Company registration number 11380261 (England and Wales)
LOCOMOTIVE INTERCITY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
LOCOMOTIVE INTERCITY LIMITED
COMPANY INFORMATION
Director
Mr J Hosking
Company number
11380261
Registered office
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
Accountants
Arnold Hill & Co LLP
Sixth Floor
Capital Tower
91 Waterloo Road
London
SE1 8RT
LOCOMOTIVE INTERCITY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company was that of passenger rail transport.

Director

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

Mr J Hosking

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr J Hosking
Director
14 August 2025
LOCOMOTIVE INTERCITY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
2025
2024
£
£
Turnover
5,073,304
3,063,850
Cost of sales
(4,677,114)
(2,754,707)
Gross profit
396,190
309,143
Administrative expenses
(1,216,080)
(728,204)
Other operating income
107,326
-
0
Operating loss
(712,564)
(419,061)
Interest receivable and similar income
17,626
7,543
Loss before taxation
(694,938)
(411,518)
Tax on loss
-
0
-
0
Loss for the financial year
(694,938)
(411,518)

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

LOCOMOTIVE INTERCITY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 3 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,348,032
5,126,112
Current assets
Debtors
5
392,703
416,686
Cash at bank and in hand
1,330,169
1,039,883
1,722,872
1,456,569
Creditors: amounts falling due within one year
6
(2,857,561)
(2,504,074)
Net current liabilities
(1,134,689)
(1,047,505)
Net assets
4,213,343
4,078,607
Capital and reserves
Called up share capital
107
106
Share premium account
7,148,125
6,318,452
Profit and loss reserves
(2,934,889)
(2,239,951)
Total equity
4,213,343
4,078,607

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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 signed by the director and authorised for issue on 14 August 2025
Mr J Hosking
Director
Company registration number 11380261 (England and Wales)
LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

Locomotive Intercity Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Capital Tower, 91 Waterloo Road, London, SE1 8RT.

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 as applicable to companies subject to the small companies regime. 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. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The director has undertaken a number of scenario projections to understand the potential impact on the business and remains satisfied that due to the continued support of the shareholder, the Company is able to meet its liabilities as they fall due over the next 12 months. Thus it has adopted the going concern basis in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 of the assets less their residual values over their useful lives on the following bases:

Plant and machinery 10% straight line

An impairment review is conducted each year. Should any impairment or movement in impairment arise from this review, this will be charged to the profit and loss account in the period in which it occurs.

1.5
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.

LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.6
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.

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 paymen ts 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. A m ounts 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.

1.7
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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0, (20 2 4 - 0).

3
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment
4
541,323
171,867
Recognised in:
Administrative expenses
541,323
171,867
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
7,351,289
Additions
1,040,243
At 31 March 2025
8,391,532
Depreciation and impairment
At 1 April 2024
2,225,177
Depreciation charged in the year
277,000
Impairment losses
541,323
At 31 March 2025
3,043,500
Carrying amount
At 31 March 2025
5,348,032
At 31 March 2024
5,126,112

More information on impairment movements in the year is given in note 3.

LOCOMOTIVE INTERCITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
392,703
416,686
6
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
18,289
Other creditors
2,857,561
2,485,785
2,857,561
2,504,074
7
Related party transactions

During the year Locomotive Services Limited, a company under common control registered in England and Wales, paid costs on behalf of the Company of £nil (20 2 4: £69,549).

At 31 March 2025 Locomotive Services Limited owed the Company £60,241 (20 2 4: £18,289) in relation to costs recharged to the Company.

During the prior year, the Company provided a short-term loan to a related undertaking. At 31 March 2025, the Company was owed £nil (2024: £144,000) by Locomotive Services (TOC) Limited.

During the year, the Company earned gross income of £13,000 (2024: £nil) from Locomotive Services (TOC) Limited, a company under common control. At 31 March 2025, the balance outstanding was £2,500 (2024: £nil).

At 31 March 2025, the Company owed £16,477 (2024: £2,874) to London and North Western Railway Heritage Company Limited, a related undertaking, in relation to services provided to the Company.

At 31 March 2025, the Company owed £7,331 (2024: £9,447) to Statesman Rail Limited, a company under common control, in relation to services provided to the Company.

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