Keighley and Worth Valley Light Railway Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00870851

KEIGHLEY AND WORTH VALLEY LIGHT RAILWAY LIMITED

FILLETED FINANCIAL STATEMENTS

31 December 2024

KEIGHLEY AND WORTH VALLEY LIGHT RAILWAY LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	7		3,124,865		1,682,943

CURRENT ASSETS

Stocks		63,901	64,397
Debtors	8	242,937	208,956
Cash at bank and in hand		400,831	622,222
		----------	----------
		707,669	895,575

CREDITORS: amounts falling due within one year	9	2,217,751		1,239,732
		-------------		-------------
NET CURRENT LIABILITIES			1,510,082		344,157
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,614,783		1,338,786

CREDITORS: amounts falling due after more than one year	10		343,469		395,888

PROVISIONS	223,276	–
	-------------	-------------
NET ASSETS	1,048,038	942,898
	-------------	-------------

KEIGHLEY AND WORTH VALLEY LIGHT RAILWAY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	19,710	19,710
Other reserves	1,580,113	1,580,113
Profit and loss account	( 551,785)	( 656,925)
	-------------	-------------
SHAREHOLDERS FUNDS	1,048,038	942,898
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their 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 were approved by the board of directors and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:

J Hinchcliffe
Director

Company registration number: 00870851

KEIGHLEY AND WORTH VALLEY LIGHT RAILWAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Railway Station, Haworth, Keighley, West Yorkshire, BD22 8NJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

From a review of management information, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing it financial statements.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements. Depreciation The company exercises judgement to determine useful economic lives and residual values of its fixed assets. These assets are then depreciated to their estimated residual values over their estimated useful lives on straight line basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Current and deferred tax

Current tax is recognised for the amount of tax payable in respect of the taxable profit for current and past reporting periods using the tax rates and law that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors, should they arise. Deferred tax assets and deferred tax liabilities are offset only if there is a legally enforceable right to set off those assets and liabilities.

Operating leases

Rentals payable under operating leases are charged to the profit and loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to expense recognised over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over the length of the lease

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Individual fixed assets costing £1,000 or more are capitalised at cost and depreciated on a straight line basis over their estimated useful economic lives taking account of any residual values.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Depreciation rates (all calculated on a straight line basis): Freehold land Nil Freehold buildings and civil works 2% per annum Leasehold land and buildings over the life of the lease Property improvements 33% per annum Locomotive restorations 10% per annum (see below) Plant, machinery and equipment 10% per annum Fixtures and fittings 10% per annum Office equipment and furniture 20% per annum Catering Equipment 33% per annum Computer hardware and purchased software 33% per annum The Railway maintains its operating locomotives and other rolling stock items in full working order, and all routine maintenance costs are charged to the Profit and Loss Account when incurred. Additionally, some items are held as a non-operating strategic reserve at their residual asset values. Locomotives and other rolling stock items are therefore considered to have indeterminate lives and the Directors do not consider it appropriate to charge depreciation except as set out below. When a major renovation or restoration of a locomotive takes place, the relevant costs incurred are capitalised as fixed assets, and depreciated on a straight line basis from the point at which the locomotive re-enters service over its expected useful economic life (usually the ten-year life of a steam locomotive boiler ticket) down to the residual non-running value of the locomotive. When a major renovation or restoration takes place on a locomotive that remains the property of an independent owners' group and a long-term hire agreement is in place between the Company and that owners' group, the costs incurred by the Company are also capitalised as fixed assets and depreciated on a straight line basis over the expected useful economic life of that locomotive to the Company.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and net realisable value.

Grants

Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 21 (2023: 26 ).

5. DIRECTORS' REMUNERATION

During the year, one director received £nil (2023 - £5,568) in respect of services rendered as an employee as part of the Railway Operations team.

No other directors received any emoluments in respect of their services to the Company as directors during the current or prior year.

6. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 31 December 2023 and 31 December 2024	40,000
	---------
Amortisation
At 31 December 2023 and 31 December 2024	40,000
	---------
Carrying amount
At 31 December 2024	–
	---------
At 30 December 2023	–
	---------

7. TANGIBLE ASSETS

	Freehold property	Long leasehold property	Fixtures and fittings	Locomotives & rolling stock	Total
	£	£	£	£	£
Cost
At 31 December 2023	1,279,173	74,617	620,130	1,348,389	3,322,309
Additions	1,270,137	–	50,313	401,294	1,721,744
	-------------	---------	----------	-------------	-------------
At 31 December 2024	2,549,310	74,617	670,443	1,749,683	5,044,053
	-------------	---------	----------	-------------	-------------
Depreciation
At 31 December 2023	169,628	59,646	516,124	893,968	1,639,366
Charge for the year	127,316	816	38,983	112,707	279,822
	-------------	---------	----------	-------------	-------------
At 31 December 2024	296,944	60,462	555,107	1,006,675	1,919,188
	-------------	---------	----------	-------------	-------------
Carrying amount
At 31 December 2024	2,252,366	14,155	115,336	743,008	3,124,865
	-------------	---------	----------	-------------	-------------
At 30 December 2023	1,109,545	14,971	104,006	454,421	1,682,943
	-------------	---------	----------	-------------	-------------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	47,493	45,654
Other debtors	195,444	163,302
	----------	----------
	242,937	208,956
	----------	----------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	46,080	–
Trade creditors	241,526	172,453
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,651,404	818,513
Social security and other taxes	24,196	16,055
Retentions held	–	1,585
Other creditors	254,545	231,126
	-------------	-------------
	2,217,751	1,239,732
	-------------	-------------

Amounts owed to group undertaking are unsecured and repayable on demand.

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	343,469	395,888
	----------	----------

11. CAPITAL COMMITMENTS

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2024	2023
	£	£
Tangible assets	448,282	29,105
	----------	---------

12. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	25,195	22,165
Later than 1 year and not later than 5 years	78,130	76,620
Later than 5 years	19,155	19,155
	----------	----------
	122,480	117,940
	----------	----------

Total expenditure incurred under operating lease contracts during the year was £24,745 (2023: £22,123).

13. SUMMARY AUDIT OPINION

The auditor's report dated 24 September 2025 was unqualified .

The senior statutory auditor was Sally Shacklock BA FCA , for and on behalf of Streets Audit LLP .

14. RELATED PARTY TRANSACTIONS

Parent company The company's immediate and ultimate holding company is The Keighley and Worth Valley Railway Preservation Society Ltd, which is a company incorporated in England and Wales. The Keighley and Worth Valley Railway Preservation Society Limited owns 100% of the issued voting share capital of the Company. The largest and smallest group for which group financial statements are prepared is The Keighley and Worth Valley Railway Preservation Society Limited which can be obtained from the Company Secretary, Keighley and Worth Valley Railway Preservation Society, The Railway Station, Station Road, Haworth, Keighley, BD22 8NJ. Related parties The Friends of the Keighley and Worth Valley Railway - The trustees of The Friends of the Keighley and Worth Valley Railway are appointed by the trustees of The Keighley and Worth Valley Railway Preservation Society Limited. Grants The Company received grants amounting to £228,860 (2023 - £67,938) from The Friends of the Keighley and Worth Valley Railway of which £228,060 (2023 - £nil) has been recognised in the profit and loss account with an additional £20,191 (2023 - £20,191 ) released from deferred income. Total grants of £149,786 (2023 - £169,977) relating to fixed assets are included in deferred income. The Company received a grant amounting to £1,000,000 (2023 - £nil) from Keighley and Worth Valley Railway Preservation Society Limited all of which has been recognised in the profit and loss account. Grants previously received have been released from deferred income of £20,111 (2023 - £20,111). Total grants of £78,566 (2023 - £98,677) relating to fixed assets are included in deferred income.