Welsh Highland Railway Construction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05221614 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R F Buxton

P E Marston

M High

M C Hart

R Broyd

SECRETARY:

S E Murfitt

REGISTERED OFFICE:

Harbour Station

Porthmadog

Gwynedd

LL49 9NF

REGISTERED NUMBER:

05221614 (England and Wales)

AUDITORS:

Williams Denton Cyf

Chartered Certified Accountants

Statutory Auditors

13 Trinity Square

Llandudno

North Wales

LL30 2RB

FIXED ASSETS

Tangible assets

3

11,481,168

11,769,772

CURRENT ASSETS

Debtors

4

55,299

56,074

CREDITORS

Amounts falling due within one year

5

549

499

NET CURRENT ASSETS

54,750

55,575

TOTAL ASSETS LESS CURRENT LIABILITIES

11,535,918

11,825,347

CREDITORS

Amounts falling due after more than one year

6

11,518,809

11,807,413

NET ASSETS

17,109

17,934

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

17,107

17,932

SHAREHOLDERS' FUNDS

17,109

17,934

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 10 May 2019 and were signed on its behalf by:

M C Hart - Director

1.	STATUTORY INFORMATION

Welsh Highland Railway Construction 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

2% on cost and not provided

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Capitalisation

All costs relating to the railway construction project are capitalised. This includes associated overheads and

payroll costs.

Capital contributions

These are grants received for the building of the railway from Rhyd Ddu to Porthmadog and are shown as

deferred income. They are released to the profit and loss account over the expected useful lives of the relevant

assets.

3.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

107,439

14,247,272

14,354,711

DEPRECIATION

At 1 January 2018

8,974

2,575,965

2,584,939

Charge for year

1,074

287,530

288,604

At 31 December 2018

10,048

2,863,495

2,873,543

NET BOOK VALUE

At 31 December 2018

97,391

11,383,777

11,481,168

At 31 December 2017

98,465

11,671,307

11,769,772

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

5,705

5,705

Amounts owed by group undertakings

48,394

49,169

Other debtors

1,200

1,200

55,299

56,074

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other creditors

549

499

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Other creditors

11,518,809

11,807,413

7.	SECURED DEBTS

Natwest Bank hold a Debenture dated 6 June 2007 - All assets of the company are held as security formally

charged to the Bank.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Steven Barrett (Senior Statutory Auditor)

for and on behalf of Williams Denton Cyf

9.	CONTINGENT LIABILITIES

Residual claims amounting to £164,000, relating to the construction of Phase 4 of the Welsh Highland Railway,

have been received from contractors. The company disputes these claims and is of the view that nothing further

is payable in respect of those contracts. At the present time it is not possible to quantify the eventual outcome of

these claims.

10.	RELATED PARTY DISCLOSURES

Included within debtors is an amount owing from Festiniog Railway Company £NIL (2016 £681)

The company owed £95 (2017 - £NIL) to Ffestiniog Futures Limited as at 31 December 2018.

The company was also owed £48,488 (2017 - £48,488) by Welsh Highland Light Railway Limited as at 31

December 2018.