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REGISTERED NUMBER: 09146470 (England and Wales)

| Unaudited Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Vale of Rheidol Trading Limited |

| Vale of Rheidol Trading Limited (Registered number: 09146470) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Vale of Rheidol Trading Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | L Ap Iolo

| D W Evans

| REGISTERED OFFICE: | Park Avenue

| Aberystwyth

| Ceredigion

| SY23 1PG

| REGISTERED NUMBER: | 09146470 (England and Wales)

| Vale of Rheidol Trading Limited (Registered number: 09146470) |

Balance Sheet

31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

CURRENT ASSETS

Stocks | 92,475 |  | 103,253 |  |

Debtors | 4 | 151,455 |  | 202,635 |  |

Cash at bank | 93,403 |  | 224,278 |  |

337,333 |  | 530,166 |  |

CREDITORS

Amounts falling due within one year | 5 | 337,233 |  | 530,066 |  |

NET CURRENT ASSETS | 100 |  | 100 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 100 |  | 100 |  |

CAPITAL AND RESERVES

Called up share capital | 6 | 100 |  | 100 |  |

SHAREHOLDERS' FUNDS | 100 |  | 100 |  |

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 2 September 2025 and were signed on its behalf by:

L Ap Iolo - Director

| Vale of Rheidol Trading Limited (Registered number: 09146470) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Vale of Rheidol Trading 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.

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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Other debtors (wip)

| Work in progress is measured as the costs involved with the research and writing of various history and locomotive books which will be used by the company when complete.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 8 (2023 - 8 ) .

4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 27,920 |  | 110,700 |  |

| Other debtors | 123,535 |  | 91,935 |  |

151,455 |  | 202,635 |  |

5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade creditors | 13 |  | 10,399 |  |

| Amounts owed to group undertakings | 327,950 |  | 499,085 |  |

| Taxation and social security | 5,385 |  | 16,882 |  |

| Other creditors | 3,885 |  | 3,700 |  |

337,233 |  | 530,066 |  |

6. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| Vale of Rheidol Trading Limited (Registered number: 09146470) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | RELATED PARTY DISCLOSURES

| Summary of transactions with parent

| Parent company Vale of Rheidol Railway Limited

| Included in other creditors is a balance of £327,950 (2023: £499,085) owed to the parent company.

8. | ULTIMATE CONTROLLING PARTY

| The company's immediate parent is Vale of Rheidol Railway Limited, incorporated in England. Charity number 1076037, Company number 02188631.

| The ultimate parent is Phyllis Rampton Narrow Gauge Railway Trust, Charity number 292240.

| The most senior parent entity producing publicly available financial statements is Phyllis Rampton Narrow Gauge Railway Trust. These financial statements are available upon request from Park Avenue, Aberystwyth, Ceredigion, SY23 1PG.