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Company No: 11118241 (England and Wales)

THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

BALANCE SHEET

As at 31 December 2023
THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,323,183 1,236,754
1,323,183 1,236,754
Current assets
Debtors 4 20,000 419
Cash at bank and in hand 1,128,107 3,296
1,148,107 3,715
Creditors: amounts falling due within one year 5 ( 2,565,384) ( 1,714,250)
Net current liabilities (1,417,277) (1,710,535)
Total assets less current liabilities (94,094) (473,781)
Provision for liabilities ( 18,628) 0
Net liabilities ( 112,722) ( 473,781)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account ( 113,722 ) ( 474,781 )
Total shareholder's deficit ( 112,722) ( 473,781)

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

Director's responsibilities:

The financial statements of The Old Shillingstone Railway Company Limited (registered number: 11118241) were approved and authorised for issue by the Director on 23 September 2024. They were signed on its behalf by:

I C Moore
Director
THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE OLD SHILLINGSTONE RAILWAY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Old Shillingstone Railway Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Russell House, Oxford Road, Bournemouth, BH8 8EX, United Kingdom. The address of the principal place of business is Manor Farm, Holmsley Road, New Milton, Hants, BH25 5TP.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £112,722. The Company is supported through loans from the director and his companies. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 1,185,477 7,767 53,679 1,246,923
Additions 507,304 0 26,757 534,061
Disposals ( 444,113) 0 0 ( 444,113)
At 31 December 2023 1,248,668 7,767 80,436 1,336,871
Accumulated depreciation
At 01 January 2023 0 3,502 6,667 10,169
Charge for the financial year 0 853 2,666 3,519
At 31 December 2023 0 4,355 9,333 13,688
Net book value
At 31 December 2023 1,248,668 3,412 71,103 1,323,183
At 31 December 2022 1,185,477 4,265 47,012 1,236,754

4. Debtors

2023 2022
£ £
VAT recoverable 0 419
Other debtors 20,000 0
20,000 419

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 10,357 0
Amounts owed to related parties 1,027,661 920,931
Corporation tax 7,825 0
Other taxation and social security 180,997 0
Other creditors 1,338,544 793,319
2,565,384 1,714,250