| REGISTERED NUMBER: |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| REGISTERED NUMBER: |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED (REGISTERED NUMBER: 01552205) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SOLICITORS: |
| Cartergate House |
| 26 Chantry Lane |
| Grimsby |
| North East Lincolnshire |
| DN31 2LJ |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED (REGISTERED NUMBER: 01552205) |
| BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED (REGISTERED NUMBER: 01552205) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Great Northern & East Lincolnshire Railway Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is derived from sales of tickets, merchandise, donations and rental income all within the United Kingdom. |
| Tangible fixed assets |
| Freehold land | - |
| Station buildings and structures | - |
| Locomotives and carriages | - |
| Track, signalling systems and equipment | - |
| Fixtures and equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED (REGISTERED NUMBER: 01552205) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Station |
| buildings | Locomotives |
| Freehold | and | and |
| land | structures | carriages |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| Track, |
| signalling |
| systems | Fixtures |
| and | and |
| equipment | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st January 2024 |
| Additions |
| At 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| Freehold land was valued on an open market basis on 2nd June 2021 by J H Walter. |
| The directors believe that the fair value of the freehold land is still appropriate. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| S455 Tax Recoverable | 1,250 | 1,250 |
| VAT |
| Prepayments |
| GREAT NORTHERN & EAST LINCOLNSHIRE |
| RAILWAY LIMITED (REGISTERED NUMBER: 01552205) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Other creditors |
| Directors' current accounts | 17,000 | 17,000 |
| Accrued expenses |
| Certain directors and former directors have made unsecured loans to the company amounting to £34,950 (2023 £34,950). The directors have also given informal undertakings to support the company and to refrain from demanding repayment of their loans until such time as the company has adequate funds available to make such repayment and, in any event, not within twelve months of the balance sheet date. |
| 7. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st January 2024 |
| and 31st December 2024 |
| 8. | RELATED PARTY DISCLOSURES |
| In 2014 Mr M Lynn and Mrs O Lynn entered into a 10 year running agreement with the company for it to have the use of an engine, Barclay 1964 (Spitfire), owned personally by them. In return for the company providing the labour for any refurbishment work required to the engine the company does not pay any steaming charges for two years, after this time the company will pay a charge of £200 per steam. The steaming charge is reviewable after 5 years, this being in March 2026. Subsequently the ownership of the engine has transferred to the Barclay 1964 CIO, a registered charity. Mr M Lynn, Mrs O Lynn and Mr J Wilson are trustees of the Barclay 1964 CIO. The agreement with the company is unchanged following this change of ownership. The agreement is due to end in March 2026 to coincide with the 10th annual inspection certificate becoming due. The agreement has been entered into on the same terms as previous agreements made with third parties and neither Mr M Lynn and Mrs O Lynn nor the Barclay 1964 CIO have received any preferential terms. |