BOSCASTLE LOCOMOTIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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.

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.

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.