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BOSCASTLE LOCOMOTIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

BOSCASTLE LOCOMOTIVE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTORS: | Dr J P Sturgess

| T P Aggas

| R Billson

| P N Greenwood

| P Herrick

| M J Playle

| J G Tawse

| REGISTERED OFFICE: | Sixth Floor

| Cavendish Building

| 1 Agard Street

| Derby

| Derbyshire

| DE1 1DZ

| REGISTERED NUMBER: | 05543188 (England and Wales)

| ACCOUNTANTS: | Sibbalds Limited

| Chartered Accountants and Business Advisers

| Sixth Floor

| Cavendish Building

| 1 Agard Street

| Derby

| Derbyshire

| DE1 1DZ

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 51,754 |  | 54,478 |  |

CURRENT ASSETS

Stocks | 9,677 |  | 9,677 |  |

Debtors | 5 | 5,109 |  | 2,324 |  |

Cash at bank | 161,485 |  | 52,909 |  |

176,271 |  | 64,910 |  |

CREDITORS

Amounts falling due within one year | 6 | 32,732 |  | 32,392 |  |

NET CURRENT ASSETS | 143,539 |  | 32,518 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 195,293 |  | 86,996 |  |

CAPITAL AND RESERVES

Called up share capital | 7 | 870,945 |  | 743,135 |  |

Share premium | 26,115 |  | 26,115 |  |

Retained earnings | (701,767 | ) | (682,254 | ) |

SHAREHOLDERS' FUNDS | 195,293 |  | 86,996 |  |

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

BALANCE SHEET - continued

31 DECEMBER 2025

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2026 and were signed on its behalf by:

Dr J P Sturgess - Director

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Boscastle Locomotive 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

| The financial statements have been prepared in accordance with the provisions of Section 1A "Small

| Entities" of the 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.

| The financial statements are presented in Sterling (£).

| Turnover

| Turnover is measured at the fair value of consideration receivable for scrap metal sales, net of VAT and discounts.

| Revenue is recognised when control (risks and rewards) passes to the customer, typically on collection or delivery, provided the amount can be measured reliably and receipt is probable.

| 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.

| Locomotive, tools & equipment | - | 5% on reducing balance

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Revenue grants

| Revenue grants are recognised in income on a systematic basis over the periods in which the related costs, for which the grant is intended to compensate, are recognised.

| Theft replacement expenditure and insurance recoveries

| Expenditure incurred for the replacement of parts and materials stolen from storage in 2022 are recognised when contracted for.

| Insurance recoveries are treated as being reimbursed when their receipt is virtually certain or have been met out of monies specifically advanced for this purpose and for which any conditions imposed by the insurer have been satisfied.

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | EMPLOYEES AND DIRECTORS

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

4. | TANGIBLE FIXED ASSETS

| Locomotive,

| tools &

| equipment

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 145,000 |  |

| DEPRECIATION

| At 1 January 2025 | 90,522 |  |

| Charge for year | 2,724 |  |

| At 31 December 2025 | 93,246 |  |

| NET BOOK VALUE

| At 31 December 2025 | 51,754 |  |

| At 31 December 2024 | 54,478 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 5,109 |  | 2,324 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 968 |  | 1,634 |  |

| Other creditors | 31,764 |  | 30,758 |  |

32,732 |  | 32,392 |  |

7. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 870,945 | Ordinary | £1 | 870,945 |  | 743,135 |  |

| 127,810 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

BOSCASTLE LOCOMOTIVE LIMITED (REGISTERED NUMBER: 05543188)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

8. | CONTINGENT ASSET

| The theft claim for locomotive parts stolen in 2022 has, so far, resulted in the insurers advancing £50,000 on account to the Company to enable it to place orders for replacement items. Total theft replacement expenditure now amounts to £61,454 (of which £22,000 has been funded by a grant from DCRT) and the insurers will not be making any further advances until the final claim is finalised.

| Current estimates of the total theft replacement costs are that these could be well over £200,000. The extent to which all replacement costs will be fully covered by insurance remains to be ascertained.