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Company Registration Number:  00688587



















THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
FINANCIAL STATEMENTS
 31 JANUARY 2025


















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THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
REGISTERED NUMBER: 00688587

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,146,787
2,166,832

Investment property
 5 
1,660,000
1,764,000

  
3,806,787
3,930,832

Current assets
  

Stocks
 6 
138,200
117,143

Debtors: amounts falling due within one year
 7 
108,767
100,679

Cash at bank and in hand
  
77,042
26,955

  
324,009
244,777

Creditors: amounts falling due within one year
 8 
(139,449)
(191,606)

Net current assets
  
 
 
184,560
 
 
53,171

Total assets less current liabilities
  
3,991,347
3,984,003

Creditors: amounts falling due after more than one year
 9 
(829,178)
(798,630)

Provisions for liabilities
  

Deferred tax
  
(326,489)
(456,248)

  
 
 
(326,489)
 
 
(456,248)

Net assets
  
2,835,680
2,729,125


Capital and reserves
  

Called up share capital 
  
60,000
60,000

Revaluation reserve
 11 
1,170,049
1,308,356

Profit and loss account
 11 
1,605,631
1,360,769

  
2,835,680
2,729,125


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with 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: 

Mr R Lancaster
Director

Date: 18 July 2025

Page 1

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

1.


General information

The Ravenglass and Eskdale Railway Company Limited ('the company') is a limited company incorporated in the United Kingdom. The address of the registered office and principal place of business is Maudlands, Maude Street, Kendal, Cumbria, LA9 4QD.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net current assets of £187,727 net assets of £2,835,680.
The company is capitalising on increased tourism in the area due to the popularity of staycations. This increased period of trade, together with support from the wider group, will ensure the company has sufficient cash to pay liabilities as they fall due for at least 12 months from signing the financial statements. It is for these reasons that the directors deem the going concern basis appropriate.

Page 2

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

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.


 
2.10

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.

Page 4

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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 property
-
2% straight line
Motor vehicles
-
25% straight line
Fixtures, fittings and equipment
-
10 - 25% straight line
Rolling stock, Plant and machinery
-
2 - 25% 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.

 
2.11

Investment property

Investment property is carried at fair value, the decision to revalue is determined by the directors annually and any valuation is carried out by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

 
2.12

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. 
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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Employees

The average monthly number of employees, including directors, during the year was 47 (2024 - 48).

Page 6

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Rolling stock, plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2024
1,823,049
1,436,719
10,430
181,382
3,451,580


Additions
16,525
38,470
-
39,960
94,955


Disposals
-
-
(10,430)
-
(10,430)



At 31 January 2025

1,839,574
1,475,189
-
221,342
3,536,105



Depreciation


At 1 February 2024
482,865
675,487
10,430
115,966
1,284,748


Charge for the year on owned assets
36,204
66,122
-
12,674
115,000


Disposals
-
-
(10,430)
-
(10,430)



At 31 January 2025

519,069
741,609
-
128,640
1,389,318



Net book value



At 31 January 2025
1,320,505
733,580
-
92,702
2,146,787



At 31 January 2024
1,340,184
761,232
-
65,416
2,166,832

Included in freehold property is land at cost of £69,510 (2024 £52,985)

Page 7

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

5.


Investment property


Freehold investment property

£



Valuation


At 1 February 2024
1,764,000


Disposals
(260,000)


Revaluation 
156,000



At 31 January 2025
1,660,000

The 2025 valuations were made by H&H Land & Estates, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2025
2024
£
£


Historic cost
464,488
537,239


6.


Stocks

2025
2024
£
£

Parts and operating stock
53,585
58,777

Goods for resale
84,615
58,366

138,200
117,143



7.


Debtors

2025
2024
£
£


Trade debtors
8,469
4,169

Other debtors
24,388
7,500

Prepayments and accrued income
75,910
89,010

108,767
100,679


Page 8

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2025
2024
£
£

Other loans
10,000
10,000

Trade creditors
36,830
84,435

Corporation tax
3,474
3,465

Other taxation and social security
15,763
-

Accruals and deferred income
73,382
93,706

139,449
191,606



9.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other loans
26,700
36,700

Amounts owed to group undertakings
605,448
646,474

Other creditors
197,030
115,456

829,178
798,630


The company has two unsecured loans. One of £26,700 is repayable on the winding up of the company, or in the event of a binding contract being entered into by the company for the sale of its physical assets employed in the operation of the railway. The second loan of £100,000 is repayable in ten equal installments over 10 years with the first repayment having been made on 31 October 2015. It bears interest at 1% over base rate (2024: 1% over the base rate). The total amount outstanding on this loan at the year end date is £10,000 (2024 - £20,000). 


10.


Deferred taxation




2025


£






At beginning of year
(456,248)


Charged to profit or loss
129,759



At end of year
(326,489)

Page 9

 
THE RAVENGLASS AND ESKDALE RAILWAY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(24,298)
(154,057)

Deferred tax on investment property gains
(302,191)
(302,191)

(326,489)
(456,248)


11.


Reserves

Profit and loss account

This reserve represents cumulative profits and losses.

Investment property fair value reserve
This reserve represents the cumulative revaluation gains and losses on revaluation of investment freehold property less any deferred tax recognised in respect of this property.


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £41,951 (2024- £36,476) Contributions totaling £Nil (2024 - £Nil) were payable to the fund at the reporting date.


13.


Controlling party and ultimate parent undertaking

Lake District Holdings Limited, which is registered in England and Wales, is the ultimate parent company.
In the opinion of the directors there is no controlling party. 


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2025 was unqualified.

The audit report was signed on 21 July 2025 by Lauren Graham (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 10