The cache is at
N 53 4H
W001 5C
Where
H = ( (Hotter x Hot) + Colder + 304 ) / 1000
C = ( ( (Colder – Hotter) x Cold) – 73.5 ) / 1000
Both H and C should give you a number with 3 decimal places e.g if you get H to equal 6.353, the Northings will be N 53 46.353
UPDATE MAY 2013
I've moved the cache, to find it perform the sum above, but then add or subact the following
H minus 0.183
C plus 0.715
If you are not walking on the old railway line, you've gone wrong somewhere
Sorry, no hints until a few DNFs, and as with any of my sneaky caches, please no Spoilers in your logs.