Company registration number 10036044 (England and Wales)
RAILWAY INDUSTRY ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
RAILWAY INDUSTRY ASSOCIATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 10
RAILWAY INDUSTRY ASSOCIATION
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
6
886,064
991,254
Tangible assets
7
456,369
538,618
Investments
8
1,854,578
2,196,460
3,197,011
3,726,332
Current assets
Debtors
9
3,530,488
2,337,437
Cash at bank and in hand
295,573
391,474
3,826,061
2,728,911
Creditors: amounts falling due within one year
10
(2,528,783)
(1,648,473)
Net current assets
1,297,278
1,080,438
Total assets less current liabilities
4,494,289
4,806,770
Provisions for liabilities
(276,871)
(280,835)
Net assets
4,217,418
4,525,935
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
4,217,418
4,525,935
Total equity
4,217,418
4,525,935

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
Mr NJ Travers
Director
Company registration number 10036044 (England and Wales)
RAILWAY INDUSTRY ASSOCIATION
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
-
0
5,847,116
5,847,116
Year ended 31 March 2024:
Loss and total comprehensive income
-
(1,321,181)
(1,321,181)
Balance at 31 March 2024
-
0
4,525,935
4,525,935
Year ended 31 March 2025:
Loss and total comprehensive income
-
(308,517)
(308,517)
Balance at 31 March 2025
-
0
4,217,418
4,217,418
RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Railway Industry Association is a private company, limited by guarantee, domiciled in England and Wales.

The registered office and number are as stated on page 1.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Going concern

These financial statements are prepared on the going concern basis true.

The director has at the time of approving the financial statements, a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the amounts can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Subscription income and interest on fixed securities are recognised on an accruals basis.

Dividends, gains on disposals of investments and interest on bank deposits are recognised when receivable. Other income is recognised when the services are provided.

Any amounts received in advance are carried forward as deferred income.

RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets comprise primarily of Intellectual Property and Business Records paid for in the acquisition of the trading assets of railbusinessdaily.com Ltd. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

Railway Business Daily
10% Straight line
1.7
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost if assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:

Fixtures, fittings and equipment
6.67% - 33% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

The gain or loss arising on the disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

1.8
Fixed asset investments

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.9
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on a basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax balances are recognised in respect of all material timing differences that have originated but not reversed by the balance sheet date, except that: the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

1.11
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Any amounts received in advance are carried forward as deferred income.

RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.13

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Full provision is made for all expenditure incurred but not paid for at the balance sheet date including estimates where the final liability cannot be determined with reasonable accuracy.

Any amounts paid in advance are carried forward as prepayments.

2
Turnover
2025
2024
£
£
Turnover analysed by class of business
Subscriptions
2,895,101
2,778,138
Exhibitions, missions and seminars
931,263
723,690
3,826,364
3,501,828
2025
2024
£
£
Other revenue
Other income
98,222
91,472
Meetings
63,588
68,125
Strategic partnerships
259,398
339,501
Sponsorship Income
324,945
174,263
746,153
673,361
3
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
14,000
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
26
18
RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
5
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(20,244)
Deferred tax
Origination and reversal of timing differences
(3,964)
(13,157)
Total tax credit
(3,964)
(33,401)
6
Intangible fixed assets
Goodwill
Railway Business Daily
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
351,903
700,000
1,051,903
Amortisation and impairment
At 1 April 2024
20,290
40,359
60,649
Amortisation charged for the year
35,190
70,000
105,190
At 31 March 2025
55,480
110,359
165,839
Carrying amount
At 31 March 2025
296,423
589,641
886,064
At 31 March 2024
331,613
659,641
991,254
RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
873,716
Additions
14,762
Disposals
(344)
At 31 March 2025
888,134
Depreciation and impairment
At 1 April 2024
335,098
Depreciation charged in the year
96,793
Eliminated in respect of disposals
(126)
At 31 March 2025
431,765
Carrying amount
At 31 March 2025
456,369
At 31 March 2024
538,618
8
Fixed asset investments
2025
2024
£
£
Other investments other than loans
1,854,578
2,196,460
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
2,196,460
Additions
167,883
Unrealised gains/(losses)
(125,489)
Cash increase
8,198
Disposals
(392,474)
At 31 March 2025
1,854,578
Carrying amount
At 31 March 2025
1,854,578
At 31 March 2024
2,196,460
RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,221,052
1,156,168
Corporation tax recoverable
20,244
20,244
Other debtors
1,232,860
1,141,899
3,474,156
2,318,311
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
56,332
19,126
Total debtors
3,530,488
2,337,437

Within other debtors is £991,131 (2024: £890,134) due within one year relating to the sale of the lease at Headfort Place. During the year a 1.3 million pound bad debt provision was made against this asset.

10
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
291,256
49,120
Corporation tax
(4,416)
861
Other taxation and social security
370,355
162,483
Other creditors
(2,240)
10,337
Accruals and deferred income
1,873,828
1,425,672
2,528,783
1,648,473
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Investments
276,871
280,835
RAILWAY INDUSTRY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Deferred taxation
(Continued)
- 10 -
2025
Movements in the year:
£
Liability at 1 April 2024
280,835
Credit to profit or loss
(3,964)
Liability at 31 March 2025
276,871
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Robert Moore
Statutory Auditor:
BGM Helmores Limited
Date of audit report:
4 December 2025
13
Operating lease commitments
As lessee

At 31 March 202 5 the Company had future minimum lease payments under non‑cancellable operating leases as follows:

2025
2024
£
£
Within 1 year
264,248
202,475
Years 2-5
1,057,163
809,900
After 5 years
445,254
350,032
Total commitments
1,766,665
1,362,407
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