If you register, you can do a lot more. And become an active part of our growing community. You'll have access to hidden forums, and enjoy the ability of replying and starting conversations.

Teifi Valley Railway

Discussion in 'Narrow Gauge Railways' started by Anthony Coulls, Jun 22, 2014.

  1. andrewshimmin

    andrewshimmin Well-Known Member

    Joined:
    Mar 18, 2011
    Messages:
    1,761
    Likes Received:
    2,160
    Heritage Railway Volunteer:
    No I do not currently volunteer
    In happier times (not my videos):

    Sgt Murphy:
    Alan George:
     
  2. DcB

    DcB Well-Known Member

    Joined:
    Jun 5, 2018
    Messages:
    1,339
    Likes Received:
    421
    Location:
    Surrey
    Heritage Railway Volunteer:
    No I do not currently volunteer
    From the latest facebook photos looks like some progress with work on Sgt Murphy's boiler.
     
    The Dainton Banker likes this.
  3. Elizabeth Perry

    Elizabeth Perry Member

    Joined:
    Jun 23, 2014
    Messages:
    214
    Likes Received:
    167
    Gender:
    Female
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    Surely 40 years of work has not been for nothing?
     
    andrewshimmin likes this.
  4. Pete Thornhill

    Pete Thornhill Resident of Nat Pres Staff Member Administrator Moderator Friend

    Joined:
    Jul 24, 2008
    Messages:
    7,498
    Likes Received:
    5,455
    I’m afraid you are talking in riddles? Please elaborate.
     
  5. 30854

    30854 Resident of Nat Pres

    Joined:
    Mar 8, 2017
    Messages:
    12,172
    Likes Received:
    11,493
    Gender:
    Male
    Occupation:
    Retired
    Location:
    Brighton&Hove
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Pete Thornhill likes this.
  6. ross

    ross Well-Known Member

    Joined:
    May 18, 2017
    Messages:
    1,002
    Likes Received:
    2,477
    Gender:
    Male
    Location:
    Titfield
    Heritage Railway Volunteer:
    No I do not currently volunteer
    I am pretty certain it is chickens who come home to roost, both literally and metaphorically. Cows just come home, eventually. Usually when they wants milking
     
  7. johnofwessex

    johnofwessex Resident of Nat Pres

    Joined:
    Apr 6, 2015
    Messages:
    9,186
    Likes Received:
    7,226
    Gender:
    Male
    Occupation:
    Thorn in my managers side
    Location:
    72
    Heritage Railway Volunteer:
    No I do not currently volunteer
  8. The Dainton Banker

    The Dainton Banker Well-Known Member

    Joined:
    Jul 20, 2014
    Messages:
    1,720
    Likes Received:
    3,186
    Gender:
    Male
    Location:
    Over the hills and far away
    Heritage Railway Volunteer:
    No I do not currently volunteer
    To be fair, keeping sets of accounts and meeting the obligations can be a bit overwhelming for those unused to it. For people like Elizabeth and I, who have done it for years, it is simple and we don't always appreciate how confusing it can be for a newbie, especially if they have no background in the basics (and I can hear Elizabeth saying "if only they'd asked me !"). I have no idea whether this is the case here but the Railway has said it can get the returns done in time to avoid closure so I wish them well, and look forward to better news soon.
    Mike
     
    andrewshimmin and Robkitchuk like this.
  9. Llwyngwern

    Llwyngwern Member

    Joined:
    Jul 8, 2020
    Messages:
    217
    Likes Received:
    589
    Gender:
    Male
    Location:
    Taunton
    Heritage Railway Volunteer:
    Yes I am an active volunteer

    Local papers have young, not well paid, staff who rely very much on press releases, social media and just plain tip-offs for info and stories. Specialist finance reporters do not exist at this level so this news item will be a result of Information received from a local source who monitors such things.
     
  10. Platform 3

    Platform 3 Member

    Joined:
    Apr 20, 2015
    Messages:
    827
    Likes Received:
    1,092
    Gender:
    Male
    Heritage Railway Volunteer:
    No I do not currently volunteer
    I wonder who?

    In reality, whilst this type of thing shouldn't happen, missing accounts deadlines does happen all the time. This really isn't a major story.

    Sent from my SM-G770F using Tapatalk
     
  11. Sidmouth

    Sidmouth Resident of Nat Pres Staff Member Moderator

    Joined:
    Sep 12, 2005
    Messages:
    9,635
    Likes Received:
    8,303
    Gender:
    Male
    Location:
    Alderan !
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    unrelated but interesting , an acquaintance of mine had a business that ran up debts over a number of years trading . Rather than go through insolvency they stopped filing accounts and the business was eventually struck off . Roll forward to the present and their new business which is well known in the heritage sector has failed to file accounts . I presume they have continued to trade as a sole trader as the one set of accounts that were filed were only shell accounts , the business not having been moved in . twelve months on and Companies house has overdue in red for the next set .

    If the business has no debts then insolvency is not needed and you can just apply to the registrar to have it struck off. I have a feeling directors are now personally liable for the fines that accrue but others may be able to confirm this
     
  12. Bikermike

    Bikermike Well-Known Member

    Joined:
    Mar 11, 2020
    Messages:
    1,442
    Likes Received:
    1,595
    Gender:
    Male
    Location:
    Thameslink territory
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Langollen plc accounts were up to date - didn't help much did it?
    All the non-filing proves is that the accounts haven't been filed. It's not great, but all the accounts do is report on what's there. Presumably Elizabeth will be equally keen to report if/when they do?
     
    2392 likes this.
  13. 30854

    30854 Resident of Nat Pres

    Joined:
    Mar 8, 2017
    Messages:
    12,172
    Likes Received:
    11,493
    Gender:
    Male
    Occupation:
    Retired
    Location:
    Brighton&Hove
    Heritage Railway Volunteer:
    No I do not currently volunteer
    My dear chap, if I want to mix my metaphors, I'll jolly well mix my metaphors. :Pompus:

    84af88a265a8a4921f5612fbe54ce79d.jpg
    [Image credited pinterest.com, origina source unknown]
     
    andrewshimmin and 35B like this.
  14. Andy Williams

    Andy Williams Member

    Joined:
    Apr 23, 2010
    Messages:
    851
    Likes Received:
    908
    Occupation:
    Design Engineer
    Location:
    Shropshire
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    But surely, if the company were to be struck off they would have to cease operations, as the railway safety case and any Transport & Works Act Order would be vested in that company?
     
  15. MellishR

    MellishR Resident of Nat Pres Friend

    Joined:
    Apr 16, 2009
    Messages:
    8,068
    Likes Received:
    5,165
    If the company is struck off and its assets go to the Crown, what might the Crown then do with them?
     
    Chris86 likes this.
  16. Bikermike

    Bikermike Well-Known Member

    Joined:
    Mar 11, 2020
    Messages:
    1,442
    Likes Received:
    1,595
    Gender:
    Male
    Location:
    Thameslink territory
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Her Majesty takes them and puts them in a big shed near Windsor...

    The crown tries to get shot of them as fast as possible. In general terms, the first call is the creditors, then the shareholders. The tricky bit is items in an insolvent company with no value (eg land that requires remediation) - if it can't be sold at auction it generally gets remediated and then flogged. I don't think it her majesty's most profitable line of business. (visions of the Queen in a donkey jacket with a roll-up on the go dealing in used tenners with a scrappie)
     
    johnofwessex likes this.
  17. 35B

    35B Nat Pres stalwart

    Joined:
    Jun 18, 2011
    Messages:
    25,493
    Likes Received:
    23,730
    Gender:
    Male
    Location:
    Grantham
    Heritage Railway Volunteer:
    No I do not currently volunteer
    If it were to get to that stage. I'm with @Bikermike in considering this poor, but not necessarily a sign of impending doom.
     
    The Dainton Banker likes this.
  18. Elizabeth Perry

    Elizabeth Perry Member

    Joined:
    Jun 23, 2014
    Messages:
    214
    Likes Received:
    167
    Gender:
    Female
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    Fundamental difference between doing your personal tax return and being responsible for the accounts of a limited Company. If you can't do them then its your duty to find somebody else.
    If the Company is struck off then the Light Railway Order ends.
     
    Meiriongwril likes this.
  19. Andy Williams

    Andy Williams Member

    Joined:
    Apr 23, 2010
    Messages:
    851
    Likes Received:
    908
    Occupation:
    Design Engineer
    Location:
    Shropshire
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    Your consideration is fine providing that the accounts are filed prior to the deadline. Should they not be, and the company is struck off, the existing LRO or TWAO would cease to exist unless a transfer order to another entity was applied for and subsequently approved.
     
  20. 35B

    35B Nat Pres stalwart

    Joined:
    Jun 18, 2011
    Messages:
    25,493
    Likes Received:
    23,730
    Gender:
    Male
    Location:
    Grantham
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Of course, and the impending deadline is a risk. But there is a difference between risk and certainty.


    Sent from my iPad using Tapatalk
     
    The Dainton Banker likes this.

Share This Page