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REGISTERED NUMBER: 01552205 (England and Wales)















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: M Lynn
F D Street
J M Wilson
P Neal
N G Lewin
M Redford
R W Osgerby



SECRETARY: P Neal



REGISTERED OFFICE: 2 Russell Court
Cleethorpes
N E Lincolnshire
DN35 0NT



REGISTERED NUMBER: 01552205 (England and Wales)



SOLICITORS: Wilkin Chapman
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 1,034,047 1,013,464

CURRENT ASSETS
Stocks 3,763 2,921
Debtors 5 8,589 10,011
Cash at bank and in hand 41,057 58,242
53,409 71,174
CREDITORS
Amounts falling due within one year 6 37,447 42,350
NET CURRENT ASSETS 15,962 28,824
TOTAL ASSETS LESS CURRENT LIABILITIES 1,050,009 1,042,288

PROVISIONS FOR LIABILITIES 125,847 128,696
NET ASSETS 924,162 913,592

CAPITAL AND RESERVES
Called up share capital 131,834 131,834
Share premium 26,554 26,554
Revaluation reserve 7 507,200 507,200
Retained earnings 258,574 248,004
SHAREHOLDERS' FUNDS 924,162 913,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th June 2025 and were signed on its behalf by:





F D Street - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is derived from sales of tickets, merchandise, donations and rental income all within the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land - not provided
Station buildings and structures - 4% on cost
Locomotives and carriages - 10% on cost
Track, signalling systems and equipment - 20% on cost
Fixtures and equipment - 15% on reducing balance

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 540,000 475,606 21,638
Additions - 57,283 -
At 31st December 2024 540,000 532,889 21,638
DEPRECIATION
At 1st January 2024 - 111,031 17,813
Charge for year - 20,915 775
At 31st December 2024 - 131,946 18,588
NET BOOK VALUE
At 31st December 2024 540,000 400,943 3,050
At 31st December 2023 540,000 364,575 3,825

Track,
signalling
systems Fixtures
and and
equipment equipment Totals
£    £    £   
COST OR VALUATION
At 1st January 2024 312,877 34,751 1,384,872
Additions - 6,220 63,503
At 31st December 2024 312,877 40,971 1,448,375
DEPRECIATION
At 1st January 2024 223,780 18,784 371,408
Charge for year 18,374 2,856 42,920
At 31st December 2024 242,154 21,640 414,328
NET BOOK VALUE
At 31st December 2024 70,723 19,331 1,034,047
At 31st December 2023 89,097 15,967 1,013,464

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 5,621 7,138
Prepayments 1,718 1,623
8,589 10,011

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 747 5,650
Other creditors 17,950 17,950
Directors' current accounts 17,000 17,000
Accrued expenses 1,750 1,750
37,447 42,350

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 507,200

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.