Registration number: 03778762

Settle & Carlisle Railway Properties Limited

Contents

Accountants' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Settle & Carlisle Railway Properties Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Settle & Carlisle Railway Properties Limited for the year ended 31 December 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Settle & Carlisle Railway Properties Limited, as a body, in accordance with the terms of our engagement letter dated 5 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of Settle & Carlisle Railway Properties Limited and state those matters that we have agreed to state to the Board of Directors of Settle & Carlisle Railway Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Settle & Carlisle Railway Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Settle & Carlisle Railway Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Settle & Carlisle Railway Properties Limited. You consider that Settle & Carlisle Railway Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Settle & Carlisle Railway Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

29 August 2025

Settle & Carlisle Railway Properties Limited

(Registration number: 03778762)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	189,732	128,109
Investment property	5	1,475,002	1,475,002
Other financial assets	6	2,560	2,438
		1,667,294	1,605,549
Current assets
Debtors	7	12,752	12,602
Cash at bank and in hand		25,049	22,426
		37,801	35,028
Creditors: Amounts falling due within one year	8	(54,149)	(46,453)
Net current liabilities		(16,348)	(11,425)
Total assets less current liabilities		1,650,946	1,594,124
Creditors: Amounts falling due after more than one year	8	(452,052)	(409,699)
Net assets		1,198,894	1,184,425
Capital and reserves
Allotted, called up and fully paid share capital		2	2
Revaluation reserve		1,249,212	1,249,212
Profit and loss account		(50,320)	(64,789)
Total equity		1,198,894	1,184,425

Settle & Carlisle Railway Properties Limited

(Registration number: 03778762)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................

C Bray

Director

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

The principal place of business is:
Station Master's House
Ribblehead
CARNFORTH
LA6 3AS

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 December 2024 and meets its day to day working capital requirements through capital grants received in advance. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of funders, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, excluding land and buildings which are held at revalued amounts.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and office equipment	15% reducing balance
Property improvements	2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Property improvements  £	Furniture, fittings and office equipment  £	Total £
Cost or valuation
At 1 January 2024	126,115	6,135	132,250
Additions	54,677	12,775	67,452
At 31 December 2024	180,792	18,910	199,702
Depreciation
At 1 January 2024	-	4,141	4,141
Charge for the year	3,615	2,214	5,829
At 31 December 2024	3,615	6,355	9,970
Carrying amount
At 31 December 2024	177,177	12,555	189,732
At 31 December 2023	126,115	1,994	128,109

5	Investment properties

	£
At 1 January 2024	1,475,002
At 31 December 2024	1,475,002

The investment property was revalued in 2024 by the directors, no independent valuation was sought.

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6	Other financial assets (current and non-current)

	2024 £	2023 £
Non-current financial assets
Financial assets at cost less impairment	2,560	2,438

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 January 2024	2,438	2,438
Additions	122	122
At 31 December 2024	2,560	2,560
Impairment
Carrying amount
At 31 December 2024	2,560	2,560

7

Debtors

	2024 £	2023 £
Other debtors	12,752	12,602
	12,752	12,602

8

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	30,000	20,000
Trade creditors		6,009	5,154
Taxation and social security		618	-
Other creditors		17,522	21,299
		54,149	46,453
Due after one year
Other creditors		452,052	409,699

Settle & Carlisle Railway Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Reserves

Movements in the revaluation reserve for the current year are as follows:

	Revaluation reserve £
Brought forward	1,249,212
Carried forward	1,249,212

10	Loans and borrowings

	2024 £	2023 £
Current loans and borrowings
Other borrowings	30,000	20,000

11	Related party transactions

Other transactions with directors

Consultancy fees and mileage expenses totalling £14,839 (2023 - £30,453) were paid to A Quine, director, in relation to the development of station properties.