Chairman’s Report
Llanelli & Mynydd Mawr Railway AGM 11/01/2026
Period: 2023 – 2024
Good afternoon everyone and thank you for attending the AGM.
To start the report, during the current period we have received resignations from two of our Directors, Joshua Watkins and David Mee. We reluctantly accept these resignations, and we would like to place on record our thanks to both for all of their hard work and efforts during their time on the board, which really is appreciated. Thank you to David for attending the meeting today. Unfortunately, Josh cannot be with us today due to work commitments. During this period, we also received an application from James Davies-Jones to become a member of the LMMR board and he was co-opted on the 1st October 2025 and today stands for election to the board.
I’m pleased to present my Chairman’s Report for the period from 2023 to 2024 . Over this period, the Llanelli & Mynydd Mawr Railway continued to make steady progress, strengthening our role as both a heritage project and a community asset here at Cynheidre.
First of all, our events and open days once again formed the backbone of our public activity. Throughout 2023 we delivered a full programme of family-friendly events, including our first ever ‘Communities Together’ Event, Easter and Christmas activities, as well as gala and rail experience days. We also opened our catering van to the public on selected dates during this period in preparation for the full opening of our dedicated cafe. These events continue to attract new visitors, raise vital funds, and allow us to share the story of the railway with the wider community. None of this would be possible without the hard work and enthusiasm of our volunteers.
One of the most significant achievements during this period was securing £85,000 in Woodland Investment Grant funding through The National Lottery Heritage Fund and the Welsh Government. This funding has allowed us to restore and manage the woodland surrounding the site, improving biodiversity and accessibility, and creating new opportunities for volunteering, education and community involvement. It also aligns our work with
the wider National Forest for Wales , which is an exciting step forward for the railway.
We were also very pleased, to secure a further £60,000 in grant funding , made up of support from the UK Government’s Shared Prosperity Fund and Carmarthenshire County Council. This funding was used to deliver key infrastructure improvements at Cynheidre, including a mains electricity supply and the development of a Community Hub and café . As I’m sure you will agree, these improvements have greatly enhanced facilities for both visitors and volunteers and will help broaden the site’s use within the local community.
As always, I want to place on record my sincere thanks to our volunteers . Their dedication underpins everything we do — from maintaining the site and supporting events to engaging with visitors and driving projects forward. The railway simply could not operate without them.
Financially, the railway remains in a stable position, supported by event income, memberships and donations, alongside the successful grant funding secured during the year. This gives us confidence as we continue to plan for the future.
Looking ahead, our priorities are clear: progressing the Community Hub and café and promoting it far and wide, continuing to deliver the woodland restoration project, expanding our programme of events, extending the running line, and continuing to grow and support our volunteer base.
In closing, I would like to thank everyone who has supported and continues to support the Llanelli & Mynydd Mawr Railway over the past year — our volunteers, members, funders and supporters. Your commitment and enthusiasm continues to drive the project forward, and I look forward to what we can achieve together in the years ahead.
Thank you.
Financial Overview
The financial health of the organization is robust, with a diversified income stream and prudent expenditure management. Below is a summary of our financial performance for the AGM Year.
Challenges and Strategies
The organization faced several challenges during the year, including increased operational costs (such as waste management due to new regulations and substantial increase in our monthly water rates) together with reduced income due to the suspension of regular events while groundworks and building works took place.
During this period we took the opportunity to avail ourselves of the services of professional consultants to bring out Articles of Association to meet current best practice.
We also took out a loan with WCVA at a competitive rate of interest to ensure smooth roll out of our electricity and café project.
Our operating loss was a result of expenditure in the Creation of our café which met with unexpected costs which had to be met from our reserves, a position which we are confident to reverse in the following financial year.
Future Plans
Looking forward, the organization aims to expand its reach by launching new programs and improving existing ones.
We will be working with the Cabyard to develop the SIM as another income stream.
The addition of the café will also enable us to improve our offering to the public throughout the year, enhance our presence in the community and improve our income on a regular basis.
Conclusion
The Trustees Annual Report reflects our dedication to fulfilling our mission and making a tangible difference in the communities we serve. We express our gratitude to all supporters and partners for their continued trust and collaboration.
Maria Val Loureda Treasurer
Company Registration No. 03753219 (England and Wales)
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS CONTENTS
| Page | |
|---|---|
| Company information | 3 |
| Directors' report | 4 |
| Accountants' report | 5 |
| Income statement | 6 |
| Statement of financial position | 7 |
| Notes to the accounts | 8 |
| Detailed profit and loss account | 10 |
- 2 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 APRIL 2025
Directors
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Company Number
03753219 (England and Wales)
Registered Office
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW WALES
Accountants
KD Accounting Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
- 3 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED (COMPANY NO: 03753219 ENGLAND AND WALES) DIRECTORS' REPORT
The directors present their report and accounts for the year ended 30 April 2025.
Directors
The following directors held office during the whole of the period:
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Statement of directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors
............................................................................
Maria del Pilar Val Loureda Director
Approved by the board on: 29 August 2025
- 4 -
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED FOR THE YEAR ENDED 30 APRIL 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Llanelli and Mynydd Mawr Railway Company Limited for the year ended 30 April 2025 as set out on pages 6 - 9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
KD Accounting Chartered Certified Accountants
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
29 August 2025
- 5 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2025
| Turnover Cost of sales Gross profit/(loss) Administrative expenses Other operating income Operating profit/(loss) Interest payable and similar charges Profit/(loss) on ordinary activities before taxation Tax on profit/(loss) on ordinary activities Profit/(loss) for the financial year |
2025 £ 80,193 (77,642) 2,551 (61,926) 119,977 60,602 (1,086) 59,516 - 59,516 |
2024 £ 46,702 (63,380) |
|---|---|---|
| (16,678) (41,712) - |
||
| (58,390) (273) |
||
| (58,663) - |
||
| (58,663) |
- 6 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
| Notes Fixed assets Tangible assets 4 Current assets Inventories Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 6 Net assets Capital and reserves Profit and loss account Shareholders' funds |
2025 £ 44,816 12,700 66,853 79,553 (570) 78,983 123,799 - 123,799 123,799 123,799 |
2024 £ 55,614 12,700 36,529 |
|---|---|---|
| 49,229 (560) |
||
| 48,669 | ||
| 104,283 (40,000) |
||
| 64,283 | ||
| 64,283 | ||
| 64,283 |
For the year ending 30 April 2025 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by
Maria del Pilar Val Loureda Director
Company Registration No. 03753219
- 7 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
1 Statutory information
Llanelli and Mynydd Mawr Railway Company Limited is a private company, limited by shares, registered in England and Wales, registration number 03753219. The registered office is Unit 6 The Arcade, Llanelli, Carmarthenshire, SA15 3TW, WALES.
2 Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3 Accounting policies
These financial statements for the year ended 30 April 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
| 4 Tangible fixed assets Cost or valuation At 1 May 2024 At 30 April 2025 Depreciation At 1 May 2024 Charge for the year At 30 April 2025 Net book value At 30 April 2025 At 30 April 2024 |
Land & buildings £ At cost 1,626 1,626 - - - 1,626 1,626 |
Plant & machinery £ At cost 156,559 156,559 102,571 10,798 113,369 43,190 53,988 |
Total £ 158,185 |
|---|---|---|---|
| 158,185 | |||
| 102,571 10,798 |
|||
| 113,369 | |||
| 44,816 | |||
| 55,614 |
- 8 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
| 5 Creditors: amounts falling due within one year Accruals 6 Creditors: amounts falling due after more than one year Bank loans |
2025 £ 570 2025 £ - |
2024 £ 560 |
|---|---|---|
| 2024 £ 40,000 |
7 Average number of employees
During the year the average number of employees was 0 (2024: 0).
- 9 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025
This schedule does not form part of the statutory accounts.
| Turnover Fees Cost of sales Purchases Subcontractor costs Other direct costs Gross profit/(loss) Administrative expenses Wages and salaries Staff training and welfare Motor expenses Entertaining Rates Light and heat Cleaning Telephone and fax Subscriptions Insurance Equipment expensed Equipment hire Repairs and maintenance Depreciation Sundry expenses Accountancy fees Advertising and PR Other legal and professional Other operating income Government grants Operating profit/(loss) Interest payable Bank loans and overdrafts Profit/(loss) on ordinary activities before taxation |
2025 £ 80,193 14,851 62,791 - 77,642 2,551 817 58 1,055 - 418 19 1,754 1,155 1,999 3,592 7,949 1,834 26,240 10,798 158 570 1,194 2,316 61,926 119,977 60,602 1,086 59,516 |
2024 £ 46,702 |
|---|---|---|
| 4,680 57,500 1,200 |
||
| 63,380 | ||
| (16,678) | ||
| - - 7,334 527 321 - 529 471 1,094 3,857 5,745 5,038 2,082 13,497 201 560 62 394 |
||
| 41,712 | ||
| - | ||
| (58,390) | ||
| 273 | ||
| (58,663) |
- 10 -
Company Registration No. 03753219 (England and Wales)
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED ANNUAL REPORT AND UNAUDITED ACCOUNTS CONTENTS
| Page | |
|---|---|
| Company information | 3 |
| Directors' report | 4 |
| Accountants' report | 5 |
| Income statement | 6 |
| Statement of financial position | 7 |
| Notes to the accounts | 8 |
| Detailed profit and loss account | 10 |
- 2 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 30 APRIL 2025
Directors
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Company Number
03753219 (England and Wales)
Registered Office
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW WALES
Accountants
KD Accounting Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
- 3 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED (COMPANY NO: 03753219 ENGLAND AND WALES) DIRECTORS' REPORT
The directors present their report and accounts for the year ended 30 April 2025.
Directors
The following directors held office during the whole of the period:
Maria del Pilar Val Loureda Mark Thomas David Mee Josh Watkins
Statement of directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors
............................................................................
Maria del Pilar Val Loureda Director
Approved by the board on: 29 August 2025
- 4 -
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED FOR THE YEAR ENDED 30 APRIL 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Llanelli and Mynydd Mawr Railway Company Limited for the year ended 30 April 2025 as set out on pages 6 - 9 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
KD Accounting Chartered Certified Accountants
Unit 6 The Arcade Llanelli Carmarthenshire SA15 3TW
29 August 2025
- 5 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2025
| Turnover Cost of sales Gross profit/(loss) Administrative expenses Other operating income Operating profit/(loss) Interest payable and similar charges Profit/(loss) on ordinary activities before taxation Tax on profit/(loss) on ordinary activities Profit/(loss) for the financial year |
2025 £ 80,193 (77,642) 2,551 (61,926) 119,977 60,602 (1,086) 59,516 - 59,516 |
2024 £ 46,702 (63,380) |
|---|---|---|
| (16,678) (41,712) - |
||
| (58,390) (273) |
||
| (58,663) - |
||
| (58,663) |
- 6 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED STATEMENT OF FINANCIAL POSITION AS AT 30 APRIL 2025
| Notes Fixed assets Tangible assets 4 Current assets Inventories Cash at bank and in hand Creditors: amounts falling due within one year 5 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 6 Net assets Capital and reserves Profit and loss account Shareholders' funds |
2025 £ 44,816 12,700 66,853 79,553 (570) 78,983 123,799 - 123,799 123,799 123,799 |
2024 £ 55,614 12,700 36,529 |
|---|---|---|
| 49,229 (560) |
||
| 48,669 | ||
| 104,283 (40,000) |
||
| 64,283 | ||
| 64,283 | ||
| 64,283 |
For the year ending 30 April 2025 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by
Maria del Pilar Val Loureda Director
Company Registration No. 03753219
- 7 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
1 Statutory information
Llanelli and Mynydd Mawr Railway Company Limited is a private company, limited by shares, registered in England and Wales, registration number 03753219. The registered office is Unit 6 The Arcade, Llanelli, Carmarthenshire, SA15 3TW, WALES.
2 Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3 Accounting policies
These financial statements for the year ended 30 April 2025 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 May 2023.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
| 4 Tangible fixed assets Cost or valuation At 1 May 2024 At 30 April 2025 Depreciation At 1 May 2024 Charge for the year At 30 April 2025 Net book value At 30 April 2025 At 30 April 2024 |
Land & buildings £ At cost 1,626 1,626 - - - 1,626 1,626 |
Plant & machinery £ At cost 156,559 156,559 102,571 10,798 113,369 43,190 53,988 |
Total £ 158,185 |
|---|---|---|---|
| 158,185 | |||
| 102,571 10,798 |
|||
| 113,369 | |||
| 44,816 | |||
| 55,614 |
- 8 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2025
| 5 Creditors: amounts falling due within one year Accruals 6 Creditors: amounts falling due after more than one year Bank loans |
2025 £ 570 2025 £ - |
2024 £ 560 |
|---|---|---|
| 2024 £ 40,000 |
7 Average number of employees
During the year the average number of employees was 0 (2024: 0).
- 9 -
LLANELLI AND MYNYDD MAWR RAILWAY COMPANY LIMITED DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025
This schedule does not form part of the statutory accounts.
| Turnover Fees Cost of sales Purchases Subcontractor costs Other direct costs Gross profit/(loss) Administrative expenses Wages and salaries Staff training and welfare Motor expenses Entertaining Rates Light and heat Cleaning Telephone and fax Subscriptions Insurance Equipment expensed Equipment hire Repairs and maintenance Depreciation Sundry expenses Accountancy fees Advertising and PR Other legal and professional Other operating income Government grants Operating profit/(loss) Interest payable Bank loans and overdrafts Profit/(loss) on ordinary activities before taxation |
2025 £ 80,193 14,851 62,791 - 77,642 2,551 817 58 1,055 - 418 19 1,754 1,155 1,999 3,592 7,949 1,834 26,240 10,798 158 570 1,194 2,316 61,926 119,977 60,602 1,086 59,516 |
2024 £ 46,702 |
|---|---|---|
| 4,680 57,500 1,200 |
||
| 63,380 | ||
| (16,678) | ||
| - - 7,334 527 321 - 529 471 1,094 3,857 5,745 5,038 2,082 13,497 201 560 62 394 |
||
| 41,712 | ||
| - | ||
| (58,390) | ||
| 273 | ||
| (58,663) |
- 10 -