Company registration number 01939314 (England and Wales)
NORTHAMPTON STEAM RAILWAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORTHAMPTON STEAM RAILWAY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
NORTHAMPTON STEAM RAILWAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
271,890
259,190
Current assets
Stocks
21,790
21,282
Debtors
5
31,823
19,274
Cash at bank and in hand
53,820
36,177
107,433
76,733
Creditors: amounts falling due within one year
6
(56,210)
(28,854)
Net current assets
51,223
47,879
Net assets
323,113
307,069
Capital and reserves
Called up share capital
75,053
75,053
Revaluation reserve
7
39,152
44,152
Other reserves
8
90,457
96,351
Profit and loss reserves
9
118,451
91,513
Total equity
323,113
307,069
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 17 September 2024 and are signed on its behalf by:
Mr AJ Giles
Director
Company Registration No. 01939314
NORTHAMPTON STEAM RAILWAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
75,053
49,152
102,245
92,805
319,255
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(12,186)
(12,186)
Transfers
-
-
10,894
10,894
Other movements
-
(5,000)
(5,894)
-
(10,894)
Balance at 31 December 2022
75,053
44,152
96,351
91,513
307,069
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
16,044
16,044
Transfers
-
-
10,894
10,894
Other movements
-
(5,000)
(5,894)
-
(10,894)
Balance at 31 December 2023
75,053
39,152
90,457
118,451
323,113
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Northampton Steam Railway Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Harborough Road, Kingsthorpe, Northampton, England, NN2 7AZ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Freehold land and buildings
2% straight line
Railway Equipment
5% straight line
Railway Equipment at 1992 revaluation
5% straight line
Equipment - CIO gift
2% straight line
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.
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
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.
1.5
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.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.8
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.
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Freehold land and buildings
Railway Equipment
Railway Equipment at 1992 revaluation
Equipment - CIO gift
Total
£
£
£
£
£
Cost
At 1 January 2023
52,136
263,750
157,790
117,881
591,557
Additions
35,676
35,676
At 31 December 2023
52,136
299,426
157,790
117,881
627,233
Depreciation and impairment
At 1 January 2023
2,040
156,025
152,772
21,530
332,367
Depreciation charged in the year
396
11,686
5,000
5,894
22,976
At 31 December 2023
2,436
167,711
157,772
27,424
355,343
Carrying amount
At 31 December 2023
49,700
131,715
18
90,457
271,890
At 31 December 2022
50,096
107,725
5,018
96,351
259,190
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 7 -
Revalued railway assets consist of two elements
(a)a 1992 revaluation of assets to £62,990,
(b)in 2005 a gift of railway equipment which the directors estimated to have a value of £100,000.
These additions were accounted through the revaluation reserve.
The Leasehold property improvements represent a gift of assets from Northampton and Lamport
Railway CIO and are brought in at cost
For both the Revalued assets and the Leasehold improvements from NLR CIO, the depreciation
thereon is charged through the profit and loss account, and the directors continue to adopt the
accounting policy which allows an annual transfer from the capital reserves back to the profit and
loss account of an equivalent to the annual depreciation charge on those assets.
This policy is to enable the company to ensure that it maintains its distributable reserves.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,040
16,669
Other debtors
6,783
2,605
31,823
19,274
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,650
17,550
Trade creditors
2,931
1,365
Taxation and social security
219
Other creditors
39,629
9,720
56,210
28,854
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
44,152
49,152
Other movements
(5,000)
(5,000)
At the end of the year
39,152
44,152
Revaluation reserve - This reserve records the value of asset revaluations and fair value
movements on assets recognised in other comprehensive income.
NORTHAMPTON STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Other reserves
2023
2022
£
£
At the beginning of the year
96,351
102,245
Other movements
(5,894)
(5,894)
At the end of the year
90,457
96,351
Other reserve - This reserve records the gift at cost of leasehold property improvement assets
from NLR CIO.
Fair value reserve - The movements on the fair value reserve are included within other reserves in the statement of changes in equity and totalled £5,894 for 2022 (2021: £5894)
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
91,513
92,805
Profit/(loss) for the year
16,044
(12,186)
Transfer to reserves
10,894
10,894
At the end of the year
118,451
91,513
Included within profit and loss reserves are non-distributable profits, as set out below:
2023
2022
£
£
Non-distributable profits included above
At the beginning of the year
-
-
Non distributable profits in the year
1
-
At the end of the year
1
-
Distributable profits
118,450
91,513
10
Related party transactions
Member's loans which total £0 (2021: £400). All Member's loans are interest free and subject
to repayment without notice.
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