Tyseley Locomotive Works Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02253445 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

TYSELEY LOCOMOTIVE WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr CM Whitehouse

Mr MG Gilbert

Mr VE Michel

Mr R Meanley

SECRETARY:

Mr R Coombes

REGISTERED OFFICE:

670 Warwick Road

Tyseley

Birmingham

B11 2HL

REGISTERED NUMBER:

02253445 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Harrison BA FCA

AUDITORS:

Mark J Rees LLP, Statutory Auditor

Chartered Accountants

Granville Hall

Granville Road

Leicester

LE1 7RU

FIXED ASSETS

Tangible assets

4

222,829

238,882

CURRENT ASSETS

Stocks

56,629

26,665

Debtors

5

238,939

118,759

Cash at bank and in hand

110,787

156,583

406,355

302,007

CREDITORS

Amounts falling due within one year

6

480,709

383,970

NET CURRENT LIABILITIES

(74,354

)

(81,963

)

TOTAL ASSETS LESS CURRENT LIABILITIES

148,475

156,919

CREDITORS

Amounts falling due after more than one year

7

144,334

152,778

NET ASSETS

4,141

4,141

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,139

4,139

SHAREHOLDERS' FUNDS

4,141

4,141

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 September 2018 and were signed on its behalf by:

Mr CM Whitehouse - Director

1.	STATUTORY INFORMATION

Tyseley Locomotive Works 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Long leasehold

-

equal instalments over the lease period

Plant, equipment and rolling stock

-

at varying rates on cost

Office equipment

-

25% 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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2016 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant,

equipment

and

Long

rolling

Office

leasehold

stock

equipment

Totals

£

£

£

£

COST

At 1 January 2017

245,883

50,463

25,783

322,129

Additions

-

-

694

694

At 31 December 2017

245,883

50,463

26,477

322,823

DEPRECIATION

At 1 January 2017

41,871

19,843

21,533

83,247

Charge for year

10,691

3,017

3,039

16,747

At 31 December 2017

52,562

22,860

24,572

99,994

NET BOOK VALUE

At 31 December 2017

193,321

27,603

1,905

222,829

At 31 December 2016

204,012

30,620

4,250

238,882

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

140,506

82,973

Amounts owed by group undertakings

2,975

2,975

Other debtors

95,458

32,811

238,939

118,759

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

4,218

-

Trade creditors

136,500

106,171

Amounts owed to group undertakings

198,136

139,767

Taxation

1,152

984

Paye/Ni payable

10,855

9,817

Vat liability

7,931

12,297

Accruals and deferred income

113,473

106,490

Deferred government grants

4,222

4,222

Deferred grant

4,222

4,222

480,709

383,970

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

2017

2016

£

£

Deferred government grants

69,667

73,889

Deferred grant

74,667

78,889

144,334

152,778

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

4,218

-

Government grant

73,889

78,111

78,107

78,111

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP, Statutory Auditor

10.	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.

11.	ULTIMATE HOLDING COMPANY

The company is a wholly owned subsidiary of Vintage Trains, a charitable company limited by guarantee and

incorporated in England and Wales.

The group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.