REGISTERED NUMBER: 02567148

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

GOLDEN EAGLE LUXURY TRAINS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

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

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.

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.

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 ) .

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

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

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.