REGISTERED NUMBER: 01552205 (England and Wales)

GREAT NORTHERN & EAST LINCOLNSHIRE

RAILWAY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

G Lewin

Ms P Neal

R W Osgerby

Ms M S Redford

F D Street

J M Wilson

W J Wright

SECRETARY:

Ms P Neal

REGISTERED OFFICE:

2 Russell Court

Cleethorpes

South Humberside

DN35 0NT

REGISTERED NUMBER:

01552205 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Oxley House

Lincoln Way

Louth

Lincolnshire

LN11 0LS

FIXED ASSETS

Tangible assets

4

1,026,719

1,034,047

CURRENT ASSETS

Stocks

3,154

3,763

Debtors

5

8,550

8,589

Cash at bank and in hand

63,436

41,057

75,140

53,409

CREDITORS

Amounts falling due within one year

6

50,927

37,447

NET CURRENT ASSETS

24,213

15,962

TOTAL ASSETS LESS CURRENT LIABILITIES

1,050,932

1,050,009

PROVISIONS FOR LIABILITIES

131,151

125,847

NET ASSETS

919,781

924,162

CAPITAL AND RESERVES

Called up share capital

7

131,834

131,834

Share premium

26,554

26,554

Revaluation reserve

8

501,709

507,200

Retained earnings

259,684

258,574

SHAREHOLDERS' FUNDS

919,781

924,162

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2026 and were signed on its behalf by:

F D Street - Director

1.	STATUTORY INFORMATION

Great Northern & East Lincolnshire Railway 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 the provisions of Section 1A "Small Entities" of 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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Freehold land - not depreciated

Freehold buildings - 4% on cost

Locomotives and carriages - 10% on cost

Track, plant and equipment - 15 years on cost

Fixtures and equipment - 15% reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Freehold

Freehold

Locomotives

land

buildings

& carriages

£

£

£

COST

At 1 January 2025

540,000

182,001

21,638

Additions

-

-

-

At 31 December 2025

540,000

182,001

21,638

DEPRECIATION

At 1 January 2025

-

90,758

18,588

Charge for year

-

6,919

550

At 31 December 2025

-

97,677

19,138

NET BOOK VALUE

At 31 December 2025

540,000

84,324

2,500

At 31 December 2024

540,000

91,243

3,050

Track,

plant &

Fixtures

equipment

& equipment

Totals

£

£

£

COST

At 1 January 2025

663,765

40,971

1,448,375

Additions

39,762

1,800

41,562

At 31 December 2025

703,527

42,771

1,489,937

DEPRECIATION

At 1 January 2025

283,342

21,640

414,328

Charge for year

38,437

2,984

48,890

At 31 December 2025

321,779

24,624

463,218

NET BOOK VALUE

At 31 December 2025

381,748

18,147

1,026,719

At 31 December 2024

380,423

19,331

1,034,047

Freehold land was valued on an open market basis on 2nd June 2021 by J H Walter.

The directors believe that the fair value of the freehold land is still appropriate.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

405

-

Other debtors

8,145

8,589

8,550

8,589

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

9,922

747

Taxation and social security

3,055

-

Other creditors

37,950

36,700

50,927

37,447

Certain former directors have made unsecured loans to the company amounting to £17,950 (2024: £17,950). The former directors have also given informal undertakings to support the company and to refrain from demanding repayment of their loans until such time as the company has adequate funds available to make such repayment.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

131,834

Ordinary

1

131,834

131,834

8.

RESERVES

Revaluation

reserve

£

At 1 January 2025

507,200

Movement during the year

(5,491

)

At 31 December 2025

501,709

The surplus on revaluation of the land and buildings, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025

2024

£

£

F D Street

Balance outstanding at start of year

(17,000

)

(17,000

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(17,000

)

(17,000

)

M Lynn

Balance outstanding at start of year

-

-

Amounts advanced

3,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,000

-

No interest has been charged by the director on the loan to the company. Although the loan is repayable on demand the director will not request repayment until the company can financially afford to without affecting its ability to trade.

The overdrawn loan account was repaid within 9 months of the year end.