BOSCASTLE LOCOMOTIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr J P Sturgess

T P Aggas

R Billson

P N Greenwood

P Herrick

M J Playle

J G Tawse

REGISTERED OFFICE:

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

REGISTERED NUMBER:

05543188 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

54,478

57,345

CURRENT ASSETS

Stocks

9,677

9,677

Debtors

5

2,324

8,795

Cash at bank

52,909

75,807

64,910

94,279

CREDITORS

Amounts falling due within one year

6

32,392

62,947

NET CURRENT ASSETS

32,518

31,332

TOTAL ASSETS LESS CURRENT LIABILITIES

86,996

88,677

CAPITAL AND RESERVES

Called up share capital

7

743,135

740,015

Share premium

26,115

26,115

Retained earnings

(682,254

)

(677,453

)

SHAREHOLDERS' FUNDS

86,996

88,677

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:

Dr J P Sturgess - Director

1.	STATUTORY INFORMATION

Boscastle Locomotive 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

The financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under

the historical cost convention.

The financial statements are presented in Sterling (£).

Turnover

Turnover represents net invoiced value of receipts for the use of the locomotive and the provision of other services, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Locomotive, tools & equipment

-

5% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Revenue grants

Revenue grants are recognised in income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised.

Theft replacement expenditure and insurance recoveries

Expenditure incurred for the replacement of parts and materials stolen from storage in 2022 are recognised when contracted for.

Insurance recoveries are treated as being reimbursed when their receipt is virtually certain or have been met out of monies specifically advanced for this purpose and for which any conditions imposed by the insurer have been satisfied.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Locomotive,

tools &

equipment

£

COST

At 1 January 2024

and 31 December 2024

145,000

DEPRECIATION

At 1 January 2024

87,655

Charge for year

2,867

At 31 December 2024

90,522

NET BOOK VALUE

At 31 December 2024

54,478

At 31 December 2023

57,345

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

2,324

8,795

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,634

320

Other creditors

30,758

62,627

32,392

62,947

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

743,135

Ordinary

£1

743,135

740,015

3,120 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

8.	OTHER FINANCIAL COMMITMENTS

Since the year end the Company has not spent any further amounts on the rolling programme of boiler firebox rectification work. The current estimate is that at least a further £25,000 approx. will have to be spent before that work is completed to the boiler inspector's satisfaction.

Since the year end, orders totalling £20,434 have yet to be placed for the manufacture or purchase of theft replacement parts, which are conditional on the satisfactory completion of forgings.

9.	OTHER AMOUNTS OUTSTANDING

The theft claim for locomotive parts stolen in 2022 has, so far, resulted in the insurers advancing £50,000 on account to the Company to enable it to place orders for replacement items. During the year, further expenditure of £32,884 was incurred and the like amount also recovered from the insurer's advance.

Current estimates of the total theft replacement costs are that these could be well over £200,000. The extent to which all replacement costs will be fully covered by insurance remains to be ascertained.

10.	OUTSTANDING LEGAL MATTER

The Company's claim for the cost of rectification of substandard boiler firebox work that had been undertaken by the original contractor in Devon is still proceeding and is in the hands of solicitors. No provision has been made in these financial statements for amounts claimable, which the original contractor has denied any liability for.