Enterprise Locomotives Limited Filleted accounts for Companies House (small and micro)

ENTERPRISE LOCOMOTIVES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 6169996

ENTERPRISE LOCOMOTIVES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2022

ENTERPRISE LOCOMOTIVES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		38,317		42,574

CURRENT ASSETS

Cash at bank and in hand	787		670

CREDITORS: amounts falling due within one year	6	63,726		62,656
		---------		---------
NET CURRENT LIABILITIES			62,939		61,986
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 24,622)		( 19,412)
			---------		---------
NET LIABILITIES			( 24,622)		( 19,412)
			---------		---------

ENTERPRISE LOCOMOTIVES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2022

	2022		2021
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	( 24,624)	( 19,414)
	---------	---------
SHAREHOLDER DEFICIT	( 24,622)	( 19,412)
	---------	---------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 December 2022 , and are signed on behalf of the board by:

A Fairburn
Director

Company registration number: 6169996

ENTERPRISE LOCOMOTIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Spring Lodge, Low Road West, Warmsworth, Doncaster, South Yorkshire, DN4 9LE, United Kingdom.

2. STATEMENT OF COMPLIANCE

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

Going concern

The financial statements have been prepared on a going concern basis not withstanding there was a deficiency of net assets at the year end. The directors have agreed to postpone the repayment of their loan accounts until sufficient funds are available.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

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.

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:

	Plant and machinery	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

5. TANGIBLE ASSETS

	Plant and machinery	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	72,100	72,100
	---------	---------
Depreciation
At 1 April 2021	29,526	29,526
Charge for the year	4,257	4,257
	---------	---------
At 31 March 2022	33,783	33,783
	---------	---------
Carrying amount
At 31 March 2022	38,317	38,317
	---------	---------
At 31 March 2021	42,574	42,574
	---------	---------

6. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Social security and other taxes	183	139
Other creditors	63,543	62,517
	---------	---------
	63,726	62,656
	---------	---------

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the directors had an unsecured interest free loan with the company. The directors' loan account was in credit throughout the year and is repayable on demand.