Southern Locomotives Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 02479435

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		4,603,597		4,538,846
Investments	5		1,200		1,100

			4,604,797		4,539,946
CURRENT ASSETS
Stocks	6	6,862		7,699
Debtors	7	41,631		23,669
Cash at bank and in hand		12,201		93,797

		60,694		125,165
Creditors: Amounts Falling Due Within One Year	8	(182,484 )		(175,832 )

NET CURRENT ASSETS (LIABILITIES)			(121,790 )		(50,667 )

TOTAL ASSETS LESS CURRENT LIABILITIES			4,483,007		4,489,279

Creditors: Amounts Falling Due After More Than One Year	9		(282,647 )		(249,978 )

NET ASSETS			4,200,360		4,239,301

CAPITAL AND RESERVES
Called up share capital	10		3,751,250		3,582,000
Profit and Loss Account			449,110		657,301

SHAREHOLDERS' FUNDS			4,200,360		4,239,301

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Southern Locomotives Limited

Balance Sheet (continued)

As At 31 January 2026

For the year ending 31 January 2026 the company was entitled to exemption from audit 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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr J J Cleverdon

Director

16 September 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Southern Locomotives Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02479435 . The registered office is 7 The Broadway, Broadstairs, Kent, CT10 2AD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Income is recognised in the profit and loss account on a straight line basis over the hire period.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Locomotives when first restored - 5% of written down value

Subsequent overhaul costs - 10 years or length of boiler insurance ticket

Plant & Machinery - 25% of written down value

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.6. 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax is provided on the liability method to take account of timing differences between the treatment of

certain items for accounts purposes and their treatment for tax purposes.

Current or deferred taxation assets and liabilities are not discounted.

2.7. Investments in subsidiaires

Investments in subsidiaries are included at cost less impairment.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2025: NIL)

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Southern Locomotives Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

4. Tangible Assets

	Plant & Machinery	Locomotives	Total
	£	£	£
Cost
As at 1 February 2025	4,498	6,159,925	6,164,423
Additions	-	397,866	397,866

As at 31 January 2026	4,498	6,557,791	6,562,289

Depreciation
As at 1 February 2025	4,498	1,621,079	1,625,577
Provided during the period	-	333,115	333,115

As at 31 January 2026	4,498	1,954,194	1,958,692

Net Book Value
As at 31 January 2026	-	4,603,597	4,603,597

As at 1 February 2025	-	4,538,846	4,538,846

5. Investments

	Unlisted
	£
Cost or Valuation
As at 1 February 2025	1,100
Additions	100

As at 31 January 2026	1,200

Provision
As at 1 February 2025	-

As at 31 January 2026	-

Net Book Value
As at 31 January 2026	1,200

As at 1 February 2025	1,100

Fixed asset investments include 100% of the share capital of Southern Locomotives Engineering Limited, Southern Locomotives Hire Limited and Mainline Operations Limited.

6. Stocks

	2026	2025
	£	£
Stock	6,862	7,699

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Southern Locomotives Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

7. Debtors

	2026	2025
	£	£
Due within one year
Prepayments and accrued income	-	420
VAT	-	499
Amounts owed by group undertakings	41,631	22,750

	41,631	23,669

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	1,331	1,243
Other loans	114,167	124,167
VAT	301	-
Other creditors	26,768	27,237
Accruals and deferred income	2,250	7,250
Directors' loan accounts	16,644	9,238
Amounts owed to group undertakings	21,023	6,697

	182,484	175,832

9. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Other loans	282,647	249,978

Of the creditors falling due after more than one year, other loans of £144,071 are due after more than five years.

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	3,751,250	3,582,000

11. Post Balance Sheet Events

In August 2026 an agreement was reached in principle to transfer ownership of locomotive 35025 Brocklebank Line to The Merchant Navy Locomotive Preservation Society.

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