2025

Download - PLC Accounts 2025

Company Registration Number: 04093919

WENSLEYDALE RAILWAY PLC FINANCIAL STATEMENTS

31 MARCH 2025

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present the strategic report for the year ended 31 March 2025.

Governance and Management

A significant issue over the past year has been the requirement for the Wensleydale Railway (in common with all heritage railways in the UK) to abide by the Office of Road and Rail (ORR) led Risk Management Maturity Model guidelines, commonly known by the acronym RM3. In particular (to quote from them) that “risk management should be embedded into the policy development, business and strategic planning and review and change management processes. There should be an organisation-wide risk management plan to ensure that the risk management policy is implemented and that risk management is embedded in all of the organisation’s practices and processes”.

The Board set up a group (independent of the Board) to take this forward, comprising Bob Coombs, John S. Smithson, George Hogg, Tim Gregson and Teresa Chapman and a tremendous amount of detailed work has been undertaken. All of the operations, management and features of the railway have been scrutinised and assessments made of the extent to which required standards are being met, followed by suggested actions to improve. This highlights that the ORR wants more roles to be supported by professionally qualified advice, and this is something we need to work on. The assessments have been carried out under 10 topics –

Written health and safety management system
Record keeping, document control and knowledge management
Audit
Incident investigation
Competence management
Risk assessment and management
Board governance
Leadership
Management of assets
Change

Following the initial assessment, Directors have taken responsibility to liaise with the group for specific topics and to take actions, where needed, to improve. As might be expected, improvements are required in all areas (in fact, the overall philosophy is one of continuous improvement) and assessments will continue to be made to ascertain progress. This issue has taken many hours of detailed work but is essential to ensure that the railway is well managed and, most importantly, safe.

One outcome from the assessments has been a recommendation to change the arrangements between the Wensleydale Railway PLC (the Company) and the Wensleydale Railway Association (Trust) Ltd (the Trust) so that the two organisations are more clearly separately operated and managed. Currently, there are four Directors who are also Trustees of the Trust, but this will have to change and discussions are underway as to how best to maintain good communications between the organisations. During the year, Tim Gregson was co-opted to the Board.

In addition to the Directors, two others attend Board meetings – Phil Smith as Company Secretary and Teresa Chapman, Finance Manager. Another very important (and long serving) volunteer who supports the Board is Peter Harbord, the Company Registrar, who looks after the extensive administration involved with the 3,900 or so shareholders.

We have not appointed a general manager – a team has again this year covered those responsibilities and the General Management team today consists of Nigel Park, Tim Gregson, Martin Cleaver and Teresa Chapman.

The Health and Safety Committee meets monthly, with members drawn from all sections of the railway and station team leaders meet quarterly to discuss issues. The P-way team holds regular meetings to plan work, led by Chris Morrill, pending the appointment of a suitable P-way Supervisor. The Vegetation team has new leadership in John Thompson and John Wallace, letting Steve Hall and Bill Briggs take a little more of a backseat; they have both led the team for many years and continue to be very much involved.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Staffing

Currently we employ five staff, Teresa Chapman and Jon Easton on the admin side and Rob Williamson whose knowledge of everything to do with the railway is invaluable. Also, George Stephens, who at 21 has recent been passed out as a Responsible Officer and Pacer driver and Oliver Kirkby who is looking after our database to ensure that operations run smoothly. Both these young men are trained and qualified as guards and will continue driver training as and when it is felt to be appropriate. Additionally, the Trust and the Company jointly employ Nick Keegan for marketing and fundraising.

We engaged Health and Safety third party support for the last year, which has helped to get on top of many of the safety aspects on the railway. Together with information gleaned from using RM3, we feel we are now in a much better position from a safety and management point of view.

Teresa Chapman has additionally taken on the role of volunteer coordinator as it was felt that employing someone as a specific job had not worked. She is trying to contact everyone on the volunteer database to check their interests and helping to get them into suitable positions. The teams around the railway have been much more supportive of new volunteers, which is so essential and has really helped to ensure that we retain people

Volunteer teams are working well, including the station teams who have greatly improved the appearance and the functionality of Scruton, Leeming Bar, Bedale and Leyburn stations. Bedale station has experienced low passenger numbers, shop and café sales, making it less attractive to volunteers who enjoy busy settings.

The biggest load on personnel each year is at Polar Express time, when nearly 60,000 passengers come to the railway over a period of about five weeks. Our staff and volunteers are really stretched; some become paid staff for the period while others volunteer freely as usual, with their pay claimed by the railway from PNP Events, who run the event. The weather conditions can make the work very stressful and all involved should be thanked for the huge contribution this event makes to our income.

Efforts continue to encourage volunteers to continue and enjoy their work with the railway. Successful meetings of staff and volunteers which are both social and relate to business have continued two or three times each year and the annual party (usually held in the New Year) has been very much appreciated and enjoyed.

All organisations are finding it increasing difficult to recruit and retain volunteers due to many social factors. The Board wishes to acknowledge and sincerely thank all those, both staff and volunteers, who enable the Wensleydale Railway to succeed and, indeed, thrive.

Infrastructure

Work to allow services to return to Redmire has dominated the efforts of the infrastructure teams throughout the year and is likely to continue to dominate for a further year or more. The biggest issue, which involved slewing a large section of the track and the required earthworks and drainage systems, ballasting, etc was completed and the track generally has been improved greatly as far as Wensley, though there is still more work to be done. However, the condition of the track between Wensley and Redmire requires a huge amount of rail and sleeper replacement, which is gradually being done, as money and labour permit and given the requirements for the rest of the line.

A large project this year has been the restoration of the Primrose crossing, near Newton le Willows which was successfully completed. Drainage issues were severe in that area and required a great deal of restorative work but all was completed between the end of “normal” operations and before the start of Polar – a great achievement.

More rails, sleepers, fixtures and some signalling equipment have been donated to us from Eggborough power station– those items already received have been invaluable. It is transport costs which are the limiting factor.

Level crossing gates may seem a minor matter, but their construction, repair and replacement are continuing issues. This year, a new gate has been installed at Bedale and both gates at Scruton are currently having major repairs. The upside gate at Ainderby Station is rotten beyond repair and requires replacement in the next year.

As reported last year, fencing on both sides of our 22 miles of track continues to be a huge issue and we are indebted to Ray Wilkinson, Richard Kirk and their team who keep working away at this, helped by a very supportive fencing contractor. Consequently, there have been very few complaints from our adjacent landowners

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

this year. The team also undertook a major task at Newton le Willows, to install new gates and fencing and generally to improve accessibility.

Drainage is a problem on many areas of the line, so we are working at getting more volunteers qualified to drive our digger.

The vegetation team has worked extremely hard over the year, through extremes of weather and coping well with the challenges thrown at them!

Rolling Stock

The class 143 Pacer has had a deep clean and its cabs repainted internally, as well as routine maintenance and examinations. The Bubble Car and 142 Pacer have been in service on occasion working alongside our larger locos.

The Railway has taken delivery of the ex Hope Cement Works Sentinel locomotive and the newly purchased class 47. After some initial checks, the Sentinel was started and put into traffic working over the Industrial Diesel weekend, taking passengers on brake van rides between Leeming Bar and Scruton. Similarly, the class 47 was given a thorough exam before being started and taken out on a number of test runs. It was then used regularly on Polar Express services; it has recently been repainted and looks wonderful!

Restoration work continues on the Mk2 BFK coach and the privately owned crane has had descaling work carried out as well as panel repairs and painting.

The class 33 locomotive has had some cosmetic repairs to its bodywork, including several patches. One of the class 14s was revarnished, which greatly improved the overall appearance of the loco.

Restoration of the Wickham Trolly is now complete and the vehicle is fully functional.

Properties

The Direct Works Team is now being managed by Richard Leathley; they have been very much involved this year, for example in building the supports for and the installation of the new “chocolate” catering cabin (primarily required for hot chocolate drinks preparation during Polar, but also of valuable support for events such as fish and chip trains). In addition, visitors to WR will notice the huge improvements to displays, station signs, notice boards, etc making the stations much more attractive and welcoming; in particular, the attractive lighting improvements have, over the last two years, added greatly to both the efficacy and the appearance of the stations.

Another big improvement during the year was the upgrading and reorganisation of the buffet facilities at Leeming Bar. An enthusiastic team of volunteers led by Janette Stewart, Sally Tomlinson and Sue Price has transformed the buffet car (redecorating, furnishing and rebranding it as “Newtons”), making it more prominent and much more attractive and it has been opened on nearly all running days, bringing in much improved profits. Other volunteers have worked extremely hard to improve the flower tubs, garden area, litter bins and the general appearance of this station.

The car park at Leeming Bar has been extended into part of what was the maintenance yard, although it is still insufficient overall and will require retarmacking soon – an expensive project. The sale of the adjacent pie factory has meant that we lost the use of their staff car park, which used to be available to us on weekends; discussions are underway with O’Briens Fine Foods who have bought the Vale of Mowbray factory and have so far been very good at letting us use their car parks on occasions. There are still problems with drainage on the Leeming Bar car park following heavy rain and investigations are continuing to try to solve this problem.

Scruton Station looks superb! The team of volunteers works extremely hard to maintain it and also to support events involving the Living History volunteers, plus those organised by themselves, such as Teddy Bears’ Picnic. Although running regular services to Scruton are difficult to organise from an operations point of view and also to market successfully, special events have been well supported.

Bedale Station is quiet, with not much business for the shop and café. However, it is attractive and well maintained, a credit to the station team which cares for it.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Leyburn Station also looks smart; it has only a small team who work hard and have managed to staff the tearoom and shop for almost all the operating days. Passengers enjoy their visits there especially for the variety and quality of the refreshments and the well-stocked shop. A special thanks to Mandy Lambert for her lovely selection of cakes.

Redmire Station has not been in use for passengers, as mentioned above, but work has continued to ensure that it will be ready when operations there resume and the site has been kept tidy. The Trust has taken responsibility for repairs to the weighbridge hut, where the roof was near collapse; investigations are also being undertaken with a view to doing major repairs to the wall near the main road, which could collapse if nothing is done.

Operations and Events

There have been very few cancellations of scheduled trains during the past year; new volunteers have been trained for drivers, guards and level crossings and the recruitment of the two young men (George and Oliver, as mentioned above) has meant that the overall staffing position for train operations is good.

Passenger numbers, excluding Polar Express, were little changed in 2024/25 from the previous year – 10,921 this financial year compared to 10,751 in 2023/24

Polar Express was again very successful with a 99.5% satisfaction rating from customer feedback and no cancellations throughout the period of operation. However, there is competition from other heritage railways and the overall number of passengers is reduced, possibly also partly due to cost-of-living pressures.

Our second Model Railway weekend was popular, attracting a large number of visitors to both travel on our trains and to view the model railways and trade stands in the maintenance shed.

In August we held the first Industrial Diesel Weekend, which proved to be a boon for the railway. The opportunity to travel behind some of the railway’s smaller locomotives drew numerous enthusiasts to the line. Many visitors took the option of a brake van ride between Leeming Bar and Scruton.

The Gin trains, where a local gin distillery hire one of our rail coaches, continued again this year and seem to attract very good passenger support.

Afternoon Tea and Lunch trains (the team led by Mo Park) have again been very successful with an increased number of such events. The new catering cabin installed last year has been hugely influential both in enabling the high quality of food and an easier and more streamlined operation for the volunteer team who run the event. Other events supported by this team include special events for the WR sponsors and some private bookings for weddings, birthdays, etc. In general, these events have produced high income for the railway, but they are, of course, a great strain on the volunteers and staff involved.

Fish and Chip Trains, with a volunteer team led by Martin and Sheila Cleaver, take place each month and continue to be very well supported; all such events are sold out well in advance. There is possible potential for expanding these, though this must not be at the expense of quality (which is always commented on by passengers) and depends upon the commitment of a small, but well motivated team.

Sales of Driver Experiences, using Pacers and the class 37, went well with nearly every Thursday booked up, though there were some days when it was difficult to find drivers to host the experience.

The Trust led a number of events, including those mentioned above under the Scruton Station heading. They also ran school education days with trips to Leeming Bar and Scruton which were commented upon very favourably and family events during August. A WRA(T) members train was again run and was much appreciated by the many members of the Trust who attended.

In January, there was another well attended “thank you” party held at Crakehall to acknowledge the support of all volunteers and staff. This was also catered for by the Green Apple Tree restaurant and was a great success. It gives everyone a chance to socialise with different team members and to look back on the highs (and lows!) of the past year.

Sheffield University continue to do railway projects with us, although less than in previous years.

For a number of our events, it is expected that we will have to address the new laws regarding protection from terrorism, which are expected to apply to all events where more than 200 persons are present

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Finance

The Railway has had another good year financially. The accounts have remained in credit and bills are all paid in a timely manner, which is very different to where we were prior to operating the Polar Express.

Polar income was down this year partly due to competition from Embsay & Bolton Abbey Railway as they captured customers from the northwest who came to us previously. We had the newly acquired class 47 running for several days and the new hot chocolate kitchen worked well. The staff and teams of volunteers are very familiar with this event now, which helps it to run smoothly.

The lack of new volunteers will be a major problem moving forward and at some point the decision to increase staffing will have to be taken. The Railway is reluctant to do this as the customer numbers need to be significantly increased to support this, and we aren’t confident we can do this in the current financial climate. Other railways have taken this route, but it doesn’t necessarily increase profit. There simply aren’t enough people able to volunteer today.

Whilst there will always be fencing issues we have caught up with all the outstanding complaints and spent £30k renewing fences this year. Around £100k has been spent on the track, a large proportion has gone into the Leyburn to Redmire section, supported by the Trust. We also bought the class 47 loco and made general improvements around the site at Leeming Bar. These all go towards ensuring we can offer improved visitor experiences as well as a pleasant working environment for staff and volunteers.

Recent Happenings and The Future

After the end of the financial year, Tim Williamson resigned from the Board. The Board wishes to thank Tim most sincerely for the years of dedicated work he has carried out for the railway. The Board also co-opted two new Directors – Matt Jervis and Jon Trueman who are, together with Tim Gregson, nominated for election at the 2025 AGM.

The Return to Redmire continues to be a major focus for the railway, using our volunteers and the support of paid for professional operators to tackle the more complex areas of work. As well as significant upgrades to the permanent way, the railway will also need to reinstate the loop at Constable Burton to allow two trains to operate a meaningful service to Redmire. This will involve signalling the loop with the help of qualified persons to design and implement an appropriate method of train control.

The Polar Express has proven to be very beneficial for the railway and a new five-year agreement has been signed with PNP Events. However, by the end of the agreement, the popularity of the event may have waned and we are facing increasing competition from other railways running similar events. Consequently, the railway needs to consider what alternatives there may to replace the Polar Express, should it become unprofitable.

A new electronic system for signing on/off will be introduced on 1 January 2026. Staff will be able to sign on using terminals at the usual locations, via new smart phones for crossing keepers, train crew and infrastructure PICOWs, or using their own smart phones. Key benefits will be the ability to instantly account for everyone working on the railway, and to check on the welfare of anyone remaining signed on at the end of the working day. The system will also greatly improve the ease and accuracy of recording worked hours. Planned future developments include automated lone worker monitoring, a significant safety enhancement. The new hardware will be installed in plenty of time for staff to familiarise themselves with the new system before it goes live, with full training and support provided to ensure a smooth transition.

The railway has obtained two sophisticated serving trolleys from Sovereign and LNER; which have already been used on, for example, the fish and chip trains and will be a valuable addition for on-board catering.

During the current financial year, if the funds can be found, it is intended to build an “ash pit” in the Leeming Bar yard to support the operation primarily of the steam engine used for Polar, but also for any future attendance of steam locos. The work will also involve realignment of the track in the yard to access the new pit and to ease access into the southern road to the shed, which is currently too sharp for longer vehicles.

A platform extension is being constructed at Leeming Bar to allow for an additional coach on our Polar Express trains, although will also be useful for other events where public interest is high. The intention of PNP Events is

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

to focus more on weekend running for Polar as the mid-week trains are less well attended (for obvious reasons). The cost of this extension is being supported by PNP Events, for which we are very grateful.

Another Model Rail weekend was run in May, this time led by Bill Oakes and Craig Hodgkinson. Also in May, we hosted our Home Fleet Gala which featured our three large locomotives, the Class 33, the Class 37 and the newly repainted Class 47. This was the first time the public could ride behind the Class 47 since it received its new RES livery. The Home Fleet Gala is a new event and as with all such events, the efforts to plan and run a complex event, need to be weighed against its profitability. There will be review of the event before deciding on a repeat in 2026.

Following the success of last year’s Industrial Diesel Event, a similar event is planned for August 2025, when more use will be made of our smaller engines and brake van rides will be available.

An Indian Tea train was run in May, which proved to be very popular, helped by the attendance of the Green Apple Tree restaurant (our enthusiastic partner in Northallerton) personnel, some of whom dressed in Indian dress, talking to the passengers and explaining the food.

The railway has been contacted by the BBC as it wants to use the line to film some content for “Country File”. We are expecting a visit from the film crew, with the programme scheduled to be shown in late summer.

The whole line has had a visit from the weed killing train and this will be repeated in the summer when the weather is relatively dry allowing the treatment to have maximum affect.

Finally, we have mentioned a good number of people in this report; inevitably, we have not named many others who have done sterling work for the railway over the year. Our grateful thanks apply to all, both named and not.

This report was approved by the board and signed on its behalf.

…………………………………………

M D Cleaver Director Date:

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors’ responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company’s financial statements and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £205,765 (2024 – profit £169,933).

Directors

The directors who served during the year were:

M D Cleaver

S Davies (resigned 28 September 2024) A M Dudiak

R T Leathley

C A Les (resigned 22 April 2024) R F Lord

N Park

J Smithson D Walker

T Williamson (resigned 12 May 2025)

T P Gregson (appointed 14 October 2024)

Future developments

The future developments of the company are disclosed in the strategic report.

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Matters covered in the Strategic Report

In accordance with section 414C(11) of the Companies Am 2006 (Strategic Report and Directors’ Report) Regulations 2013 the directors have prepared a strategic report which can be found on page 1 of the financial statements.

Approval of reduced disclosures

The company, as a qualifying entity, has taken advantage, in respect of its separate financial statements, of the disclosure exemptions in FRS 102 paragraph 1.12. The company’s shareholders have been notified in writing about the intention to take advantage of the disclosure exemptions and no objection has been received.

The company also intends to take advantage of these exemptions in the financial statements to be issued in the following year. Objections may be served on the company by shareholders holding in aggregate 5 per cent or more of the total allocated shares in the company. They should be served no later than 31 March 2024.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors’ Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the company’s auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end. This report was approved by the board and signed on its behalf.

…………………………………………

M D Cleaver Director Date:

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion

We have audited the financial statements of Wensleydale Railway plc (the ‘company’) for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company’s affairs as at 31 March 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

(ROGS), Transport and Works Act Orders, Light Railway Act Orders and private Acts of Parliament, Train Driving Licences and Certificates Regulations 2010, The Rail Vehicle Accessibility (Non-Interoperable Rail System) Regulations 2010, The Railway Safety (Miscellaneous Provisions) Regulations 1997, The Railway Safety Regulations 1999 (RSR 99), The Health and Safety (Enforcing Authority for Railways and Other Guided Transport Systems) Regulations 2006 (as amended) (“EARR”).

-We enquired of the directors and reviewed correspondence for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

-We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the trustees about any incidences of fraud that had taken place during the accounting period.

-The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: management overide, bias and intervention, and revenue recognition focused on cut off where transactions may be recognised in the wrong year.

-We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

-We enquired of the directors and third patty advisors about actual and potential litigation and claims.

-We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

-In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

UNDER SECTION 449 OF THE COMPANIES ACT 2006

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an Auditors’ 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Turner (Senior Statutory Auditor) for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants Statutory Auditors

Leeds Date:

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
Note	2025 £	2024 £
Turnover 3	583,524	659,104
Cost of sales	(331,143)	(284,893)
Gross profit	252,381	374,211
Administrative expenses	(283,782)	(254,777)
Other operating income	158,321	165,463
Operating profit	126,920	284,897
Interest receivable and similar income 9	1,666	1,048
Profit before tax	128,586	285,945
Tax on profit 10	(334,351)	(116,012)
(Loss)/profit for the financial year	(205,765)	169,933

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL). The notes on pages 16 to 30 form part of these financial statements.

The profit and loss account has been prepared on the basis that all of operations are continuing operations.

REGISTERED NUMBER: 04093919

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Fixed assets	Note		2025 £		2024 £
Tangible assets	11		2,151,385		2,086,705
			2,151,385		2,086,705
Current assets
Stocks		14,398		12,489
Debtors: amounts falling due within one year	12	28,405		258,938
Cash at bank and in hand	13	261,867		239,292
		304,670		510,719
Creditors: amounts falling due within one year	14	(86,497)		(118,664)
Net current assets			218,173		392,055
Total assets less current liabilities			2,369,558		2,478,760
Creditors: amounts falling due after more than one year	15		(167,515)		(181,066)
Provisions for liabilities
Deferred tax	16	(101,964)		–
			(101,964)		–
Net assets			2,100,079		2,297,694
Capital and reserves
Called up share capital	17		2,708,457		2,699,782
Revaluation reserve	18		780,178		780,178
Profit and loss account	18		(1,388,556)		(1,182,266)
			2,100,079		2,297,694

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

…………………………………………

M D Cleaver Director

Date:

The notes on pages 16 to 30 form part of these financial statements.

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
	2025 £	2024 £
Cash flows from operating activities
Profit for the financial year	(205,765)	169,933
Adjustments for:
Depreciation of tangible assets	44,570	40,110
Loss on disposal of tangible assets	(2,000)	(83)
Interest received	(1,666)	(1,048)
Taxation charge	334,351	116,012
(Increase)/decrease in stocks	(1,909)	17,711
(Increase) in debtors	(1,854)	(10,033)
(Decrease) in creditors	(46,268)	(24,155)
Corporation tax received	25	–
Net cash generated from operating activities	119,484	308,447
Cash flows from investing activities
Purchase of tangible fixed assets	(109,520)	(171,037)
Sale of tangible fixed assets	2,270	–
Interest received	1,666	1,048
Net cash from investing activities	(105,584)	(169,989)
Cash flows from financing activities
Issue of ordinary shares	8,675	100
Net cash used in financing activities	8,675	100
Net increase in cash and cash equivalents	22,575	138,558
Cash and cash equivalents at beginning of year	239,292	100,734
Cash and cash equivalents at the end of year	261,867	239,292
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	261,867	239,292
	261,867	239,292
The notes on pages 16 to 30 form part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Wensleydale Railway plc is a private company limited by shares incorporated in England and Wales. The registered office is Leeming Bar Station, Leases Road, Leeming Bar, Northallerton, North Yorkshire, DL7 9AR.

2. Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ and the requirements of the Companies Act 2006. 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.

The company is exempted from preparing consolidated finical statements as per sections 405 (2) of the Companies Act 2006 and paragraph 9.9A of FRS 102 in that inclusion of all its subsidiaries is immaterial as both are dormant

The following principal accounting policies have been applied:

2.2 Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future but the directors are aware of significant material uncertainties which may cast doubt an the company’s ability to continue as a going concern.

In order to prepare the financial statements on the going concern basis, the directors have completed detailed financial projections set out in their Business Plan which take account of the following:

normal operating conditions;
risks to operating income:
“do minimum” expenditure plans;
continuing grants and donations from fundraising appeals for infrastructure works; and
costed known variable factors which have affected the forecast in the past and likely to continue to have an impact.

However, the ongoing Impact of visitor numbers and maintenance schedules is making the forecasting very challenging resulting in several possible outcomes. The directors have prepared a Business Plan but acknowledge that it is impossible to predict the effect of reduced visitor numbers, scarcity of volunteers end fuel costs. The directors are meeting maintenance objectives to ensure the income stream can be secured.

Visitor numbers determine profit and cash flow through the peak operation period so that funding decisions regarding essential infrastructure work can be funded through the closed period with the support of the Wensleydale Railway Association (Trust) Limited (the ‘Trust”). Visitor numbers will depend on full passenger operations, a range of exciting visitor experiences and delivery of Polar Express.

Finally, the grants from the National Lottery Heritage Fund (“NLHF”) have been vital and the NLIIFS review of the Board’s Business Plan, prepared in accordance with HM Treasury’s “Guide to Developing the Project Business Case” supportive.

The directors continue to seek support from a variety of funding organisations and individuals to provide grants donations and bequests.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales of goods

Income in the shops and within coaches during events are recognised at the point of sale, whereby ownership of the goods having physically been transfered to the customer at a predetermined price paid at the tills.

Rendering of services

Income for event ticket sales are recognised upon attendance on the day of the event. This is due the payment for the event occurring in advance, of the company delivering the service, in turn resulting in deferred income being generated but release upon attendance of the event.

Grants awarded to fund revenue expenditure are recognised in the expenditure is incurred.

Grants awarded to fund capital expenditure are recognised In the statement of financial position and are amortised in line with the method of depredating the fixed assets they funded.

2.4 Operating leases: the company as lessee

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Rental income from operating leases is recognized on a straight line basis over the term of the relevant lease.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.6 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis: Freehold land and buildings – 2% straight line

Plant and equipment – 25% straight line and 10% reducing balance Office equipment – 25% straight line

Track & rail infrastructure – 2% straight line

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7 Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at fair value.

A subsidiary Is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

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 (it 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.

The railway has historically operated at a loss so has been reliant on the support of the Wensleydale Railway Association (Trust) Limited and the general public for grants and donations to assist with funding infrastructure works to maintain the railway line to the required standard to operate passenger services. Therefore, the sustainability of the business may be in doubt and the annual impairment review has identified these factors as significant risks.

An impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. The directors have identified that, given the specialised nature of the company’s assets, being unique to the operation of a railway, they are susceptible to a write down to a recoverable amount materially less that the carrying amount Track and railway infrastructure is carded on the balance sheet at

£1,342,164, office equipment at £70,524 and plant and equipment at £294,690. If the railway was to cease operations the recoverable amount of these assets may only be the scrap value, net of the costs to recover and recycle materials. The recoverable amount of freehold land and buildings may also be less than its value as carried on the balance sheet of £250,000 as the buildings may have limited alternative uses or may need modifying to be used for another purpose

2.9 Revaluation of tangible fixed assets

Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values of freehold, plant and machinery and office equipment are determined from market based evidence normally undertaken by professionally qualified valuers. Track and rail infrastructure have been determined by management by reviewing the market for replacement costs and recent costs of acquisitions, management are also well experienced to ensure the most appropriate value has been determined.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.10 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

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.

2.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.13 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.14 Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company’s Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company’s cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.14 Financial instruments (continued)

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Accounting policies (continued)

2.14 Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

3. Turnover
An analysis of turnover by class of business is as follows:
	2025 £	2024 £
Railway operations	572,883	645,400
Retail operations	10,521	13,074
Sponsorships	120	630
	583,524	659,104
All turnover arose within the United Kingdom.
4. Operating Profit
	2025 £	2024 £
Operating profit/(loss) for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets	44,570	44,110
Operating lease charges	24,482	20,084

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Other operating income

2025 2024

£ £

Rent received 32,490 35,333

Donations 91,278 82,824

Sponsors 31,533 33,712

Capital grants – 13,594

Other grants – –

155,301 165,463

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Auditors’ remuneration

During the year, the company obtained the following services from the company’s auditors and their associates:

2025 2024

£ £

Fees payable to the company’s auditors and their associates for the audit of

the company’s financial statements 10,000 10,000

For other services
Taxation compliance services		1,000	1,000
All other non-audit services		–	–
		1,000	1,000
7.	Employees
	Staff costs, including directors’ remuneration, were as follows:
		2025 £	2024 £
	Wages and salaries	111,665	97,154
	Social security costs	7,992	7,478
	Cost of defined contribution scheme	2,190	1,822
		121,847	106,454

The average monthly number of employees, including directors, during the year was 9 (2024 – 8).

8.	Directors’ remuneration
		2025 £	2024 £
	Directors’ emoluments	7,177	14,717
		7,177	14,717

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Interest receivable

2025 2024

£ £

Other interest receivable 1,666 1,048

1,666			1,048
10.	Taxation
		2025 £	2024 £
	Corporation tax
	Adjustments in respect of previous periods	(25)	–
		(25)	–

	Total current tax	(25)	–
	Deferred tax
	Origination and reversal of timing differences	334,401	116,012
	Changes to tax rates	(25)	–
	Total deferred tax	334,376	116,012

	Tax on profit	334,351	116,012

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Taxation (continued)

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2024 – the same as) the standard rate of corporation tax in the UK of 25% (2024 – 25%) as set out below:

	2025 £	2024 £
Profit on ordinary activities before tax	128,586	285,945
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 – 25%)	32,147	71,511
Effects of:
Fixed asset difference	5,591	1,377
Adjustments to tax charge in respect of prior periods	(25)	–
Movement in deferred tax not recognised	296,638	43,124
Total tax charge for the year	334,351	116,012

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Tangible fixed assets

Track & rail

Freehold Plant and				Office infrastructur
	property £	machinery £		equipment £		e £		Total £
Cost or valuation
At 1 April 2024	358,702	522,502		125,172		1,697,021		2,703,397
Additions	–	76,996		4,379		28,145		109,520
Disposals	–	–		–		(2,000)		(2,000)
At 31 March 2025	358,702		599,498		129,551		1,723,166	2,810,917
Depreciation
At 1 April 2024	113,841		244,147		1,098		257,606	616,692
Charge for the year on owned assets	5,037		22,599		1,360		15,574	44,570
Disposals	–		–		–		(1,730)	(1,730)
At 31 March 2025	118,878		266,746		2,458		271,450	659,532
Net book value
At 31 March 2025	239,824		332,752		127,093		1,451,716	2,151,385
At 31 March 2024	244,861		278,355		124,074		1,439,415	2,086,705

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Debtors

2025 2024

£ £

Trade debtors 16,076 13,879

Prepayments and accrued income 12,329 12,672 Deferred taxation – 232,387

28,405			258,938
13.	Cash and cash equivalents
		2025 £	2024 £
	Cash at bank and in hand	261,867	239,292
		261,867	239,292
14.	Creditors: Amounts falling due within one year
		2025 £	2024 £
	Trade creditors	19,035	7,010
	Other taxation and social security	33,454	42,179
	Other creditors	1,476	4,646
	Accruals and deferred income	32,532	64,829
		86,497	118,664
15.	Creditors: Amounts falling due after more than one year
		2025 £	2024 £
	Accruals and deferred income	167,515	181,066
		167,515	181,066

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Deferred taxation

2025 2024

£ £

At beginning of year 232,387 348,399

Charged to profit or loss – (116,012)

Utilised in year (334,351) –

At end of year (101,964) 232,387

The deferred taxation balance is made up as follows:

2025 2024

£ £

Accelerated capital allowances (205,724) (151,855)

Tax losses utilised 103,760 384,242

(101,964) 232,387

17. Share capital

Allotted, called up and fully paid

2025 2024

£ £

2,708,457 (2024 – 2,699,782) Ordinary share capital shares of £1.00 each 2,708,457 2,699,782

As per the Articles of Association, shareholders are not entitled to a dividend, Other benefits, including travel and dining benefits, will be dependent on the level of subscription.

During the year, 8,675 new ordinary share of £1 each were issued at par (2024 – 100).

18. Reserves Revaluation reserve

This reserve includes all the fair value gains and losses arising from the revaluation of the company’s tangible fixed assets.

Profit and loss account

The reserve records retained earnings and accumulated losses and are realised except where specifically identified, and are distributable except where specifically identified as un-realised and non-distributable.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The amount charged to profit or loss in respect of defined contribution schemes is £2,450 (2022 – £2,146). The assets of the scheme are held separately from those of the company in an independently administered fund.

20. Commitments under operating leases

At 31 March 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

	2025 £	2024 £
Not later than 1 year	24,482	23,749
Later than 1 year and not later than 5 years	97,928	80,337
Later than 5 years	1,439,093	1,463,575
	1,561,503	1,567,661

Operating lease commitments at the year end consist of two leases which expire in May 2102.

21. Related party transactions

The Company has taken advantage of the exemption in Section 33 “Related Party Disclosures” from disclosing transactions with other members of the group, as permitted by FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

22. Controlling party

Ultimate control parties are the shareholders, however there is no individual ultimate controlling party by virtue of no significant shareholding by any one entity or person’s.

23. Auditors’ information

The auditors’ report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

2024

Download - 2024 Accounts

Company Registration Number 04093919

WENSLEYDALE RAILWAY PLC

FINANCIAL STATEMENTS 31 MARCH 2024

‌COMPANY INFORMATION

Directors M D Cleaver

S Davies

A M Dudiak R T Leathley R F Lord

N Park

J Smithson D Walker

T Williamson

Company secretary P J C Smith

Registered number 04093919

Registered office Leeming Bar Station Leases Road Leeming Bar Northallerton

North Yorkshire DL7 9AR

Independent auditors Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors Third Floor

10 South Parade Leeds

LS1 5QS

	‌CONTENTS
Strategic Report		Page 1 – 5
Directors’ Report		6 – 7
Independent Auditors’ Report		8 – 11
Statement of Comprehensive Income		12
Balance Sheet		13
Statement of Changes in Equity		14
Statement of Cash Flows		15
Notes to the Financial Statements		16 – 29

‌STRATEGIC REPORT‌

FOR THE YEAR ENDED 31 MARCH 2024

Introduction

The directors present the strategic report for the year ended 31 March 2024.

Governance

The year has continued with the arrangement set up last year to provide a good working relationship between the Company and the Wensleydale Railway Association (Trust) Ltd (referred in this report as “the Trust”), in order to become more efficient and to improve communications between the two Companies. There are four Directors who are also Trustees of the Trust and, during the year, the joint working arrangements have proved beneficial to both organisations.

There were two changes to the Directors in the year: unfortunately, Terry Larder had to resign due to ill health; Carl Les retired from the Board due to his increased workload with the Local Authority; he emphasised that he will continue to support the Company wherever possible. The Board is now actively seeking a new Chair.

‌In addition to the Directors, three others attend Board meetings – Phil Smith as Company Secretary, Teresa Chapman, Accounts Manager and Tim Gregson, who has recently accepted a voluntary position as Secretary and PA to the management team. Another very important (and long serving) volunteer who supports the Board is Peter Harbord, the Company Registrar, who looks after the extensive administration involved with the 3,900 or so shareholders.

Staffing

There has been little change in paid staff positions. For most of the year, the Company runs with about 3 or 4 paid staff, with an extra guard and two extra young persons coming on board to assist during the summer. The Board wishes to thank Teresa Chapman (Accounts Manager), Jon Easton (Administration) and Rob Williamson (Operations and Rolling Stock) for their dedication and hard work throughout the year; also to others, paid and unpaid, who have given service, which has enabled Wensleydale Railway to have had, in the judgement of the Board, a successful year. This includes Bobby Smith Hazelton, the Volunteer Coordinator; this part time role was formerly as an employee of the Trust but, since February 2024, is now the responsibility of the Company.

As reported last year, four of the Directors agreed to share the responsibilities previously held by a General Manager, voluntarily as a management team, with their individual responsibilities as follows – Martin Cleaver (Finance and Polar), Terry Larder (Safety and Permanent Way), Nigel Park (Operations and Commercial) and Tim Williamson (Rolling Stock and Engineering). This has worked extremely well in this year and the Board as a whole is very grateful to these Directors for taking on their important responsibilities and the immense workload at no cost to the Company. As reported above, Terry Larder resigned during the year.

It has been not possible to find a Director to take on the enormous responsibility of Safety Director and, for now, the Management Team collectively share that responsibility, advised by Dan Ferguson, who is employed from time to time in a consultancy capacity. A recent requirement by the Rail Regulator is for the Company to adopt a new safety and risk management system (known as RM3) and much work is being done on this in all departments, under the guidance of an RM3 steering group.

The Board had previously agreed that two suitably qualified persons should be employed as Permanent Way Manager and Operations Manager; these are difficult roles to fill, with personality, the ability to lead and to inspire volunteers equally important aspects. So far, we have been unable to find suitable candidates for these positions.

In an agreement with the Trust, Nick Keegan (previously undertaking fund raising for the Trust) is now employed partly by the plc to embrace the marketing of the railway, to include the increasing number and range of special events.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Much of the day to day work on the railway is carried out by volunteers; some of these devote a full time commitment to this; others give a few hours or days. It is perhaps obvious, but nevertheless to be applauded and recognised, that the railway could not survive without their dedication. In common with many charities and not for profit organisations, Wensleydale Railway needs many more such people and it seems that they are increasingly hard to find! This means an even bigger reliance on the goodwill of both paid staff and current volunteers, who frequently have to step in to fill urgent slots. By doing so, occasions when services have not been able to run, or which have had to be reduced because of staff shortages, have been few and the Board wishes to acknowledge the immense dedication of all those who have given us a successful year.

‌The Board also wishes to acknowledge with thanks the work of the staff and volunteers of the Trust who also work for the benefit of the railway, whether through raising essential funds, finding volunteers or running community and educational events and projects.

Infrastructure

As is well known (but needs repeating!) the Wensleydale Railway is a long line – some 22 miles in all. This involves a huge and continuous effort to manage it and enable trains to run on it safely and economically and to comply with extremely strict national railway regulations.

As reported last year, we have two Permanent Way teams working on the line most weeks. The Vegetation team also meets weekly, often splitting into two sub-teams. Ideally, there would be more teams and more days of such work and there is a constant effort to attract more volunteers. As also reported previously, the work these teams do sometimes takes place in very difficult conditions and in appalling weather, including the huge amount of rainfall during the past year. They do well to keep up morale and even (apparently) to enjoy their work! Again, the Board wishes to thank all those involved.

Unfortunately, services are not yet returning to Redmire due to the state of the track, some of which was further damaged during the year’s heavy rain, which has showed that even more extensive drainage works are needed. The appeal led by the Trust has raised over £60k for the “Return to Redmire” project (a magnificent response from our supporters) but this is insufficient to employ contractors for the whole restoration task and the emphasis now, although more money will be needed, is to recruit additional volunteers to enable the work to be finished in, hopefully, the forthcoming year. A detailed plan has been drawn up (thanks to Colin Brown, who “walked the track” and made his recommendations) including a long section where the track will be slewed beneath Leyburn Shawl, the location of the worst of the weather damage. Jim Wareing is leading the Leyburn team who are doing most of the work in this section and he and the team deserve much praise for their commitment.

Another major piece of work, largely unseen by most, has been carried out by Ray Wilkinson, Richard Kirk and their team who have been trying to address the fencing of 22 miles of track (on both sides!). A major task completed recently was the renewal of all of the palings at Aiskew crossing – very visible to the public and a wonderful job done. Overall they have a massive task but they now have the support of a great new fencing contractor for the bigger jobs.

Major repairs have been made to the crossing at Aiskew, when potholes appeared over winter and it has been retarmacked, and the crossing at Scruton (also retarmacked). Ainderby Gates crossing was earmarked for major works in the current year – now completed. At Bedale, a new crossing gate has been constructed and replaced one showing extreme signs of wear. At Crakehall, a generous donation from volunteer Bob Coombs has enabled very high quality replacement gates to be installed; the Hendy and Pendle Trust presented an award for this project from the National Railway Heritage Association and this was accompanied by a prize of £2,000. Dignitaries (including Lord Hendy, chairman of Network Rail) and representatives of both organisations visited our railway for an official inspection and opening on 3rd June 2024. They also viewed the progress on the restored signal box being reconstructed by a talented group of volunteers led by David Harrison at Constable Burton under the management of the Trust and assisted by a large grant from the Railway Heritage Trust.

As reported last year, a huge quantity of rails have been donated from Suez, Billingham. These have been delivered and placed along the line ready to replace existing rails (which will go for scrap) and will be much valued for infrastructure work, not only for the Leyburn to Redmire section.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Rolling Stock

Everyone is delighted to see the Bubble Car back in service; it is such a versatile and useful vehicle, especially for short missions, such as taking school parties to and from Scruton. The two newly purchased Mark 1 coaches are now in service and look fantastic! They are kept for special occasions.

Work is continuing on a Brake Van restoration, the Whickham Trolley and the rail crane, owned by Neil Guest, the completion of which is eagerly awaited!

The Pacers continue to give excellent service, economical and popular with the passengers despite their lack of comfort, due to the excellent views through the large windows.

Finally, after many delays, the LEV 1 vehicle has been returned to the National Rail Museum.

At Leeming Bar station, the sleeper carriage has been removed and replaced with a modified corridor coach next to the buffet car, to create better waiting room facilities; this was also needed to support the Polar Express employees. Many thanks to Alan Standish and his team for this work, which has been a marvellous transformation.

As last year, special thanks go to Christine Butterworth, Tim Gregson and Bob Coombs who, together with their colleagues, manage to keep on top of the cleaning of trains (also, Leeming Bar station house, mess room and toilets).

Properties

Further to the report from 2023, Leeming Bar station has had tremendous improvements and is attractive to look at as well as more efficient to use. The newly tarmacked platform, new toilets, sympathetic lighting, information boards, as well as the visual impact of the newly planted shrubs and plants have created a very attractive visual welcome; also the buffet has reopened and, with the station house being staffed regularly by the living history volunteers, the station is a much more pleasant place to visit as well as to catch the train. The mess room, opened last year, for staff and volunteers, with its seating and welcoming fire has been well received and well used; in the coming year, it is hoped to instal improved staff toilets and a shower for those working in what are often very dirty conditions in the yard and workshop. The electrical services to the whole site have been much improved as well.

At Scruton station, following a number of complaints and minor accidents, a magnificent volunteer effort allowed the purchase and installation of anti-slip strips to the whole of the wooden platform. Visitors continue to marvel at the restored station, with its enthusiastic and hard working volunteers, including the living history interpreters.

Bedale, Leyburn and Finghall stations continue to look very attractive due to the hard work of their support teams; the tearooms at the two of them have been open for most running days and, although Bedale struggles for numbers of passengers, both are appreciated as a service to visitors, whether travelling on the trains or not.

Redmire station has not been forgotten! The hut providing shelter to passengers waiting for trains had to have its roof stripped and resecured following weather damage and new sign boards are about to be installed. It is hoped shortly to recruit a station support team for future improvements.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Operations and Events

“Normal” rail operations have been successful over the year, with increased passenger numbers (12,365 in 2023, compared with 11,988 in 2022) and a 12% increase in income from ticket sales (including for events). The decision had been taken to freeze fares, including the popular £1 ticket price for children and the result has contrasted with many other visitor attractions in the area, which have reported downturns. For the current year, again, prices have been frozen; there are some adjustments to the days of operation to try, for example, to take advantage of the attractions of local market days in Bedale.

Polar Express was, again, our biggest event of the year, with nearly 60,000 passengers over the six weeks or so of operations. Although PNP Events employ most of the staff and actors, there is still a substantial input from Wensleydale Railway staff and volunteers – the latter are able either to be paid themselves or to work voluntarily with their income donated to the railway. It is a huge commitment by many people and it is the main means by which the Company is able to survive through the long winter months and, indeed, is able to make investments for the future. The Board is well aware of the financial risk of being so dependent upon one big income stream and the strategy is to invest to enable replacement income if/when the Polar Express bubble was to burst.

One major example of investment has been the purchase and installation of a kitchen unit at Leeming Bar, to support catering services on trains. Our afternoon teas have been extremely successful, organised by Mo Park and operated by an enthusiastic volunteer team. These have led to demand for an increasing number of private bookings for lunches, teas and celebrations while using the trains and it is believed that there is great potential for expansion of these. The kitchen unit has already made the organisation so much easier and more efficient, allowing expansion in the future, and enabled an upgraded menu offering. Another and more recent success has been the introduction of fish and chip trains, organised by Martin and Sheila Cleaver, to such an extent that all of the eight (monthly) events in 2024 were sold out immediately upon being advertised. This event has also been much improved due to the new kitchen unit. It should also be noted that the unit was economically and efficiently installed due to the work of the Direct Works team.

The hire of one of our rail coaches by a local gin distillery to run “gin trains” has been so successful that several more have been run this year. Although Wensleydale Railway does not operate the event, the hire fee is very beneficial as these are run on our normal scheduled trains.

In addition to the public “meal” trains mentioned above, we ran (and are running in 2024) two afternoon tea trains for our sponsors, who are much valued supporters of the Company and also a Members train with refreshments to thank those who, by becoming a member of the Trust, very much help our finances each year.

Driver Experience trains have been very successful, being fully booked all of the past year. These are run on days when “normal” passenger operations are not scheduled and they provide valuable income. They require a heavy investment of staff and volunteer time and effort and we thank all those involved.

The Model Rail show weekend was held again and brought large numbers of visitors, both for the show itself and to travel on the trains. Thanks to Terry Larder and Craig Hodkinson for organising these.

The relationship with Sheffield University, reported last year, continues, with a number of research and testing projects undertaken. Slightly reduced compared with the previous year, but the income from these is really helpful.

Several events have been run under the auspices of the Trust – make do and mend, teddy bears’ picnic, etc plus the very successful school trips and experiences. These will be detailed in the annual report from the Trust but the Company is very grateful for these and, indeed, for the overall support of the Trust.

After the AGM in 2023, those shareholders and members attending were invited to an afternoon return trip from Bedale to Leyburn; this was well received and will be repeated in 2024.

A number of other “events” during 2023/24 include filming for a new TV episode of “Vera” and a filmed visit for TV by Michael Portillo; both have achieved good publicity as well as income for the railway.

STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Finance

2023/24 was a reasonably successful year for the Company; it finished with a stable situation with no long term debts and a surplus in the bank! Of course, we must always be ready for unforeseen events and the tremendous rainfall over the winter, as explained above, caused severe problems, particularly along the track. This includes the Leyburn to Redmire section where the track bed was extensively adversely affected.

Polar Express was our major income stream for the year with an income of around £250,000; this requires tremendous dedication and hard work by volunteers and staff and it is particularly noteworthy that, despite the bad weather and the very ambitious programme (often with 6 trains per day), no services were cancelled and nearly all ran to time. We are aware that it is risky to rely on one main source of income and the increasing programme of events, including those involving meals or other refreshments, is being promoted to address this issue.

We have a new ticket system accessible via the website, which is proving efficient and popular with passengers; the proportion of bookings online is rapidly increasing.

It is very pleasing to note that the report from the auditors, as last year, not only accepts the accounts as correct, but also does not contain the usual warning about the financial state of the Company. Well done to all!

The Future (including risks and uncertainties)

Polar Express is at maximum number of passengers and operational days now and there are a number of changes ahead to ensure that the product continues to be attractive. However, it is completely unknown how long the enthusiasm of the public will continue to be shown for this product. Several other heritage railways are now running similar events under the Polar Express heading and, therefore, there is more competition. This is already apparent as bookings (at the time of writing this report) are significantly lower than at the same time last year. We have been fortunate, also, that winters have been less severe than might be the case.

Future planned developments for the service season include, as well as increased effort regarding on-train meals and refreshments, improvement of buffet facilities at Leeming Bar, where this buffet has recently reopened; again, shortage of volunteers is, as in many areas, a big issue. A main aim over the next year is the repair of the track between Redmire and Leyburn, which is dependent upon, not only sufficient finance, but the availability of enough volunteers and, of course, the weather.

Overall, the Company is in a good position financially, especially compared to previous years, but the risks of major incidents, such as landslips or infrastructure failures such as bridges and level crossings leave no room for complacency. The biggest single threat currently, however, is shortage of people – paid staff and volunteers. Those we have (and have had) deserve the grateful thanks of all who support Wensleydale Railway.

This report was approved by the board and signed on its behalf.

…………………………………………

M D Cleaver

Director

Date: 9 September 2024

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 MARCH 2024

‌The directors present their report and the financial statements for the year ended 31 March 2024.

Directors’ responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company’s financial statements and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

‌The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

‌The profit for the year, after taxation, amounted to £169,933 (2023 – £795,639).

Directors

The directors who served during the year were:

M D Cleaver S Davies

A M Dudiak

T L Larder (resigned 13 November 2024) R T Leathley

C A Les (resigned 22 April 2024) R F Lord

N Park

‌J Smithson D Walker

T Williamson

Future developments

‌The future developments of the company are disclosed in the strategic report.

Matters covered in the Strategic Report

In accordance with section 414C(11) of the Companies Am 2006 (Strategic Report and Directors’ Report) Regulations 2013 the directors have prepared a strategic report which can be found on page 1 of the financial statements.

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Approval of reduced disclosures

The company, as a qualifying entity, has taken advantage, in respect of its separate financial statements, of the disclosure exemptions in FRS 102 paragraph 1.12. The company’s shareholders have been notified in writing about the intention to take advantage of the disclosure exemptions and no objection has been received.

‌The company also intends to take advantage of these exemptions in the financial statements to be issued in the following year. Objections may be served on the company by shareholders holding in aggregate 5 per cent or more of the total allocated shares in the company. They should be served no later than 31 March 2024.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors’ Report is approved has confirmed that:
so far as the director is aware, there is no relevant audit information of which the Company’s auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.

This report was approved by the board and signed on its behalf.

…………………………………………

M D Cleaver

Director

Date: 9 September 2024

‌INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC

Opinion

We have audited the financial statements of Wensleydale Railway plc (the ‘Company’) for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the Company’s affairs as at 31 March 2024 and of its profit for the year then ended;
‌have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

‌We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

‌Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

‌INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
‌the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
‌the directors were not entitled to prepare the financial statements in accordance with the small companies regime

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

‌INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

-We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation, Railways and Other Guided Transport Systems (Safety) Regulations 2006 (as amended) (ROGS), Transport and Works Act Orders, Light Railway Act Orders and private Acts of Parliament, Train Driving Licences and Certificates Regulations 2010, The Rail Vehicle Accessibility (Non-Interoperable Rail System) Regulations 2010, The Railway Safety (Miscellaneous Provisions) Regulations 1997, The Railway Safety Regulations 1999 (RSR 99), The Health and Safety (Enforcing Authority for Railways and Other Guided Transport Systems) Regulations 2006 (as amended) (“EARR”).

-We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

-We enquired of the directors and third patty advisors about actual and potential litigation and claims.

-We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

‌INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WENSLEYDALE RAILWAY PLC (CONTINUED)

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an Auditors’ 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Armstrong Watson Audit Limited

Chartered Accountants Statutory Auditors

Third Floor

10 South Parade Leeds

LS1 5QS

9 September 2024

‌STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024
Note	2024 £	2023 £
Turnover 4	659,104	528,405
Cost of sales	(284,893)	(150,417)
Gross profit	374,211	377,988
Administrative expenses	(254,777)	(343,299)
Other operating income	165,463	413,570
Operating profit	284,897	448,259
Interest receivable and similar income 10	1,048	–
Interest payable and similar expenses 11	–	(1,019)
Profit before tax	285,945	447,240
Tax on profit	(116,012)	348,399
Profit for the financial year	169,933	795,639
Other comprehensive income for the year
Unrealised surplus on revaluation of tangible fixed assets	–	780,178
Other comprehensive income for the year	–	780,178
Total comprehensive income for the year	169,933	1,575,817
The notes on pages 16 to 29 form part of these financial statements.

The profit and loss account has been prepared on the basis that all of operations are continuing operations.

‌REGISTERED NUMBER: 04093919

BALANCE SHEET AS AT 31 MARCH 2024

Fixed assets	Note		2024 £		2023 £
Tangible assets	12		2,086,705		1,957,378
			2,086,705		1,957,378
Current assets
Stocks	13	12,489		30,200
Debtors: amounts falling due within one year	14	258,938		364,917
Cash at bank and in hand	15	239,292		100,734
		510,719		495,851
Creditors: amounts falling due within one year	16	(118,664)		(130,908)
Net current assets			392,055		364,943
Total assets less current liabilities			2,478,760		2,322,321
Creditors: amounts falling due after more than one year	17		(181,066)		(194,660)
Net assets			2,297,694		2,127,661
Capital and reserves
Called up share capital	19		2,699,782		2,699,682
Revaluation reserve	20		780,178		780,178
Profit and loss account	20		(1,182,266)		(1,352,199)
			2,297,694		2,127,661

The Company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

…………………………………………

M D Cleaver

Director

Date: 9 September 2024

The notes on pages 16 to 29 form part of these financial statements.

‌STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital £	Revaluation reserve £	Profit and loss account £	Total equity £
At 1 April 2022	2,698,282	–	(2,147,838)	550,444
Profit for the year	–	–	795,639	795,639
Surplus on revaluation of other fixed assets	–	780,178	–	780,178
Total comprehensive income for the year	–	780,178	795,639	1,575,817
Shares issued during the year	1,400	–	–	1,400
At 1 April 2023	2,699,682	780,178	(1,352,199)	2,127,661
Profit for the year	–	–	169,933	169,933
Total comprehensive income for the year	–	–	169,933	169,933
Contributions by and distributions to owners Shares issued during the year	100	–	–	100
At 31 March 2024	2,699,782	780,178	(1,182,266)	2,297,694

The notes on pages 16 to 29 form part of these financial statements.

‌STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
	2024 £	2023 £
Cash flows from operating activities
Profit for the financial year	169,933	795,639
Adjustments for:
Depreciation of tangible assets	40,110	38,549
Loss on disposal of tangible assets	(83)	(6,250)
Interest paid	–	(1,019)
Interest received	(1,048)	–
Taxation charge	116,012	(348,399)
Decrease/(increase) in stocks	17,711	(1,852)
(Increase)/decrease in debtors	(10,033)	47,357
(Decrease) in creditors	(24,155)	(442,185)
Finance cost	–	1,019
Net cash generated from operating activities	308,447	82,859
Cash flows from investing activities
Purchase of tangible fixed assets	(171,037)	–
Sale of tangible fixed assets	–	6,250
Interest received	1,048	–
Net cash from investing activities	(169,989)	6,250
Cash flows from financing activities
Issue of ordinary shares	100	–
Proceeds from issue of shares	–	1,400
Net cash used in financing activities	100	1,400
Net increase in cash and cash equivalents	138,558	90,509
Cash and cash equivalents at beginning of year	100,734	10,225
Cash and cash equivalents at the end of year	239,292	100,734
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	239,292	100,734
	239,292	100,734
The notes on pages 16 to 29 form part of these financial statements.

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

General information

‌Wensleydale Railway plc is a private company limited by shares incorporated in England and Wales. The registered office is Leeming Bar Station, Leases Road, Leeming Bar, Northallerton, North Yorkshire, DL7 9AR.
‌Accounting policies
1. Basis of preparation of financial statements
  
  The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
  
  The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies (see note 3).
  
  The financial statements are prepared in sterling, which is the functional currency of the company.
  
  The company is exempted from preparing consolidated finical statements as per sections 405 (2) of the Companies Act 2006 and paragraph 9.9A of FRS 102 in that inclusion of all its subsidiaries is immaterial as both are dormant
  
  The following principal accounting policies have been applied:
  
  NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
  
  ‌2. Accounting policies (continued)
2. Going concern
  
  These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future but the directors are aware of significant material uncertainties which may cast doubt an the company’s ability to continue as a going concern.
  
  In order to prepare the financial statements on the going concern basis, the directors have completed detailed financial projections set out in their Business Plan which take account of the following:
  - normal operating conditions;
  - risks to operating income:
  - “do minimum” expenditure plans;
  - continuing grants and donations from fundraising appeals for infrastructure works; and
  - costed known variable factors which have affected the forecast in the past and likely to continue to have an impact.
    
    However, the ongoing Impact of visitor numbers and maintenance schedules is making the forecasting very challenging resulting in several possible outcomes. The directors have prepared a Business Plan but acknowledge that it is impossible to predict the effect of reduced visitor numbers, scarcity of volunteers end fuel costs. The directors are meeting maintenance objectives to ensure the income stream can be secured.
    
    Visitor numbers determine profit and cash flow through the peak operation period so that funding decisions regarding essential infrastructure work can be funded through the closed period with the support of the Wensleydale Railway Association (Trust) Limited (the ‘Trust”). Visitor numbers will depend on full passenger operations, a range of exciting visitor experiences and delivery of Polar Express. Historically, appeals made by the Trust to support infrastructure work have been well subscribed and this has continued to be the case during the pandemic.
    
    Finally, the grants from the National Lottery Heritage Fund (“NLHF”) have been vital and the NLIIFS review of the Board’s Business Plan, prepared in accordance with HM Treasury’s “Guide to Developing the Project Business Case” supportive.
    
    The directors continue to seek support from a variety of funding organisations and individuals to provide grants donations and bequests.
    
    NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
    
    ‌2. Accounting policies (continued)
3. Revenue
  
  Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
  
  Sales of goods
  
  Income in the shops and within coaches during events are recognised at the point of sale, whereby ownership of the goods having physically been transfered to the customer at a predetermined price paid at the tills.
  
  Rendering of services
  
  Income for event ticket sales are recognised upon attendance on the day of the event. This is due the payment for the event occurring in advance, of the company delivering the service, in turn resulting in deferred income being generated but release upon attendance of the event.
  
  Grants awarded to fund revenue expenditure are recognised in the expenditure is incurred.
  
  ‌Grants awarded to fund capital expenditure are recognised In the statement of financial position and are amortised in line with the method of depredating the fixed assets they funded.
4. Operating leases: the Company as lessee
  
  Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.
  
  ‌Rental income from operating leases is recognized on a straight line basis over the term of the relevant lease.
5. Current and deferred taxation
  
  The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
  
  The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
  
  Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
  - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
  - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
  Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
  
  NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
  
  ‌2. Accounting policies (continued)
6. Tangible fixed assets
  
  Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
  
  Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
  
  Depreciation is provided on the following basis: Freehold land and buildings – 2% straight line
  
  Plant and equipment – 25% straight line and 10% reducing balance Office equipment – 25% straight line
  
  Track & rail infrastructure – 2% straight line
  
  The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
  
  ‌Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
7. Fixed asset investments
  
  Interests in subsidiaries are initially measured at cost and subsequently measured at fair value.
  
  ‌A subsidiary Is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
8. 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 (it 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.
  
  The railway has historically operated at a loss so has been reliant on the support of the Wensleydale Railway Association (Trust) Limited and the general public for grants and donations to assist with funding infrastructure works to maintain the railway line to the required standard to operate passenger services. Therefore, the sustainability of the business may be in doubt and the annual impairment review has identified these factors as significant risks.
  
  An impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. The directors have identified that, given the specialised nature of the company’s assets, being unique to the operation of a railway, they are susceptible to a write down to a recoverable amount materially less that the carrying amount Track and railway infrastructure is carded on the balance sheet at
  
  £1,342,164, office equipment at £70,524 and plant and equipment at £294,690. If the railway was to cease operations the recoverable amount of these assets may only be the scrap value, net of the costs to recover and recycle materials. The recoverable amount of freehold land and buildings may also be less than its value as carried on the balance sheet of £250,000 as the buildings may have limited alternative uses or may need modifying to be used for another purpose
  
  NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
  
  ‌2. Accounting policies (continued)
9. Revaluation of tangible fixed assets
  
  Individual freehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
  
  Fair values of freehold, plant and machinery and office equipment are determined from market based evidence normally undertaken by professionally qualified valuers. Track and rail infrastructure have been determined by management by reviewing the market for replacement costs and recent costs of acquisitions, management are also well experienced to ensure the most appropriate value has been determined.
  
  ‌Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
10. Stocks
  
  Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
  
  ‌At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
11. 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.
12. Retirement benefits
  
  ‌Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
13. Provisions for liabilities
  
  Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
  
  Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
  
  Increases in provisions are generally charged as an expense to profit or loss.
  
  NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, in conformity with FRS102, requires management to make judgments, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates, and associated assumptions, are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. 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 if the revision effects only that period, or in the period of the revision and future periods if the revision effects both current and future periods.

The Directors consider that the key judgments and sources of estimation made in preparation of the financial statements are:
1. The level of uncertainty within the financial statements with regards to the carrying value of tangible fixed assets. During the year all of the tangible fixed assets had been either value by an external expert valuer or by management, who have extensive experience in the industry. The related increase in value has been booked as an uplift to fixed assets with the related gain/loss being taken direct to reserves. In doing so the directors assessed the carrying value of assets have either been below the value deemed appropriate by the market and potential buyers, or in line with market expectations. The Directors have not identified any reasons for there to be a further impairment in the current year.
2. ‌The level of uncertainty within the financial statements with regards to the carrying value of deferred capital grants. Following the review of its tangible fixed assets, the deferred capital grants have been appropriately adjusted to ensure it is in line with the assets still in use, with the residual released to other income.
Turnover

An analysis of turnover by class of business is as follows:

2024 2023

£ £

Railway operations 645,400 515,640

Retail operations 13,074 12,210

Sponsorships 630 555

659,104 528,405

All turnover arose within the United Kingdom.

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Operating Profit

Operating profit/(loss) for the year is stated after charging/(crediting):

2024 2023

£ £

Depreciation of owned tangible fixed assets 44,110 37,494

‌Operating lease charges 20,084 13,042

6.	Other operating income
		2024 £	2023 £
	Rent received	35,333	36,344
	Donations	82,824	52,614
	Sponsors	33,712	35,524
	Capital grants	13,594	281,673
	Other grants	–	7,423
		165,463	413,578

In the prior year the direcors (in line with the companiy’s accounting policy) assessed whether for each grant deferred on the balance chseet they had fulfilled their contractual obligations (e.g. acquired capital items and fully depreciated them or completed revene projects). This resulted in the release of £281,673 of historic deferred grants to the profit and loss account (creating a gain). Last year the directors consider this not to be an adjustment to the prior period results as the release reflects a judgement and estimate and is based upon more up to date information being available post the pandemic, and not an error.

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Auditors’ remuneration

During the year, the Company obtained the following services from the Company’s auditors:

Fees payable to the Company’s auditors for the audit of the Company’s

2024 2023

£ £

financial statements 10,000 10,000

For other services

Taxation compliance services

1,000

1,000

All other non-audit services

–

1,000

‌1,000

2,000
Employees

2024 2023

£ £

Wages and salaries 97,154 133,034

Social security costs 7,478 10,668

Cost of defined contribution scheme 1,822 2,449

106,454 146,151

The average monthly number of employees, including the directors, during the year was as follows:

2024

No.

2023

No.

Railway operations and maintenance staff

5

5

Management and administration

3

2

‌8

7
Directors’ remuneration

2024 2023

£ £

Directors’ emoluments 14,717 –

14,717 –

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Interest receivable

2024 2023

£ £

Other interest receivable 1,048 –

‌1,048 –

Interest payable and similar expenses

2024 2023

£ £

Interest on bank overdrafts and loans – 1,019

‌-		1,019
Taxation
	2024 £		2023 £
Total current tax	–		–
Deferred tax
Origination and reversal of timing differences	116,012		(348,399)
Total deferred tax	116,012		(348,399)

Tax on profit	116,012		(348,399)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

. Taxation (continued)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 – lower than) the standard rate of corporation tax in the UK of 19% (2023 – 19%). The differences are explained below:

	2024 £	2023 £
Profit on ordinary activities before tax	285,945	447,240
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 – 19%)	71,511	84,976
Effects of:
Fixed asset differences	1,377	16,585
Remeasurement of deferred tax for changes in tax rates	–	32,072
Movement in deferred tax not recognised	43,124	(482,032)
Total tax charge for the year	116,012	(348,399)

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Tangible fixed assets

Freehold

Plant and

Office

Track & rail infrastructur

	property £	machinery £	equipment £	e £	Total £
Cost or valuation
At 1 April 2023	358,702	520,447	70,524	1,584,287	2,533,960
Additions	–	2,055	56,248	112,734	171,037
Disposals	–	–	(1,600)	–	(1,600)
At 31 March 2024	358,702	522,502	125,172	1,697,021	2,703,397
Depreciation
At 1 April 2023	108,702	225,757	–	242,123	576,582
Charge for the year on owned assets	5,139	18,390	1,098	15,483	40,110
At 31 March 2024	113,841	244,147	1,098	257,606	616,692
Net book value
At 31 March 2024	244,861	278,355	124,074	1,439,415	2,086,705
At 31 March 2023	250,000	294,690	70,524	1,342,164	1,957,378

During the year the Company obtained a valuations of Freehold Property from youngs RPS, and Plant and Machinery and Office Equipment from RAIS, that have valued the property held at £250,000, plant and machinery held at £294,690 and office equipment held at £70,524. The related increase in value has been booked as an uplift to fixed assets with the related gain being taken direct to reserves.

‌During the year management completed an exercise that confirmed the existence of all Track and rail infrastructure. This process included the directors assessing the value of residual assets through both experience and consideration of available market values for identified assets. This review identified an increase in value of assets of £701,111. This has been recognised in the year.

13.	Stocks
		2024 £	2023 £
	Consumables	9,735	26,925
	Goods for resale	2,754	3,275
		12,489	30,200

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Debtors

2024 2023

£ £

Trade debtors 13,879 694

Prepayments and accrued income 12,672 15,824

Deferred taxation 232,387 348,399

‌258,938			364,917
15.	Cash and cash equivalents
		2024 £	2023 £
	Cash at bank and in hand	239,292	100,734
		‌239,292	100,734
16.	Creditors: Amounts falling due within one year
		2024 £	2023 £
	Trade creditors	7,010	6,947
	Other taxation and social security	42,179	30,998
	Other creditors	4,646	18,951
	Accruals and deferred income	64,829	74,012
		‌118,664	130,908
17.	Creditors: Amounts falling due after more than one year
		2024 £	2023 £
	Accruals and deferred income	181,066	194,660
		181,066	194,660

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Deferred taxation

2024 2023

£ £

At beginning of year 348,399 –

Charged to profit or loss (116,012) 348,399

At end of year 232,387 348,399

The deferred tax asset is made up as follows:
	2024 £	2023 £
Accelerated capital allowances	(151,855)	(87,601)
Tax losses utilised	384,242	436,000
	‌232,387	348,399

Share capital

2024 2023

£ £

Allotted, called up and fully paid

2,699,682 (2023 – 2,699,682) Ordinary share capital shares of £1.00 each 2,699,682 2,699,682

The total here differs from the total amount posted

to share capital and creditors map codes (G*, D30.21.00.01, D30.21.00.02, E30.21.00.01, E30.21.00.02, E30.22.00.01 & E30.22.00.02) by ……

(100)

–

Reserves Revaluation reserve

This reserve includes all the fair value gains and losses arising from the revaluation of the company’s tangible fixed assets.

Profit and loss account

The reserve records retained earnings and accumulated losses and are realised except where specifically identified, and are distributable except where specifically identified as un-realised and non-distributable.

‌NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Pension commitments

‌The company operates a defined contribution pension scheme for all qualifying employees. The amount charged to profit or loss in respect of defined contribution schemes is £2,450 (2022 – £2,146). The assets of the scheme are held separately from those of the company in an independently administered fund.

Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

	2024 £	2023 £
Not later than 1 year	23,749	20,084
Later than 1 year and not later than 5 years	80,337	80,337
Later than 5 years	1,463,575	1,487,324
	1,567,661	1,587,745

‌Operating lease commitments at the year end consist of two leases which expire in May 2102.

Related party transactions

‌The Company has taken advantage of the exemption in Section 33 “Related Party Disclosures” from disclosing transactions with other members of the group, as permitted by FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
Controlling party

Ultimate control parties are the shareholders, however there is no individual ultimate controlling party by virtue of no significant shareholding by any one entity or person’s.

For other services
Taxation compliance services	1,000	1,000
All other non-audit services	–	1,000
	‌1,000	2,000

	2024 No.	2023 No.
Railway operations and maintenance staff	5	5
Management and administration	3	2
	‌8	7