REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
The Somerset & Dorset Joint Railway |
Company Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
The Somerset & Dorset Joint Railway |
Company Limited |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Report of the Directors | 3 |
Income Statement | 5 |
Balance Sheet | 6 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
The Somerset & Dorset Joint Railway |
Company Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
110A Cher |
Minehead |
Somerset |
TA24 5EW |
BANKERS: |
P.O.Box 250 |
Delf House |
Skelmersdale |
Lancashire |
WN8 6WT |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Chairman's Report |
for the Year Ended 31 March 2024 |
Having had the issues with steam loco Cranford immediately prior to the commencement of our season and experienced the loss of a number of operational volunteers, it was decided that our best way forward for the season was to have a steady year utilising our diesel motive power for much of the time. This worked well and allowed us to establish a steady income flow with higher profitability. As ever the use of the Wickham trolley on Wednesdays during school holidays continued to bring a reliable income for a relatively small operating cost. |
English Electric diesel shunter D1120 having been vacuum fitted was used extensively across the course of the year to operate passenger trains. It came into its own in the latter part of the year when the 08 was out of service whilst various faults were attended to. |
The DMU was used across the season and continues to attract a growing interest with its greater all-round visibility of the line and environs. |
As the season went on, we continued to look for a steam loco to fulfil the Halloween, Santa and New Years Day services and we were fortunate to negotiate an agreement to hire in Kilmersdon with its local connections. The loco did excellent service and we were able to welcome the Somerset Miners Welfare Trust to site including former miners and relatives of the original driver of the loco at Kilmersdon colliery. |
The Santas were as ever the biggest event of our year in terms of the input required and income to the railway. |
The retail function in all its guises (Buffet, Emporium and shop) continued to deliver and ensured that we made a surplus on some days where we would have made a loss based on train ticket sales alone. |
In terms of financial performance our turnover for the year was £66.2k which generated a surplus of £11.1k gifted to the Trust - an increase of £6.8k in the Company's contribution compared to the previous year. |
On a personal level it was a challenging year due to a significant personal health issue but thankfully the quality of our volunteer force is such that they continued to deliver the goods despite my non-attendance - thank you! |
Matthew Cornborough |
Chairman |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of organising the structure and systems of the Company to enable it to operate trains and run ancillary trading. |
FUTURE DEVELOPMENTS |
The Company will continue to work closely with the Trust to develop the strategic plan for the next 10 years, with a focus on maximising the contribution from commercial activities, the profits from which are fed back to the Trust each year to help fund development of the railway. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 April 2023 to the date of this report unless otherwise stated. |
Other changes in directors holding office are as follows: |
The beneficial interests of the directors holding office at 31 March 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
1.4.23 |
or date of |
appointment |
31.3.24 | if later |
Ordinary "B" shares of £1 each |
- | - |
200 | 200 |
- | - |
- | - |
These directors did not hold any beneficial interests in the Ordinary "A" shares of £1 each. |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
ISSUE OF SHARES |
There were no shares issued by the Company during the year. |
PARENT BODY |
The Somerset & Dorset Joint Railway Company Limited is a private limited company, registration number 06993870, incorporated on 18 August 2009 as a subsidiary of the Somerset & Dorset Railway Heritage Trust. |
BOARD OF DIRECTORS |
By the year end the Company had a Board of four executive Directors who meet formally every month.The Trustees of The Somerset & Dorset Railway Heritage Trust can appoint up to nine Directors of the Company; the shareholders can elect one Director. Written procedures are approved by the Board covering matters which require specific Board approval. |
HEALTH AND SAFETY |
The Company works to broad policy and principles set out by the Trust. Additional detailed procedures are written up by the Company, covering the Safety Management System, risk assessments and railway operating rules. |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Report of the Directors |
for the Year Ended 31 March 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the the Board of Directors and authorised for issue on |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Issue of share capital | - |
Balance at 31 March 2023 |
Changes in equity |
Balance at 31 March 2024 |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Somerset & Dorset Joint Railway Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEES AND DIRECTORS |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
The Somerset & Dorset Joint Railway |
Company Limited (Registered number: 06993870) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Other creditors |
Other (inter-organisational) creditors of £ 2955 (2023 £4219) relates to amounts due to the parent company, the Somerset & Dorset Railway Heritage Trust. |
7. | CONTINGENT LIABILITIES |
There is no provision in the accounts for any financial liability in respect of the Cranford locomotive. The Board have taken the view that since we haven't heard anything for over a year, the matter is effectively dead. Should anything crop up in the future, we would deal with it then. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |