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Unaudited Financial Statements |
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for the Year Ended 31st October 2018 |
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for |
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CONWY VALLEY RAILWAY MUSEUM LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st October 2018 |
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for |
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CONWY VALLEY RAILWAY MUSEUM LIMITED |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Contents of the Financial Statements |
for the year ended 31st October 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CONWY VALLEY RAILWAY MUSEUM LIMITED |
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Company Information |
for the year ended 31st October 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
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BANKERS: |
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84 Market Street |
Hednesford |
Cannock |
West Midlands |
WS12 5AL |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Balance Sheet |
31st October 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Revaluation reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Balance Sheet - continued |
31st October 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements |
for the year ended 31st October 2018 |
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1. | STATUTORY INFORMATION |
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Conwy Valley Railway Museum Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£), which is the functional currency |
of the company and rounded to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means that |
actual outcomes could differ from those estimates. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. Turnover represents the amount of net invoiced income from goods sold and services rendered and |
is recognised when significant risks and rewards of ownership of the services have transferred to the |
buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated |
with the transaction will flow to the company and the costs incurred or to be incurred in respect of the |
transaction can be measured reliably. |
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Tangible fixed assets |
Freehold property and certain items of rolling stock are stated at their valuation prior to the implementation of |
FRS15 "Tangible Fixed Assets" in 1999 plus subsequent additions at cost. |
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Other tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Land Not provided |
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Buildings 2% on cost/revaluation |
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Plant, exhibits, rolling stock etc - various 0-15% p.a. |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. |
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At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the |
identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is |
recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment |
charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss |
account. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement in other |
administrative expenses. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued |
amount where the impairment loss is a revaluation decrease. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
If an arrangement constitutes a finance transaction it is measured at present value. |
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Cash & cash equivalents |
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments |
that mature in no more than three months from the date of acquisition and that are readily convertible to |
known amounts of cash with an insignificant risk of change in value. |
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Employee benefits |
The company provides a range of benefits to employees, including annual bonus arrangements and defined |
contribution pension plans. |
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i. Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an |
expense in the period in which the service is received. |
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ii. Defined contribution pension plans |
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The company operates a defined contribution plan for its employees. A defined contribution plan is a pension |
plan under which the company pays fixed contributions into a separate entity. Once the contributions have |
been paid the company has no further payment obligations. The contributions are recognised as an expense |
when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are |
held separately from the company in independently administered funds. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
If an arrangement constitutes a finance transaction it is measured at present value. |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant, |
exhibits, |
Freehold | rolling |
property | stock | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st November 2017 |
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Additions |
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At 31st October 2018 |
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DEPRECIATION |
At 1st November 2017 |
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Charge for year |
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At 31st October 2018 |
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NET BOOK VALUE |
At 31st October 2018 |
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At 31st October 2017 |
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The company has retained the values of certain assets that were revalued prior to the implementation of FRS15 |
"Tangible Fixed Assets" in 1999. |
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Land included in the above at a value of £30,000 has not been depreciated. |
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No provision for deferred taxation relating to the revaluations has been made as any liability would be |
immaterial. |
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Cost or valuation at 31st October 2018 is represented by: |
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Plant, |
exhibits, |
Freehold | rolling |
property | stock | Totals |
£ | £ | £ |
Valuation in 1999 | 77,862 | 12,500 | 90,362 |
Cost | 65,686 | 220,566 | 286,252 |
143,548 | 233,066 | 376,614 |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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Included in other debtors are prepayments of £878 (2017 - £715) |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included in other creditors are accruals of £3,189 (2017 - £3178) |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdrafts |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 24,791 | 24,791 |
CONWY VALLEY RAILWAY MUSEUM LIMITED (REGISTERED NUMBER: 01205996) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1st November 2017 |
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Transfer from revaluation | (1,496 | ) |
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At 31st October 2018 |
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