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REGISTERED NUMBER: 06993870 (England and Wales)















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: M Cornborough
S E Garner
R L Taylor
P H Jones



REGISTERED OFFICE: Midsomer Norton South Station
Silver Street
Midsomer Norton
Nr Bath
Somerset
BA3 2EY



REGISTERED NUMBER: 06993870 (England and Wales)



ACCOUNTANTS: David R Johnson & Co
Chartered Certified Accountants
110A Cher
Minehead
Somerset
TA24 5EW



BANKERS: The Co-operative Bank plc
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:

P H Stevenson - resigned 14.5.23
B C Hill - resigned 7.10.23
S H Jones - appointed 4.5.23 - resigned 5.1.24

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
M Cornborough - -
S E Garner 200 200
R L Taylor - -
P H Jones - appointed 17.3.24 - -
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:





M Cornborough - Director


13 August 2024

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 66,231 92,543

Cost of sales 41,454 68,854
GROSS PROFIT 24,777 23,689

Administrative expenses 25,010 23,712
OPERATING LOSS (233 ) (23 )

Interest receivable and similar income 233 23
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 14,000 14,000

CURRENT ASSETS
Stocks 7,175 10,869
Debtors 5 1,412 4,388
Cash at bank and in hand 35,790 37,648
44,377 52,905
CREDITORS
Amounts falling due within one year 6 8,227 16,755
NET CURRENT ASSETS 36,150 36,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,150

50,150

CAPITAL AND RESERVES
Called up share capital 50,150 50,150
SHAREHOLDERS' FUNDS 50,150 50,150

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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

The financial statements were approved by the the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





M Cornborough - Director


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 40,150 - 40,150

Changes in equity
Issue of share capital 10,000 - 10,000
Balance at 31 March 2023 50,150 - 50,150

Changes in equity
Balance at 31 March 2024 50,150 - 50,150

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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - not provided

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 14,000
NET BOOK VALUE
At 31 March 2024 14,000
At 31 March 2023 14,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,182 3,391
Other debtors 230 997
1,412 4,388

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 5,272 12,536
Other creditors 2,955 4,219
8,227 16,755

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 the Somerset & Dorset Railway Heritage Trust.