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REGISTERED NUMBER: 03778022 (England and Wales)

Financial Statements

for the Year Ended 28 February 2025

for

Harry Needle Railroad Company Ltd

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Contents of the Financial Statements

for the Year Ended 28 February 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Harry Needle Railroad Company Ltd |

Company Information

for the Year Ended 28 February 2025

| DIRECTORS: | Mrs A E Cox

| C S Goldie

| SECRETARY: | Brodies Secretarial Services

| REGISTERED OFFICE: | Reedham House

| 31 King Street West

| Manchester

| M3 2PJ

| BUSINESS ADDRESS: | Rail Maintenance Depot

| Babbage Way (off Sandy Lane)

| Worksop

| S80 1UJ

| REGISTERED NUMBER: | 03778022 (England and Wales)

| AUDITORS: | Gillespie & Anderson

| Statutory Auditors

| Chartered Accountants

| 147 Bath Street

| Glasgow

| G2 4SN

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Balance Sheet

28 February 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 10,329,549 |  | 10,517,828 |  |

10,329,549 |  | 10,517,828 |  |

CURRENT ASSETS

Stocks | 135,822 |  | 330,627 |  |

Debtors | 6 | 1,311,934 |  | 2,967,090 |  |

Cash at bank | 534,200 |  | 2,875,833 |  |

1,981,956 |  | 6,173,550 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,587,402 |  | 2,881,955 |  |

NET CURRENT ASSETS | 394,554 |  | 3,291,595 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,724,103 |  | 13,809,423 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (210,067 | ) | (2,457,269 | ) |

PROVISIONS FOR LIABILITIES | 11 | (1,691,170 | ) | (816,359 | ) |

NET ASSETS | 8,822,866 |  | 10,535,795 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 100 |  | 100 |  |

Retained earnings | 8,822,766 |  | 10,535,695 |  |

SHAREHOLDERS' FUNDS | 8,822,866 |  | 10,535,795 |  |

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 22 October 2025 and were signed on its behalf by:

C S Goldie - Director

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements

for the Year Ended 28 February 2025

1. | STATUTORY INFORMATION

| Harry Needle Railroad Company Ltd 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.

| The financial statements are prepared in Pound Sterling (£), which is considered to be the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

| These financial statements present information about the Company as an individual undertaking.

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.

| Going concern

| The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Revenue is recognised in the income statement on a straight line basis over the period of the hire.

| Revenue arising from services provided is recognised in the income statement when the service is performed.

| Revenue arising from storage income is recognised in the income statement in the period in which it is receivable.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property - 2% on cost

| Improvement to property - 2% on cost

| Locomotives on hire - 20% on reducing balance

| Plant and machinery - 20% on reducing balance

| Fixtures and fittings - 20% on reducing balance

| Motor vehicles - 25% on reducing balance

| Computer equipment - 25% on reducing balance

| Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

2. | ACCOUNTING POLICIES - continued

| 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 Income Statement, 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.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Grants

| Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

| Operating leases

| Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

| Provisions for liabilities

| A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 27 (2024 - 27 ) .

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 10,000 |  |

| AMORTISATION

| At 1 March 2024

| and 28 February 2025 | 10,000 |  |

| NET BOOK VALUE

| At 28 February 2025 | - |  |

| At 29 February 2024 | - |  |

5. | TANGIBLE FIXED ASSETS

| Improvement |

| Freehold |  | to |  | Locomotives |  | Plant and

| property |  | property |  | on hire |  | machinery

£ | £ | £ | £ |

| COST

| At 1 March 2024 | 2,541,323 |  | 6,483,875 |  | 3,740,090 |  | 991,692 |  |

| Additions | - |  | 139,465 |  | 767,891 |  | 3,450 |  |

| Disposals | - |  | - |  | (835,428 | ) | - |  |

| Reclassification/transfer | - |  | - |  | - |  | (20,880 | ) |

| At 28 February 2025 | 2,541,323 |  | 6,623,340 |  | 3,672,553 |  | 974,262 |  |

| DEPRECIATION

| At 1 March 2024 | 255,429 |  | 405,104 |  | 2,176,039 |  | 572,467 |  |

| Charge for year | 50,827 |  | 131,963 |  | 422,936 |  | 83,960 |  |

| Eliminated on disposal | - |  | - |  | (515,443 | ) | - |  |

| Reclassification/transfer | - |  | - |  | - |  | (8,407 | ) |

| At 28 February 2025 | 306,256 |  | 537,067 |  | 2,083,532 |  | 648,020 |  |

| NET BOOK VALUE

| At 28 February 2025 | 2,235,067 |  | 6,086,273 |  | 1,589,021 |  | 326,242 |  |

| At 29 February 2024 | 2,285,894 |  | 6,078,771 |  | 1,564,051 |  | 419,225 |  |

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 March 2024 | 71,520 |  | 338,562 |  | 12,651 |  | 14,179,713 |  |

| Additions | - |  | - |  | - |  | 910,806 |  |

| Disposals | - |  | (149,331 | ) | - |  | (984,759 | ) |

| Reclassification/transfer | - |  | 20,880 |  | - |  | - |  |

| At 28 February 2025 | 71,520 |  | 210,111 |  | 12,651 |  | 14,105,760 |  |

| DEPRECIATION

| At 1 March 2024 | 51,325 |  | 194,990 |  | 6,531 |  | 3,661,885 |  |

| Charge for year | 4,039 |  | 35,383 |  | 1,530 |  | 730,638 |  |

| Eliminated on disposal | - |  | (100,869 | ) | - |  | (616,312 | ) |

| Reclassification/transfer | - |  | 8,407 |  | - |  | - |  |

| At 28 February 2025 | 55,364 |  | 137,911 |  | 8,061 |  | 3,776,211 |  |

| NET BOOK VALUE

| At 28 February 2025 | 16,156 |  | 72,200 |  | 4,590 |  | 10,329,549 |  |

| At 29 February 2024 | 20,195 |  | 143,572 |  | 6,120 |  | 10,517,828 |  |

| Included in cost of land and buildings is freehold land of £ 1,430,832 (2024 - £ 1,430,831 ) which is not depreciated.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 86,328 |  |

| DEPRECIATION

| At 1 March 2024 | 26,493 |  |

| Charge for year | 14,959 |  |

| At 28 February 2025 | 41,452 |  |

| NET BOOK VALUE

| At 28 February 2025 | 44,876 |  |

| At 29 February 2024 | 59,835 |  |

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,178,869 |  | 2,764,911 |  |

| Amounts owed by group undertakings | 21,000 |  | - |  |

| Other debtors | 112,065 |  | 202,179 |  |

1,311,934 |  | 2,967,090 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | - |  | 829,150 |  |

| Hire purchase contracts (see note 9) | 8,081 |  | 29,006 |  |

| Trade creditors | 422,629 |  | 1,386,699 |  |

| Amounts owed to group undertakings | 930,000 |  | - |  |

| Taxation and social security | 125,589 |  | 568,025 |  |

| Other creditors | 101,103 |  | 69,075 |  |

1,587,402 |  | 2,881,955 |  |

| Included within creditors there is an unsecured loan from the company's parent undertaking which has an outstanding balance of £930,000 as at 28 February 2025 (2024: £nil). The loan carries interest at a rate of 5.85% per annum and is repayable on 30 June 2025. The loan is considered to be on arm’s length terms.

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 2,234,321 |  |

| Hire purchase contracts (see note 9) | - |  | 8,081 |  |

| Other creditors | 210,067 |  | 214,867 |  |

210,067 |  | 2,457,269 |  |

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

9. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 8,943 |  | 32,070 |  |

| Between one and five years | - |  | 8,943 |  |

8,943 |  | 41,013 |  |

| Finance charges repayable:

| Within one year | 862 |  | 3,064 |  |

| Between one and five years | - |  | 862 |  |

862 |  | 3,926 |  |

| Net obligations repayable:

| Within one year | 8,081 |  | 29,006 |  |

| Between one and five years | - |  | 8,081 |  |

8,081 |  | 37,087 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 8,081 |  | 37,087 |  |

| Finance leases are secured over the assets to which the finance relates.

11. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 483,670 |  | 816,359 |  |

| Other provisions | 1,207,500 |  | - |  |

1,691,170 |  | 816,359 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 March 2024 | 816,359 |  | - |  |

| Provided during year | - |  | 1,207,500 |  |

| Credit to Income Statement during year | (332,689 | ) | - |  |

| Balance at 28 February 2025 | 483,670 |  | 1,207,500 |  |

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

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

13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was qualified on the following basis:

| Basis for qualified opinion

| Harry Needle Railroad Company Ltd's stock is carried at £135,822 on the balance sheet as at 28 February 2025. We were unable to obtain sufficient audit evidence about the carrying amount of stock at the balance sheet date. This was due to stocktake attendance being deemed impractical due to the absence of adequate and reliable stock records which could be tested appropriately at a physical stock count at or near the period-end. We were unable to satisfy ourselves by alternative means concerning the existence and valuation of stock held at 28 February 2025. Consequently we were unable to determine whether any adjustments to these amounts were necessary.

| We have conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

| Other matter - Comparative Financial Statements unaudited

| In the previous accounting period the directors of the company took advantage of audit exemption under s.477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit.

| Alastair Stewart BA (Hons) CA (Senior Statutory Auditor)

| for and on behalf of Gillespie & Anderson

14. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £19,500 (2024 - £18,457). As at 28 February 2025 there were outstanding pension contributions amounting to£5,597 (2024 - £5,385) included in accrued charges.

15. | RELATED PARTY DISCLOSURES

| Included within other debtors is a balance of £9,080 (2024 - creditor of £16,632) due from a former director.

| The individual resigned as a director on 20 December 2024. The balance is interest-free, unsecured and repayable on demand.

| In the prior year, the amount was presented within other creditors as a director’s current account balance.

| Harry Needle Railroad Company Ltd (Registered number: 03778022) |

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

16. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Swietelsky AG, a company incorporated in Austria. Group accounts are prepared and these are available on request from 4020 Linz, Edlbacherstrasse 10, Austria, or from the group's website www.swietelsky.com.

| HPB Holding GmbH (incorporated in Austria) is regarded by the directors as being the company's ultimate parent company. C Brustmann is regarded by the directors as being the ultimate controlling party.