Tyseley Locomotive Works Limited - Accounts to registrar (filleted) - small 18.2
Tyseley Locomotive Works Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2019 TO 31 MARCH 2020 |
FOR |
TYSELEY LOCOMOTIVE WORKS LIMITED |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TYSELEY LOCOMOTIVE WORKS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
BALANCE SHEET |
31 MARCH 2020 |
2020 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
1. | STATUTORY INFORMATION |
Tyseley Locomotive Works Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax, except for ticket sales where turnover is recognised on the date of the event. Income and deposits received in advance of events are included as deferred income. |
Tangible fixed assets |
Long leasehold | - |
Plant and equipment | - |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously. |
Government grants |
Government grants received in respect of capital expenditure relating to the leasehold property have been deferred on the balance sheet and will be released to the profit and loss account in accordance with the depreciation policy for the leasehold property. |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
At the date of signing these accounts, Covid-19 represents both a risk to the business and its people. The company is taking active measures to ensure its people remain safe and healthy. Measures include additional education on cleanliness, self-isolation, social distancing and the ability to work from home and roster patterns where necessary. There are regular business continuity and health and safety meetings/discussions to ensure compliance with the measures introduced. |
In the meantime the operations have been supported by a grant from Vintage Trains Charitable Trust, The Heritage Lottery Covid-19 Recovery Fund and by the draw down of a Business Bounce Back Loan. The Heritage Lottery Covid-19 Recovery Fund grant and the Business Bounce Back Loan were received in the financial year ended 31 March 2021. At the same time steps have been taken to tightly manage operating costs and wherever possible been reduced to the minimum including using the government's coronavirus job retention scheme.. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Long | Plant and | Office |
leasehold | equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 January 2019 |
Charge for period |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 December 2018 |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation |
Paye/NI payable | 11,580 | 22,092 |
Vat liability | 54,760 | 6,959 |
Other creditors |
Accruals and deferred income |
Deferred government grants |
Deferred grant | 4,222 | 4,222 |
The government grant was for £100,000 from Birmingham City Council. The other grant was for £95,000 from 7029 Clun Castle Limited. |
Both grants were received to assist with the building of the leasehold property in 2013 and are being released to the profit and loss account in accordance with the depreciation policy for this asset. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2018 |
as restated |
£ | £ |
Deferred government grants |
Deferred grant | 65,167 | 70,445 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
TYSELEY LOCOMOTIVE WORKS LIMITED (REGISTERED NUMBER: 02253445) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2019 TO 31 MARCH 2020 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | ULTIMATE HOLDING COMPANY |
The company is a wholly owned subsidiary of Vintage Trains Charitable Trust, a charitable company limited by guarantee and incorporated in England and Wales. |