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REGISTERED NUMBER: 10710863 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2023

FOR

SOUTH DEVON RAILWAY ASSOCIATION LIMITED

SOUTH DEVON RAILWAY ASSOCIATION LIMITED (REGISTERED NUMBER: 10710863)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOUTH DEVON RAILWAY ASSOCIATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 DECEMBER 2023







DIRECTORS: Mr A R Cash
Mr E G Elsworth-Wilson
Mr T J Hodgson - Chairman
Mr A J Johnson
Mr J Keohane - Secretary
Mr A D Lovegrove
Mr J K Morton
Mr M D Webb
Mr E R Goodridge





REGISTERED OFFICE: The Station
Buckfastleigh
Devon
TQ11 0DZ





REGISTERED NUMBER: 10710863 (England and Wales)





ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND

SOUTH DEVON RAILWAY ASSOCIATION LIMITED (REGISTERED NUMBER: 10710863)

BALANCE SHEET
29 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 7,500 7,500
7,500 7,500

CURRENT ASSETS
Debtors 6 4,508 3,063
Cash at bank 210,163 222,744
214,671 225,807
CREDITORS
Amounts falling due within one year 7 1,949 1,317
NET CURRENT ASSETS 212,722 224,490
TOTAL ASSETS LESS CURRENT LIABILITIES 220,222 231,990

RESERVES
Income and expenditure account 220,222 231,990
220,222 231,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 June 2024 and were signed on its behalf by:



Mr J Keohane - Secretary - Director



Mr T J Hodgson - Chairman - Director


SOUTH DEVON RAILWAY ASSOCIATION LIMITED (REGISTERED NUMBER: 10710863)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023


1. STATUTORY INFORMATION

South Devon Railway Association Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year 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.

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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

SOUTH DEVON RAILWAY ASSOCIATION LIMITED (REGISTERED NUMBER: 10710863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


4. TANGIBLE FIXED ASSETS

Fixed assets have all been depreciated to nil.

The assets held and their valuation include:

King George V Coach 9111 - £100,000
Autocoach 228 - £100,000
Loco 1420 - £350,000
Loco 1369 and bell - £350,000
Loco 'Ashley' - £50,000
Shunters Truck 41873 - £50,000
Toad 68777 - £5,000
Damo B 42223 - £5,000
Iron mink 47528 - £2,000
Sack Crane 610 - £5,000
Littleworth Coach - £2,000
Chepstow Castle Nameplate, donated to us in the will of the late David St John Thomas - £20,000
Wagon 74157 - £2,000
35420 - £5,000
Ferry Wagons - £4,000
Box Van 778436 - £2,000
Clayhood 743730 - £1,000
Pipe Wagon 741574 - £5,000

Totalling - £1,058,000.

5. FIXED ASSET INVESTMENTS

This is the shares in South Devon Railway Trust.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,508 3,063

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Unallocated expenses - 1,317
Trade creditors 1,500 -
Taxation and social security 449 -
1,949 1,317

SOUTH DEVON RAILWAY ASSOCIATION LIMITED (REGISTERED NUMBER: 10710863)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 DECEMBER 2023


8. RING FENCED FUNDS

£125,073 represent funds that have been allocated to ongoing and future projects as shown below:

Autocoach W228 £57,007
Historic vehicles £14,170
Iron Mink £1,243
KGV Coach 9111 £15,525
Loco 1420 £1,391
Legacy for Chepstow Castle Nameplates £5,000
Clay Hood £2,674
Totnes Head Shunt £4,000
Buckfastleigh New Signal Box £24,063