improvement
Freehold to Locomotives Plant and
property property on hire machinery
£    £    £    £   
COST
At 1 March 2022 2,541,323 4,893,397 3,563,598 673,948
Additions - 973,718 391,393 154,685
Disposals - - (341,161 ) -
At 28 February 2023 2,541,323 5,867,115 3,613,830 828,633
DEPRECIATION
At 1 March 2022 153,776 178,440 2,301,950 425,104
Charge for year 50,827 108,004 292,556 63,484
Eliminated on disposal - - (270,175 ) -
At 28 February 2023 204,603 286,444 2,324,331 488,588
NET BOOK VALUE
At 28 February 2023 2,336,720 5,580,671 1,289,499 340,045
At 28 February 2022 2,387,547 4,714,957 1,261,648 248,844

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2022 71,520 253,799 6,035 12,003,620
Additions - 196,768 1,309 1,717,873
Disposals - (112,005 ) - (453,166 )
At 28 February 2023 71,520 338,562 7,344 13,268,327
DEPRECIATION
At 1 March 2022 39,966 154,703 4,673 3,258,612
Charge for year 6,311 35,908 667 557,757
Eliminated on disposal - (43,479 ) - (313,654 )
At 28 February 2023 46,277 147,132 5,340 3,502,715
NET BOOK VALUE
At 28 February 2023 25,243 191,430 2,004 9,765,612
At 28 February 2022 31,554 99,096 1,362 8,745,008

Harry Needle Railroad Company Ltd (Registered number: 03778022)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 35,372
Additions 86,328
Disposals (19,722 )
Transfer to ownership (15,650 )
At 28 February 2023 86,328
DEPRECIATION
At 1 March 2022 23,493
Charge for year 8,494
Eliminated on disposal (14,603 )
Transfer to ownership (10,836 )
At 28 February 2023 6,548
NET BOOK VALUE
At 28 February 2023 79,780
At 28 February 2022 11,879

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,400,974 2,275,537
Other debtors 308,177 229,140
2,709,151 2,504,677

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,090,590 623,036
Hire purchase contracts (see note 9) 29,006 -
Trade creditors 783,970 1,375,728
Taxation and social security 860,195 985,543
Other creditors 140,848 626,112
2,904,609 3,610,419

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,286,991 2,333,908
Hire purchase contracts (see note 9) 37,087 -
Other creditors 219,667 224,467
2,543,745 2,558,375

Harry Needle Railroad Company Ltd (Registered number: 03778022)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 32,070 -
Between one and five years 41,013 -
73,083 -

Finance charges repayable:
Within one year 3,064 -
Between one and five years 3,926 -
6,990 -

Net obligations repayable:
Within one year 29,006 -
Between one and five years 37,087 -
66,093 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,377,581 2,956,944
Hire purchase contracts 66,093 -
3,443,674 2,956,944

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. RELATED PARTY DISCLOSURES

Included in other creditors is the director's current account balance of £793 (2022 - £1,063). This is interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of HNRC Holdings LTD, a company incorporated in England and Wales. The Registered office address is Reedham House, 31 King Street West, Manchester, M3 2PJ.