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COMPANY REGISTRATION NUMBER: 03001177
THE JUBILEE LOCOMOTIVE COMPANY LIMITED
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
THE JUBILEE LOCOMOTIVE COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
227,827
288,431
CURRENT ASSETS
Stocks
369
369
Debtors
6
15,691
8,050
Cash at bank and in hand
334,497
253,233
-----------
-----------
350,557
261,652
CREDITORS: amounts falling due within one year
7
22,797
20,089
-----------
-----------
NET CURRENT ASSETS
327,760
241,563
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
555,587
529,994
CREDITORS: amounts falling due after more than one year
8
627,752
766,438
-----------
-----------
NET LIABILITIES
( 72,165)
( 236,444)
-----------
-----------
CAPITAL AND RESERVES
Profit and loss account
( 72,165)
( 236,444)
---------
-----------
MEMBERS DEFICIT
( 72,165)
( 236,444)
---------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE JUBILEE LOCOMOTIVE COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
E A Beet
Member
Company registration number: 03001177
THE JUBILEE LOCOMOTIVE COMPANY LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 68 Marine Drive, Hest Bank, Lancaster, LA2 6EB.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Locomotives
-
2% straight line
Computer
-
33% straight line
Equipment
-
15 % reducing balance
Depreciation is only provided on Locomotives that are in service ; no depreciation is provided on Locomotives that are undergoing restoration. Boilers are not depreciated as an annual provision for boiler rebuild is made in the accounts.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value.
4. COMPANY LIMITED BY GUARANTEE
In the event of a winding-up, each member is liable for £1 under Clause 6 of the Memorandum and Articles of Association.
5. TANGIBLE ASSETS
Locomotives
Computer
Equipment
Boilers
Total
£
£
£
£
£
Cost
At 1st January 2023
139,072
1,547
44,768
178,864
364,251
Disposals
( 24,141)
( 39,737)
( 63,878)
-----------
--------
---------
-----------
-----------
At 31st December 2023
114,931
1,547
44,768
139,127
300,373
-----------
--------
---------
-----------
-----------
Depreciation
At 1st January 2023
41,205
1,547
33,068
75,820
Charge for the year
2,189
1,755
3,944
Disposals
( 7,218)
( 7,218)
-----------
--------
---------
-----------
-----------
At 31st December 2023
36,176
1,547
34,823
72,546
-----------
--------
---------
-----------
-----------
Carrying amount
At 31st December 2023
78,755
9,945
139,127
227,827
-----------
--------
---------
-----------
-----------
At 31st December 2022
97,867
11,700
178,864
288,431
-----------
--------
---------
-----------
-----------
6. DEBTORS
2023
2022
£
£
Trade debtors
14,000
5,473
Prepayments and accrued income
1,691
1,628
Other debtors
949
---------
--------
15,691
8,050
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,739
Accruals and deferred income
1,380
1,158
Corporation tax
673
192
Social security and other taxes
7,744
Other creditors
13,000
13,000
---------
---------
22,797
20,089
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Provision for boiler rebuild
300,000
410,000
Council members loan accounts
327,752
356,438
-----------
-----------
627,752
766,438
-----------
-----------
9. RELATED PARTY TRANSACTIONS
The company operated and retained all income from the locomotive, 'Essie', which was leased from N E Perrin, a Council Member of the company. During the year the locomotive was no longer leased. The capitalised assets and the boiler provision were written back.
10. CAPITAL COMMITMENTS
It is expected that the boiler on the Leander locomotive will now be rebuilt in May 2024 at a cost of £300,000, which is less than the provision brought forward of £350,000. The provision for the boiler rebuild has therefore been reduced.