Nostalgic Transport Limited - Period Ending 2020-03-31

Nostalgic Transport Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Nostalgic Transport Limited

Company Information

Directors

Mr R G Greet Mrs G A Greet

Company secretary

Mrs G A Greet

Registered office

Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Torquay Devon TQ2 7FF

Nostalgic Transport Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	59,838	63,242
Current assets
Debtors	5	36,322	31,721
Creditors: Amounts falling due within one year	6	(178,267)	(167,684)
Net current liabilities		(141,945)	(135,963)
Net liabilities		(82,107)	(72,721)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(82,109)	(72,723)
Total equity		(82,107)	(72,721)

Nostalgic Transport Limited

Balance Sheet

31 March 2020

For the financial 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.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 January 2021 and signed on its behalf by:
 

......................................... Mr R G Greet Director

Company Registration Number: 04607845

Nostalgic Transport Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Bickaton Farm
Broadhempston
Devon
TQ9 6BY

These financial statements were authorised for issue by the Board on 29 January 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. As at 31 March 2020 the company had net current liabilities of £141,945, and remains reliant upon the continued financial support of the directors in order to meet its day to day financial responsibilities.
The directors have no reason to believe that this support will not continue for the foreseeable future and therefore the financial statements have been prepared on the 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. The company recognises revenue based on it's value of the goods and services provided to date.

Nostalgic Transport Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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
Plant and machinery	15% reducing balance
Vintage motor vehicles	5% reducing balance
Motor vehicles	25% reducing balance

Nostalgic Transport Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

4	Tangible assets

	Vintage vehicles  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2019	121,952	11,403	11,842	145,197
At 31 March 2020	121,952	11,403	11,842	145,197
Depreciation
At 1 April 2019	60,849	11,115	9,991	81,955
Charge for the year	3,053	72	279	3,404
At 31 March 2020	63,902	11,187	10,270	85,359
Carrying amount
At 31 March 2020	58,050	216	1,572	59,838
At 31 March 2019	61,103	288	1,851	63,242

Nostalgic Transport Limited

Notes to the Financial Statements

Year Ended 31 March 2020

5

Debtors

	2020 £	2019 £
Trade debtors	17,322	17,721
Other debtors	19,000	14,000
	36,322	31,721

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	7	13,425	14,371
Trade creditors		1,157	1,160
Social security and other taxes		531	-
Other creditors		162,554	151,553
Accrued expenses		600	600
		178,267	167,684

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	13,425	14,371

Bank borrowings

The bank overdraft is secured by a charge on all assets of the company.

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100