| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| and Statutory Auditors |
| Granville Hall |
| Granville Road |
| Leicester |
| LE1 7RU |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| BALANCE SHEET |
| 31 MARCH 2024 |
| 2024 | 2023 |
| 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 (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Tyseley Locomotive Works Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover relating to contract services is recognised in the period to which the work was performed. |
| The company provides services to customers under standard terms and conditions. In all cases revenue is recognised when the risk and rewards to ownership are transferred and this is defined to be in the period the work is performed. |
| Tangible fixed assets |
| Long leasehold | - |
| Plant and equipment | - |
| Office equipment | - |
| Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. |
| Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for defective items where appropriate. |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
| Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the company has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Creditors |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Long | Plant and | Office |
| leasehold | equipment | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2023 |
| Additions |
| At 31 March 2024 |
| DEPRECIATION |
| At 1 April 2023 |
| Charge for year |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| At 31 March 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| The amounts owed to group undertakings bear no interest and have no fixed date for repayment |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Paye/NI payable | 45,424 | 18,527 |
| Vat liability | 30,549 | - |
| Other creditors |
| Accruals and deferred income |
| Deferred grant | 30,905 | - |
| TYSELEY LOCOMOTIVE WORKS |
| LIMITED (REGISTERED NUMBER: 02253445) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| The amounts owed to group undertakings bear no interest and have no fixed date for repayment |
| Included within bank loans is a Bounce Back loan of £10,000 (2023: £10,000). Interest of 2.5% per annum is charged on the loan and the loan term remaining is 3 years. |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Deferred grant | 298,763 | 177,000 |
| Included within bank loans is a Bounce Back loan of £14,167 (2023: £24,167).Interest of 2.5% per annum is charged on the loan and the loan term remaining is 3 years. |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | RELATED PARTY DISCLOSURES |
| 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 with wholly owned subsidiaries within the group. |
| 10. | ULTIMATE HOLDING COMPANY |
| The company is a wholly owned subsidiary of Vintage Trains Charitable Trust, a charitable company limited by guarantee and incorporated in England and Wales. |
| 11. | PENSION COMMITMENTS |
| The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group within independently administered funds. The total contributions paid in the year amounted to £10,647 (2023: £8,444). Contributions of £2,305 (2023: £4,331) were unpaid at the year end. |