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Registration number: 01208456

Gwili Railway Company Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Gwili Railway Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Gwili Railway Company Limited

Company Information

Directors

Mr Peter Wynford Nicholas

Mr Anthony Thomas Ridgewell

Mr Duane Curtis

Ms Sue Ware

Mr Mathew Isaac Bowen

Mr Alessandro Sidoli

Mr David Keith Doble

Company secretary

Mr Mathew Isaac Bowen

Registered office

Bronwydd Arms Station
Bronwydd
Carmarthen
Carmarthenshire
SA33 6HT
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Gwili Railway Company Limited

(Registration number: 01208456)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Tangible assets

4

1,129,766

706,546

Current assets

 

Stocks

5

12,952

3,475

Debtors

6

28,094

51,277

Cash at bank and in hand

 

98,572

64,550

 

139,618

119,302

Creditors: Amounts falling due within one year

7

(183,672)

(75,181)

Net current (liabilities)/assets

 

(44,054)

44,121

Total assets less current liabilities

 

1,085,712

750,667

Creditors: Amounts falling due after more than one year

7

(303,197)

(235,796)

Net assets

 

782,515

514,871

Capital and reserves

 

Called up share capital

8

534,081

524,869

Revaluation reserve

133,814

133,814

Retained earnings

114,620

(143,812)

Shareholders' funds

 

782,515

514,871

For the financial 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.

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.

 

Gwili Railway Company Limited

(Registration number: 01208456)
Balance Sheet as at 31 December 2023

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 2 July 2024 and signed on its behalf by:
 

.........................................
Mr Peter Wynford Nicholas
Director

 

Gwili Railway Company Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bronwydd Arms Station
Bronwydd
Carmarthen
Carmarthenshire
SA33 6HT
Wales

These financial statements were authorised for issue by the Board on 2 July 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Gwili Railway Company Limited

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

Tax

The tax expense for the period comprises current 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 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.

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

Plant and machinery

15% Reducing Balance

Office equipment

33% Straight Line

Land & Buildings

2% Reducing Balance

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 merchandise sold 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.

 

Gwili Railway Company Limited

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

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. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Gwili Railway Company Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 7 (2022 - 6).

 

Gwili Railway Company Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Properties under construction
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

150,340

37,371

390,501

225,860

804,072

Additions

443,967

5,187

-

49,419

498,573

Disposals

(7,021)

(1,503)

-

(24,104)

(32,628)

Transfers

303,849

-

(303,849)

-

-

At 31 December 2023

891,135

41,055

86,652

251,175

1,270,017

Depreciation

At 1 January 2023

-

24,900

-

72,626

97,526

Charge for the year

17,823

7,600

-

27,306

52,729

Eliminated on disposal

-

(702)

-

(9,302)

(10,004)

At 31 December 2023

17,823

31,798

-

90,630

140,251

Carrying amount

At 31 December 2023

873,312

9,257

86,652

160,545

1,129,766

At 31 December 2022

150,340

12,471

390,501

153,234

706,546

 

Gwili Railway Company Limited

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

Included within the net book value of land and buildings above is £873,312 (2022 - £150,340) in respect of freehold land and buildings.
 

 

Gwili Railway Company Limited

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

5

Stocks

31 December
2023
£

31 December
2022
£

Other inventories

12,952

3,475

6

Debtors

Current

31 December
2023
£

31 December
2022
£

Trade debtors

67

1,236

Prepayments

678

2,701

Other debtors

10,000

10,000

VAT

17,349

37,340

 

28,094

51,277

 

Gwili Railway Company Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Bank loans and overdrafts

9

71,011

52,994

Trade creditors

 

19,510

10,652

Taxation and social security

 

2,404

722

Accruals and deferred income

 

68,666

10,477

Other creditors

 

22,081

336

 

183,672

75,181

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

9

276,197

208,796

Other non-current financial liabilities

 

27,000

27,000

 

303,197

235,796

8

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary A of £10 each

44,329

443,290

44,329

443,290

Ordinary B of £5 each

202

1,010

202

1,010

 

44,531

444,300

44,531

444,300

 

Gwili Railway Company Limited

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

9

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

156,721

168,065

Other borrowings

119,476

40,731

276,197

208,796

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

15,748

15,412

Bank overdrafts

308

308

Other borrowings

54,955

37,274

71,011

52,994