Company registration number 01094413 (England and Wales)
CRANMORE RAILWAY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CRANMORE RAILWAY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 6
CRANMORE RAILWAY COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,081
12,054
Current assets
Stocks
22,997
18,021
Debtors
4
43,349
26,834
Cash at bank and in hand
9,148
27,357
75,494
72,212
Creditors: amounts falling due within one year
5
(60,575)
(59,266)
Net current assets
14,919
12,946
Net assets
25,000
25,000
Capital and reserves
-
-
Called up share capital
25,000
25,000

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 10 August 2024 and are signed on its behalf by:
R Masters
D Sharp
Director
Director
Company registration number 01094413 (England and Wales)
CRANMORE RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cranmore Railway Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cranmore Railway Station, Cranmore, SHEPTON MALLET, Somerset, BA4 4QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from Cranmore Traincare Maintenance Services in respect to long term contract and contracts for ongoing services, represents the value of work done in the year. Revenue in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
10% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
CRANMORE RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CRANMORE RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CRANMORE RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
4,266
35,113
39,379
Depreciation and impairment
At 1 January 2023
2,556
24,769
27,325
Depreciation charged in the year
426
1,547
1,973
At 31 December 2023
2,982
26,316
29,298
Carrying amount
At 31 December 2023
1,284
8,797
10,081
At 31 December 2022
1,710
10,344
12,054
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
40,949
22,492
Other debtors
2,400
4,342
43,349
26,834
CRANMORE RAILWAY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,520
3,744
Amounts owed to group undertakings
24,317
35,668
Taxation and social security
12,242
12,841
Other creditors
13,496
7,013
60,575
59,266

Amounts due to group undertakings of £24,317 (2022: £35,668) are secured by way of a floating charge over all the assets of the company.

6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
7,455
-
0
7
Parent company

The parent company of Cranmore Railway Company Limited is East Somerset Railway Company and its registered office is Cranmore Railway Station, Cranmore, Shepton Mallet, Somerset, BA4 4QP.

 

During the year there were transactions between Cranmore Railway Company and parent company East Somerset Railway Company. Facilities costs recharged of £24,702 (2022:£23,532) were payable to East Somerset Railway Company in the year. At year end, £24,317 (2022: £35,668) was due to East Somerset Railway Company in relation to gift aided profits and inter-company balances.

2023-12-312023-01-01false17 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr R MastersD SharpS MastersD Sharpfalsefalse010944132023-01-012023-12-31010944132023-12-31010944132022-12-3101094413core:LandBuildings2023-12-3101094413core:OtherPropertyPlantEquipment2023-12-3101094413core:LandBuildings2022-12-3101094413core:OtherPropertyPlantEquipment2022-12-3101094413core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101094413core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101094413core:CurrentFinancialInstruments2023-12-3101094413core:CurrentFinancialInstruments2022-12-3101094413core:ShareCapital2023-12-3101094413core:ShareCapital2022-12-3101094413bus:Director12023-01-012023-12-3101094413bus:Director22023-01-012023-12-3101094413core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101094413core:PlantMachinery2023-01-012023-12-3101094413core:FurnitureFittings2023-01-012023-12-31010944132022-01-012022-12-3101094413core:LandBuildings2022-12-3101094413core:OtherPropertyPlantEquipment2022-12-31010944132022-12-3101094413core:LandBuildings2023-01-012023-12-3101094413core:OtherPropertyPlantEquipment2023-01-012023-12-3101094413core:WithinOneYear2023-12-3101094413core:WithinOneYear2022-12-3101094413bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101094413bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101094413bus:FRS1022023-01-012023-12-3101094413bus:AuditExemptWithAccountantsReport2023-01-012023-12-3101094413bus:Director32023-01-012023-12-3101094413bus:Director42023-01-012023-12-3101094413bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP