RAILTRAIL TOURS LIMITED
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 28,666 32,591
Current assets
Debtors 5 178,721 161,672
Cash at bank and in hand 1,101,811 1,325,366
1,280,532 1,487,038
Creditors: amounts falling due within one year 6 (1,044,538) (1,237,564)
Net current assets 235,994 249,474
Total assets less current liabilities 264,660 282,065
Creditors: amounts falling due after more than one year 7 (43,333) (63,333)
Provisions for liabilities (6,095) (6,095)
Net assets 215,232 212,637
Capital and reserves
Called up share capital 100 100
Profit and loss account 215,132 212,537
Shareholder's funds 215,232 212,637
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR. D.C. FELSTEAD
Director
Approved by the board on 19 June 2024
RAILTRAIL TOURS LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Turnover is recognised on a departure date basis.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 15% reducing balance basis
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 4,889
At 29 February 2024 4,889
Amortisation
At 1 March 2023 4,889
At 29 February 2024 4,889
Net book value
At 29 February 2024 -
At 29 February 2020 -
Goodwill has been written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2023 125,290
Additions 1,328
At 29 February 2024 126,618
Depreciation
At 1 March 2023 92,699
Charge for the year 5,253
At 29 February 2024 97,952
Net book value
At 29 February 2024 28,666
At 28 February 2023 32,591
5 Debtors 2024 2023
£ £
Prepayments 178,721 156,683
Other debtors - 4,989
178,721 161,672
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans (unsecured) 20,000 20,000
Deposits in advance 848,319 997,851
Trade creditors 141,051 144,478
Corporation tax 5,805 31,359
Other taxes and social security costs 13,363 13,876
Director's loan account 16,000 30,000
1,044,538 1,237,564
7 Creditors: amounts falling due after more than one year 2024 2023
£ £
Bank loans (unsecured) 43,333 63,333
8 Controlling party
Mr. D.C. Felstead, the sole director of the company, owns 100% of the issued share capital of the company.
9 Other information
RAILTRAIL TOURS LIMITED is a private company limited by shares and incorporated in England (Company Number 02509776). Its registered office is 21, The Smithfield Centre, Leek, Staffordshire, ST13 5JW.
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