REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 DECEMBER 2023 |
FOR |
SOUTH DEVON RAILWAY ASSOCIATION LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
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 |
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. |
Tangible fixed assets |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Unallocated expenses | - | 1,317 |
Trade creditors |
Taxation and social security |
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 |