Graeme Watkins Railways Limited
Graeme Watkins Railways Limited
Registered number: 05070291
Unaudited Financial Statements
For The Year Ended
31 March 2020
Spring Accountancy Services Ltd
Graeme Watkins Railways Limited
Unaudited Financial Statements
For The Year Ended
31 March 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Graeme Watkins Railways Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
05070291
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Revaluation reserve | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (174,188) | (173,176) | |||
Page 1
Graeme Watkins Railways Limited
Balance Sheet (continued)
As at
31 March 2020
Directors' responsibilities:
-
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 Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Graeme Watkins Railways Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The accounts are drawn up on a going concern basis and are dependant upon the continued support of the directors of the company. Creditors include an amount owed to the directors of £217,283 (2019: £223,362) and as a result the balance sheet shows an insolvent balance of £174,188 at 31 March 2020. The director has indicated that this amount will not be withdrawn from the company in the twelve months following approval of these accounts.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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Locomotive
No depreciation has been calculated on the locomotive. The assets have been included in the accounts at the valuation of £50,000 as estimated by the directors. This policy represents a departure from the requirements of the Companies Act 2006, to provide annual depreciation for all fixed assets. However, the directors consider the adoption of the policy necessary to give a true and fair view.
No depreciation has been calculated on the locomotive. The assets have been included in the accounts at the valuation of £50,000 as estimated by the directors. This policy represents a departure from the requirements of the Companies Act 2006, to provide annual depreciation for all fixed assets. However, the directors consider the adoption of the policy necessary to give a true and fair view.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
Page 3
Graeme Watkins Railways Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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4.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Page 4
Graeme Watkins Railways Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
7.
Reserves
| Revaluation Reserve | |
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| £ | |
| As at
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| As at
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8.
General Information
Graeme Watkins Railways Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05070291
. The registered office is Flat 4 Burns Court, Marine Parade, Dawlish, Devon, EX7 9DL.
Page 5