IRIS Accounts Production v25.4.12.37 05221614 Board of Directors 1.1.25 31.12.25 31.12.25 31.3.26 0 0 false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05221614 2024-12-31 05221614 2025-12-31 05221614 2025-01-01 2025-12-31 05221614 2023-12-31 05221614 2024-01-01 2024-12-31 05221614 2024-12-31 05221614 ns15:EnglandWales 2025-01-01 2025-12-31 05221614 ns14:PoundSterling 2025-01-01 2025-12-31 05221614 ns10:Director1 2025-01-01 2025-12-31 05221614 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 05221614 ns10:SmallEntities 2025-01-01 2025-12-31 05221614 ns10:Audited 2025-01-01 2025-12-31 05221614 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 05221614 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 05221614 ns10:FullAccounts 2025-01-01 2025-12-31 05221614 ns10:Director2 2025-01-01 2025-12-31 05221614 ns10:Director3 2025-01-01 2025-12-31 05221614 ns10:Director4 2025-01-01 2025-12-31 05221614 ns10:Director5 2025-01-01 2025-12-31 05221614 ns10:CompanySecretary1 2025-01-01 2025-12-31 05221614 ns10:RegisteredOffice 2025-01-01 2025-12-31 05221614 ns5:Non-currentFinancialInstruments 2025-12-31 05221614 ns5:Non-currentFinancialInstruments 2024-12-31 05221614 ns5:ShareCapital 2025-12-31 05221614 ns5:ShareCapital 2024-12-31 05221614 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 05221614 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 05221614 ns5:LandBuildings 2025-01-01 2025-12-31 05221614 ns5:PlantMachinery 2025-01-01 2025-12-31 05221614 ns5:LandBuildings 2024-12-31 05221614 ns5:PlantMachinery 2024-12-31 05221614 ns5:LandBuildings 2025-12-31 05221614 ns5:PlantMachinery 2025-12-31 05221614 ns5:LandBuildings 2024-12-31 05221614 ns5:PlantMachinery 2024-12-31 05221614 ns5:CurrentFinancialInstruments 2025-12-31 05221614 ns5:CurrentFinancialInstruments 2024-12-31

REGISTERED NUMBER: 05221614 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED (REGISTERED NUMBER: 05221614)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | R F Buxton

| P E Marston

| M High

| M C Hart

| R Broyd

| SECRETARY: | S E Murfitt

| REGISTERED OFFICE: | Harbour Station

| Porthmadog

| Gwynedd

| LL49 9NF

| REGISTERED NUMBER: | 05221614 (England and Wales)

| AUDITORS: | Williams Denton Cyf

| Chartered Certified Accountants

| Statutory Auditors

| Glaslyn

| Ffordd y Parc

| Parc Menai

| Bangor

| Gwynedd

| LL57 4FE

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED (REGISTERED NUMBER: 05221614)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 9,460,941 |  | 9,749,545 |  |

CURRENT ASSETS

Debtors | 5 | 50,088 |  | 50,088 |  |

NET CURRENT ASSETS | 50,088 |  | 50,088 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,511,029 |  | 9,799,633 |  |

CREDITORS

Amounts falling due after more than one year | 6 | 9,498,581 |  | 9,787,185 |  |

NET ASSETS | 12,448 |  | 12,448 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 12,446 |  | 12,446 |  |

SHAREHOLDERS' FUNDS | 12,448 |  | 12,448 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

M High - Director

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED (REGISTERED NUMBER: 05221614)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Welsh Highland Railway Construction 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Tangible fixed assets

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

| Land and buildings | - | 1% on cost

| Plant and machinery etc | - | 3% on cost and 2% on cost

| Taxation

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

| Capitalisation

| All costs relating to the railway construction project are capitalised. This includes associated overheads and payroll costs.

| Capital contributions

| These are grants received for the building of the railway from Rhyd Ddu to Porthmadog and are shown as deferred income. They are released to the profit and loss account over the expected useful lives of the relevant assets.

3. | EMPLOYEES AND DIRECTORS

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

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED (REGISTERED NUMBER: 05221614)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 107,439 |  | 14,247,272 |  | 14,354,711 |  |

| DEPRECIATION

| At 1 January 2025 | 16,492 |  | 4,588,674 |  | 4,605,166 |  |

| Charge for year | 1,074 |  | 287,530 |  | 288,604 |  |

| At 31 December 2025 | 17,566 |  | 4,876,204 |  | 4,893,770 |  |

| NET BOOK VALUE

| At 31 December 2025 | 89,873 |  | 9,371,068 |  | 9,460,941 |  |

| At 31 December 2024 | 90,947 |  | 9,658,598 |  | 9,749,545 |  |

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

2025 | 2024 |

£ | £ |

| Amounts owed by group undertakings | 50,088 |  | 50,088 |  |

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

2025 | 2024 |

£ | £ |

| Other creditors | 9,498,581 |  | 9,787,185 |  |

7. | SECURED DEBTS

| Natwest Bank hold a Debenture dated 6 June 2007 - All assets of the company are held as security formally charged to the Bank.

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

| The Report of the Auditors was unqualified.

| Martin Steven Barrett (Senior Statutory Auditor)

| for and on behalf of Williams Denton Cyf

9. | CONTINGENT LIABILITIES

| Residual claims amounting to £164,000, relating to the construction of Phase 4 of the Welsh Highland Railway, have been received from contractors. The company disputes these claims and is of the view that nothing further is payable in respect of those contracts. At the present time it is not possible to quantify the eventual outcome of these claims.

WELSH HIGHLAND RAILWAY CONSTRUCTION

LIMITED (REGISTERED NUMBER: 05221614)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | RELATED PARTY DISCLOSURES

| The company is owed £50,088 (2024 - £50,088) by Ffestiniog Railway Company as at 31 December 2025