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Registered number:
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
COMPANY INFORMATION
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CHURNET VALLEY RAILWAY (1992) PLC
CONTENTS
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CHURNET VALLEY RAILWAY (1992) PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 24 DECEMBER 2025
The Directors are pleased to present the Strategic Report for the period spanning from 25th December 2024 to 24th December 2025.
The year delivered a significant improvement in trading performance, profitability and cash generation. The Board remains focused on developing a financially sustainable railway whilst preserving and enhancing the heritage, educational and community value of the Churnet Valley Railway
The Directors are pleased to report that the Company continued to strengthen its financial position during the year through a combination of commercial growth, operational discipline and continued investment in customer experience and sales performance.
Commitment to Safety
Safety remains the Company's highest priority and underpins every aspect of its operations.
The Board continues to utilise the Risk Management Maturity Model (RM3) framework to assess and improve safety management arrangements across the organisation. The Company works closely with employees, volunteers, contractors and regulators to ensure that appropriate safety systems, procedures and controls remain in place.
The Directors remain committed to maintaining a positive safety culture and ensuring that the railway continues to operate to the highest practical standards of safety and compliance.
The Company delivered a strong financial performance during the year despite continued inflationary pressures affecting labour, fuel, utilities and other operating costs.
Turnover increased to £3,999,219 compared with £3,433,887 in the previous year. Operating profit increased from £164,317 to £399,860 whilst profit before taxation increased from £98,594 to £324,473.
Cash balances increased from £35,612 to £140,760 and the Company continued to reduce both borrowings and director funding during the year.
The Directors are encouraged by continued growth in passenger demand, dining revenues and advance bookings across a number of activities. The improvement in profitability reflects the Company's continued investment in customer-facing systems, digital platforms, booking processes and sales conversion activity, together with a continued focus on operational efficiency and commercial performance.
The Board believes that these investments have contributed positively to customer engagement, advance bookings and overall financial performance during the year.
Operations and Visitor Experience
The Company continues to benefit from a diverse range of revenue streams including heritage railway operations, dining trains, special events, retail activities and catering operations.
During the year the Board continued to focus on enhancing the visitor experience, strengthening customer engagement and improving commercial performance across all areas of the business. Continued investment in the Company's digital platforms, booking systems and customer journey has supported growth in advance bookings and customer participation across a number of activities.
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CHURNET VALLEY RAILWAY (1992) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2025
The Directors remain committed to delivering high quality visitor experiences whilst preserving the unique heritage character of the railway and maintaining the highest standards of operational delivery.
The achievements of the Company would not be possible without the dedication and commitment of its employees and volunteers. Their contribution remains fundamental to the successful operation, preservation and development of the railway. The Board wishes to place on record its appreciation for the considerable time, expertise and enthusiasm contributed throughout the year.
The Directors recognise that the long-term success of the railway depends upon maintaining a strong partnership between employees, volunteers, shareholders, supporters and the wider community. The Company therefore continues to invest in training, development and engagement activities to ensure that the railway remains sustainable and resilient for future generations.
Leek Extension
The Leek Extension project, completed in the previous year, remains one of the most significant strategic developments undertaken by the Company.
During 2025 the Board continued to integrate the extension into the wider railway operation and explore opportunities to maximise the benefits arising from the investment. The Directors believe the extension will continue to enhance the visitor experience, strengthen the railway's position within the local tourism economy and support long-term development opportunities.
Special Events
Special events continue to form an important part of the Company's visitor offering and financial performance.
The Polar Express™ Train Ride once again delivered a successful operating season and remains one of the Company's most important visitor attractions.
Subsequent to the year end the Company received confirmation that its licence to operate The Polar Express™ Train Ride has been extended through to 2029. The Directors consider this to be a significant positive development which provides greater certainty over future revenue streams and supports long-term planning and investment.
The Directors recognise that premium licensed events make a significant contribution to the Company's profitability and cash generation and continue to play an important role within the overall business model.
The Board regularly reviews the performance and contribution of all major revenue streams and maintains an understanding of the operational and financial structure required to support the business under a range of trading scenarios. This includes consideration of the Company's performance both with and without premium licensed events.
Whilst such events provide important opportunities for growth and enhanced profitability, the Directors remain committed to maintaining a diverse revenue base through heritage railway operations, dining services, special events, retail activities and catering operations.
The Company continues to evaluate opportunities to introduce additional visitor experiences and licensed events which complement its existing activities and further strengthen its visitor offering.
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CHURNET VALLEY RAILWAY (1992) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2025
Funding and Financial Position
The Company's financial position continued to strengthen during the year through improved profitability, positive cash generation and the continued reduction of debt and director funding.
The Directors note that a significant proportion of the liabilities reported within the balance sheet relates to deferred government grant income associated with infrastructure investment projects, including the Leek Extension. In accordance with FRS 102 these balances are recognised and released to income over the useful economic life of the associated assets and do not represent commercial borrowing requiring repayment.
The Directors therefore consider the underlying financial position of the Company to be stronger than may initially appear from the balance sheet presentation alone.
Future Developments
Subsequent to the year end the Company received HM Revenue & Customs clearance in relation to the proposed transfer of operations into an existing charitable structure.
The Directors consider this a significant milestone in progressing the proposed transaction and reducing uncertainty surrounding its implementation. The Board continues to work with all relevant stakeholders to secure the remaining approvals required to complete the transfer.
The Board will continue to invest in customer experience, digital capability and commercial development activities designed to improve customer engagement, increase conversion of visitor enquiries into bookings and support the long-term financial sustainability of the railway.
The Directors believe that integration into a charitable structure will provide a stronger long-term platform for the preservation, development and operation of the railway, whilst improving access to grant funding and supporting future investment opportunities.
The Board remains confident regarding the future prospects of the Company and will continue to focus on operational excellence, commercial growth, visitor experience and the development of new opportunities that support the long-term sustainability of the railway.
Principal Risks and Uncertainties
The principal risks facing the Company include inflationary pressures, fluctuations in visitor demand, recruitment and retention of skilled employees and volunteers, infrastructure maintenance requirements, regulatory compliance obligations and wider economic conditions affecting consumer spending.
The Company also remains exposed to changes in the availability and cost of key operational materials and services, including coal, fuel, utilities and specialist engineering supplies. The Board continues to monitor developments in domestic and international markets, including changes in trade arrangements and supply chain conditions, which may impact future operating costs and asset maintenance activities.
Whilst the Directors do not currently consider these matters to present a material risk to the business, they recognise that market conditions can change rapidly and therefore continue to keep these areas under regular review.
The Board reviews all principal risks on a regular basis and seeks to implement appropriate mitigation measures where possible.
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CHURNET VALLEY RAILWAY (1992) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2025
The Directors also recognise the importance of maintaining a diversified revenue base and continue to explore opportunities to broaden the Company's commercial activities and visitor offering.
This report was approved by the board and signed on its behalf.
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CHURNET VALLEY RAILWAY (1992) PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 24 DECEMBER 2025
The directors present their report and the revised financial statements for the year ended 24 December 2025.
The directors are responsible for preparing the Strategic report, the revised Directors' report and the revised financial statements in accordance with applicable law and regulations.
In preparing these revised financial statements, the directors are required to:
∙select suitable accounting policies for the Company's revised financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the revised 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 to enable them to ensure that the revised 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.
The profit for the year, after taxation, amounted to £324,473 (2024 - £98,594).
The Company declared dividends totaling £Nil (2024: £Nil) during the year.
The directors who served during the year were:
The Directors expect the company to integrate into an existing charity within the next twelve months.
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CHURNET VALLEY RAILWAY (1992) PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2025
Please refer to the Director's statement of compliance with duty to promote the success of the Company.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHURNET VALLEY RAILWAY (1992) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHURNET VALLEY RAILWAY (1992) PLC
We have audited the financial statements of Churnet Valley Railway (1992) PLC (the 'Company') for the year ended 24 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of the Financial Reporting Framework.
We draw attention to note 2.2 (accounting policies - going concern) to the financial statements which explains that the Company has in place plans to transfer its trade to an existing Charity within the next 12 months at which point it will then cease to trade. Accordingly the financial statements have been prepared on a basis other than the going concern basis as described in note 2.2. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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CHURNET VALLEY RAILWAY (1992) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHURNET VALLEY RAILWAY (1992) PLC (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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CHURNET VALLEY RAILWAY (1992) PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHURNET VALLEY RAILWAY (1992) PLC (CONTINUED)
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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CHURNET VALLEY RAILWAY (1992) PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
REGISTERED NUMBER: 02760505
BALANCE SHEET
AS AT 24 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 32 form part of these financial statements.
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CHURNET VALLEY RAILWAY (1992) PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
Churnet Valley Railway (1992) PLC is a public company, limited by shares, registered in England and Wales. The company's registered office and principal place of business is Kingsley & Froghall Station, Froghall, Stoke-On-Trent, Staffordshire, ST10 2HA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
As of 24th December 2025, the Company's financial statements reflect net current liabilities of £1,587,643, compared to £1,226,336 as of 24th December 2024. This position fluctuates over time and represents a snapshot based on the accounting year.
The Directors plan to transfer the Company's trading activities and assets to an existing Charity within 12 months, pending approval from the Charity Commission. The draft articles for the new Charity have been submitted and are currently under review by the Charity Commission. Once the transfer is completed, the Company will cease trading and will be retained purely as a shelf company to manage the Light Railway Order which cannot be transferred by contract. Accordingly, these financial statements have been prepared on a basis other than that of a going concern. However, no material adjustments have arisen with regard to asset valuations, as the Directors anticipate that they will be realised at their carrying value in the future. If the transfer of trade and assets to the existing charity does not proceed, the Company will continue its operations, and future accounts will be prepared on a traditional Going Concern basis. The Directors also note that in making the above assessment, the Company has been supported with cash injection through Directors loans which have continued after the balance sheet date. The Company has received written confirmation from the Director that these loans will not be recalled to the detriment of the Company for a period of at least 12 months from the date of these financial statements.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and the reducing balance method.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting period.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
3.Judgments in applying accounting policies (continued)
1) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimate useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See the notes to the financial statements for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets. The depreciation charge for the year ended 24 December 2025 is £66,193 (2024: £83,192).
The whole of the turnover is attributable to the principal activities of the Company.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
There are no factors that may affect future tax charges.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
19.Creditors: Amounts falling due after more than one year (continued)
There is a legal charge dated 13 December 2012 in favour of North Staffordshire Railway Company (1978) Limited over land between Cheddleton and Consall, Churnet Valley Railway Line.
There is a legal mortgage dated 28 October 2016 in favour of Santander UK PLC over all leasehold property of the company. There is a legal debenture date 10 January 2023 in favour of Santander UK PLC over all freehold property held by the company. There is a legal charge dated 15 January 2020 in favour of Staffordshire Moorlands District Council over all freehold, leasehold and commonhold property. There is a legal charge dated 13 February 2024 in favour of BCRS Business Loans Limited in favour over over all fixed assets held by the company.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
20. (continued)
Revaluation reserve
Capital redemption reserve
Profit and loss account
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,154 (2024: £5,291) . Contributions totalling £1,661 (2024: £2,228) were payable to the fund at the balance sheet date and are included in creditors.
25.Other financial commitments
The Company has entered into an agreement which was effective as at 22 January 2008 with the North Staffordshire Railway Company (1978) Limited (NSRC) whereby the NSRC will finance the restoration of a coach and return it to traffic. The coach involved is the FK/KO No. 13236. The coach overhaul was completed in 2010 and in 2019 NSRC transferred ownership of the coach to the Company. This loan continues, but to fund other aspects of the company's business.
The terms of the interest free loan are such that funds will be made available to CVR generally, as and when needed. The Company makes repayments monthly as agree with NSRC and varies these payments as the Company's cashflow permits.
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CHURNET VALLEY RAILWAY (1992) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2025
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