BAGNALL 2819 COMPANY LIMITED

Company Registration Number:
12298948 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

BAGNALL 2819 COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 11

BAGNALL 2819 COMPANY LIMITED

Company Information

for the Period Ended 31 December 2023




Director: Anne Belsey
Jonathan Griffiths
Kathleen Pounds
David Carter
Registered office: Woody Bay Station
Martinhoe Cross
Parracombe
Barnstaple
England
EX31 4RA
Company Registration Number: 12298948 (England and Wales)

BAGNALL 2819 COMPANY LIMITED

Directors' Report Period Ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal Activities

The company’s activity during the year continued to be the restoration of the railway locomotive built by WG Bagnall Ltd with a builder's number of 2819.

Directors

The directors shown below have held office during the whole of the period from 01 January 2023 to 31 December 2023
Anne Belsey
Jonathan Griffiths
Kathleen Pounds
David Carter

This report was approved by the board of directors on 3 April 2024
And Signed On Behalf Of The Board By:

Name: Jonathan Griffiths
Status: Director

BAGNALL 2819 COMPANY LIMITED

Profit and Loss Account

for the Period Ended 31 December 2023


Notes

2023
£

2022
£
Turnover 0 0
Cost of sales ( 0 ) ( 0 )
Gross Profit or (Loss) 0 0
Income from coronavirus (COVID-19) business support grants 0 0
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 1,901 ) ( 118 )
Other operating income 380 1,050
Operating Profit or (Loss) ( 1,521 ) 932
Interest Receivable and Similar Income 0 0
Interest Payable and Similar Charges ( 0 ) ( 0 )
Profit or (Loss) Before Tax ( 1,521 ) 932
Tax on Profit ( 0 ) ( 0 )
Profit or (Loss) for Period ( 1,521 ) 932

The notes form part of these financial statements

BAGNALL 2819 COMPANY LIMITED

Balance sheet

As at 31 December 2023


Notes

2023
£

2022
£
Fixed assets
Tangible assets: 4 139,940 108,786
Total fixed assets: 139,940 108,786
Current assets
Debtors: 5 1,771 0
Cash at bank and in hand: 12,933 18,021
Total current assets: 14,704 18,021
Creditors: amounts falling due within one year: 6 ( 37,840 ) ( 12,482 )
Net current assets (liabilities): ( 23,136 ) 5,539
Total assets less current liabilities: 116,804 114,325
Total net assets (liabilities): 116,804 114,325

The notes form part of these financial statements

BAGNALL 2819 COMPANY LIMITED

Balance sheet continued

As at 31 December 2023


Notes

2023
£

2022
£
Capital and reserves
Called up share capital: 125,000 121,000
Profit and loss account: ( 8,196 ) ( 6,675 )
Shareholders funds: 116,804 114,325

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 3 April 2024
And Signed On Behalf Of The Board By:

Name: Jonathan Griffiths
Status: Director

The notes form part of these financial statements

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Tangible fixed assets are valued at cost less accumulated depreciation and any impairment losses. Depreciation is provided at a rate to write off the cost, less estimated residual value, of each asset evenly over its expected useful operational life, as follows:
    Locomotive 2% per year
    Plant and machinery 20% per year
    The locomotive is a heritage asset. As it was non-operational during the year, no depreciation has been charged. In addition to the cost of acquisition, all costs directly attributable to bringing the locomotive to the condition necessary for it to be capable of operating are capitalised. The value of volunteer help with the restoration is not included in the accounts. Following restoration, it is intended that the locomotive will be well maintained such that its residual value will be equal to or greater than its carrying value. However, as a major overhaul will occur every ten years on expiry of the boiler certificate, depreciation will be charged while the locomotive has a current boiler certificate, at a rate expected to be sufficient to offset the costs of that overhaul which will be capitalised, subject to derecognition of replaced components.

    Other accounting policies

    DEBTORS Short term debtors are recognised at the settlement amount due, less any impairment losses for bad and doubtful debts. Prepayments are valued at the amount prepaid. CREDITORS Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally measured at the settlement amount due. The cost of work in progress not invoiced is estimated and accrued. TAXATION A current tax liability is recognised for the tax payable on the taxable profit of the current year. 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current or deferred taxation assets and liabilities are not discounted. DONATIONS AND LEGACIES Voluntary income is recognised when receivable. Donations in the form of legacies are recognised when it is probable that the legacy will be received and its value can be measured reliably.

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees


    2023

    2022
    Average number of employees during the period 0 0

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 3. Off balance sheet disclosure

    No

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Plant & machinery Total
Cost £ £
At 01 January 2023 108,877 108,877
Additions 31,184 31,184
Disposals ( 0 ) ( 0 )
Revaluations 0 0
Transfers 0 0
At 31 December 2023 140,061 140,061
Depreciation
At 01 January 2023 91 91
Charge for year 30 30
On disposals ( 0 ) ( 0 )
Other adjustments - -
At 31 December 2023 121 121
Net book value
At 31 December 2023 139,940 139,940
At 31 December 2022 108,786 108,786

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors


2023
£

2022
£
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 1,771 0
Total 1,771 0
Debtors due after more than one year: 0 0

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6.Creditors: amounts falling due within one year note


2023
£

2022
£
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 6,000
Other creditors 37,840 6,482
Total 37,840 12,482

The Lynton and Barnstaple Railway Community Interest Company (“the CIC”) has carried out work on and bought materials for the locomotive. The CIC had not accounted to the company for the costs it has incurred as at 31 December 2022 and therefore the directors were uncertain of the amount due to the CIC at that time. In the absence of explicit information, the directors accrued an amount of £6,000. During year the CIC brought their accounting up to date.

BAGNALL 2819 COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7.1.Related party disclosures

Name of related party: Anne Belsey
Description of relationship:
A director
Description of the transaction:
Anne Belsey has settled various company obligations since formation, and this year made an interest free loan to the company of £10,000.
Balance at 01 January 2023 6,432
Balance at 31 December 2023 16,432

Name of related party: Jonathan Griffiths
Description of relationship:
A director
Description of the transaction:
Jonathan Griffiths has made an interest free loan to the company of £10,000.
Balance at 01 January 2023 0
Balance at 31 December 2023 10,000

Repayment of these loans is contingent upon adequate finance being otherwise available, whether by new share capital sufficient to complete the restoration, or from income from steaming fees surplus to amounts set aside to meet the costs of future overhaul.