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Registered number: 03752739
South Devon Diesel Traction Limited
Unaudited Financial Statements
For The Year Ended 30 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 03752739
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 139,664 140,794
139,664 140,794
CURRENT ASSETS
Debtors 5 - 4,924
Cash at bank and in hand 49,083 29,388
49,083 34,312
Creditors: Amounts Falling Due Within One Year 6 (11,378 ) -
NET CURRENT ASSETS (LIABILITIES) 37,705 34,312
TOTAL ASSETS LESS CURRENT LIABILITIES 177,369 175,106
NET ASSETS 177,369 175,106
CAPITAL AND RESERVES
Called up share capital 7 116,190 116,190
Capital redemption reserve - 3,800
Income Statement 61,179 55,116
SHAREHOLDERS' FUNDS 177,369 175,106
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For the year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr W D Aldridge
Director
Mr P R Burrow
Director
5 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
South Devon Diesel Traction Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03752739 . The registered office is 4 Fore Street, Teignmouth, Devon, TQ14 8DZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced amounts for the company's normal business of locomotive hire and restoration, excluding value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Components Not Provided
Locomotives Not Provided
Fixtures & Fittings 20% Straight line
Computer Equipment 33% Straight line
The directors take the view that the locomotives, support vehicles and major locomotive components are not depreciating assets as the company is in business to restore and improve these items. Therefore unless market re-sale value of these items alters significantly, no provision for depreciation will be made.
2.4. Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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3. Average Number of Employees
Average number of employees, including directors, during the year was 4 (2023: 4)
4 4
4. Tangible Assets
Support vehicles Components Locomotives Fixtures & Fittings
£ £ £ £
Cost
As at 31 March 2023 5,075 20,182 113,277 8,712
As at 30 March 2024 5,075 20,182 113,277 8,712
Depreciation
As at 31 March 2023 - - - 6,452
Provided during the period - - - 1,130
As at 30 March 2024 - - - 7,582
Net Book Value
As at 30 March 2024 5,075 20,182 113,277 1,130
As at 31 March 2023 5,075 20,182 113,277 2,260
Computer Equipment Total
£ £
Cost
As at 31 March 2023 1,094 148,340
As at 30 March 2024 1,094 148,340
Depreciation
As at 31 March 2023 1,094 7,546
Provided during the period - 1,130
As at 30 March 2024 1,094 8,676
Net Book Value
As at 30 March 2024 - 139,664
As at 31 March 2023 - 140,794
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 4,924
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,388 -
Other creditors (work in progress) 9,990 -
11,378 -
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 116,190 116,190
8. Related Party Transactions
In the opinion of the directors no individual had overall control of the company during the current or previous year.
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