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REGISTRAR OF COMPANIES

Registration number: 02679394

The Settle-Carlisle Railway Development Company Limited

(A company limited by guarantee)

Unaudited Financial Statements

31 March 2023

image-name

 

The Settle-Carlisle Railway Development Company Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Settle-Carlisle Railway Development Company 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 The Settle-Carlisle Railway Development Company Limited for the year ended 31 March 2023 as set out on pages 2 to 8 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Settle-Carlisle Railway Development Company Limited, as a body, in accordance with the terms of our engagement letter dated 6 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of The Settle-Carlisle Railway Development Company Limited and state those matters that we have agreed to state to the Board of Directors of The Settle-Carlisle Railway Development Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Settle-Carlisle Railway Development Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Settle-Carlisle Railway Development Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Settle-Carlisle Railway Development Company Limited. You consider that The Settle-Carlisle Railway Development Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Settle-Carlisle Railway Development Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

9 November 2023

 

The Settle-Carlisle Railway Development Company Limited

(Registration number: 02679394)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,259

4,880

Investments

5

160

160

 

5,419

5,040

Current assets

 

Stocks

13,745

14,418

Debtors

6

30,169

21,824

Cash at bank and in hand

 

301,006

305,722

 

344,920

341,964

Creditors: Amounts falling due within one year

7

(34,965)

(33,556)

Net current assets

 

309,955

308,408

Total assets less current liabilities

 

315,374

313,448

Provisions for liabilities

(866)

(881)

Net assets

 

314,508

312,567

Capital and reserves

 

Profit and loss account

314,508

312,567

Total equity

 

314,508

312,567

 

The Settle-Carlisle Railway Development Company Limited

(Registration number: 02679394)
Balance Sheet as at 31 March 2023 (continued)

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

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 Profit and Loss Account.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

.........................................

J A Moorhouse

Director

 

The Settle-Carlisle Railway Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £100 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Town Hall
Market Place
SETTLE
BD24 9EJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Settle-Carlisle Railway Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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, as follows:

Asset class

Depreciation method and rate

Lands and buildings

20% straight line basis

Plant and equipment

25% reducing balance basis

Furniture, fittings and office equipment

20% straight line basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Settle-Carlisle Railway Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 27).

 

The Settle-Carlisle Railway Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

27,805

13,560

19,847

61,212

Additions

-

1,380

1,356

2,736

At 31 March 2023

27,805

14,940

21,203

63,948

Depreciation

At 1 April 2022

27,805

12,922

15,605

56,332

Charge for the year

-

504

1,853

2,357

At 31 March 2023

27,805

13,426

17,458

58,689

Carrying amount

At 31 March 2023

-

1,514

3,745

5,259

At 31 March 2022

-

638

4,242

4,880

5

Investments

2023
£

2022
£

Investments in subsidiaries

160

160

Subsidiaries

£

Cost or valuation

At 1 April 2022

160

At 31 March 2023

160

Provision

Carrying amount

At 31 March 2023

160

At 31 March 2022

160

 

The Settle-Carlisle Railway Development Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

14,467

8,551

Amounts owed by group undertakings and undertakings in which the company has a participating interest

7,247

3,742

Other debtors

8,455

9,531

30,169

21,824

7

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

11,810

10,342

Taxation and social security

 

17,767

11,815

Corporation tax liability

 

435

2,319

Other creditors

 

4,953

9,080

 

34,965

33,556