REGISTERED NUMBER: 00288166 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

WILLIAM SMITH (WAKEFIELD) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and Loss Account

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

William David Smith

Christine Smith

REGISTERED OFFICE:

Red House Farm

Staintondale

Scarborough

North Yorkshire

YO13 0HA

REGISTERED NUMBER:

00288166 (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 of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The group has seen decrease in its turnover for the year ended 31st March 2025. The decrease in

business was mainly due to the fall in coal and coke imports to the UK and increases in train operating services.

The gross profit level for the year is down from £6,948k to £6,270k for the year to 31 March 2025

resulting from an decrease in the margins on coal and coke sales. The net trading profit has however increased from £2,118k to £3,790k.

The reputation of the group as the UK's leading specialist train operating company continues.

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.despite the challenges of increased labour costs.

ON BEHALF OF THE BOARD:

William David Smith - Director

16 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of farming, coal merchants and rail operations.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 70,105 .

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson and 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 William Smith (Wakefield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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:

- the 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

Group and share of associates

27,203,988

29,788,573

Less:

Share of associates' turnover

(3,621,838

)

(3,159,415

)

GROUP TURNOVER

23,582,150

26,629,158

Cost of sales

17,311,638

19,680,722

GROSS PROFIT

6,270,512

6,948,436

Distribution costs

1,323,392

1,387,124

Administrative expenses

2,021,667

3,683,459

3,345,059

5,070,583

2,925,453

1,877,853

Other operating income

1,274,983

16,198

GROUP OPERATING PROFIT

4

4,200,436

1,894,051

Share of operating profit in

Associates

267,832

176,814

Interest receivable and similar income

335,511

269,986

4,803,779

2,340,851

Amounts written off investments

5

-

100

4,803,779

2,340,751

Interest payable and similar expenses

6

1,931

-

PROFIT BEFORE TAXATION

4,801,848

2,340,751

Tax on profit

7

1,011,004

222,647

PROFIT FOR THE FINANCIAL YEAR

3,790,844

2,118,104

Profit attributable to:

Owners of the parent

3,542,826

2,039,781

Non-controlling interests

248,018

78,323

3,790,844

2,118,104

PROFIT FOR THE YEAR

3,790,844

2,118,104

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,790,844

2,118,104

Total comprehensive income attributable to:

Owners of the parent

3,542,826

2,039,781

Non-controlling interests

248,018

78,323

3,790,844

2,118,104

FIXED ASSETS

Intangible assets

10

40,000

40,000

Tangible assets

11

5,740,013

4,290,733

Investments

12

Interest in associate

2,022,223

1,754,391

Other investments

5,581

5,581

Investment property

13

850,000

850,000

8,657,817

6,940,705

CURRENT ASSETS

Debtors

14

3,437,701

2,857,017

Cash at bank

10,970,771

8,426,547

14,408,472

11,283,564

CREDITORS

Amounts falling due within one year

15

5,055,266

4,104,044

NET CURRENT ASSETS

9,353,206

7,179,520

TOTAL ASSETS LESS CURRENT LIABILITIES

18,011,023

14,120,225

PROVISIONS FOR LIABILITIES

16

829,045

658,986

NET ASSETS

17,181,978

13,461,239

CAPITAL AND RESERVES

Called up share capital

17

500

500

Revaluation reserve

285,901

285,901

Profit and loss account

16,090,266

12,617,545

SHAREHOLDERS' FUNDS

16,376,667

12,903,946

NON-CONTROLLING INTERESTS

805,311

557,293

TOTAL EQUITY

17,181,978

13,461,239

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

FIXED ASSETS

Intangible assets

10

40,000

40,000

Tangible assets

11

2,569,883

2,717,786

Investments

12

350,561

350,561

Investment property

13

850,000

850,000

3,810,444

3,958,347

CURRENT ASSETS

Debtors

14

3,483,245

2,443,954

Cash at bank

881,941

490,476

4,365,186

2,934,430

CREDITORS

Amounts falling due within one year

15

2,287,301

1,696,379

NET CURRENT ASSETS

2,077,885

1,238,051

TOTAL ASSETS LESS CURRENT LIABILITIES

5,888,329

5,196,398

PROVISIONS FOR LIABILITIES

16

468,826

517,738

NET ASSETS

5,419,503

4,678,660

CAPITAL AND RESERVES

Called up share capital

17

500

500

Profit and loss account

5,419,003

4,678,160

SHAREHOLDERS' FUNDS

5,419,503

4,678,660

Company's profit for the financial year

810,948

736,319

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

Revaluation

capital

account

reserve

£

£

£

Balance at 1 April 2023

500

10,646,328

287,337

Changes in equity

Profit for the year

-

2,039,781

-

Total comprehensive income

-

2,039,781

-

Dividends

-

(70,000

)

-

Realisation of revaluation reserve

-

1,436

(1,436

)

Balance at 31 March 2024

500

12,617,545

285,901

Changes in equity

Profit for the year

-

3,542,826

-

Total comprehensive income

-

3,542,826

-

Dividends

-

(70,105

)

-

Balance at 31 March 2025

500

16,090,266

285,901

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

10,934,165

478,970

11,413,135

Changes in equity

Profit for the year

2,039,781

78,323

2,118,104

Total comprehensive income

2,039,781

78,323

2,118,104

Dividends

(70,000

)

-

(70,000

)

Balance at 31 March 2024

12,903,946

557,293

13,461,239

Changes in equity

Profit for the year

3,542,826

248,018

3,790,844

Total comprehensive income

3,542,826

248,018

3,790,844

Dividends

(70,105

)

-

(70,105

)

Balance at 31 March 2025

16,376,667

805,311

17,181,978

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 April 2023

500

4,011,841

4,012,341

Changes in equity

Profit for the year

-

736,319

736,319

Total comprehensive income

-

736,319

736,319

Dividends

-

(70,000

)

(70,000

)

Balance at 31 March 2024

500

4,678,160

4,678,660

Changes in equity

Profit for the year

-

810,948

810,948

Total comprehensive income

-

810,948

810,948

Dividends

-

(70,105

)

(70,105

)

Balance at 31 March 2025

500

5,419,003

5,419,503

Cash flows from operating activities

Cash generated from operations

1

4,517,720

2,467,576

Interest paid

(1,931

)

-

Tax paid

(161,239

)

(463,307

)

Net cash from operating activities

4,354,550

2,004,269

Cash flows from investing activities

Purchase of tangible fixed assets

(2,075,732

)

(935,779

)

Interest received

335,511

269,986

Net cash from investing activities

(1,740,221

)

(665,793

)

Cash flows from financing activities

Amount introduced by directors

70,000

70,000

Amount withdrawn by directors

(70,000

)

(18,203

)

Equity dividends paid

(70,105

)

(70,000

)

Net cash from financing activities

(70,105

)

(18,203

)

Increase in cash and cash equivalents

2,544,224

1,320,273

Cash and cash equivalents at beginning of year

2

8,426,547

7,106,274

Cash and cash equivalents at end of year

2

10,970,771

8,426,547

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

4,801,848

2,340,751

Depreciation charges

626,452

549,534

Share of operating profit in associates

(267,832

)

-

Finance costs

1,931

-

Finance income

(335,511

)

(269,986

)

4,826,888

2,620,299

(Increase)/decrease in trade and other debtors

(67,398

)

126,376

Decrease in trade and other creditors

(241,770

)

(279,099

)

Cash generated from operations

4,517,720

2,467,576

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

10,970,771

8,426,547

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

8,426,547

7,106,274

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

8,426,547

2,544,224

10,970,771

8,426,547

2,544,224

10,970,771

Total

8,426,547

2,544,224

10,970,771

1.	STATUTORY INFORMATION

William Smith (Wakefield) 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the year ended 31 March 2023.

The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal.

Turnover

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

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.

Tenancy licence are being amortised evenly over their estimated useful life of ten years.

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 and 2% on cost

Permanent Way

-

5% on cost

Plant and machinery

-

10% on reducing balance and 10% on cost

Fixtures and fittings

-

25% on reducing balance, 20% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised initially at cost. They are then subsequently adjusted to reflect the group's share of the total comprehensive income and equity of the associates, less any impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.