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Registration number: 01524215

Plym Valley Railway Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Plym Valley Railway Co Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Plym Valley Railway Co Limited

(Registration number: 01524215)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

420,408

402,511

Current assets

 

Stocks

7,500

9,900

Debtors

5

9,687

12,405

Cash at bank and in hand

 

63,866

76,855

 

81,053

99,160

Creditors: Amounts falling due within one year

6

(71,920)

(76,771)

Net current assets

 

9,133

22,389

Total assets less current liabilities

 

429,541

424,900

Creditors: Amounts falling due after more than one year

6

(6,900)

(10,901)

Net assets

 

422,641

413,999

Capital and reserves

 

Called up share capital

603,856

590,160

Profit and loss account

(181,215)

(176,161)

Shareholders' funds

 

422,641

413,999

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Plym Valley Railway Co Limited

(Registration number: 01524215)
Statement of Financial Position as at 30 November 2023 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 1 April 2024 and signed on its behalf by:
 


Mr P G Mitchell
Company secretary and director

 

Plym Valley Railway Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Marsh Mills Station
Plymouth
Devon
PL7 4NL

Principal activity

The principal activity of the company is that of the promotion of interest in steam light railways, to provide instruction in the history of, and to operate a light railway.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Plym Valley Railway Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives. The plant held is a variety of components used in the running of the business. They therefore have varying rates between 4% and 15%.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Plym Valley Railway Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

Plym Valley Railway Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

241,934

1,443

393,152

636,529

Additions

7,060

-

30,265

37,325

Disposals

-

-

(500)

(500)

At 30 November 2023

248,994

1,443

422,917

673,354

Depreciation

At 1 December 2022

-

541

233,476

234,017

Charge for the year

1,077

135

17,524

18,736

Eliminated on disposal

-

-

193

193

At 30 November 2023

1,077

676

251,193

252,946

Carrying amount

At 30 November 2023

247,917

767

171,724

420,408

At 30 November 2022

241,934

902

159,675

402,511

5

Debtors

2023
£

2022
£

Other debtors

1,537

1,240

Prepayments

8,150

11,165

9,687

12,405

 

Plym Valley Railway Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

31,800

32,700

Accruals and deferred income

18,235

30,375

Other creditors

21,885

13,696

71,920

76,771

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

6,900

10,901

Included in Loans and Borrowings is a Bounce Back Loan received by the company through the governments Covid support scheme.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.