Sussex Miniature Locomotive Society Limited Filleted accounts for Companies House (small and micro)

SUSSEX MINIATURE LOCOMOTIVE SOCIETY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 1214042

Sussex Miniature Locomotive Society Limited

Company Limited by Guarantee

Filleted Unaudited Abridged Financial Statements

31 December 2021

Sussex Miniature Locomotive Society Limited

Company Limited by Guarantee

Abridged Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		15,479	19,078

Current assets

Stocks	2,738	2,738
Debtors	1,828	4,394
Cash at bank and in hand	51,517	59,781
	---------	---------
	56,083	66,913

Creditors: amounts falling due within one year	495		495
	---------		---------
Net current assets		55,588	66,418
		---------	---------
Total assets less current liabilities		71,067	85,496
		---------	---------

Capital and reserves

Other reserves	3,004	3,004
Profit and loss account	68,063	82,492
	---------	---------
Members funds	71,067	85,496
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31st December 2021 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

Sussex Miniature Locomotive Society Limited

Company Limited by Guarantee

Abridged Statement of Financial Position (continued)

31 December 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 24 February 2022 , and are signed on behalf of the board by:

G P Miller

Director

Company registration number: 1214042

Sussex Miniature Locomotive Society Limited

Company Limited by Guarantee

Notes to the Abridged Financial Statements

Year ended 31st December 2021

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is The Club House Beech Hurst Gardens, Bolnore Road, Haywards Heath, West Sussex, RH16 4BX.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company was able to operate some train rides in August 2021 but were still hindered during the year by COVID-19 restrictions. The company has a balance sheet with net assets of £71,730 at the year end and expects to see operating income restored in 2022. Consequently, the Directors have considered the consequences of COVID-19 and have determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Revenue recognition

The turnover shown in the profit and loss account represents fares collected plus the proceeds of sales of goods to members.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and Buildings	-	3% straight line
Plant, Machinery & Rolling Stock	-	25% reducing balance
Technical Library	-	25% reducing balance

	Station, Engine Sheds & Siding	-	15% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Company limited by guarantee

The company does not have a share capital. The liability of each member is limited to a £1 guaranteed maximum contribution in the event of the company being wound up.

5. Tangible assets

	£
Cost
At 1st January 2021 and 31st December 2021	100,325
	----------
Depreciation
At 1st January 2021	81,247
Charge for the year	3,599
	----------
At 31st December 2021	84,846
	----------
Carrying amount
At 31st December 2021	15,479
	----------
At 31st December 2020	19,078
	----------