Company Registration No. 07099874 (England and Wales)
FAIRBOURNE STEAM RAILWAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
FAIRBOURNE STEAM RAILWAY LIMITED
COMPANY INFORMATION
Directors
Mrs M E Atkinson
Dr R G Melton
G C Merrick
A M Dods
Secretary
Mrs P Merrick
Company number
07099874
Registered office
Beach Road
Fairbourne
Gwynedd
LL38 2EX
Accountants
Moore Stephens
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
FAIRBOURNE STEAM RAILWAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 9
FAIRBOURNE STEAM RAILWAY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
211,396
212,873
Current assets
Stocks
7,985
7,885
Debtors
4
7,806
3,148
Cash at bank and in hand
3,760
8,516
19,551
19,549
Creditors: amounts falling due within one year
5
(18,761)
(16,695)
Net current assets
790
2,854
Total assets less current liabilities
212,186
215,727
Creditors: amounts falling due after more than one year
6
(102,534)
(315,234)
Net assets/(liabilities)
109,652
(99,507)
Capital and reserves
Called up share capital
7
200,001
1
Revaluation reserve
8
184,666
184,666
Profit and loss reserves
(275,015)
(284,174)
Total equity
109,652
(99,507)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
FAIRBOURNE STEAM RAILWAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2017 and are signed on its behalf by:
Mrs M E Atkinson
Director
Company Registration No. 07099874
FAIRBOURNE STEAM RAILWAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2015
1
184,666
(284,072)
(99,405)
Year ended 31 December 2015:
Loss and total comprehensive income for the year
-
-
(102)
(102)
Balance at 31 December 2015
1
184,666
(284,174)
(99,507)
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
-
9,159
9,159
Conversion of loan to shares
7
200,000
-
-
200,000
Balance at 31 December 2016
200,001
184,666
(275,015)
109,652
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Fairbourne Steam Railway Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Beach Road, Fairbourne, Gwynedd, LL38 2EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This is the first year the accounts have been prepared under FRS 102
1.2
Turnover
Turnover is
shown
in the Profit and Loss account at the value recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% and 25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2015 - 5).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016
238,068
Additions
2,067
At 31 December 2016
240,135
Depreciation and impairment
At 1 January 2016
25,195
Depreciation charged in the year
3,544
At 31 December 2016
28,739
Carrying amount
At 31 December 2016
211,396
At 31 December 2015
212,873
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
229
1,648
Prepayments and accrued income
7,577
1,500
7,806
3,148
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
11,410
6,394
Corporation tax
1
1
Other taxation and social security
1,233
964
Other creditors
3,009
6,495
Accruals and deferred income
3,108
2,841
18,761
16,695
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
6
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
102,534
315,234
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
200,001 Ordinary of £1 each
200,001
1
200,001
1
During the period 200,000 ordinary £1 shares were issued.
Reconciliation of movements during the year:
Number
At 1 January 2016
1
Issued during period
200,000
At 31 December 2016
200,001
FAIRBOURNE STEAM RAILWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 9 -
8
Revaluation reserve
2016
2015
£
£
At beginning and end of year
184,666
184,666
9
Related party transactions
The company is the wholly-owned subsidiary of The North Wales Coast Light Railway Limited (NWCLR). At 1st January 2016 the amount owed to NWCLR was £315,234. The amount owed to NWCLR at the 31st December 2016 was £102,534. The loan is an interest bearing loan and is repayable more than one year after the balance sheet date. During the year NWCLR increased their investment by £200,000 through the conversion of part of the loan into share capital. A grant was paid during the year by NWCLR to enable the company to run a train service along the line in accordance with the charity objectives. This amounted to £161,000 (2015: £143,000)
10
Ultimate holding company
The ultimate holding company is The North Wales Coast Light Railway Limited.
11
Ultimate controlling party
The ultimate controlling party is the trustees of The North Wales Coast Light Railway Limited which is a registered charity. No Trustee has ultimate control over this company.
2016-12-31
2016-01-01
false
CCH Software
CCH Accounts Production 2017.200
No description of principal activity
07099874
2016-01-01
2016-12-31
07099874
bus:Director1
2016-01-01
2016-12-31
07099874
bus:Director2
2016-01-01
2016-12-31
07099874
bus:Director3
2016-01-01
2016-12-31
07099874
bus:Director4
2016-01-01
2016-12-31
07099874
bus:CompanySecretary1
2016-01-01
2016-12-31
07099874
bus:RegisteredOffice
2016-01-01
2016-12-31
07099874
2016-12-31
07099874
2015-12-31
07099874
core:OtherPropertyPlantEquipment
2016-12-31
07099874
core:OtherPropertyPlantEquipment
2015-12-31
07099874
core:CurrentFinancialInstruments
2016-12-31
07099874
core:CurrentFinancialInstruments
2015-12-31
07099874
core:ShareCapital
2016-12-31
07099874
core:ShareCapital
2015-12-31
07099874
core:RevaluationReserve
2016-12-31
07099874
core:RevaluationReserve
2015-12-31
07099874
core:RetainedEarningsAccumulatedLosses
2016-12-31
07099874
core:RetainedEarningsAccumulatedLosses
2015-12-31
07099874
core:ShareCapital
core:RestatedAmount
2014-12-31
07099874
core:RevaluationReserve
core:RestatedAmount
2014-12-31
07099874
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2014-12-31
07099874
core:RestatedAmount
2014-12-31
07099874
core:ShareCapitalOrdinaryShares
2016-12-31
07099874
core:ShareCapitalOrdinaryShares
2015-12-31
07099874
2015-01-01
2015-12-31
07099874
core:ShareCapital
2016-01-01
2016-12-31
07099874
core:PlantMachinery
2016-01-01
2016-12-31
07099874
core:MotorVehicles
2016-01-01
2016-12-31
07099874
core:OtherPropertyPlantEquipment
2015-12-31
07099874
core:OtherPropertyPlantEquipment
2016-01-01
2016-12-31
07099874
core:Non-currentFinancialInstruments
2016-12-31
07099874
core:Non-currentFinancialInstruments
2015-12-31
07099874
bus:OrdinaryShareClass1
2016-01-01
2016-12-31
07099874
bus:OrdinaryShareClass1
2016-12-31
07099874
bus:PrivateLimitedCompanyLtd
2016-01-01
2016-12-31
07099874
bus:FRS102
2016-01-01
2016-12-31
07099874
bus:AuditExemptWithAccountantsReport
2016-01-01
2016-12-31
07099874
bus:FullAccounts
2016-01-01
2016-12-31
xbrli:pure
xbrli:shares
iso4217:GBP