SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Company Registration Number:
11651251 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2025

Period of accounts

Start date: 1 November 2024

End date: 31 October 2025

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Contents of the Financial Statements

for the Period Ended 31 October 2025

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Directors' report period ended 31 October 2025

The directors present their report with the financial statements of the company for the period ended 31 October 2025

Principal activities of the company

The company's principal activity during the year continued to be maintenance and restoration of traction engines



Directors

The directors shown below have held office during the whole of the period from
1 November 2024 to 31 October 2025

Christopher Buckland
 Stephen Upton
 Oscar Martin

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 July 2026

And signed on behalf of the board by:
Name: Christopher Buckland
Status: Director

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Balance sheet

As at 31 October 2025

Notes 2025 2024


£
£
Fixed assets
Tangible assets: 3 1,289 1,611
Total fixed assets: 1,289 1,611
Current assets
Debtors: 4 600
Cash at bank and in hand: 20,568 16,342
Total current assets: 21,168 16,342
Creditors: amounts falling due within one year: 5 ( 1,310 ) ( 18,686 )
Net current assets (liabilities): 19,858 (2,344)
Total assets less current liabilities: 21,147 ( 733)
Total net assets (liabilities): 21,147 (733)
Capital and reserves
Called up share capital: 3 3
Profit and loss account: 21,144 (736 )
Total Shareholders' funds: 21,147 (733)

The notes form part of these financial statements

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Balance sheet statements

For the year ending 31 October 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 28 July 2026
and signed on behalf of the board by:

Name: Christopher Buckland
Status: Director

The notes form part of these financial statements

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Notes to the Financial Statements

for the Period Ended 31 October 2025

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Plant and Machinery - 20% reducing balance

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Notes to the Financial Statements

for the Period Ended 31 October 2025

  • 2. Employees

    2025 2024
    Average number of employees during the period 0 0

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Notes to the Financial Statements

for the Period Ended 31 October 2025

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 November 2024 2,197 2,197
Additions
Disposals
Revaluations
Transfers
At 31 October 2025 2,197 2,197
Depreciation
At 1 November 2024 586 586
Charge for year 322 322
On disposals
Other adjustments
At 31 October 2025 908 908
Net book value
At 31 October 2025 1,289 1,289
At 31 October 2024 1,611 1,611

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Notes to the Financial Statements

for the Period Ended 31 October 2025

4. Debtors

2025 2024
£ £
Other debtors 600
Total 600

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Notes to the Financial Statements

for the Period Ended 31 October 2025

5. Creditors: amounts falling due within one year note

2025 2024
£ £
Other creditors 1,310 18,686
Total 1,310 18,686

During the year, the directors reviewed the accounting treatment of donations previously included within income received in advance, amounting to £17,511. These funds were received as voluntary donations in support of the charitable and community activities of the Southern Electric Traction Group CIC. Following a detailed review, the directors concluded that the donations were unconditional at the point of receipt. There were no contractual performance obligations, conditions precedent, or repayment (clawback) provisions requiring the funds to be spent on specific activities before the CIC became entitled to them. Although the directors had earmarked the funds to support the ongoing objectives of the CIC, including the preservation and promotion of Southern Electric traction heritage, such earmarking represented an internal management decision rather than an external restriction on the use of the funds. As the donations were unrestricted and the CIC had unconditional entitlement to the funds when they were received, they no longer meet the definition of deferred income. Accordingly, the balance of £17,511 has been released from income received in advance and recognised within general reserves. The directors consider that this treatment more faithfully reflects the substance of the transactions and the financial position of the CIC. The funds remain available to support the continuing activities of the Southern Electric Traction Group CIC, and their inclusion within general reserves does not affect the directors' intention to apply them towards the ongoing community interest objectives of the company. The directors have considered the requirements of FRS 102 Section 23 (Revenue) and the Concepts and Pervasive Principles, and are satisfied that the revised presentation provides a true and fair view of the company's financial position and is consistent with the accounting treatment of unconditional voluntary donations.

COMMUNITY INTEREST ANNUAL REPORT

SOUTHERN ELECTRIC TRACTION GROUP C.I.C.

Company Number: 11651251 (England and Wales)

Year Ending: 31 October 2025

Company activities and impact

The SETG has again worked to make sure that 4VEP No.3417 was available for traffic at heritage railways across the UK. Rail 200 afforded the group a huge opportunity to visit several private railways as well as the Greatest Gathering event at Derby where the group's work with No.3417 was received with great positivity. It was hugely heartening that, given the 1,000's of man-hours already put into what we cheerfully acknowledge to be a niche project, the public were not only enthusiastic but already knowledgeable about the restoration project and it's aims. We have been engaging with various local charitable bodies and projects to enhance our engineering and volunteer bases, and have been able to establish positive links with them. We are working to further these links as the project moves forward.

Consultation with stakeholders

We have continued to brief and co-ordinate with the owners of the unit, the Bluebell Railway, and have enjoyed their approval and confidence in our efforts and aims. Notably the Bluebell Railway Trust, chaired by Roy Watts OBE, have been supportive of our work and have attended the depot on several occasions to survey progress. As part of this, the unit was able to visit the Bluebell Railway in September as a working exhibit at their annual Diesel gala event.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 July 2026

And signed on behalf of the board by:
Name: Stephen David Upton
Status: Director