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Registration number: 01139390

Lappa Valley Railway Company Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Lappa Valley Railway Company Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Financial Statements | 4 to 10

Lappa Valley Railway Company Limited

Company Information

Directors | K M G Southwell S J Southwell B A Harding

Registered office | Benny Halt St Newlyn East Newquay Cornwall TR8 5LX

Accountants | Thompson Jenner LLP Chartered Accountants 1 Colleton Crescent Exeter Devon EX2 4DG

Lappa Valley Railway Company Limited

(Registration number: 01139390)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 3,042,976 | 3,072,181
Current assets |  |  |
Stocks |  | 32,000 | 30,000
Debtors | 6 | 152,321 | 113,856
Cash at bank and in hand |  | 448,014 | 364,959
|  | 632,335 | 508,815
Creditors: Amounts falling due within one year | 7 | (673,447) | (752,831)
Net current liabilities |  | (41,112) | (244,016)
Total assets less current liabilities |  | 3,001,864 | 2,828,165
Creditors: Amounts falling due after more than one year | 7 | - | (37,528)
Provisions for liabilities |  | (428,690) | (424,907)
Net assets |  | 2,573,174 | 2,365,730
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 2,573,074 | 2,365,630
Shareholders' funds |  | 2,573,174 | 2,365,730

Lappa Valley Railway Company Limited

(Registration number: 01139390)
Balance Sheet as at 31 December 2025

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

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 August 2026 and signed on its behalf by:

......................................... K M G Southwell Director

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Benny Halt
St Newlyn East
Newquay
Cornwall
TR8 5LX

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The parent company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for sales made during the period in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold land and buildings | 2% straight line. Land is not depreciated.
Short leasehold land and buildings | Straight line over life of the lease
Plant and machinery | Over 20 years
Fixtures, fittings and equipment | Over 8 and 20 years
Motor vehicles | Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2024 - 40).

4 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 132,670 | 122,400

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5 | Tangible assets

| Land and buildings £ | Fixtures and fittings £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 2,119,196 | 909,434 | 59,286 | 940,858 | 4,028,774
Additions | 4,992 | 63,639 | 10,000 | 35,477 | 114,108
Disposals | - | (13,995) | (27,476) | - | (41,471)
At 31 December 2025 | 2,124,188 | 959,078 | 41,810 | 976,335 | 4,101,411
Depreciation
At 1 January 2025 | 292,379 | 442,289 | 57,419 | 164,506 | 956,593
Charge for the year | 38,547 | 46,793 | 2,067 | 45,263 | 132,670
Eliminated on disposal | - | (3,352) | (27,476) | - | (30,828)
At 31 December 2025 | 330,926 | 485,730 | 32,010 | 209,769 | 1,058,435
Carrying amount
At 31 December 2025 | 1,793,262 | 473,348 | 9,800 | 766,566 | 3,042,976
At 31 December 2024 | 1,826,817 | 467,145 | 1,867 | 776,352 | 3,072,181

Included within the net book value of land and buildings above is £1,765,516 (2024 - £1,798,477) in respect of freehold land and buildings and £27,746 (2024 - £28,340) in respect of short leasehold land and buildings.

6 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 1,190 | 2,292
Amounts owed by group undertakings and undertakings in which the company has a participating interest |  | 99,955 | 79,955
Other debtors |  | 23,410 | 17,074
Prepayments |  | 27,766 | 14,535
Total current trade and other debtors |  | 152,321 | 113,856

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 261,774 | 550,141
Trade creditors |  | 55,796 | 54,372
Taxation and social security |  | 108,392 | 70,413
Other creditors |  | 110,127 | 2,844
Accrued expenses |  | 137,358 | 75,061
|  | 673,447 | 752,831

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | - | 37,528

8 | Loans and borrowings

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | 37,528 | 50,000
Other borrowings | 224,246 | 500,141
| 261,774 | 550,141

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank borrowings | - | 37,528

Lappa Valley Railway Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of fixed asset additions not included in the balance sheet is £41,000 (2024 - £Nil).

The total amount of contingencies not included in the balance sheet is £89,896 (2024 - £117,197).
The company has a cross guarantee with it's parent company, K M Partners Limited, on K M Partners Limited bank loan. The liability is secured by a debenture.

10 | Parent and ultimate parent undertaking

The company's immediate parent is K M Partners Limited, incorporated in England and Wales.