REGISTERED NUMBER: SC049011 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Strathspey Railway Company Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A Bell

B G Burgess

S D Muirhead

L F Coe

S J Hanney

G W N Kirk

Dr T C Spink

SECRETARY:

D M Wilson

REGISTERED OFFICE:

Aviemore Station

Dalfaber Road

Aviemore

Inverness Shire

PH22 1PY

REGISTERED NUMBER:

SC049011 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

1,801,864

1,678,315

Investments

5

223,760

223,760

2,025,624

1,902,075

CURRENT ASSETS

Stocks

262,894

206,712

Debtors

217,303

162,324

Investments

15,122

-

Cash in hand

2,136,385

240,264

2,631,704

609,300

CREDITORS

Amounts falling due within one year

276,462

241,934

NET CURRENT ASSETS

2,355,242

367,366

TOTAL ASSETS LESS CURRENT LIABILITIES

4,380,866

2,269,441

CREDITORS

Amounts falling due after more than one year

(691,784

)

(692,518

)

PROVISIONS FOR LIABILITIES

(238,523

)

(155,857

)

NET ASSETS

3,450,559

1,421,066

CAPITAL AND RESERVES

Called up share capital

748,908

748,423

Other reserves

1,943,000

-

Retained earnings

758,651

672,643

3,450,559

1,421,066

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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 December 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2026 and were signed on its behalf by:

L F Coe - Director

1.	STATUTORY INFORMATION

Strathspey Railway Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Going concern

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.

After making suitable enquiries, the directors have a reasonable expectation that the company has adequate resources to remain in operation for the foreseeable future and have therefore continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover comprises the invoiced value of passenger fares, train charges, catering income and from shop sales,net of value added tax.

Tangible fixed assets

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

Land and buildings 0% -10% per annum on cost

Track, signals and outside plant 2.5% - 10% per annum on cost

Locomotives and rolling stock 5% - 25% per annum on cost

Inside plant 5% - 25% per annum on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

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

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

Capital and revenue grants

Capital and revenue grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Fixed asset investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2024 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2025

3,933,107

Additions

272,021

At 31 December 2025

4,205,128

DEPRECIATION

At 1 January 2025

2,254,792

Charge for year

148,472

At 31 December 2025

2,403,264

NET BOOK VALUE

At 31 December 2025

1,801,864

At 31 December 2024

1,678,315

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2025

and 31 December 2025

223,760

NET BOOK VALUE

At 31 December 2025

223,760

At 31 December 2024

223,760

6.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

as restated

£

£

Other loans

136,569

155,800

7.	CONTINGENT LIABILITIES

In June 2025, the company received notice of a claim from a third party in respect of an incident that occurred in September 2023 on our track. The incident involved damage to an asset owned by the third party, with the third-party intimating a claim based upon damage to the asset and a consequential loss arising from the asset being inoperable for a period of time thereafter. In August 2025, through its insurers, the company responded to the claim, seeking additional information in respect thereof, so that the claim could be fully assessed. To date, no reply has been received to the request for additional information. The claim made is in the region of £2.32m. The company doesn't accept liability in respect of the claim and in any event, the company expects that the claim would be partially covered by the company's insurers. Should the third party continue to pursue the claim, the company would defend the same. Whilst the company considers it prudent to disclose the claim in its financial statements, the directors consider that, based upon the information received to date, that no provision requires to be made in the financial statements.

8.	GENERAL RESERVES

Given the exceptional income received during the year, the company has decided to transfer funds to reserves totalling £1,943,000 to cover future locomotive and track maintenance costs and infrastructure costs should the company be required to fund ongoing operational and administration costs for a period of 6 months in the absence of it being in receipt of sources of income. The sums transferred to general reserves comprise:

Locomotive overhaul fund (in respect of works required in 2028 and 2030) - £600,000.

P-way maintenance fund (in respect of works required 2026 to 2030) - £500,000.

Reserve to cover 6-month's operational and administration costs - £843,000.