Chairmans Report 2022-2023 - AGM 12/10/2024
The railway has continued to go from strength to strength in 2022-2023. We operated several events during 2022 including Easter, Halloween and Christmas with all proving popular as ever. With the pacer trains proving popular we also operated Driver Experiences which proved to be a very useful additional source of income.
An additional pacer arrived at the railway in the form of 143612, which is on loan from the Vale of Berkely Railway. The last remaining Class 315 EMU no. 315856 also arrived at the railway in early 2023 for static display. Class 73 locomotive no. 73130, arrived at the railway during the end of 2022, with the LMMR having bought shares in the loco. Its long-term base will be the LMMR, though it is likely it will be loaned to other railways if the opportunity arises.
Work was carried out in the background to work out how a cafe could be achieved on site. Towards the end of 2022 the railway managed to come to an agreement with Transport for Wales for the donation of the stripped bodyshell of a Class 153 DMU, which was delivered to the railway in early 2023.
Funding for both electricity and the conversion of the bodyshell into a cafe was pursued with good progress being made towards finding a suitable funder by the end of the 2023 period.
Consideration was also being given to developing the site woodlands into a nature trail to add a further attraction to the site. Funding streams for this project were also being investigated.
Company Registration No. 03753219 (England and Wales)
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS CONTENTS
| Page | |
|---|---|
| Company information | 3 |
| Directors' report | 4 |
| Accountants' report | 5 |
| Income statement | 6 |
| Statement of financial position | 7 |
| Notes to the accounts | 8 |
| Detailed profit and loss account | 10 |
- 2 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 APRIL 2024
Directors
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Company Number
03753219 (England and Wales)
Registered Office
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW WALES
Accountants
KD Accounting Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
- 3 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED (COMPANY NO: 03753219 ENGLAND AND WALES) DIRECTORS' REPORT
The directors present their report and accounts for the year ended 30 April 2024.
Directors
The following directors held office during the whole of the period:
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Statement of directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors
............................................................................
Maria del Pilar Val Loureda Director
Approved by the board on: 28 October 2024
- 4 -
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED FOR THE YEAR ENDED 30 APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Llanelli and Mynydd Mawr Railway Company Limited for the year ended 30 April 2024 as set out on pages 6 - 9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
KD Accounting Chartered Certified Accountants
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
28 October 2024
- 5 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2024
| Turnover Cost of sales Gross (loss)/profit Administrative expenses Operating loss Interest payable and similar charges Loss on ordinary activities before taxation Tax on loss on ordinary activities Loss for the financial year |
2024 £ 46,702 (63,380) (16,678) (41,712) (58,390) (273) (58,663) - (58,663) |
2023 £ 65,605 (9,321) |
|---|---|---|
| 56,284 (56,519) |
||
| (235) - |
||
| (235) - |
||
| (235) |
- 6 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2024
| Notes Fixed assets Tangible assets 4 Current assets Inventories Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 6 Net assets Capital and reserves Profit and loss account Shareholders' funds |
2024 £ 55,614 12,700 36,529 49,229 (560) 48,669 104,283 (40,000) 64,283 64,283 64,283 |
2023 £ 63,769 12,700 47,018 |
|---|---|---|
| 59,718 (541) |
||
| 59,177 | ||
| 122,946 - |
||
| 122,946 | ||
| 122,946 | ||
| 122,946 |
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by
Maria del Pilar Val Loureda Director
Company Registration No. 03753219
- 7 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024
1 Statutory information
Llanelli and Mynydd Mawr Railway Company Limited is a private company, limited by shares, registered in England and Wales, registration number 03753219. The registered office is Unit 6 The Arcade, Llanelli, Carmarthenshire, SA15 3TW, WALES.
2 Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3 Accounting policies
These financial statements for the year ended 30 April 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery 20% reducing balance Fixtures & fittings 20% reducing balance
| 4 Tangible fixed assets Cost or valuation At 1 May 2023 Additions At 30 April 2024 Depreciation At 1 May 2023 Charge for the year At 30 April 2024 Net book value At 30 April 2024 At 30 April 2023 |
Land & buildings £ At cost 1,626 - 1,626 - - - 1,626 1,626 |
Plant & machinery £ At cost 151,217 5,342 156,559 89,074 13,497 102,571 53,988 62,143 |
Total £ 152,843 5,342 |
|---|---|---|---|
| 158,185 | |||
| 89,074 13,497 |
|||
| 102,571 | |||
| 55,614 | |||
| 63,769 |
- 8 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024
5 Creditors: amounts falling due within one year
| 5 Creditors: amounts falling due within one year Other creditors Accruals 6 Creditors: amounts falling due after more than one year Bank loans |
2024 £ - 560 560 2024 £ 40,000 |
2023 £ 1 540 |
| 541 | ||
| 2023 £ - |
7 Average number of employees
During the year the average number of employees was 0 (2023: 0).
- 9 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2024
This schedule does not form part of the statutory accounts.
| Turnover Fees Cost of sales Purchases Subcontractor costs Other direct costs Gross (loss)/profit Administrative expenses Staff training and welfare Motor expenses Entertaining Rates Cleaning Telephone and fax Stationery and printing Subscriptions Bank charges Insurance Equipment expensed Equipment hire Repairs and maintenance Depreciation Donations Sundry expenses Accountancy fees Advertising and PR Other legal and professional Operating loss Interest payable Bank loans and overdrafts Loss on ordinary activities before taxation |
2024 £ 46,702 4,680 57,500 1,200 63,380 (16,678) - 7,334 527 321 529 471 - 1,094 - 3,857 5,745 5,038 2,082 13,497 - 201 560 62 394 41,712 (58,390) 273 (58,663) |
2023 £ 65,605 |
|---|---|---|
| 9,321 - - |
||
| 9,321 | ||
| 56,284 | ||
| 1,933 7,824 1,039 514 1,337 42 26 75 4 3,102 10,039 2,334 10,732 15,122 175 1,216 540 336 129 |
||
| 56,519 | ||
| (235) | ||
| - | ||
| (235) |
- 10 -
CIIARTERED CERTIFIED ACCOVNTAHTS. REPOAT TO THE BOARD OF DIRECTOIS ON THE PREPARATK)N OF TTrIE UNAUOITEO STATUTOA Y ACCOUNTS OF LLANELU AND MYNYDO IAAWR HAILy COhlPANY UMITEO FOR THE YEPJR ENDED JO APAIL 2024 541$ J cs Camscanner