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REGISTERED NUMBER: 07976564 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

MODEL RAILWAYS DIRECT LTD

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODEL RAILWAYS DIRECT LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M A Burley
J M Burley





REGISTERED OFFICE: Retail Unit 2
Phoenix Way
Portishead
Bristol
BS20 7GP





REGISTERED NUMBER: 07976564 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Kestrel Court
Harbour Road
Portishead
Bristol
BS20 7AN

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Balance Sheet
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 26,614 35,485
Tangible assets 5 15,023 16,782
41,637 52,267

CURRENT ASSETS
Stocks 467,119 306,861
Debtors 6 27,321 8,969
Prepayments and accrued income 1,356 965
Cash at bank and in hand 15,738 23,941
511,534 340,736
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

7

(462,474

)

(266,662

)
NET CURRENT ASSETS 49,060 74,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,697

126,341

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

8

(18,149

)

(25,176

)

PROVISIONS FOR LIABILITIES (10,409 ) (9,931 )

ACCRUALS AND DEFERRED INCOME (22,146 ) (22,007 )
NET ASSETS 39,993 69,227

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Balance Sheet - continued
31 MARCH 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 39,893 69,127
SHAREHOLDERS' FUNDS 39,993 69,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





M A Burley - Director


MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. COMPANY INFORMATION

Model Railways Direct Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.The financial statements have been prepared on the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information including annual budgets and future cash-flows in making their assessment.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Computer software
Computer software, being the cost of the development of the website, is being amortised on a 25% on reducing balance basis

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 40,000 47,313 87,313
AMORTISATION
At 1 April 2022 40,000 11,828 51,828
Charge for year - 8,871 8,871
At 31 March 2023 40,000 20,699 60,699
NET BOOK VALUE
At 31 March 2023 - 26,614 26,614
At 31 March 2022 - 35,485 35,485

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 22,659 26,442 49,101
Additions 1,785 1,463 3,248
At 31 March 2023 24,444 27,905 52,349
DEPRECIATION
At 1 April 2022 14,468 17,851 32,319
Charge for year 2,494 2,513 5,007
At 31 March 2023 16,962 20,364 37,326
NET BOOK VALUE
At 31 March 2023 7,482 7,541 15,023
At 31 March 2022 8,191 8,591 16,782

MODEL RAILWAYS DIRECT LTD (REGISTERED NUMBER: 07976564)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,397 4,201
Tax Debtor 2,803 2,742
VAT 7,121 2,026
27,321 8,969

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,934 6,908
Trade creditors 75,809 77,979
Tax 8,655 -
Other creditors 58,910 2,367
Directors' current accounts 312,166 179,408
462,474 266,662

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1-2 years 7,145 6,925
Bank loans - 2-5 years 11,004 18,251
18,149 25,176