Lappa Valley Railway Company Limited 01139390 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of a steam railway and leisure park. Digita Accounts Production Advanced 6.30.9574.0 true false 01139390 2023-01-01 2023-12-31 01139390 2023-12-31 01139390 core:RetainedEarningsAccumulatedLosses 2023-12-31 01139390 core:ShareCapital 2023-12-31 01139390 core:CurrentFinancialInstruments 2023-12-31 01139390 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01139390 core:Non-currentFinancialInstruments 2023-12-31 01139390 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01139390 core:FurnitureFittingsToolsEquipment 2023-12-31 01139390 core:LandBuildings 2023-12-31 01139390 core:MotorVehicles 2023-12-31 01139390 core:OtherPropertyPlantEquipment 2023-12-31 01139390 bus:SmallEntities 2023-01-01 2023-12-31 01139390 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01139390 bus:FullAccounts 2023-01-01 2023-12-31 01139390 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01139390 bus:RegisteredOffice 2023-01-01 2023-12-31 01139390 bus:Director1 2023-01-01 2023-12-31 01139390 bus:Director2 2023-01-01 2023-12-31 01139390 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01139390 bus:Agent1 2023-01-01 2023-12-31 01139390 bus:Agent2 2023-01-01 2023-12-31 01139390 core:Buildings 2023-01-01 2023-12-31 01139390 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 01139390 core:LandBuildings 2023-01-01 2023-12-31 01139390 core:MotorVehicles 2023-01-01 2023-12-31 01139390 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01139390 core:PlantMachinery 2023-01-01 2023-12-31 01139390 1 2023-01-01 2023-12-31 01139390 countries:EnglandWales 2023-01-01 2023-12-31 01139390 2022-12-31 01139390 core:FurnitureFittingsToolsEquipment 2022-12-31 01139390 core:LandBuildings 2022-12-31 01139390 core:MotorVehicles 2022-12-31 01139390 core:OtherPropertyPlantEquipment 2022-12-31 01139390 2022-01-01 2022-12-31 01139390 2022-12-31 01139390 core:RetainedEarningsAccumulatedLosses 2022-12-31 01139390 core:ShareCapital 2022-12-31 01139390 core:CurrentFinancialInstruments 2022-12-31 01139390 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01139390 core:Non-currentFinancialInstruments 2022-12-31 01139390 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01139390 core:FurnitureFittingsToolsEquipment 2022-12-31 01139390 core:LandBuildings 2022-12-31 01139390 core:MotorVehicles 2022-12-31 01139390 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 01139390

Lappa Valley Railway Company Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Company Information

Directors

K M G Southwell

S J Southwell

Registered office

Benny Halt
St Newlyn East
Newquay
Cornwall
TR8 5LX

Bankers

Barclays Bank plc

Santander

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,999,699

2,449,663

Current assets

 

Stocks

30,893

22,406

Debtors

6

86,224

147,859

Cash at bank and in hand

 

17,634

235,998

 

134,751

406,263

Creditors: Amounts falling due within one year

7

(567,153)

(594,706)

Net current liabilities

 

(432,402)

(188,443)

Total assets less current liabilities

 

2,567,297

2,261,220

Creditors: Amounts falling due after more than one year

7

(87,528)

(143,361)

Provisions for liabilities

(398,784)

(286,772)

Net assets

 

2,080,985

1,831,087

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,080,885

1,830,987

Total equity

 

2,080,985

1,831,087

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Balance Sheet as at 31 December 2023

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
K M G Southwell
Director

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Benny Halt
St Newlyn East
Newquay
Cornwall
TR8 5LX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The parent company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for sales made during the period in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the specific criteria have been met for each of the Company's activities.

Government grants

The Job Retention Scheme grant and the business interruption payment have been recognised under the accrual model and are credited to income over the periods in which the compensated costs have been recognised.

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line. Land is not depreciated.

Short leasehold land and buildings

Straight line over life of the lease

Plant and machinery

Over 20 years

Fixtures, fittings and equipment

Over 8 and 20 years

Motor vehicles

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 47).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

101,222

94,099

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,976,759

793,149

57,286

356,857

3,184,051

Additions

131,651

83,035

-

471,572

686,258

Disposals

-

-

-

(36,417)

(36,417)

At 31 December 2023

2,108,410

876,184

57,286

792,012

3,833,892

Depreciation

At 1 January 2023

219,532

359,815

50,594

104,447

734,388

Charge for the year

34,596

40,354

6,692

19,580

101,222

Eliminated on disposal

-

-

-

(1,417)

(1,417)

At 31 December 2023

254,128

400,169

57,286

122,610

834,193

Carrying amount

At 31 December 2023

1,854,282

476,015

-

669,402

2,999,699

At 31 December 2022

1,757,227

433,334

6,692

252,410

2,449,663

Included within the net book value of land and buildings above is £1,824,958 (2022 - £1,752,892) in respect of freehold land and buildings and £29,324 (2022 - £4,335) in respect of short leasehold land and buildings.
 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

3,131

4,303

Amounts owed by group undertakings and undertakings in which the company has a participating interest

47,784

38,784

Other debtors

 

23,969

98,919

Prepayments

 

11,340

5,853

Total current trade and other debtors

 

86,224

147,859

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

141,419

211,528

Trade creditors

 

51,700

37,426

Amounts owed to group undertakings and undertakings in which the company has a participating interest

359,000

259,000

Taxation and social security

 

6,279

79,948

Other creditors

 

3,598

1,862

Accrued expenses

 

5,157

4,942

 

567,153

594,706

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

87,528

143,361

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

50,000

Bank overdrafts

-

431

Other borrowings

91,419

161,097

141,419

211,528

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

87,528

137,528

Other borrowings

-

5,833

87,528

143,361

 

Lappa Valley Railway Company Limited
(Registration number: 01139390)

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of fixed asset additions not included in the balance sheet is £Nil (2022 - £248,392).

The total amount of contingencies not included in the balance sheet is £130,094 (2022 - £164,542).

The company has a cross guarantee with it's parent company, K M Partners Limited, on K M Partners Limited bank loan. The liability is secured by a debenture.

10

Parent and ultimate parent undertaking

The company's immediate parent is K M Partners Limited, incorporated in England and Wales.