REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
23 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
STANIER MOGUL FUND LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
23 AUGUST 2023 TO 31 MARCH 2024 |
FOR |
STANIER MOGUL FUND LIMITED |
STANIER MOGUL FUND LIMITED (REGISTERED NUMBER: 15091499) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 23 August 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
STANIER MOGUL FUND LIMITED |
COMPANY INFORMATION |
for the period 23 August 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
STANIER MOGUL FUND LIMITED (REGISTERED NUMBER: 15091499) |
BALANCE SHEET |
31 March 2024 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Cash at bank | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Other reserves |
Income and expenditure account | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
STANIER MOGUL FUND LIMITED (REGISTERED NUMBER: 15091499) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 23 August 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Stanier Mogul Fund Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
H M Revenue & Customs have previously confirmed to the Association that a member orgnaisation it is exempt from taxation on its preservation activities. Txation therefore arises on Bank Interest received and 50% of the net profit made on sales (stand/postal) during the period. This has previously been agreed with H Revenue & Customs. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Heritage assets |
The company owns the ex LMS and British Railways Stanier Mogul locomotive 13268 (2968, 42968). The 1934 locomotive is the only surviving working example of the class of locomotives built at Crewe Works in 1934 to the design of Sir William Stanier. |
Due to the unique nature of the locomotive, and how it was originally acquired by The Stanier Mogul Fund before the transfer to this company, the company has not recognised a cost or valuation for the asset in the financial statements. It was acquired from scrap for preservation in 1973 and originally returned to operational use in 1991 following restoration. |
The locomotive has returned to steam on 22nd June 2024 following a major overhaul at Bridgnorth works and is resident at the Severn Valley Railway. |
STANIER MOGUL FUND LIMITED (REGISTERED NUMBER: 15091499) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 23 August 2023 to 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 23 August 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 22 August 2023 |
The fund holds 4,286 shares in the Severn Valley Railway (Holdings) Plc at a cost of £1 per share. |
At 31st March 2024, the Insurance Bonds are shown in the statement at their cost price of £42,500. |
5. | CASH AT BANK |
The bank balance is made up of the following balances:- |
2024 |
£ |
Barclays Current | 108,418 |
Barclays Deposit | 24,946 |
Sum Up Current | 41,543 |
Buckinghamshire Building Society | 74,319 |
Stafford Railway Building Society | 91,018 |
Furness Building Society | 90,254 |
Cambridge Building Society | 74,567 |
Chorley Building Society | 64,933 |
Progressive Building Society | 76,315 |
Skipton Building Society | 65,316 |
West Bromwich Building Society | 72,622 |
Total | 784,251 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Tax |
STANIER MOGUL FUND LIMITED (REGISTERED NUMBER: 15091499) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 23 August 2023 to 31 March 2024 |
7. | OTHER FINANCIAL COMMITMENTS |
When reading the statement the following provisions for future expenditure made by the Management Committee should be taken into consideration:- |
2024 |
£ |
2030 Overhaul | 300,000 |
2045 Overhaul | 435,000 |
General Fund - running costs | 20,000 |
Spirit of 2040 Benefits | 40,000 |
Cosmetic Restoral | 35,000 |
830,000 |