Company Registration No. NI018685 (Northern Ireland)
Charity Number NIC 101640
DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
COMPANY INFORMATION
Directors MR JOHN NOBLE MR ROBERT GARDINER MR THOMAS BODEL MR DAVID CRONE MR IAN CROSS MR MORGAN YOUNG MR MICHAEL BECKETT MR INNIS MENNIE MR JONATHAN KING (Appointed 18 January 2023) MR NIALL KELLY (Appointed 30 September 2023) Secretary MR JOHN NOBLE Company number NI018685 Registered office THE RAILWAY STATION MARKET STREET DOWNPATRICK BT30 6LZ Accountants Norman Elliott Chartered Accountants 13 English Street Downpatrick Co Down Northern Ireland BT30 6AB Business address THE RAILWAY STATION MARKET STREET DOWNPATRICK BT30 6LZ
DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 |
| Accountants' report | 2 |
| Income and expenditure account | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 9 |
DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of developing and preserving a working steam railway museum and promoting the heritage of the local railway.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
MR JOHN NOBLE MR ROBERT GARDINER MR THOMAS BODEL MR DAVID CRONE MR IAN CROSS MR MORGAN YOUNG MR MICHAEL BECKETT MR INNIS MENNIE MR JONATHAN KING (Appointed 18 January 2023) MR NIALL KELLY (Appointed 30 September 2023)
Charity Number
Charity Number NIC 101640
Charities SORP FRS102
These financial statements have been prepared in compliance with the provisions of the Charities Statement of Recommended Practice (SORP) for application of FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Ireland'.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
.............................................. MR JOHN NOBLE Secretary
Date: .............................................
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
In accordance with the engagement letter dated 28 February 2020, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 December 2023 which comprise the income and expenditure account, the balance sheet and the related notes from the accounting records and information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are detailed at https://www.charteredaccountants.ie/Professional-Standards/ Home.
This report is made solely to the company's board of directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's board of directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's board of directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the relevant ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet for the year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements of DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Norman Elliott Chartered Accountants
.........................
Chartered Accountants
13 English Street Downpatrick Co Down Northern Ireland BT30 6AB
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| 2023 £ Income 284,681 Cost of sales (50,173) Gross surplus 234,508 Administrative expenses (110,923) Operating surplus 123,585 Interest receivable and similar income 4,654 Surplus before taxation 128,239 Tax on surplus - Surplus for the financial year 128,239 |
2022 £ 169,326 (96,156) 73,170 (63,337) 9,833 896 10,729 - 10,729 |
|---|---|
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
| 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 assets Net assets Reserves Income and expenditure account Members' funds |
2023 £ 4,250 5,405 397,946 407,601 (1,470) |
£ 432,982 406,131 839,113 839,113 839,113 |
2022 £ 4,250 4,781 348,683 357,714 (2,718) |
£ 355,878 354,996 |
|---|---|---|---|---|
| 710,874 | ||||
| 710,874 | ||||
| 710,874 |
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................................
MR ROBERT GARDINER
Director
Company registration number NI018685 (Northern Ireland)
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
Company information
DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED is a private company limited by guarantee incorporated in Northern Ireland. The registered office is THE RAILWAY STATION, MARKET STREET, DOWNPATRICK, BT30 6LZ.
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 amounts 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.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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:
Freehold land and buildings 4% Straight Line Plant and equipment 25% Reducing Balance Fixtures and fittings 25% Reducing Balance
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 surplus or deficit.
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.
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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 surplus or deficit, 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 surplus or deficit, 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 cost and replacement 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 and cash equivalents 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.
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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 payments 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. Amounts 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 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2 Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
3 Employees
The average monthly number of persons (including directors) employed by the company during the year was:
| 2023 Number Total 1 4 Tangible fixed assets Land and buildings Plant and machinery etc £ £ Cost At 1 January 2023 580,025 152,718 Additions - 136,800 At 31 December 2023 580,025 289,518 Depreciation and impairment At 1 January 2023 233,332 143,533 Depreciation charged in the year 23,201 36,495 At 31 December 2023 256,533 180,028 Carrying amount At 31 December 2023 323,492 109,490 At 31 December 2022 346,693 9,185 5 Debtors 2023 Amounts falling due within one year: £ Other debtors 5,405 6 Creditors: amounts falling due within one year 2023 £ Other creditors 1,470 |
2022 Number 1 |
|---|---|
| Total £ 732,743 136,800 |
|
| 869,543 | |
| 376,865 59,696 |
|
| 436,561 | |
| 432,982 | |
| 355,878 | |
| 2022 £ 4,781 |
|
| 2022 £ 2,718 |
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DOWNPATRICK AND COUNTY DOWN RAILWAY SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
7 Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
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