Company registration number 01576947 (England and Wales)
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
COMPANY INFORMATION
Directors
Richard Winstanley
Michael Bennett
Colin Charman
Mark Young
Clive Whitwham
Alan Nicholls
(Appointed 19 November 2024)
John Dora
(Appointed 18 March 2025)
Secretary
Richard Winstanley
Company number
01576947
Registered office
Churchward House
Winchcombe Railway Station
Winchcombe
Gloucestershire
GL54 5LD
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminister Bank Plc
31 Promenade
Cheltenham
Gloucestershire
GL50 1LE
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
CONTENTS
Page
Chairman's report
1 - 2
Strategic report
3 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 26
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -
Acting Chairman's Report

It has taken longer than I would have wished to find a new chairman following the retirement of his predecessor at the last AGM. In the meantime, your Board has covered the responsibilities associated with that office.

The railway carried almost 100,000 passengers in the year and received many plaudits from them about their visits. Once again, the Steam and Diesel galas were very successful. Thanks to a team drawn from our locomotive department volunteers, a visiting new build locomotive, 6880 Betton Grange, pulled a service train for the first time at our railway – a notable achievement. Betton Grange is now based at our railway for at least the next 3 years.

Running a visitor attraction that owns and operates a heritage railway is a complex operation that requires a significant number of people working in many areas to make it work. We continued to attract new volunteers which offsets the loss of those no longer at the railway. Our pool of around 900 volunteers with a small complement of paid staff enables the railway to operate to the best of its ability both safely and economically. We are always delighted to welcome young volunteers to the railway; they manage time at the railway alongside their careers and possibly family obligations and we are grateful to them for their commitment. During the year, we successfully restarted a young persons’ group to introduce them to volunteering at our railway. The Board thanks all volunteers and the staff for their contributions during the year.

Last year began with Stanway viaduct undergoing much more extensive repairs than were envisaged. We were fortunate in having an excellent civil engineering team who considered various repair options and then oversaw the implementation of an innovative solution to stabilise the parapets and complete the waterproofing of the structure. The railway was grateful for the financial support from GWRT that funded this project and others during the year. Elsewhere, volunteers successfully completed the replacement of many time-expired sleepers at Didbrook while lineside drainage and vegetation clearance teams were kept busy with planned maintenance.

Offering food to visitors continues to grow in importance at is now a major part of being a successful visitor attraction. The Catering department extended its operations by taking over the Cotswold Halt café. In addition, by expanding our on-train catering offering, we have attracted further visitors who can enjoy good food and the delightful countryside from the comfort of our trains. The positive customer feedback proves how worthwhile our catering operations are perceived.

On a personal note, I am grateful for the support that I received in the last nine months from by my co-directors and managers. Looking ahead, we have new members in the team introducing new ideas so there is much to look forward to in the future.

Finally, it gives me great pleasure to welcome John Dora, who was co-opted to the Board in March, and I hope you will join me in supporting him as Chairman.

Richard Winstanley
Director
30 April 2025
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
CHAIRMAN'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Chairman's Report
As I step into the role of Chairman of the Gloucestershire Warwickshire Steam Railway I feel honoured to start to lead this much-admired heritage railway into a future during the year that celebrates 200 years of the passenger railway. First, however, I must pay tribute to the work – over 40 years including 10 years as Chairman – that my predecessor, Richard Johnson, has dedicated so far to the railway, and to the support and encouragement I have received from the board and volunteers and staff in my few months in post.

Looking at the Strategic Report I see a healthy increase in revenue with special events and catering bringing in significant sums. Indeed, taking back under our direct control the café at Toddington has injected a much-needed revenue stream. Recent appointments to the board are making a difference, although things are necessarily changing at board level as well as you may already know.

Last year's revenue growth needs sustaining. But I see risks involving our aged infrastructure, retention and training of volunteers and climate concerns. All very valid risks and needing, I think, some framing within a long-term plan. I have talked about this with some volunteers and the concept seems to be gaining traction.

So, for the coming year I intend to work with the board and volunteers and the Trust on a longer-term vision, with a five-year strategy to aid the implementation of that vision, and a nearer-to-now one-year operational plan linked to the strategy. The strategy I feel needs to be directed initially at consolidation. Consolidation of the good work and the position in which we see ourselves – as a major tourist attraction that operates heritage trains in an authentic setting in one of the loveliest parts of the UK.

May I ask for your support as I enter my first year as your chairman? Without this support, it would be an even greater challenge to consolidate and plan our way.
John Dora
Chairman
30 April 2025
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

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

 

In common with many heritage railways, the Company experienced another year when visitor numbers fell short of levels recorded pre-covid despite some improvement compared with last year. This had a significant impact on the railway’s ability to move forward in a sustainable manner, as without sufficient income generated from visitors, it was and remains difficult to operate a commercially viable railway safely while funding a repair and upgrade programme to enhance the railway and provide an enjoyable experience for visitors and volunteers alike.

Review of business

Our Strategy

The Company’s strategy is to continue to own and operate its volunteer-led but professionally managed heritage railway, and to enhance attractions for visitors and thereby continue the development of the railway as an important and leading visitor attraction in Gloucestershire. The strategy envisages the recreation of the atmosphere of travel by train in the early 1950’s whilst ensuring the railway is financially viable and operated to a safe and high standard. The Company does not own any locomotives but arranges to hire locomotives according to operating agreements negotiated with their owners.

Financial Overview

The number of passengers carried during 2024/25 was slightly below last year at 99,600 (last year: 102,000). Total income increased to £2.68 million (last year: £2.36 million) which was attributable to a combination of the inclusion of turnover from the revamped café at Toddington now under the Company’s control and increased revenues in most segments from last year. Despite a fall in passenger numbers, ticket revenues for general train travel excluding event income increased by 3%. Additional significant net revenues were generated by gala events and the very popular Santa Experience. Railway catering continues to grow in importance to the railway; it now encompasses sales from on-platform cafés, on-train catering and the new café at Toddington. Together, they generated total revenues of £0.6 million which in turn generated substantial funds for the benefit of the Railway. The gala events comprising steam, diesel and autumn galas attracted a total of 6,900 visitors.

Coal prices declined through the year and have been quite stable even though coal has to be sourced from countries such as Poland, Kazakhstan and even Colombia. Diesel costs are linked to the price of oil which was quite stable. The combined total of all locomotive fuel and repairs was slightly less than last year at £0.7 million.

These successes would not have been achieved without the contributions made by our staff and volunteers in ensuring there are clean and reliable trains on an interesting and safe railway is much appreciated by the Board.

The company continues to operate in accordance with its strategy as a volunteer-led railway supported by a small central staff who deal with mostly technical, operational, financial and commercial matters. At the end of the year, the finance, operations, technical and administration staff totalled 11 of whom 4 were fulltime. In addition, there are paid staff at the Cotswold Halt café at Toddington.

Unlike last year when there was a major concern about the extent of the works required to complete the waterproofing and stability of the Stanway viaduct, this year has been more straightforward. Construction of the Signal & Telegraph workshop at Winchcombe was completed towards the end of the year and a minor road-over bridge was repaired both with funding provided by the Gloucestershire Warwickshire Railway Trust (“GWRT”). Other engineering works included upgrades to the permanent way and a continuation of drainage and vegetation clearance maintenance programmes.

Maintenance and refurbishment works of the railway’s carriage fleet and some private-owner goods vehicles continued in the Carriage and Wagon Department.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

Principal Risks and Uncertainties

The Board regularly reviews the Company’s Risk Register. The principal concerns continue to be as follows:

Matter of concern

Potential impact

Mitigating actions

 

Insufficient income generated from ticket, event and supporting revenues

Income does not cover all overheads, expenses and loan repayment obligations leading to difficult choices about where to focus spending.

The Board reviews opportunities to maximise revenue and endeavours to manage overheads and expenses in line with net revenues so that the company will remain financially viable and be able to meet its financial obligations. The Board ensures that safety is not compromised in spending decisions, and safety-related and training expenditure is prioritised.

 

Ageing infrastructure requires regular investment to maintain the operational and safety needs of the railway

Collapse of infrastructure could disrupt train services or have more serious consequences if an accident occurred

The Board maintains oversight to ensure embankments, cuttings, 46 bridges, more than 60 culverts, a viaduct, a 693 yard tunnel and over 14 miles of track are regularly inspected by competent persons in accordance with legal requirements. Subject to funding, repairs and renewals are planned to take place strategically.

The company is unable to attract volunteers of appropriate calibre and/or possessing relevant skill sets to fulfil its aim of being a volunteer-led but professionally managed high quality heritage railway.

 

Company is unable to operate as it does not attract sufficient volunteers possessing appropriate competence to operate and manage a heritage railway

Regular recruitment of new volunteers is organised with the objective of maintaining a sufficient inflow of volunteers.

The environmental impact of burning fossil fuels is perceived with increasing opprobrium by society

Company faces restrictions on being able to source fossil fuels economically or even secure supplies. Company cannot operate train services using heritage steam and diesel trains

Sources of coal and its pricing were stable throughout 2024. The Company is a member of the Heritage Railway Association which ensures that Members of Parliament are kept informed of the value and importance of heritage railways and the requirements for coal and diesel fuel.

 

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -

Future Progress

Notwithstanding the Board may have to take difficult decisions in the short term, there are many development and upgrading projects that can be undertaken when funds are available. The major ongoing project is the rebuilding of platform 2 at Broadway which is funded by GWRT. The next major project to be undertaken is extension of the platforms at Toddington station to accommodate 7 coach rakes as soon as funding and an appropriate time slot can be arranged. There are a wide range of other projects which will only proceed when funding becomes available.

On behalf of the board

Richard Winstanley
Director
30 April 2025
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -

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

Principal activities

The principal activity of the company in the year under review was that of the restoration and operation of a heritage railway trading as the 'Gloucestershire Warwickshire Railway'.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Richard Johnson
(Resigned 20 June 2024)
Richard Winstanley
Michael Bennett
Maurice Hall
(Resigned 30 September 2024)
Michael Robinson
(Resigned 19 November 2024)
Colin Charman
Mark Young
Clive Whitwham
Graham Plant
(Resigned 14 April 2025)
Alan Nicholls
(Appointed 19 November 2024)
John Dora
(Appointed 18 March 2025)
Results and dividends

The results for the year are set out on page 11.

In accordance with the Articles of Association no dividends will be distributed for the year ended 31 January 2025.

Directors' interests

The directors' interests in the shareholding of the company as at the date of this report are shown below:

Number of shares
Richard Winstanley
3,000
Michael Bennett
6,000
Colin Charman
100
Mark Young
100
Clive Whitwham
1,350
Alan Nicholls
100
John Dora
500
Future developments

The company plans to continue to operate for the foreseeable future.

Auditor

The auditors, Ormerod Rutter Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Richard Winstanley
Director
30 April 2025
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
- 8 -
Opinion

We have audited the financial statements of Gloucestershire Warwickshire Steam Railway PLC (the 'company') for the year ended 31 January 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 UK, including the FRC’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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC (CONTINUED)
- 9 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

Based upon our understanding of Gloucestershire Warwickshire Steam Railway PLC and its industry, we identified that the principle risks of non-compliance with laws and regulations related to the UK tax legislation, health and safety regulations, anti-bribery, corruption and fraud, anti-money laundering, GDPR, and we considered the extent to which non-compliance might have had a material effect on the financial statements. We also consider those laws and regulations that have a direct impact on the preparation of financial statements, such as the Companies Act 2006.

We evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the override of controls) and determined that the principle risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to the release of capital grants from GWR Trust, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC (CONTINUED)
- 10 -

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

Colm McGrory FCA
2 May 2025
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
2,674,741
2,360,580
Cost of sales
(1,577,146)
(1,357,432)
Gross profit
1,097,595
1,003,148
Administrative expenses
(1,535,090)
(1,890,969)
Other operating income
404,827
773,816
Operating loss
5
(32,668)
(114,005)
Interest receivable and similar income
7
2,232
2,112
Interest payable and similar expenses
9
(21,281)
(21,597)
Loss before taxation
(51,717)
(133,490)
Tax on loss
10
-
0
-
0
Loss for the financial year
(51,717)
(133,490)

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
7,855,660
7,717,870
Current assets
Stocks
13
66,818
87,750
Debtors
12
150,457
434,264
Cash at bank and in hand
121,437
194,496
338,712
716,510
Creditors: amounts falling due within one year
14
(497,601)
(803,133)
Net current liabilities
(158,889)
(86,623)
Total assets less current liabilities
7,696,771
7,631,247
Creditors: amounts falling due after more than one year
Loans and overdrafts
16
284,512
419,528
Obligations under finance leases
17
41,232
-
0
Deferred income
20
1,509,271
1,328,433
(1,835,015)
(1,747,961)
Net assets
5,861,756
5,883,286
Capital and reserves
Called up share capital
21
3,825,932
3,795,745
Revaluation reserve
22
466,777
466,777
Profit and loss reserves
22
1,569,047
1,620,764
Total equity
5,861,756
5,883,286
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Richard Winstanley
Director
Company registration number 01576947 (England and Wales)
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
3,774,129
466,777
1,754,254
5,995,160
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(133,490)
(133,490)
Issue of share capital
21
21,616
-
-
21,616
Balance at 31 January 2024
3,795,745
466,777
1,620,764
5,883,286
Year ended 31 January 2025:
Loss and total comprehensive income
-
-
(51,717)
(51,717)
Issue of share capital
21
30,187
-
-
30,187
Balance at 31 January 2025
3,825,932
466,777
1,569,047
5,861,756
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
305,696
28,181
Interest paid
(21,281)
(21,597)
Net cash inflow from operating activities
284,415
6,584
Investing activities
Purchase of tangible fixed assets
(341,681)
(267,752)
Proceeds from disposal of tangible fixed assets
36,019
-
0
Interest received
2,232
2,112
Net cash used in investing activities
(303,430)
(265,640)
Financing activities
Proceeds from issue of shares
30,187
21,616
Repayment of bank loans
(138,118)
(136,109)
Payment of finance leases obligations
53,877
-
0
Net cash used in financing activities
(54,054)
(114,493)
Net decrease in cash and cash equivalents
(73,069)
(373,549)
Cash and cash equivalents at beginning of year
194,496
568,045
Cash and cash equivalents at end of year
121,427
194,496
Relating to:
Cash at bank and in hand
121,437
194,496
Bank overdrafts included in creditors payable within one year
(10)
-
0
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
1
Accounting policies
Company information

Gloucestershire Warwickshire Steam Railway PLC is a public company limited by shares incorporated in England and Wales. The registered office is Churchward House, Winchcombe Railway Station, Winchcombe, Gloucestershire, United Kingdom, GL54 5LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company produces annual budgets and forecasts which take into account expected changes in the trading performance, and the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.true

1.3
Turnover

Turnover is recognised on the day which travel takes place, or when the goods and services are supplied. Turnover is stated net of value added tax and sales discounts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings
1% Straight Line
Vehicles, plant and equipment
10-25% Straight Line
Track
2-10% Straight Line
Rolling stock
4% Straight Line

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.5
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 (if 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks represents shop stock held and is valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

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

1.12
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

 

Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Ticket sales
1,332,017
1,314,921
Train charters
69,626
74,003
Driving experience courses
52,722
41,742
Santa specials
292,035
287,549
On train catering receipts
631,137
384,414
Shop sales
72,097
77,686
Steam and diesel galas
197,699
157,472
Sundry income
27,408
22,793
2,674,741
2,360,580
2025
2024
£
£
Other significant revenue
Interest income
2,232
2,112

Turnover arises entirely within the United Kingdom.

4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,083
7,649
For other services
All other non-audit services
2
2
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
5
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Donations and grants received
(380,115)
(738,747)
Depreciation of owned tangible fixed assets
168,895
139,065
Profit on disposal of tangible fixed assets
(1,023)
-
Operating lease payments - loco hire
316,741
317,759

 

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Operations management
16
5
Administration
6
7
Total
22
12

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
454,948
358,791
Social security costs
33,545
34,476
Pension costs
8,583
8,004
497,076
401,271

The directors of the company do not receive any remuneration.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,232
2,112
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,232
2,112
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
21,281
21,597
10
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(51,717)
(133,490)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(12,929)
(33,373)
Tax effect of expenses that are not deductible in determining taxable profit
57,158
-
0
Tax effect of income not taxable in determining taxable profit
(55,644)
(5,000)
Unutilised tax losses carried forward
10,820
36,000
Depreciation in excess of capital allowances
595
2,373
Taxation charge for the year
-
-
11
Tangible fixed assets
Buildings
Assets under construction
Vehicles, plant and equipment
Track
Rolling stock
Total
£
£
£
£
£
£
Cost or valuation
At 1 February 2024
5,585,283
92,817
500,529
3,030,626
201,716
9,410,971
Additions
167,116
24,798
118,767
-
0
31,000
341,681
Write offs
-
0
(32,146)
(2,850)
-
0
-
0
(34,996)
Transfers
53,974
(71,775)
17,801
-
0
-
0
-
0
At 31 January 2025
5,806,373
13,694
634,247
3,030,626
232,716
9,717,656
Depreciation and impairment
At 1 February 2024
317,069
-
0
347,967
909,624
118,441
1,693,101
Depreciation charged in the year
49,386
-
0
39,030
72,050
8,429
168,895
At 31 January 2025
366,455
-
0
386,997
981,674
126,870
1,861,996
Carrying amount
At 31 January 2025
5,439,918
13,694
247,251
2,048,951
105,846
7,855,660
At 31 January 2024
5,268,214
92,817
152,563
2,121,001
83,275
7,717,870
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
11
Tangible fixed assets
(Continued)
- 22 -

Included in land and buildings is freehold land at valuation of £246,000 (2024: £246,000) which is not depreciated. The valuation was carried out on the basis of depreciated replacement cost by Messrs Bruton Knowles in January 1998.

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,705
7,458
Other debtors
83,053
367,735
Prepayments and accrued income
65,699
59,071
150,457
434,264
13
Stocks
2025
2024
£
£
Goods held for resale
46,918
57,349
Coal and diesel fuel
19,900
30,401
66,818
87,750
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
135,136
138,228
Obligations under finance leases
17
12,645
-
0
Trade creditors
118,913
501,770
Taxation and social security
8,159
8,912
Deferred income
20
56,827
100,590
Other creditors
103,418
34,259
Accruals and deferred income
62,503
19,374
497,601
803,133
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
284,512
419,528
Obligations under finance leases
17
41,232
-
0
Deferred income
20
1,509,271
1,328,433
1,835,015
1,747,961
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
16
Loans and overdrafts
2025
2024
£
£
Bank loans
419,638
557,756
Bank overdrafts
10
-
0
419,648
557,756
Payable within one year
135,136
138,228
Payable after one to five years
284,512
419,528
419,648
557,756

Contained within bank loans are:

 

 

 

17
Asset purchase contracts
2025
2024
Future minimum lease payments due under asset purchase contracts:
£
£
Within one year
12,645
-
0
In two to five years
41,232
-
0
53,877
-
0
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
18
Secured debts
The following secured debts are included within creditors:
2025
2024
£
£
Asset purchase contracts
53,877
-
Bank overdrafts
10
-
0
Bank loans
419,638
557,756
473,525
557,756
Asset purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,583
8,004

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Deferred income
2025
2024
£
£
Other deferred income
1,566,098
1,429,023

Deferred income is included in the financial statements as follows:

Current liabilities
56,827
100,590
Non-current liabilities
1,509,271
1,328,433
1,566,098
1,429,023

Deferred grant income represents grants received from Gloucestershire Warwickshire Railway Trust. Grants for revenue items with no unfulfilled conditions or other contingencies attached are recognised as income when received. Grants for capital items, whereby conditions are attached, are accounted for via the accrual model and amounts are released to the profit or loss account to coincide with the economic benefits gained from the respective assets.

GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Share of £1 each
3,825,932
3,795,745
3,825,932
3,795,745

The Company has one class of share. Each share has equal voting rights at general meetings and the Company Articles of Association explicitly exclude any distributions either by way of dividend or winding up of the Company.

During the year the company issued 30,162 Ordinary A shares of £1 each.

22
Reserves

Profit and losses reserves represent the accumulated profits and losses from the current and prior periods.

 

Revaluation reserve represents surpluses and deficits arising from revaluation of freehold land and buildings.

23
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, which fall due as follows:

2025
2024
£
£
Within one year
191,820
154,530
24
Related party transactions
Remuneration of key management personnel

As the Company’s aim is to be volunteer led but professionally managed, no director receives any form of remuneration or dividend from the Company.  Apart from administrative, key operational and some technical managers, most managers are volunteers who do not receive any form of remuneration.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

=
2025
2024
£
£
GWR Trust
699
598
GLOUCESTERSHIRE WARWICKSHIRE STEAM RAILWAY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
24
Related party transactions
(Continued)
- 26 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
GWR Trust
42
282
25
Gloucestershire Warwickshire Railway Trust

Monies received from Gloucestershire Warwickshire Railway Trust ("GWRT") are secured via debenture over all fixed and floating assets of the company. The amount secured is depreciated on an annual basis according to a fixed formula. In the event of the company ceasing to trade, the amount then shown as secured by way of this debenture will be repayable to GWRT.

26
Analysis of changes in net debt
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
194,496
(73,059)
121,437
Bank overdrafts
-
0
(10)
(10)
194,496
(73,069)
121,427
Borrowings excluding overdrafts
(557,756)
138,118
(419,638)
Obligations under finance leases
-
(53,877)
(53,877)
(363,260)
11,172
(352,088)
27
Cash generated from operations
2025
2024
£
£
Loss for the year after tax
(51,717)
(133,490)
Adjustments for:
Finance costs
21,281
21,597
Investment income
(2,232)
(2,112)
Gain on disposal of tangible fixed assets
(1,023)
-
Release of capital grants
(21,899)
(19,250)
Depreciation and impairment of tangible fixed assets
168,895
139,065
Movements in working capital:
Decrease in stocks
20,932
18,451
Decrease/(increase) in debtors
283,807
(206,473)
(Decrease)/increase in creditors
(271,323)
96,146
Increase in deferred income
158,975
114,247
Cash generated from operations
305,696
28,181
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