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REGISTERED NUMBER: 01936470 (England and Wales)















Wealden Railway Company Limited

Unaudited Financial Statements for the Year Ended 31 January 2024






Wealden Railway Company Limited (Registered number: 01936470)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wealden Railway Company Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr J S Nye
Mr J Pay
Mr S Pay
Mr S R Owens
Mr C J Hobden





REGISTERED OFFICE: West Station
Nevill Terrace
Tunbridge Wells
Kent
TN2 5QY





REGISTERED NUMBER: 01936470 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX

Wealden Railway Company Limited (Registered number: 01936470)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 443,557 459,761

CURRENT ASSETS
Stocks 35,839 17,353
Debtors 5 206,673 173,687
Cash at bank and in hand 245,551 323,541
488,063 514,581
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

288,060

313,218
NET CURRENT ASSETS 200,003 201,363
TOTAL ASSETS LESS CURRENT
LIABILITIES

643,560

661,124

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

75,373

78,235
NET ASSETS 568,187 582,889

CAPITAL AND RESERVES
Called up share capital 8 518,610 518,610
Other reserves 9 36,166 36,166
Fair value reserve 9 112,086 112,086
Retained earnings 9 (98,675 ) (83,973 )
SHAREHOLDERS' FUNDS 568,187 582,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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 profit or loss 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.

Wealden Railway Company Limited (Registered number: 01936470)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr J S Nye - Director


Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Wealden Railway Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - over the term of the lease
Plant and machinery - 15% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Provisions
Provisions are made when an obligation exists for a future liability in respect of a past event and where the amount of obligation can be reliably estimated. Provisions are made for costs relating to the maintenance and overhaul of locomotives, diesel units and carriages used by the railway and are calculated based on an average cost per operating day. Provisions are stated at the present value of the amount expected to be required to settle the obligation.

Going concern
The directors have also assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months. The company's parent company has also indicated its willingness to continue to support the company for the foreseeable future and the directors thus conclude that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST OR VALUATION
At 1 February 2023 200,000 202,902 23,033
Additions - - -
Disposals - - -
At 31 January 2024 200,000 202,902 23,033
DEPRECIATION
At 1 February 2023 - 167,873 922
Charge for year - 13,993 922
Eliminated on disposal - - -
At 31 January 2024 - 181,866 1,844
NET BOOK VALUE
At 31 January 2024 200,000 21,036 21,189
At 31 January 2023 200,000 35,029 22,111

Plant and Computer
machinery equipment Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 439,004 31,052 895,991
Additions 21,571 2,095 23,666
Disposals (1,405 ) - (1,405 )
At 31 January 2024 459,170 33,147 918,252
DEPRECIATION
At 1 February 2023 255,068 12,367 436,230
Charge for year 18,256 6,631 39,802
Eliminated on disposal (1,337 ) - (1,337 )
At 31 January 2024 271,987 18,998 474,695
NET BOOK VALUE
At 31 January 2024 187,183 14,149 443,557
At 31 January 2023 183,936 18,685 459,761

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Improvements
Freehold Short to
property leasehold property
£    £    £   
Valuation in 2021 112,086 - -
Cost 87,914 202,902 23,033
200,000 202,902 23,033

Plant and Computer
machinery equipment Totals
£    £    £   
Valuation in 2021 - - 112,086
Cost 459,170 33,147 806,166
459,170 33,147 918,252

Freehold land was valued on an open market basis on 31 January 2021 by Watsons Estates. The directors do not consider there to have been a significant change in this valuation.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 151,475 -
Amounts owed by group undertakings 7,092 415
Other debtors 48,106 173,272
206,673 173,687

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 76,181 156,511
Taxation and social security 21,432 -
Other creditors 190,447 156,707
288,060 313,218

Wealden Railway Company Limited (Registered number: 01936470)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 75,373 78,235

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
518,610 Ordinary £1 518,610 518,610

9. RESERVES
Fair
Retained Other value
earnings reserves reserve Totals
£    £    £    £   

At 1 February 2023 (83,973 ) 36,166 112,086 64,279
Deficit for the year (14,702 ) (14,702 )
At 31 January 2024 (98,675 ) 36,166 112,086 49,577

Other reserves comprises the Resilient Reserve Heritage Fund.

10. RELATED PARTY DISCLOSURES

The Tunbridge Wells & Eridge Railway Preservation Society Limited (TW&ERPS) owned 85% of the company's ordinary share capital at the balance sheet date. The company received grants from TW&ERPS amounting to £500 during the year (2023 - £4,651).

The company was owed £7,092 from TW&ERPS (2023 - £415) at the balance sheet date. The loan is interest free, unsecured and repayable on demand.