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Registration number: 08022351

Chawton Junction Railway Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Chawton Junction Railway Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Chawton Junction Railway Company Limited

Company Information

Director

Mr EJ Stevenson

Registered office

Alphonsus House
Wolfs Lane
Chawton
Hampshire
GU34 3HE

 

Chawton Junction Railway Company Limited

(Registration number: 08022351)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

259,408

503,714

Investments

5

510,906

510,906

 

770,314

1,014,620

Current assets

 

Stocks

6

808,970

818,442

Debtors

7

310,710

59

 

1,119,680

818,501

Creditors: Amounts falling due within one year

8

(1,828,578)

(1,766,107)

Net current liabilities

 

(708,898)

(947,606)

Total assets less current liabilities

 

61,416

67,014

Creditors: Amounts falling due after more than one year

8

(8,909)

(15,839)

Provisions for liabilities

(21,501)

(21,501)

Net assets

 

31,006

29,674

Capital and reserves

 

Called up share capital

100

100

Retained earnings

30,906

29,574

Shareholders' funds

 

31,006

29,674

 

Chawton Junction Railway Company Limited

(Registration number: 08022351)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 April 2025
 

.........................................
Mr EJ Stevenson
Director

   
     
 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
Alphonsus House
Wolfs Lane
Chawton
Hampshire
GU34 3HE

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 specific criteria have been met for each of the company's activities.

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 Property

15 Year Straight Line

Properties Under Construction

50 Year Straight Line Once Complete

Plant and Machinery

10 Year Straight Line

Office Equipment

20% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Land and buildings
£

Properties under construction
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

5,874

253,840

263,083

1,381

524,178

Additions

253,840

-

-

-

253,840

Disposals

-

(253,840)

(236,000)

-

(489,840)

At 30 April 2024

259,714

-

27,083

1,381

288,178

Depreciation

At 1 May 2023

2,290

-

17,589

585

20,464

Charge for the year

5,438

-

2,709

159

8,306

At 30 April 2024

7,728

-

20,298

744

28,770

Carrying amount

At 30 April 2024

251,986

-

6,785

637

259,408

At 30 April 2023

3,584

253,840

245,494

796

503,714

Included within the net book value of land and buildings above is £251,986 (2023 - £3,584) in respect of freehold land and buildings.
 

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Investments

2024
£

2023
£

Investments in subsidiaries

510,549

510,549

Investments in associates

357

357

510,906

510,906

Subsidiaries

£

Cost or valuation

At 1 May 2023

510,549

Provision

Carrying amount

At 30 April 2024

510,549

At 30 April 2023

510,549

Associates

£

Cost

At 1 May 2023

357

Provision

Carrying amount

At 30 April 2024

357

At 30 April 2023

357

6

Stocks

2024
£

2023
£

Other inventories

808,970

818,442

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

310,710

-

Prepayments

-

59

 

310,710

59

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,774,403

1,656,392

Trade creditors

 

8,794

71,403

Taxation and social security

 

45,379

37,404

Accruals and deferred income

 

2

907

Other creditors

 

-

1

 

1,828,578

1,766,107

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,909

15,839

 

Chawton Junction Railway Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,909

15,839

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,929

6,759

Bank overdrafts

4

5

Directors current account

1,767,470

1,649,628

1,774,403

1,656,392

10

Related party transactions

Summary of transactions with other related parties

The company has made sales of £31,870 (2023; £38,484) to UK Rail Leasing Ltd, a company which has a common director. At 30 April 2024, UK Rail Leasing Ltd owed the company £11.910 (2023: £NIL). The company made purchases from UK Rail Leasing Ltd of £3,300 (2023: £92,170). At 30 April 2024 the company owed UK Rail Leasing Ltd £NIL (2023: £NIL).