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REGISTERED NUMBER: 01412568 (England and Wales)

| SWANAGE RAILWAY COMPANY LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JANUARY 2026 |

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| SWANAGE RAILWAY COMPANY LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2026

| DIRECTORS: | K M Potts

| E M Sellen

| N Au

| A W Atkins

| D J Bennett

| B J Ford

| P J Milford

| S T Butler

| C A Wynn-Evans

| SECRETARY: | P J Milford

| REGISTERED OFFICE: | The Station House

| Swanage

| Dorset

| BH19 1HB

| REGISTERED NUMBER: | 01412568 (England and Wales)

| ACCOUNTANTS: | Morris Crocker

| Chartered Accountants

| Lake House

| 2 Port Way

| Port Solent

| Portsmouth

| Hampshire

| PO6 4TY

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

BALANCE SHEET

31 JANUARY 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 4,149,551 |  | 4,206,282 |  |

CURRENT ASSETS

Stocks | 91,900 |  | 100,688 |  |

Debtors | 5 | 72,646 |  | 67,813 |  |

Cash at bank and in hand | 349,079 |  | 338,374 |  |

513,625 |  | 506,875 |  |

CREDITORS

Amounts falling due within one year | 6 | 474,379 |  | 632,260 |  |

NET CURRENT ASSETS/(LIABILITIES) | 39,246 |  | (125,385 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,188,797 |  | 4,080,897 |  |

CREDITORS

Amounts falling due after more than one year | 7 | (2,412,215 | ) | (2,578,043 | ) |

PROVISIONS FOR LIABILITIES | 9 | (46,010 | ) | (25,035 | ) |

NET ASSETS | 1,730,572 |  | 1,477,819 |  |

CAPITAL AND RESERVES

Called up share capital | 486,963 |  | 486,963 |  |

Revaluation reserve | 10 | 569,567 |  | 569,567 |  |

Retained earnings | 674,042 |  | 421,289 |  |

1,730,572 |  | 1,477,819 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 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.

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

BALANCE SHEET - continued

31 JANUARY 2026

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2026 and were signed on its behalf by:

B J Ford - Director

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1. | STATUTORY INFORMATION

| Swanage Railway Company 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

| 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 as modified by the revaluation of certain assets.

| Going Concern

| The financial statements have been prepared on a going concern basis. The directors have assessed the company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.

| In making this assessment, the directors have considered the company’s current financial position, including its cash flow forecasts and available financing facilities. They have taken into account the potential impacts of known and reasonably foreseeable changes in trading performance, market conditions, and other relevant risk factors.

| Based on this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

| Critical accounting judgements and key sources of estimation uncertainty

| The directors have assessed that there are no critical accounting judgements or key sources of estimation uncertainty that have had a significant effect on the amounts recognised in the financial statements in the current or prior year.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Capital grants

| Capital grants received by the company are shown on the balance sheet by including the grant in creditors as deferred income. The grant is released to the Profit and Loss Account in accordance with the depreciation policy of the asset to which the grant relates. Where an impairment has taken place on assets under capital funding the offset has reduced the credit balance on the grant.

| Revenue Grants

| Revenue grants are recognised as income over the period necessary to match them with the related costs which they are intended to compensate, on a systematic basis.

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Assets are initially recognised at cost, and are assessed for indicators of impairment at each balance

| sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life;

| Land & buildings |  | 4% straight line |  |

| Plant & machinery |  | 2%, 10%, 20%, 25% straight line, 20% reducing balance |  |

| Heritage assets are now held at valuation and were revalued at 31st January 2026. Heritage assets are not depreciated as residual values are considered to be at least equal to the current valuation. As the heritage assets are not usually traded on an open market, values are often hard to determine. The directors have therefore used the values of the assets as provided by the Loco, Carriage & Wagon staff and volunteers, as best estimates.

| Heritage assets will be revalued every five years, with the next valuation due in 2029.

| Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of financial activities as described below.

| An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, that estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

| Trade and other debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

2. | ACCOUNTING POLICIES - continued

| Taxation

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

| Leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 36 (2025 - 32 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 February 2025 | 881,375 |  | 5,538,029 |  | 6,419,404 |  |

| Additions | 122,738 |  | 54,724 |  | 177,462 |  |

| Disposals | - |  | (56,720 | ) | (56,720 | ) |

| Reclassification/transfer | 345,923 |  | (345,923 | ) | - |  |

| At 31 January 2026 | 1,350,036 |  | 5,190,110 |  | 6,540,146 |  |

| DEPRECIATION

| At 1 February 2025 | 485,799 |  | 1,727,323 |  | 2,213,122 |  |

| Charge for year | 51,415 |  | 147,722 |  | 199,137 |  |

| Eliminated on disposal | - |  | (21,664 | ) | (21,664 | ) |

| At 31 January 2026 | 537,214 |  | 1,853,381 |  | 2,390,595 |  |

| NET BOOK VALUE

| At 31 January 2026 | 812,822 |  | 3,336,729 |  | 4,149,551 |  |

| At 31 January 2025 | 395,576 |  | 3,810,706 |  | 4,206,282 |  |

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

4. | TANGIBLE FIXED ASSETS - continued

| Included in plant and machinery etc is heritage assets, which consists of locomotives and rolling stock. The directors consider that the value of this would be £1,160,446.

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

2026 | 2025 |

£ | £ |

| Trade debtors | 11,977 |  | 2,827 |  |

| Other debtors | 60,669 |  | 64,986 |  |

72,646 |  | 67,813 |  |

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

2026 | 2025 |

£ | £ |

| Bank loans and overdrafts | 54,193 |  | 52,348 |  |

| Trade creditors | 151,621 |  | 251,422 |  |

| Amounts owed to group undertakings | 135,719 |  | 135,719 |  |

| Taxation and social security | 30,643 |  | 21,766 |  |

| Other creditors | 102,203 |  | 171,005 |  |

474,379 |  | 632,260 |  |

| Amounts owed to group undertakings are unsecured, bear no interest and have no fixed repayment terms.

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

2026 | 2025 |

£ | £ |

| Bank loans | - |  | 51,845 |  |

| Other creditors | 2,412,215 |  | 2,526,198 |  |

2,412,215 |  | 2,578,043 |  |

| Barclays plc holds fixed and floating charges over the undertaking all property and assets present and future. This includes goodwill, land, buildings, fixtures and fittings and other equipment owned by the company.

| Other creditors due in more than one year consists of the following:

|  | 2026 |  | 2025 |

| £ |  | £ |

| Capital grants from SRT |  | 1,610,626 |  | 1,681,889 |

| DCC cabinet grant |  | 53,435 |  | 66,525 |

| Big lottery fund |  | 427,787 |  | 439,438 |

| BP Perenco |  | 297,522 |  | 310,521 |

| Department of transport |  | 22,845 |  | 25,172 |

| Other capital grants |  | - |  | 2,653 |

|  | 2,412,215 |  | 2,526,198 |

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

8. | LEASING AGREEMENTS

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

2026 | 2025 |

£ | £ |

| Within one year | 113,850 |  | 108,600 |  |

| Between one and five years | 416,213 |  | 410,400 |  |

| In more than five years | 926,400 |  | 1,027,000 |  |

1,456,463 |  | 1,546,000 |  |

9. | PROVISIONS FOR LIABILITIES

2026 | 2025 |

£ | £ |

| Deferred tax | 46,010 |  | 25,035 |  |

| Deferred |

| tax |

£ |

| Balance at 1 February 2025 | 25,035 |  |

| Provided during year | 20,975 |  |

| Balance at 31 January 2026 | 46,010 |  |

10. | RESERVES

| Revaluation

| reserve

£ |

| At 1 February 2025

| and 31 January 2026 | 569,567 |  |

| The revaluation reserve relates to heritage assets.

11. | RELATED PARTY DISCLOSURES

| Two directors have a shareholding in the parent of a Locomotives group which Swanage Railway group use as a supplier. During the year, there was transactions totalling £120,615 (2025: £115,000) with £25,200 (2025: £6,000) outstanding at year end.

| The total amount outstanding on loans obtained from The Swanage Railway Trust was £135,719 (2025: £135,719). Interest is charged on the winter loan at 1.5% above the Bank of England base rate. Interest charged in the year was £11,975 (2025: £14,275).

SWANAGE RAILWAY COMPANY LIMITED (REGISTERED NUMBER: 01412568) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2026

12. | POST BALANCE SHEET EVENTS

| At the Annual General Meeting held in October 2025, members approved governance changes to enable Swanage Railway Company to become an entity with charitable status and to assume the activities of the Swanage Railway Trust.

| Subsequent to the year end, the necessary regulatory approvals were obtained to support this change. Following these approvals, the Company has commenced the transfer of the activities, assets and liabilities of the Swanage Railway Trust.

| This transfer represents a significant expansion of the Company’s operations, with the activities previously undertaken by the Swanage Railway Trust now being carried out by the Company.

| As these developments occurred after the balance sheet date, no adjustments have been made to the amounts recognised in these financial statements.No transaction has taken place yet.

13. | ULTIMATE CONTROLLING PARTY

| Swanage Railway Trust Limited is regarded by the directors as being the company's ultimate parent company. The registered office of this is the same as Swanage Railway Company Limited and can be found on the Company Information page.

| The company is controlled by Swanage Railway Trust by virtue of its 96% shareholding, making the Trust the parent company. The remaining 4% of issued share capital is non-voting.