REGISTERED NUMBER: 00917269 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

STEAMTOWN RAILWAY MUSEUM LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

William David Smith

Christine Smith

Patricia Marshall

REGISTERED OFFICE:

Jesson Way

Cragbank

Carnforth

Lancashire

LA5 9UR

REGISTERED NUMBER:

00917269 (England and Wales)

AUDITORS:

Walter Dawson & Son

Chartered Accountants

First Floor, Unit 12

Pennine Business Park

Longbow Close, Bradley

Huddersfield

West Yorkshire

HD2 1GQ

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company's engineering works continue to be focused on the maintenance and upkeep of its own fleet of locomotives and rolling stock. Turnover from third party engineering contracts tends to be relatively low, due to the high demand placed on the engineering facilities by the company and group itself.

Projected turnover is difficult to establish due to the contract nature of the industry, however, the directors are confident that the company will remain profitable in the upcoming years.

ON BEHALF OF THE BOARD:

William David Smith - Director

16 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the renovation of locomotives and rolling stocks and hire of locomotive power.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

William David Smith

Christine Smith

Patricia Marshall

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

William David Smith - Director

16 December 2025

Opinion

We have audited the financial statements of Steamtown Railway Museum Limited (the 'company') for the year ended 31 March 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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.

Basis for opinion

We 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was as follows:

- when engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

- we identified the laws and regulations applicable to the company through discussion with directors and

other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation

legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was a susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and overide of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance

with laws and regulations to enquiry of the directors and other management and the inspection of

regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as

they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Richard Hall FCA (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son

Chartered Accountants

First Floor, Unit 12

Pennine Business Park

Longbow Close, Bradley

Huddersfield

West Yorkshire

HD2 1GQ

16 December 2025

TURNOVER

2,509,067

3,584,238

Cost of sales

1,898,736

2,926,160

GROSS PROFIT

610,331

658,078

Distribution costs

31,809

74,640

Administrative expenses

335,404

191,032

367,213

265,672

OPERATING PROFIT

4

243,118

392,406

Amounts written off investments

5

-

100

243,118

392,306

Interest payable and similar expenses

6

1,931

-

PROFIT BEFORE TAXATION

241,187

392,306

Tax on profit

7

242,886

75,012

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,699

)

317,294

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,699

)

317,294

FIXED ASSETS

Tangible assets

8

2,531,944

904,619

Investments

9

1,250,100

1,250,100

3,782,044

2,154,719

CURRENT ASSETS

Debtors

10

397,925

893,048

Cash at bank

534,232

1,000

932,157

894,048

CREDITORS

Amounts falling due within one year

11

2,385,788

961,541

NET CURRENT LIABILITIES

(1,453,631

)

(67,493

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,328,413

2,087,226

PROVISIONS FOR LIABILITIES

12

261,165

18,279

NET ASSETS

2,067,248

2,068,947

CAPITAL AND RESERVES

Called up share capital

13

58,600

58,600

Share premium

50,170

50,170

Revaluation reserve

285,901

285,901

Profit and loss account

1,672,577

1,674,276

SHAREHOLDERS' FUNDS

2,067,248

2,068,947

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

William David Smith - Director

Called up

Profit

share

and loss

Share

Revaluation

Total

capital

account

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

58,600

1,355,546

50,170

287,337

1,751,653

Changes in equity

Profit for the year

-

317,294

-

-

317,294

Total comprehensive income

-

317,294

-

-

317,294

Realisation of revaluation reserve

-

1,436

-

(1,436

)

-

Balance at 31 March 2024

58,600

1,674,276

50,170

285,901

2,068,947

Changes in equity

Deficit for the year

-

(1,699

)

-

-

(1,699

)

Total comprehensive income

-

(1,699

)

-

-

(1,699

)

Balance at 31 March 2025

58,600

1,672,577

50,170

285,901

2,067,248

1.	STATUTORY INFORMATION

Steamtown Railway Museum 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

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

5% on cost or valuation

Permanent way

-

5% on cost

Railway assets

-

10% on cost

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Income recognition

Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

Consolidation

The company has taken advantage of the exemption under Section 400 of the Companies Act 2006, from preparing group accounts, as it is included in the group accounts of its parent , which are publically available. Accordingly, the financial statements present information about the company as an individual undertaking and not about its group.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees during the year was as follows:

2025

2024

Directors

3

3

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

262,675

123,338

Auditors' remuneration

8,000

7,945

5.

AMOUNTS WRITTEN OFF INVESTMENTS

2025

2024

£

£

Amounts w/o invs

-

100

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

1,931

-

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

56,733

Deferred tax

242,886

18,279

Tax on profit

242,886

75,012

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

241,187

392,306

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

60,297

98,077

Effects of:

Expenses not deductible for tax purposes

-

25

Capital allowances in excess of depreciation

-

(23,090

)

Depreciation in excess of capital allowances

10,550

-

Group relief

172,039

-

Total tax charge

242,886

75,012

8.	TANGIBLE FIXED ASSETS

Freehold

Permanent

Railway

property

way

assets

£

£

£

COST

At 1 April 2024

1,280,364

34,232

5,069,585

Additions

-

-

1,890,000

At 31 March 2025

1,280,364

34,232

6,959,585

DEPRECIATION

At 1 April 2024

625,672

34,231

4,823,585

Charge for year

42,192

1

219,500

At 31 March 2025

667,864

34,232

5,043,085

NET BOOK VALUE

At 31 March 2025

612,500

-

1,916,500

At 31 March 2024

654,692

1

246,000

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

89,516

26,289

6,499,986

Additions

-

-

1,890,000

At 31 March 2025

89,516

26,289

8,389,986

DEPRECIATION

At 1 April 2024

89,516

22,363

5,595,367

Charge for year

-

982

262,675

At 31 March 2025

89,516

23,345

5,858,042

NET BOOK VALUE

At 31 March 2025

-

2,944

2,531,944

At 31 March 2024

-

3,926

904,619

Included in cost of land and buildings is freehold land of £ 300,000 (2024 - £ 300,000 ) which is not depreciated.

The cost of freehold land and buildings included above at a valuation of £1,280,364 (2024 - £1,280,364) was £998,196 (2024 - £998,196) and the aggregate depreciation thereon would have been £577,900 (2024 - £527,990).

9.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

100

1,250,000

1,250,100

NET BOOK VALUE

At 31 March 2025

100

1,250,000

1,250,100

At 31 March 2024

100

1,250,000

1,250,100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

West Coast Railway Company Limited

Registered office: Jesson Way, Cragbank, Carnforth, Lancashire, LA5 9UR

Nature of business: Hire of locomotives and rolling stock

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

£

Aggregate capital and reserves

9,269,692

6,555,928

Profit for the year

2,713,764

887,676

Associated companies

Northern Belle (Holdings) Limited

Registered office: 531 Denby Dale Road West, Calder Grove, Wakefield, West Yorkshire, England, WF4 3ND

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

50.00

2025

31.12.23

£

£

Aggregate capital and reserves

2,000

2,000

Northern Belle Limited

Registered office: 531 Denby Dale Road West, Calder Grove, Wakefield, West Yorkshire, England, WF4 3ND

Nature of business: Hire of locomotives and rolling stock

%

Class of shares:

holding

Ordinary

50.00

2025

31.12.23

£

£

Aggregate capital and reserves

4,219,250

3,646,347

Profit for the year

572,903

378,211

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

259,207

863,408

Other debtors

25,640

25,640

VAT

113,078

4,000

397,925

893,048

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

6,850

12,433

Amounts owed to group undertakings

1,845,397

427,000

Tax

58,664

56,733

Other creditors

457,199

457,199

Accruals and deferred income

17,678

8,176

2,385,788

961,541

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

261,165

18,279

Deferred

tax

£

Balance at 1 April 2024

18,279

Provided during year

242,886

Balance at 31 March 2025

261,165