Company No: 11118241 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	2,906,224		1,323,183
		2,906,224		1,323,183
Current assets
Debtors	5	56,398		20,000
Cash at bank and in hand		66,075		1,128,107
		122,473		1,148,107
Creditors: amounts falling due within one year	6	( 2,550,378)		( 2,565,385)
Net current liabilities		(2,427,905)		(1,417,278)
Total assets less current liabilities		478,319		(94,095)
Creditors: amounts falling due after more than one year	7	( 890,000)		0
Provision for liabilities		( 20,306)		( 18,628)
Net liabilities		( 431,987)		( 112,723)
Capital and reserves
Called-up share capital		1,000		1,000
Profit and loss account		( 432,987 )		( 113,723 )
Total shareholder's deficit		( 431,987)		( 112,723)

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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Old Shillingstone Railway Company Limited (registered number: 11118241) were approved and authorised for issue by the Director on 30 September 2025. They were signed on its behalf by:

S Samra Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Old Shillingstone Railway Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole BH15 2PW. The address of the principal place of business is C/O Lester Aldridge, Russell House, Oxford Road, Bournemouth BH8 8EX.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £459,069. The Company is supported through loans from the I Moore deceased Estate and the I Moore deceased related companies. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The prior period has been restated to include interest previously omitted from the original accounts.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of rent in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property	not depreciated
Plant and machinery	20 % reducing balance
Fixtures and fittings	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Prior year adjustment

The prior period has been restated to include interest previously omitted from the original accounts.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Other loan interest payable		0		68,599		68,599

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Investment property		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2024	1,248,668		7,767		80,436		1,336,871
Additions	1,959,933		3,500		6,376		1,969,809
Revaluations	( 317,716)		0		0		( 317,716)
Disposals	( 65,885)		0		0		( 65,885)
At 31 December 2024	2,825,000		11,267		86,812		2,923,079
Accumulated depreciation
At 01 January 2024	0		4,355		9,333		13,688
Charge for the financial year	0		1,033		2,134		3,167
At 31 December 2024	0		5,388		11,467		16,855
Net book value
At 31 December 2024	2,825,000		5,879		75,345		2,906,224
At 31 December 2023	1,248,668		3,412		71,103		1,323,183

Investment properties

A full market valuation, of all investment properties held at 3 October 2024, was carried out by Miller Commercial Valuers Limited and Symonds & Sampson LLP. The fair value of the commercial investment property at 31 December 2024 has been arrived at, on the basis of valuations carried out in October 2024, by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuations performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors Global Standards (2022) and with the International Valuations Standards (IVS) were arrived at by using the yield methodology, which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

5. Debtors

	2024		2023
	£		£
Trade debtors	11,436		0
VAT recoverable	44,962		0
Other debtors	0		20,000
	56,398		20,000

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	49,861		10,357
Amounts owed to associates	1,014,509		1,288,855
Corporation tax	7,935		7,825
Other taxation and social security	0		180,997
Other creditors	1,478,073		1,077,351
	2,550,378		2,565,385

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other loans (secured)	890,000		0

A mortgage of £760,000 from Eastern Counties Leather Group Limited, is secured on the property known as Bickland Business Centre, Tregoniggie Industrial Estate, Falmouth TR11 4SN. Interest accrues at 5% per annum and is payable annually in arrears. The loan is repayable upon the expiry of not less than 2 years written notice given by the lender to the borrower.

A mortgage of £130,000 from Tescan Limited, is secured on the property known as Bickland Business Centre, Tregoniggie Industrial Estate, Falmouth TR11 4SN. Interest accrues at 5% per annum and is payable annually in arrears. The loan is repayable upon the expiry of not less than 2 years written notice given by the lender to the borrower.