Registration number:
The Giant's Causeway and Bushmills Railway
(A company limited by guarantee)
for the Year Ended 31 December 2023
The Giant's Causeway and Bushmills Railway
(Registration number: NI030901)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Other long term creditors |
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Funds of the charity |
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Unrestricted funds |
28,413 |
13,755 |
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Total funds |
390,976 |
376,318 |
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:
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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.
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.
The Giant's Causeway and Bushmills Railway
(Registration number: NI030901)
Balance Sheet as at 31 December 2023
Approved and authorised by the
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The Giant's Causeway and Bushmills Railway
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. The company is a registered charity (reference XR20821) and a public benefit entity which works to advance the education of the public in terms of the history and backgroud to the World's first Hydro electric Tramway.
The address of its registered office is:
These financial statements were authorised for issue by the
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). They also comply with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) and Charities Act 2008.
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.
The Giant's Causeway and Bushmills Railway
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Income recognition
Incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Incoming resources include income from sales of service.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to that donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from government grants are recognised at fair value when the charity has entitlement after performance conditions are met, and it is probably that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Tangible assets
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.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
2% straight line basis |
Plant and equipment |
25% straight line basis |
Motor vehicles |
25% reducing balance basis |
Rolling stock |
5% straight line basis |
Rolling stock held for investment |
Nil |
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.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
The Giant's Causeway and Bushmills Railway
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO) method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge/(credit) for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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The Giant's Causeway and Bushmills Railway
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Other long term creditors |
2023 |
2022 |
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Other loans |
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