IRIS Accounts Production v26.1.10.61 02567148 Board of Directors 1.1.25 31.12.25 31.12.25 6.3.26 true false true false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02567148 2024-12-31 02567148 2025-12-31 02567148 2025-01-01 2025-12-31 02567148 2023-12-31 02567148 2024-01-01 2024-12-31 02567148 2024-12-31 02567148 ns14:PoundSterling 2025-01-01 2025-12-31 02567148 ns10:Director1 2025-01-01 2025-12-31 02567148 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02567148 ns10:SmallEntities 2025-01-01 2025-12-31 02567148 ns10:Audited 2025-01-01 2025-12-31 02567148 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 02567148 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 02567148 ns10:FullAccounts 2025-01-01 2025-12-31 02567148 ns5:CurrentFinancialInstruments 2025-12-31 02567148 ns5:CurrentFinancialInstruments 2024-12-31 02567148 ns5:Non-currentFinancialInstruments 2025-12-31 02567148 ns5:Non-currentFinancialInstruments 2024-12-31 02567148 ns5:ShareCapital 2025-12-31 02567148 ns5:ShareCapital 2024-12-31 02567148 ns5:CapitalRedemptionReserve 2025-12-31 02567148 ns5:CapitalRedemptionReserve 2024-12-31 02567148 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 02567148 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 02567148 ns5:FurnitureFittings 2025-01-01 2025-12-31 02567148 ns5:ComputerEquipment 2025-01-01 2025-12-31 02567148 ns5:FurnitureFittings 2024-12-31 02567148 ns5:ComputerEquipment 2024-12-31 02567148 ns5:FurnitureFittings 2025-12-31 02567148 ns5:ComputerEquipment 2025-12-31 02567148 ns5:FurnitureFittings 2024-12-31 02567148 ns5:ComputerEquipment 2024-12-31 02567148 ns5:CostValuation 2024-12-31 02567148 ns5:Subsidiary1 2025-01-01 2025-12-31 02567148 1 ns5:Subsidiary1 2025-01-01 2025-12-31 02567148 ns5:Subsidiary1 2025-12-31 02567148 ns5:Subsidiary1 2024-12-31 02567148 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 02567148 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 02567148 ns5:WithinOneYear 2025-12-31 02567148 ns5:WithinOneYear 2024-12-31 02567148 ns5:BetweenOneFiveYears 2025-12-31 02567148 ns5:BetweenOneFiveYears 2024-12-31 02567148 ns5:AllPeriods 2025-12-31 02567148 ns5:AllPeriods 2024-12-31 02567148 ns5:Secured 2025-12-31 02567148 ns5:Secured 2024-12-31 02567148 ns10:Director1 1 2024-12-31 02567148 ns10:Director1 1 2023-12-31 02567148 ns10:Director1 1 2025-01-01 2025-12-31 02567148 ns10:Director1 1 2024-01-01 2024-12-31 02567148 ns10:Director1 1 2025-12-31 02567148 ns10:Director1 1 2024-12-31

REGISTERED NUMBER: 02567148

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2025 |

| FOR |

| GOLDEN EAGLE LUXURY TRAINS LIMITED |

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Balance Sheet | 1 |

Notes to the Financial Statements | 2 |

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

BALANCE SHEET

31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 258,720 |  | 299,898 |  |

Investments | 5 | 1 |  | 1 |  |

258,721 |  | 299,899 |  |

CURRENT ASSETS

Stocks | 30,154 |  | 52,545 |  |

Debtors | 6 | 2,561,816 |  | 3,106,659 |  |

Cash at bank and in hand | 1,099,090 |  | 1,564,553 |  |

3,691,060 |  | 4,723,757 |  |

CREDITORS

Amounts falling due within one year | 7 | (2,676,056 | ) | (3,024,944 | ) |

NET CURRENT ASSETS | 1,015,004 |  | 1,698,813 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,273,725 |  | 1,998,712 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (200,000 | ) |

PROVISIONS FOR LIABILITIES | (61,680 | ) | (71,316 | ) |

NET ASSETS | 1,212,045 |  | 1,727,396 |  |

CAPITAL AND RESERVES

Called up share capital | 31,350 |  | 31,350 |  |

Capital redemption reserve | 1,650 |  | 1,650 |  |

Retained earnings | 1,179,045 |  | 1,694,396 |  |

SHAREHOLDERS' FUNDS | 1,212,045 |  | 1,727,396 |  |

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 6 March 2026 and were signed on its behalf by:

T Littler - Director

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Golden Eagle Luxury Trains Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02567148. The registered office is Denzell House, Dunham Road, Altrincham, Cheshire, WA14 4QF.

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.

| The financial statements represent the results of the individual entity.

| The functional currency is £ sterling.

| Preparation of consolidated financial statements

| The financial statements contain information about Golden Eagle Luxury Trains Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgement and estimates. The items in the financial statements where these judgements and estimates have been made include the estimation of the useful lives and residual values of tangible fixed assets.

| Turnover

| Turnover represents net invoiced sales of goods and services, excluding value added tax and is recognised at the date of departure.

| Tangible fixed assets

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

| Fixtures and fittings | - | 25% on cost

| Train equipment and fittings | - | 5.5% to 50% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Investments in subsidiaries

| Investment in subsidiary undertakings are recognised at cost, less provisions for impairment.

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised 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, which include trade debtors, amounts due from related party, other debtors, amounts owed by group undertakings, directors current accounts and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

| 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 deducting all of its liabilities.

| Basic financial liabilities, including, other loans, trade creditors, other creditors, directors current accounts and accrued expenses, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

| 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.

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at a rate of exchange approximating to that ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pensions

| The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

| Going concern

| As in previous years tour activity in 2025 has been significantly impacted by the Russian invasion of Ukraine and the sanctions that followed. It has not been possible to run the Trans-Siberian programme since the invasion and this situation shows no sign of changing in the immediate future.

| 2025 was a year of consolidation as the business sought to increase the number of tours operated and to strengthen its order book and charter business. Due to adverse movements in exchange rates and the cancellation of tours due to events outside our control a post tax loss for the year has been recorded

| The company plans to grow its tour capacity in 2026 Funds are expected to be available to facilitate business growth if required to take advantage of the buoyant market conditions for the luxury train sector.

| The Directors have the intention to sell Golden Eagle Luxury Trains Limited and Golden Eagle Luxury Trains Direct to a Luxury Trains operator, with the future intention of hiving across all trade of the entity to Golden Eagle Luxury Trains Direct. Therefore the directors believe it to be appropriate to prepare the financial statements on a non-going concern basis

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 23 (2024 - 21 ) .

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Train |

| Fixtures |  | equipment |

| and |  | and |

| fittings |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 114,741 |  | 1,260,187 |  | 1,374,928 |  |

| Additions | 81,035 |  | - |  | 81,035 |  |

| Disposals | (91,687 | ) | (405,886 | ) | (497,573 | ) |

| At 31 December 2025 | 104,089 |  | 854,301 |  | 958,390 |  |

| DEPRECIATION

| At 1 January 2025 | 94,338 |  | 980,692 |  | 1,075,030 |  |

| Charge for year | 16,341 |  | 105,598 |  | 121,939 |  |

| Eliminated on disposal | (91,413 | ) | (405,886 | ) | (497,299 | ) |

| At 31 December 2025 | 19,266 |  | 680,404 |  | 699,670 |  |

| NET BOOK VALUE

| At 31 December 2025 | 84,823 |  | 173,897 |  | 258,720 |  |

| At 31 December 2024 | 20,403 |  | 279,495 |  | 299,898 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

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

| Golden Eagle Luxury Trains Transport Limited

| Registered office: United Kingdom

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | - |  | 1 |  |

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | - |  | 11,904 |  |

| Amounts owed by participating interests | 1,233,569 |  | 702,392 |  |

| Other debtors | 209,712 |  | 175,435 |  |

| Directors' current accounts | - |  | 825,054 |  |

| Prepayments and accrued income | 871,005 |  | 1,121,988 |  |

2,314,286 |  | 2,836,773 |  |

| Amounts falling due after more than one year:

| S455 tax | 247,530 |  | 269,886 |  |

| Aggregate amounts | 2,561,816 |  | 3,106,659 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 200,000 |  | 300,000 |  |

| Trade creditors | 1,518,986 |  | 1,824,137 |  |

| Taxation and social security | 367,228 |  | 370,835 |  |

| Other creditors | 589,842 |  | 529,972 |  |

2,676,056 |  | 3,024,944 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | - |  | 200,000 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 2,335,266 |  | 2,507,895 |  |

| Between one and five years | 6,782,337 |  | 9,744,139 |  |

9,117,603 |  | 12,252,034 |  |

GOLDEN EAGLE LUXURY TRAINS LIMITED (REGISTERED NUMBER: 02567148)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 200,000 |  | 500,000 |  |

| Bank loans are secured by a fixed and floating charge dated 26 February 2020 over all property or undertaking of the company.

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

| The Report of the Auditors was unqualified.

| We draw attention to Note 2 to the financial statements which explains that the directors intend to hive across the trade of the entity therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

| Frederick Norman (Senior Statutory Auditor)

| for and on behalf of Harold Sharp Limited

12. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. During the year the company contributed £67,200 (2024: £62,390).

| Creditors include £nil (2024: £nil) in respect of unpaid employer pension contributions at the year end.

13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| T Littler

| Balance outstanding at start of year | 825,054 |  | 700,813 |  |

| Amounts advanced | - |  | 124,241 |  |

| Amounts repaid | (825,054 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 825,054 |  |

| Interest is charged on the loan at a rate which is equal to the beneficial loan rate. There are no fixed repayment terms attached to the loan.

14. | CONTROLLING PARTY

| The company is under the control of Mr T Littler.