FOR THE YEAR ENDED 31 DECEMBER 2025
DART VALLEY RAILWAY LTD
COMPANY INFORMATION
DART VALLEY RAILWAY LTD
CONTENTS
DART VALLEY RAILWAY LTD
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The chairman presents his statement for the period.
The year started well and revenue finished 2% up on the previous year at £6.5 million. However, a change in government in the middle of the previous year resulted in an expected increase in overheads, with the minimum wage moving upwards by 6.7% and larger increases for younger members of staff.
There was also a significant employer's national insurance increase for the year. These increases not only affected the Company, but also businesses in the Torbay area, which inevitably had an effect on footfall, although cashflow remained strong.
As the summer progressed, the public perception became more negative towards spending and a belief that families would suffer a cashflow problem, which also affected footfall.
The Board decided to write down the book value of Dartmouth Castle by £168,955, having had little interest from potential buyers, which also affected profit before tax and exceptional items, which was down from £729,000 in 2024 to £456,000 in 2025, however capital investment in the Company was a very healthy £890,000.
Cashflow remains strong despite financial pressures on individual households and the 'Round Robin' package remains one of the leading tourist attractions in the area. Our range of boat trips remained very popular unless the wind was blowing in the wrong direction, and passenger feedback remains very positive.
I must, once again, thank our staff, who remain positive, enthusiastic and customer friendly and who add to the customer experience and give us our edge over potential competitors.
I would also like to thank the Board who work extremely well as a cohesive team and bring positive debate and lively ideas to the boardroom table.
In a difficult trading period the Company remains financially robust and capable of adjusting product and activity to suit changing market conditions.
NameDavid Allan
Chairman
Chairman
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DART VALLEY RAILWAY LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
There have been no significant changes in the group's and company's principal activities in the year under review.
The results for the year and financial position of the group and the company are shown in the financial statements. Further details of the group's activities in the year with details of the future developments are contained in the chairman's statement.
The group recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements its policies to reduce any damage that might be caused by the group's activities. Initiatives designed to minimise the group's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.
The management of the business and the execution of the group's strategy are subject to a number of risks and uncertainties. The principal risks are set out below:
The results for the year and financial position of the group and the company are shown in the financial statements. Further details of the group's activities in the year with details of the future developments are contained in the chairman's statement.
The group recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements its policies to reduce any damage that might be caused by the group's activities. Initiatives designed to minimise the group's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.
The management of the business and the execution of the group's strategy are subject to a number of risks and uncertainties. The principal risks are set out below:
National Living Wage
A significant proportion of the group's staff are seasonal part-time workers and as such are paid the National Living Wage or National Minimum Wage. The significant increase in the National Living Wage far outstrips the rate at which the group can increase fees without it having a significant negative impact on passenger numbers and as such the board is exploring all avenues to counteract the impact of this legislation.
Competition
The group operates in a competitive market for tourist attractions particularly around price and product quality. The group manages this risk by monitoring market prices on an ongoing basis and providing a unique tourist experience for its customers.
Health and safety
The safe operation of the group's activities is essential. The group has a culture that puts health and safety at the top of the agenda. It is overseen by the board and senior management, who ensure that the appropriate training, assessments and procedures are in place.
A significant proportion of the group's staff are seasonal part-time workers and as such are paid the National Living Wage or National Minimum Wage. The significant increase in the National Living Wage far outstrips the rate at which the group can increase fees without it having a significant negative impact on passenger numbers and as such the board is exploring all avenues to counteract the impact of this legislation.
Competition
The group operates in a competitive market for tourist attractions particularly around price and product quality. The group manages this risk by monitoring market prices on an ongoing basis and providing a unique tourist experience for its customers.
Health and safety
The safe operation of the group's activities is essential. The group has a culture that puts health and safety at the top of the agenda. It is overseen by the board and senior management, who ensure that the appropriate training, assessments and procedures are in place.
We consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole. The group's key financial performance indicators were as follows:
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DART VALLEY RAILWAY LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Passenger numbers
Passenger numbers are a non-financial key performance indicator and detailed below. In 2025, passenger numbers have maintained a strong position, albeit slightly lower than previous financial years.
This report was approved by the board on 26 June 2026 and signed on its behalf.
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DART VALLEY RAILWAY LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £181,897 (2024: £557,740).
Dividends of £Nil (2024: £Nil) have been paid during the year. Following the end of the financial year, the
Company declared dividends of £Nil (2024: £Nil).
Company declared dividends of £Nil (2024: £Nil).
The directors who served during the year were:
The company is exposed to price risk primarily through competition from other leisure activities in the local area. However, the directors are confident that the company’s pricing remains competitive within the market, mitigating this risk.
Sales are made directly to private individuals, who are required to pay in advance of receiving services. This upfront payment model significantly reduces the risk of customer default and enhances the company’s liquidity position. The company maintains a cash balance and has access to borrowing facilities if needed. As a result, the directors assess the liquidity risk to be very low.
Given the advance payment structure and the availability of financial facilities, the company experiences stable and predictable cash flows. The directors therefore consider the cash flow risk to be minimal.
Sales are made directly to private individuals, who are required to pay in advance of receiving services. This upfront payment model significantly reduces the risk of customer default and enhances the company’s liquidity position. The company maintains a cash balance and has access to borrowing facilities if needed. As a result, the directors assess the liquidity risk to be very low.
Given the advance payment structure and the availability of financial facilities, the company experiences stable and predictable cash flows. The directors therefore consider the cash flow risk to be minimal.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic report to be prepared. Where mandatory disclosures in the Directors' report are considered by the directors to be of strategic importance, these have been included in the Strategic report rather than the Directors' report.
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DART VALLEY RAILWAY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DART VALLEY RAILWAY LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DART VALLEY RAILWAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART VALLEY RAILWAY LTD
We have audited the financial statements of Dart Valley Railway Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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DART VALLEY RAILWAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART VALLEY RAILWAY LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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DART VALLEY RAILWAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART VALLEY RAILWAY LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Managing Director, about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential areas for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included breaches around railway and marine safety regulations, the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included health and safety and employment legislation.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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DART VALLEY RAILWAY LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DART VALLEY RAILWAY LTD (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Brook House
Winslade Park
Manor Drive
Exeter
EX5 1GD
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DART VALLEY RAILWAY LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
REGISTERED NUMBER:00852020
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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DART VALLEY RAILWAY LTD
REGISTERED NUMBER:00852020
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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DART VALLEY RAILWAY LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Dart Valley Railway Ltd is a private company limited by shares and incorporated in England and Wales, its registered office is Queens Park Station, Torbay Road, Paignton, Devon, TQ4 6AF. The Company number is 00852020. The Company's principal activity during the year was passenger rail transport.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
The group remains in a strong financial position at the date of this report with cash reserves around £1,000,000 in December 2025. The directors believe that the group has sufficient resources to continue operating for at least 12 months from the date of sign off of this report. Accordingly, the financial statements have been drawn up on the basis that the group is a going concern.
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
The Group only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in ordinary shares.
Key Accounting Estimates and Assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider there to be estimates or assumptions that pose a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities with the next financial year, other than those detailed below:
Value of motor vessels
Motor vessels are depreciated over 25 years to their residual values than have been estimated using market data, age and condition. The directors consider the adequacy of the residual values annually, and update these as necessary. Costs of repair and maintenance of the vessels are expensed each year, unless the works are substantial where they are reviewed by management for capitalisation.
Value of locomotives
The locomotives are split into the locomotive itself and the work carried out. The locomotives are not depreciated as they are deemed to have an extensive useful life, and as such the depreciation on the locomotives is deemed immaterial. The works on the locomotives are depreciated over the useful life of the capital works. Labour costs for 2025 totalling £244,577 (2024: £114,401) have been capitalised within additions during the year.
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.TAXATION (CONTINUED)
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
13.TANGIBLE FIXED ASSETS (CONTINUED)
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital redemption reserve
Profit and loss account
A prior year adjustment has taken place as it was identified that other assets within tangible fixed assets on consolidation were overstated by £119,119 as result of a historic fair value uplift. This adjustment impacts the consolidated reserves and tangible fixed assets only.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £173,019 (2024: £150,908). Contributions totalling £21,010 (2024: £17,860) were payable to the fund at the reporting date and are included in creditors.
On the 25 March 1999, 15 February 2012 and 5 August 2013 charges were registered in line with Chapter A1 Part 25 of the Companies Act 2006 with Companies House. Pursuant to the charge, Lloyds Bank plc, acting through its registered office at 25 Gresham Street, London, EC2V 7HN, placed a fixed and floating charge on all property and assets of Dart Valley Railway Ltd.
On the 26 January 2023 charges were registered in line with Chapter A1 Part 25 of the Companies Act 2006 with Companies House. Pursuant to the charge, South Devon Railway Trust, acting through its registered office at The Station, Buckfastleigh, Devon, TQ11 0DZ, placed a fixed charge on GWR 2884 class 2-8-0 locomotive number 3803.
On the 26 January 2023 charges were registered in line with Chapter A1 Part 25 of the Companies Act 2006 with Companies House. Pursuant to the charge, South Devon Railway Trust, acting through its registered office at The Station, Buckfastleigh, Devon, TQ11 0DZ, placed a fixed charge on GWR 2884 class 2-8-0 locomotive number 3803.
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DART VALLEY RAILWAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There is no ultimate controlling party.
Page 34
DART VALLEY RAILWAY LTD
COMPANY DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 35
DART VALLEY RAILWAY LTD
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DART VALLEY RAILWAY LTD
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 37