Wealden Railway Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01936470 (England and Wales)

Wealden Railway Company Limited

Unaudited Financial Statements for the Year Ended 31 January 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J S Nye

Mr C R S MacRae

Mr J Pay

Mr S Pay

Mr S R Owens

Mr C J Hobden

REGISTERED OFFICE:

West Station

Nevill Terrace

Tunbridge Wells

Kent

TN2 5QY

REGISTERED NUMBER:

01936470 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Wilson House

48 Brooklyn Road

Seaford

East Sussex

BN25 2DX

FIXED ASSETS

Tangible assets

4

470,665

421,696

CURRENT ASSETS

Stocks

14,825

11,724

Debtors

5

158,947

50,151

Cash at bank and in hand

321,240

222,543

495,012

284,418

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

241,319

154,491

NET CURRENT ASSETS

253,693

129,927

TOTAL ASSETS LESS CURRENT LIABILITIES

724,358

551,623

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

(38,999

)

(41,498

)

PROVISIONS FOR LIABILITIES

(44,358

)

(45,718

)

NET ASSETS

641,001

464,407

CAPITAL AND RESERVES

Called up share capital

8

518,610

438,610

Other reserves

9

30,776

-

Fair value reserve

9

112,086

112,086

Retained earnings

9

(20,471

)

(86,289

)

SHAREHOLDERS' FUNDS

641,001

464,407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2022 and were signed on its behalf by:

Mr J S Nye - Director

1.	STATUTORY INFORMATION

Wealden Railway Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Tangible fixed assets

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

Freehold property

-

not provided

Short leasehold

-

over the term of the lease

Plant and machinery

-

15% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Provisions

Provisions are made when an obligation exists for a future liability in respect of a past event and where the amount of obligation can be reliably estimated. Provisions are made for costs relating to the maintenance and overhaul of locomotives, diesel units and carriages used by the railway and are calculated based on an average cost per operating day. Provisions are stated at the present value of the amount expected to be required to settle the obligation.

Going concern

The directors have also assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in the light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months. The company's parent company has also indicated its willingness to continue to support the company for the foreseeable future and the directors thus conclude that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

Computer

property

leasehold

machinery

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 February 2021

200,000

202,902

362,780

12,821

778,503

Additions

-

-

71,419

17,948

89,367

At 31 January 2022

200,000

202,902

434,199

30,769

867,870

DEPRECIATION

At 1 February 2021

-

139,887

216,920

-

356,807

Charge for year

-

13,993

20,250

6,155

40,398

At 31 January 2022

-

153,880

237,170

6,155

397,205

NET BOOK VALUE

At 31 January 2022

200,000

49,022

197,029

24,614

470,665

At 31 January 2021

200,000

63,015

145,860

12,821

421,696

Cost or valuation at 31 January 2022 is represented by:

Freehold

Short

Plant and

Computer

property

leasehold

machinery

equipment

Totals

£

£

£

£

£

Valuation in 2021

112,086

-

-

-

112,086

Cost

87,914

202,902

434,199

30,769

755,784

200,000

202,902

434,199

30,769

867,870

Freehold land was valued on an open market basis on 31 January 2021 by Watsons Estates. The directors do not consider there to have been a significant change in the valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

3,981

Other debtors

158,947

46,170

158,947

50,151

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

25,999

-

Trade creditors

32,704

13,846

Amounts owed to group undertakings

37,436

62,350

Other creditors

145,180

78,295

241,319

154,491

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

38,999

41,498

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

518,610

Ordinary

£1

518,610

438,610

During the year, 80,000 Ordinary shares of £1 were issued at par.

9.

RESERVES

Fair

Retained

Other

value

earnings

reserves

reserve

Totals

£

£

£

£

At 1 February 2021

(86,289

)

-

112,086

25,797

Profit for the year

96,594

96,594

Transfer to/from other reserve

(30,776

)

30,776

-

-

At 31 January 2022

(20,471

)

30,776

112,086

122,391

10.	RELATED PARTY DISCLOSURES

The Tunbridge Wells & Eridge Railway Preservation Society Limited (TW&ERPS) owned 85% of the company's ordinary share capital at the balance sheet date. The company received grants from TW&ERPS amounting to £102,396 during the year (2021: £146,883) . Of this amount, £nil (2021: £14,500) has been deferred to future periods as it was in respect of the dining train project, and will be released to grant income in line with depreciation when it comes into service.

The company owed TW&ERPS £37,436 (2021: £62,350) at the balance sheet date. The loan is interest free, unsecured and repayable on demand.