(72GU) FISHGUARD&ROSS3HGP

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16-02-01	Fishguard&Rosslare - Year 2000 Accounrs	RNS
RNS Number:0499Z Fishguard & Rosslare Rlys & Hbrs Co 16 February 2001 FISHGUARD AND ROSSLARE RAILWAYS AND HARBOURS COMPANY `Statement of Accounts for the year ended 31st December 2000` `Directors` The Directors of the Board of the Fishguard and Rosslare Railways and Harbours `Company who held office at any time during the year 2000 were:` Nominated by Stena Line Ports Limited: `Mary Finola Gallagher Chairman wef 4th February 2000` Christopher John Polkinghorne Leslie David Stracey Stephen Leslie Weaver Nominated by Iarnrod Eireann: `Joseph Richard Meagher Deputy Chairman` Frank Crumlish Daniel Joseph Horan None of the Directors had an interest in any contract of significance with the Company, either during or at the end of the financial year 2000. NOTICE IS HEREBY GIVEN THAT THE NEXT ORDINARY MEETING OF PROPRIETORS OF THE Company will be held at Warwick House, 25-27 Buckingham Palace Road, London SW1W 0PP on Friday 9th February 2001 at 1.30 o'clock in the afternoon for the general purposes of business and for the election of an auditor in place of one retiring by rotation. The TRANSFER BOOKS of the Company will be CLOSED from 3rd to 9th February 2001 inclusive. C J POLKINGHORNE `24th January 2001 Secretary` Charter House Park Street ASHFORD, Kent TN24 8EX Copy of Statutory Notice which appeared in The Times on 24th January 2001 FISHGUARD AND ROSSLARE RAILWAYS AND HARBOURS COMPANY STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2000 No. 1 - STATEMENT OF CAPITAL AUTHORISED, AND CREATED BY THE COMPANY CAPITAL AUTHORISED CAPITAL CREATED BALANCE `Shares Loans or Total Shares Loans or Total Shares Loans or Total` `ACTS OF & Debenture & Debenture & Debenture` `PARLIAMENT Stock Stock Stock Stock Stock Stock` `# # # # # # # # #` `Fishguard 120,000 40,000 160,000 120,000 40,000 160,000 --- --- ---` Bay Railway and Pier Act, 1893 `The 60,000 20,000 80,000 60,000 20,000 80,000 --- --- ---` Fishguard and Rosslare Railways and Harbours Act, 1894 `The 50,000 12,500 62,500 50,000 12,500 62,500 --- --- ---` Fishguard and Rosslare Railways and Harbours (Steam Vessels) Act, 1895 `The 891,500 250,000 1,141,500 891,500 250,000 1,141,500 --- --- ---` Fishguard and Rosslare Railways and Harbours Act, 1898 `The 1,250,000 500,000 1,750,000 1,250,000 500,000 1,750,000 --- --- ---` Fishguard and Rosslare Railways and Harbours Act, 1899 `The 300,000 150,000 450,000 300,000 150,000 450,000 --- --- ---` Fishguard and Rosslare Railways and Harbours Act, 1914 TOTAL # 2,671,500 972,500 3,644,000 2,671,500 972,500 3,644,000 --- --- --- No. 2 - STATEMENT OF STOCK AND SHARE CAPITAL CREATED, SHOWING THE PROPORTION RECEIVED `DESCRIPTION Amount Amount Calls in Amount Amount` `created issued arrear uncalled unissued` `# # # # #` `New Guaranteed 3.5% Preference 1,371,500 1,237,664 --- --- 133,836` Stock `New Guaranteed 3.5% Preference 300,000 220,994 --- --- 79,006` Stock 1914 `New Guaranteed Ordinary Shares 428,500 428,500 --- --- ---` `Ordinary Shares of #10 each 180,000 180,000 --- --- ---` `New Ordinary Shares (created 391,500 391,500 --- --- ---` under section 59, Act 1898) `# 2,671,500 2,458,658 --- --- 212,842` `No. 3 - CAPITAL RAISED BY LOANS AND DEBENTURE STOCK` `Raised by Issue of` `Debenture Stock at` `3.5%` `#` `Existing at 31st December 2000 794,500` `Existing at 31st December 1999 794,500` `Increase ---` `Decrease ---` `Total amount authorised to be raised by Loans in 972,500` respect of Capital created, as per Statement No. 1 `Less Amount created, but not yet available # 150,000` `Reduction of Borrowing Powers in respect of # 20,179` Interest on New Guaranteed Preference Stock, paid `out of Capital 170,179` `802,321` `Total Amount raised by Debenture Stock, as above 794,500` `Balance, being available Borrowing Powers at 31st 7,821` December, 2000 `No. 4 - RECEIPTS AND EXPENDITURE ON CAPITAL ACCOUNT` `Dr. Cr.` `Amount Amount Amount Amount` `Expended Expended Received Received` `to 31st during to 31st during` `Dec 1999 year Total Dec 1999 year Total` `# # # # # #` TO BY RECEIPTS EXPENDITURE `On lines and Shares and 2,458,658 --- 2,458,658` `Works open Stock, per` `for traffic Account No. 2` `Debenture 794,500 794,500` `Stock, per` `Account No. 3` `In Ireland 2,255,212 (25) 2,255,187 Premiums on 4,375 --- 4,375` `Shares and` `Stock` `In England 1,308,192 (100) 1,308,092 Discounts on(42,998) --- (42,998)` `Shares and` `Stock` `3,214,535 --- 3,214,535` `By Balance 348,744` `# 3,563,404 (125) 3,563,279 # 3,563,279` `No. 5 - DETAILS OF CAPITAL EXPENDITURE FOR YEAR ENDED 31ST DECEMBER 2000` `#000 #000` On Lines and Works open for Traffic in Ireland: `Rosslare Harbour Development Scheme 220` `Less Contribution by Iarnrod Eireann (220) ---` On Lines and Works open for Traffic in England: `Fishguard Harbour Development 105` `Less Contribution by Stena Line Ports Limited (105) ---` `No. 6 - ESTIMATE OF FURTHER EXPENDITURE ON CAPITAL ACCOUNT` `#000 #000` On Lines and Works open for Traffic in Ireland: `Rosslare - Further Harbour Developments 1,984` `Less Contribution by Iarnrod Eireann (1,984) ---` On Lines and Works open for Traffic in England: `Fishguard - Further Harbour Developments -` `Less Contribution by Stena Line Ports Limited - ---` No. 7 - CAPITAL POWERS AND OTHER ASSETS AVAILABLE TO MEET FURTHER EXPENDITURE `# #` `Stock and Share Capital created, but not yet received, per 212,842` Statement No. 2: Amount unissued Loan Capital created, but not yet available, per Statement No. 3 150,000 `Available Borrowing Powers, per Statement No. 3 7,821` `157,821` `370,663` `Capital Account, Balance at Debit thereof, per Statement No. 4 348,744` `21,919` `No. 8 - REVENUE ACCOUNT` `Dr. Cr.` `# #` `To Auditors' Fees 687 By Amount provided or to be provided under the` `guarantee of the British Railways Board and` `Coras Iompair Eireann 41,568` `To Administration 3,802 By Amount provided or to be provided by Stena 4,489` `Expenses Line Ports Limited and Coras Iompair Eireann` `To Corporation Tax 8,156 By reduction in Corporation Tax Provision 8,156` `To Balance carried 41,568` to Net Revenue Account No. 9 `54,213 54,213` `No. 9 - NET REVENUE ACCOUNT` `Dr. Cr.` `# #` `To Dividend on New Guaranteed By Balance brought` `Preference Stock 41,568 from Revenue Account 41,568` `No. 8` Iarnrod Eireann and Stena Line Ports Limited, the holders of all the New 3.5% `Preference Stock 1914, all the 3.5% Debenture Stock and` 50,000 3.5% New Guaranteed Preference Stock irrevocably waived their rights to `dividends and interest on these stocks from 30th March 1984` `No. 18 - BALANCE SHEET as at 31st December 2000` `# #` LIABILITIES ASSETS `Unpaid Dividends 1,167 Capital Account, Balance at debit` `thereof, per` `Dividends accruing and 20,784 Statement No. 4 348,744` provided for `Temporary Loans 348,744 Cash at Bankers and in hand 26,490` `Corporation Tax 8,156 Amounts due by other Transport 20,582` `Undertakings` `Sundry Creditors and 16,965` Provision `395,816 395,816` `STATISTICS STATEMENT No. 1A - MILEAGE` `Year ended 31st December 2000` `Miles authorised Miles constructed` `Lines owned by the Company 52 50` `Corporate Governance` Background By virtue of Agreements dated 27 May 1898 and 14 February 1903, scheduled to the Fishguard and Rosslare Railways and Harbours Acts 1899 and 1903 respectively, the Company's undertaking on the English side is managed by Stena Line Ports Limited as regards Fishguard Harbour and by Stena Line Limited as regards the shipping service between Fishguard and Rosslare; the undertaking on the Irish side is managed by Iarnrod Eireann (Irish Rail). The managing companies are entitled to the receipts and responsible for any losses of the parts of the undertaking under their respective management, and such receipts and losses are not reflected in these accounts. Payment of dividends on the Preference Stock (other than that on which the right to dividend has been irrevocably waived by the holders thereof) is guaranteed by Coras Iompair Eireann and the British Railways Board. The whole of the Company's ordinary capital is held by Stena Line Ports Limited and Iarnrod Eireann, from which companies the Directors are appointed. The emoluments of the Directors are paid by their respective appointing companies, and are not borne by the Fishguard and Rosslare Railways and Harbours Company. Because the Company is not trading, the main responsibility of the Directors is to maintain and service the Company's capital. These accounts relate to their discharge of that responsibility. Combined Code In June 1998, the Stock Exchange published the Principles of Good Governance and Code of Best Practice (the 'Combined Code') which became effective in respect of accounting periods ending on or after 31 December 1998. The Board of Directors have complied throughout the year with the Combined Code apart from provisions A.1.2, A.1.3, A.1.6, A.2.1, A.3.1, A.3.2, A.5.1, A.6.1, A.6.2, B.3.3, B.3.4, B.3.5, C.2.1, C.2.3, C.2.4, D.3.1, D.3.2 and the provisions relating to the Level and Make-up of Remuneration, (B.1) and Remuneration Procedure (B.2) which the Directors do not consider to be relevant to the Company due to its constitution and the limited scope of its activity. Internal Control The Board is responsible for the company's system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable and not absolute assurance against material misstatement or loss. The Directors have reviewed the effectiveness of the Company's internal financial controls and consider the levels for authorisation and reporting appropriate for its constitution and the limited scope of its activity. Accordingly, the Board confirm that they have installed procedures necessary to implement the Turnbull guidance such that it has been fully complied with, so far as applicable to the Company's position, for the accounting year ending on 31 December 2000. `Statement of Directors' responsibilities` The Railway Companies (Accounts and Returns) Act 1911 requires the company to prepare a statement of accounts for each financial year which contain a full and true statement of the financial condition of the company. In preparing the statement of accounts, the directors have assumed responsibility to: * prepare a statement of accounts which complies with the provisions of the Railway Companies (Accounts and Returns) Act 1911; * make judgements and estimates that are reasonable and prudent; * prepare the statement of accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors have assumed responsibility for keeping accounting records which disclose with reasonable accuracy the financial position of the company and to enable them to ensure that the statements of accounts comply with the Railway Companies (Accounts and Returns) Act 1911. They have also assumed responsibility for the safeguarding of the assets of the company and hence for ensuring that reasonable steps are taken for the prevention of fraud and other irregularities. M F GALLAGHER C J POLKINGHORNE `Director Director/Secretary` 9th February 2001 Auditors' Report to the members of the Fishguard and Rosslare Railways and `Harbours Company` We have audited the statement of accounts on pages 2 and 3 which have been prepared in the form set out in the Railway Companies (Accounts and Returns) Act 1911. Respective responsibilities of directors and auditors As described on page 4 the company's directors have responsibility for the preparation of the statement of accounts. It is our responsibility to form an independent opinion, based on our audit, on those accounts and report our opinion to you. Basis of opinion We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the statement of accounts. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the statement of accounts, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the statement of accounts are free from material misstatement, whether caused by fraud or other irregularity or error. Opinion In our opinion the accounts for the year ended 31st December 2000 contain a full and true statement of the financial condition of the company and have been properly prepared in accordance with the Railway Companies (Accounts and Returns) Act 1911. M SUMMERFIELD P LACY `LONDON Auditors` 9th February 2001 END MSCBUGDDRGBGGBL More
23-01-01	Fishguard&Rosslare - Notice of Ordinary Meeting	RNS
RNS Number:7072X Fishguard & Rosslare Rlys & Hbrs Co 23 January 2001 The following Statutory Notice is to appear in The Times on 24th January 2001 FISHGUARD AND ROSSLARE RAILWAYS AND HARBOURS COMPANY NOTICE TO STOCKHOLDERS NOTICE IS HEREBY GIVEN that the next ORDINARY MEETING of Proprietors of the Company will be held at Warwick House, 25-27 Buckingham Palace Road, London SW1W 0PP on Friday 9th February 2001 at 1.30 o'clock in the afternoon for the general purposes of business and for the election of an auditor in place of one retiring by rotation. The TRANSFER BOOKS of the Company will be CLOSED from 3rd to 9th February 2001 inclusive. C J POLKINGHORNE Secretary 24th January 2001 Charter House Park Street ASHFORD, Kent TN24 8EX END NOAILFFRLRIVFIL More

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