Company Registration No. 01470016 (England and Wales)
Maunsell Locomotive Society Limited
Unaudited accounts
for the year ended 31 December 2023
Maunsell Locomotive Society Limited
Unaudited accounts
Contents
Maunsell Locomotive Society Limited
Company Information
for the year ended 31 December 2023
Directors
S Booth
B Coughlan
J Elphick
M Frackiewicz
D Jones
S Pilcher
B Smith
A Sparkes
Company Number
01470016 (England and Wales)
Registered Office
The Bluebell Railway Limited
Sheffield Park Station
Nr Uckfield
East Sussex
TN22 3QL
Accountants
King & Taylor
123 Cross Lane East
Gravesend
Kent
DA12 5HA
Maunsell Locomotive Society Limited
Statement of financial position
as at 31 December 2023
Tangible assets
131,750
131,750
Cash at bank and in hand
40,436
40,930
Creditors: amounts falling due within one year
-
(461)
Net current assets
40,436
40,469
Net assets
172,186
172,219
Profit and loss account
172,186
172,219
Members' funds
172,186
172,219
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2024 and were signed on its behalf by
B Coughlan
Director
Company Registration No. 01470016
Maunsell Locomotive Society Limited
Notes to the Accounts
for the year ended 31 December 2023
Maunsell Locomotive Society Limited is a private company, limited by guarantee, registered in England and Wales, registration number 01470016. The registered office is The Bluebell Railway Limited, Sheffield Park Station, Nr Uckfield, East Sussex, TN22 3QL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Income represents amounts chargeable in respect of donations,membership subscriptions and sales of items donated to the Society.
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.
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.
The company does not provide depreciation on its fixed assets. The responsibility and cost of all maintenance incurred on the Society's locomotives is borne by the Bluebell Railway Plc as part of the operating agreement that exists between the two companies. As such the value of the locomotives has not, nor does not, decrease over time. A depreciation charge is therefore not appropriate.
The Maunsell Locomotovie Society Limited agreed to restore U Class locomotive 1638 which is on loan to the Society for a period of 50 years from 1993.
Asset class: Locomotive
Depreciation method and rate: As Above
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.
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Maunsell Locomotive Society Limited
Notes to the Accounts
for the year ended 31 December 2023
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Creditors with no stated interest rate or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4
Tangible fixed assets
Plant & machinery
At 31 December 2023
131,750
At 31 December 2023
131,750
At 31 December 2022
131,750
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
461
6
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).