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.

Peak Rail Annual Report and Action Group

Discussion in 'Heritage Railways & Centres in the UK' started by huochemi, Aug 11, 2017.

  1. 35B

    35B Part of the furniture

    Joined:
    Jun 18, 2011
    Messages:
    10,401
    Likes Received:
    6,842
    Gender:
    Male
    Location:
    Grantham
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Given PR history quite probably, but given the element of judgement required in preparing and interpreting accounts, not necessarily.


    Sent from my iPad using Tapatalk
     
  2. snappertim

    snappertim Member

    Joined:
    Jul 8, 2008
    Messages:
    85
    Likes Received:
    414
    Gender:
    Male
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    These accounts are a snapshot of over 18 ago. It will be very interesting to see the 2018 accounts which I guess will be available from CH around late June. Has the board and management turned the business round I wonder?
     
  3. 61624

    61624 Well-Known Member

    Joined:
    Sep 27, 2006
    Messages:
    3,913
    Likes Received:
    1,741
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    If they haven't, aren't they trading illegally?
     
  4. 35B

    35B Part of the furniture

    Joined:
    Jun 18, 2011
    Messages:
    10,401
    Likes Received:
    6,842
    Gender:
    Male
    Location:
    Grantham
    Heritage Railway Volunteer:
    No I do not currently volunteer
    Not if they’re meeting their debts when due. Qualified accounts don’t have to mean insolvency.


    Sent from my iPhone using Tapatalk
     
  5. Breva

    Breva Well-Known Member

    Joined:
    Oct 11, 2010
    Messages:
    1,015
    Likes Received:
    1,859
    Location:
    Gloucestershire
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    The plc 2018 accounts have now been released (I am a shareholder, so received a copy by mail).

    On a turnover broadly the same as the previous year, they turned a loss of £111k into a net profit of £51k.

    The story behind that is more complicated. They received an exceptional legacy of £110.000 in 2018, so if you deduct that from the result, there is actually a net loss of £49k in 2018.
    Legal costs were £77k and £50k in 2017 and 2018 respectively. In 2017 they had an anonymous donation of £100k.
     
    jnc, Gav106 and Sheff like this.
  6. John Crosskey

    John Crosskey New Member

    Joined:
    Sep 29, 2018
    Messages:
    14
    Likes Received:
    4
    Gender:
    Male
    Location:
    Caernarfon
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    It is not showing on the Companies House website yet.
     
  7. Gav106

    Gav106 Well-Known Member

    Joined:
    Mar 29, 2010
    Messages:
    1,595
    Likes Received:
    1,517
    Location:
    Nantwich, Cheshire
    I won't. If it's only just been shared to members, it will then have to be approved at the AGM before being sent off to companies House.
     
  8. Midlandsouthern

    Midlandsouthern New Member

    Joined:
    Mar 25, 2018
    Messages:
    152
    Likes Received:
    76
    Gender:
    Male
    Location:
    Lichfield
    Heritage Railway Volunteer:
    No I do not currently volunteer
    So essentially they using the large legacies/donations to offset the heavy losses the Plc is suffering to lessen the damage
     
    Sheff and Gav106 like this.
  9. Gav106

    Gav106 Well-Known Member

    Joined:
    Mar 29, 2010
    Messages:
    1,595
    Likes Received:
    1,517
    Location:
    Nantwich, Cheshire
    Without seeing the accounts it would seem that way. There are quite a lot of railways that operate this way though. Read the latest SR magazine that seems to suggest that the bluebell lost over 200k last year. Then there is the WSR that seemed to be close to going bankrupt. So the peak rail isn't alone in this.
     
    jnc and Greenway like this.
  10. ghost

    ghost Well-Known Member

    Joined:
    May 29, 2006
    Messages:
    2,320
    Likes Received:
    1,459
    Gender:
    Male
    Location:
    N.Ireland
    However, if they stopped all the legal action then they would at least break even or even make a small profit

    Keith
     
    Sheff, ilvaporista and jnc like this.
  11. ilvaporista

    ilvaporista Well-Known Member

    Joined:
    Jan 16, 2006
    Messages:
    3,235
    Likes Received:
    1,681
    Gender:
    Male
    Occupation:
    C.Eng
    Location:
    On the 45th!
    In the cold light of day what has been gained by these legal actions?
    What has been lost is self evident. Those sums of money could have been used for site improvements, restoration projects, concerted marketing or further expansion.
    The 'feet on the ground' deserve much better.
     
  12. Breva

    Breva Well-Known Member

    Joined:
    Oct 11, 2010
    Messages:
    1,015
    Likes Received:
    1,859
    Location:
    Gloucestershire
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    The total cost is a bit hard to find in the A/Rs. I can find the costs of the legal team, but the payouts were harder. I'm not sure if they went through the P&L. Someone could pose the question at the next AGM, it would be interesting to know the complete figure.

    More is pending arbitration...
     
  13. Sheff

    Sheff Well-Known Member

    Joined:
    Apr 21, 2006
    Messages:
    7,056
    Likes Received:
    1,601
    Gender:
    Male
    Occupation:
    Retired Engineer & Heritage Volunteer
    Location:
    N Warks
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    I thought it was in the commentary? I’ll have a look.


    Sent from my iPhone using Tapatalk
     
  14. Sheff

    Sheff Well-Known Member

    Joined:
    Apr 21, 2006
    Messages:
    7,056
    Likes Received:
    1,601
    Gender:
    Male
    Occupation:
    Retired Engineer & Heritage Volunteer
    Location:
    N Warks
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    The litigation costs are quite difficult to follow, so I’ll post the relevant paragraphs below and maybe others better qualified than I can unravel. I’ll start with the minutes from the 2018 AGM .......
    IMG_8562.jpg
    IMG_8563.jpg


    Sent from my iPhone using Tapatalk
     

    Attached Files:

  15. Sheff

    Sheff Well-Known Member

    Joined:
    Apr 21, 2006
    Messages:
    7,056
    Likes Received:
    1,601
    Gender:
    Male
    Occupation:
    Retired Engineer & Heritage Volunteer
    Location:
    N Warks
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    ..... and from the MD’s Statement for year end 2018 .....
    IMG_8564.jpg


    Sent from my iPhone using Tapatalk
     
  16. Sheff

    Sheff Well-Known Member

    Joined:
    Apr 21, 2006
    Messages:
    7,056
    Likes Received:
    1,601
    Gender:
    Male
    Occupation:
    Retired Engineer & Heritage Volunteer
    Location:
    N Warks
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    ..... and finally from the Notes on the Financial Statements Year End Dec 2018 ......

    IMG_8565.jpg
    IMG_8566.jpg

    Note that last one !


    Sent from my iPhone using Tapatalk
     
  17. Gav106

    Gav106 Well-Known Member

    Joined:
    Mar 29, 2010
    Messages:
    1,595
    Likes Received:
    1,517
    Location:
    Nantwich, Cheshire

    That last one is terrible!!! If that claim goes through at what looks like possible £200,000 then how will the railway be able to cover it?

    In defence of the highlighted comments about the 38% increase in marketing Vs on a 7% increase in revenue, that depends on what the % is based on. If the marketing budget was £10,000 and increase to £13,800 (actual £3800) and the revenue was £500,000 which would increase to £535,000 (actual £35,000) then it would be money well spent. Do you have the actual costs at all??
     
  18. Sheff

    Sheff Well-Known Member

    Joined:
    Apr 21, 2006
    Messages:
    7,056
    Likes Received:
    1,601
    Gender:
    Male
    Occupation:
    Retired Engineer & Heritage Volunteer
    Location:
    N Warks
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    Hard to decipher this Gav as marketing spend isn't itemised, and the comment relates to 2016 vs 2017 and I don't have 2016 to hand (but point taken). Anyway, it's pretty irrelevant compared to the swingeing legal costs.
     
  19. jnc

    jnc Member

    Joined:
    Apr 3, 2012
    Messages:
    832
    Likes Received:
    911
    Gender:
    Male
    Location:
    Western Atlantic
    Heritage Railway Volunteer:
    No I do not currently volunteer
    My eye was caught by the "robust defense". A familiar phrase...

    Noel
     
  20. Breva

    Breva Well-Known Member

    Joined:
    Oct 11, 2010
    Messages:
    1,015
    Likes Received:
    1,859
    Location:
    Gloucestershire
    Heritage Railway Volunteer:
    Yes I am an active volunteer
    £130.000 in 'cost of sales'! That is surely 'extraordinary expenditure'. Then items 4 and 5 above, revenue donations £108k under (4) and donations £100k under (5) in 2017, this is all very unclear. The Grinsty case has had a huge impact and there are bits of it scattered all over the accounts. It should all be exceptional, and well explained. It's now hard to see if they are trading at B/E or what. And all this for a turnover of just £370k! Not forgetting the deduction of capitalised labour (£14k) each year from expenditure. I think we should also know more about the director's loan accounts, which increased, nobly, from £20k to £49k but including these in 'ST creditors' makes the company illiquid. Under what terms were these made? Unsecured? That seems unlikely, but there is no mention of security given to anyone in the accounts.
     
    RichardBrum, jnc and Sunnieboy like this.

Share This Page