West Coast Railway Company Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 03066109 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

WEST COAST RAILWAY COMPANY LTD

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

Thomas Richard Smith

Peter Babbage

Patricia Marshall

REGISTERED OFFICE:

Jesson Way

Crag Bank

Carnforth

LA5 9UR

REGISTERED NUMBER:

03066109 (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 has maintain its level of turnover in comparison with the previous year.

The gross profit level for the company has fallen from 32% to 29% in the current year due to increased locomotive costs. Overall the retained profit for the company has increased to £2,713,764 from £887,676 due to a successful outcome from a legal dispute.

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 hire of trains, locomotive power and rolling stocks.

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

Thomas Richard Smith

Peter Babbage

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 West Coast Railway Company Ltd (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 profit 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

15,630,093

15,647,438

Cost of sales

11,099,902

10,634,293

GROSS PROFIT

4,530,191

5,013,145

Distribution costs

1,260,650

1,282,004

Administrative expenses

1,414,808

3,217,522

2,675,458

4,499,526

1,854,733

513,619

Other operating income

1,250,000

4,898

OPERATING PROFIT

4

3,104,733

518,517

Interest receivable and similar income

335,166

269,657

PROFIT BEFORE TAXATION

3,439,899

788,174

Tax on profit

5

726,135

(99,502

)

PROFIT FOR THE FINANCIAL YEAR

2,713,764

887,676

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,713,764

887,676

FIXED ASSETS

Tangible assets

6

638,186

668,328

CURRENT ASSETS

Debtors

7

3,334,167

1,899,587

Cash at bank

9,554,598

7,935,072

12,888,765

9,834,659

CREDITORS

Amounts falling due within one year

8

4,158,105

3,823,990

NET CURRENT ASSETS

8,730,660

6,010,669

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,368,846

6,678,997

PROVISIONS FOR LIABILITIES

9

99,054

122,969

NET ASSETS

9,269,792

6,556,028

CAPITAL AND RESERVES

Called up share capital

10

100

Profit and loss account

9,269,692

6,555,928

SHAREHOLDERS' FUNDS

9,269,792

6,556,028

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

Total

capital

account

equity

£

Balance at 1 April 2023

100

5,668,252

5,668,352

Changes in equity

Profit for the year

-

887,676

Total comprehensive income

-

887,676

Balance at 31 March 2024

100

6,555,928

6,556,028

Changes in equity

Profit for the year

-

2,713,764

Total comprehensive income

-

2,713,764

Balance at 31 March 2025

100

9,269,692

9,269,792

1.	STATUTORY INFORMATION

West Coast Railway 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.

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.

Long leasehold & freehold land &
buildings

-

2% on cost

Locomotives & rolling stock

-

10% on cost

Plant, machinery, fixtures & fittings

-

25% on reducing balance and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future charges, are included in creditors.

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

Administration

5

2025

2024

£

Directors' remuneration

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

120,222

181,141

Auditors' remuneration

9,660

9,200

5.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

Current tax:

UK corporation tax

750,050

(75,189

)

Deferred tax

(23,915

)

(24,313

)

Tax on profit

726,135

(99,502

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

£

Profit before tax

3,439,899

788,174

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

859,975

197,044

Effects of:

Depreciation in excess of capital allowances

736

Adjustments to tax charge in respect of previous periods

(134,576

)

(297,282

)

Total tax charge/(credit)

726,135

(99,502

)

6.	TANGIBLE FIXED ASSETS

Long

leasehold

Plant,

& freehold

Locomotives

machinery,

land &

& rolling

fixtures

Motor

buildings

stock

& fittings

vehicles

Totals

£

COST

At 1 April 2024

166,126

2,337,587

413,641

97,694

3,015,048

Additions

-

80,000

10,080

-

90,080

At 31 March 2025

166,126

2,417,587

423,721

97,694

3,105,128

DEPRECIATION

At 1 April 2024

60,423

1,912,106

316,195

57,996

2,346,720

Charge for year

2,948

81,039

26,310

9,925

120,222

At 31 March 2025

63,371

1,993,145

342,505

67,921

2,466,942

NET BOOK VALUE

At 31 March 2025

102,755

424,442

81,216

29,773

638,186

At 31 March 2024

105,703

425,481

97,446

39,698

668,328

Included in cost of land and buildings is freehold land of £ 18,720 (2024 - £ 18,720 ) which is not depreciated.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

1,897,953

975,774

Amounts owed by group undertakings

1,123,075

-

Other debtors

136,802

211,302

VAT

145,947

291,049

Prepayments and accrued income

30,390

421,462

3,334,167

1,899,587

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

877,058

1,157,350

Amounts owed to group undertakings

1,833,742

1,966,212

Amounts owed to related parties

117,813

Tax

730,834

(19,216

)

Other creditors

578,770

582,300

Accruals and deferred income

19,888

19,531

4,158,105

3,823,990

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

99,054

122,969

Deferred

tax

£

Balance at 1 April 2024

122,969

Provided during year

(23,915

)

Balance at 31 March 2025

99,054

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

1

100

11.	ULTIMATE PARENT COMPANY

William Smith (Wakefield) Limited is regarded by the directors as being the ultimate parent company.

12.	CONTINGENT LIABILITIES

The company has guaranteed the bank borrowings of its parent company, Steamtown Railway Museum Limited. There was no liability arising under the guarantee at either 31 March 2025 nor 31 March 2024.

13.	RELATED PARTY DISCLOSURES

William David Smith through his control over the share capital of the ultimate parent company, and together with his involvement in its day-to-day management, is deemed to be the controlling party for the purpose of Financial Reporting Standard No. 102.

The company operates through the use of locomotives and rolling stocks owned and maintained by its immediate and ultimate parent companies, Steamtown Railway Museum Limited and William Smith (Wakefield) Limited. During the year ended 31 March 2025, the company was charged £1,100,000 and £900,000 (2024 - £Nil and £Nil) respectively for the use of those assets.

Debtors includes the following amounts owed by group companies:

2025

2024

£

St Hoggs Property Investments Limited

1,000,788

-

Northern Belle Limited

122,287

-

1,123,075

-

Creditors falling due within one year includes the following amounts owed to group and related companies:

2025

2024

£

William Smith (Wakefield) Limited

1,819,615

1,221,115

St Hoggs Property Investments Limited

-

126,769

Scottish Highland Railway Company Limited

105,813

North of England Historic Railway Trust Limited

12,000

Steamtown Railway Museum Limited

14,127

618,328

1,951,555

2,084,025

14.	IMMEDIATE PARENT COMPANY

The immediate parent company is Steamtown Railway Museum Limited, a company registered and operating in England.