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REGISTERED NUMBER: 11718121 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

N Gauge Society Limited

N Gauge Society Limited (Registered number: 11718121)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


N Gauge Society Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A Frost
Mr P J Griffin
Mr T D Hitch
Mr R A Symmons





SECRETARY: Mr A Frost





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: The Sidings
3 Rythe Close
Chessington
Surrey
KT9 2RY





REGISTERED NUMBER: 11718121 (England and Wales)

N Gauge Society Limited (Registered number: 11718121)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 34,500 57,211
Tangible assets 6 49,953 66,519
84,453 123,730

CURRENT ASSETS
Stocks 258,060 238,828
Debtors 7 9,316 11,427
Cash at bank and in hand 3,813 27,285
271,189 277,540
CREDITORS
Amounts falling due within one year 8 115,321 139,178
NET CURRENT ASSETS 155,868 138,362
TOTAL ASSETS LESS CURRENT
LIABILITIES

240,321

262,092

RESERVES
Income and expenditure account 240,321 262,092
240,321 262,092

N Gauge Society Limited (Registered number: 11718121)

Balance Sheet - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 surplus or deficit 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





Mr R A Symmons - Director


N Gauge Society Limited (Registered number: 11718121)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

N Gauge Society Limited is a private company, limited by guarantee , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Subscriptions are recognised on receipt and attributed to the financial years to which they relate.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was being amortised evenly over its estimated useful life of seven years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are due to be amortised once the production run is received and the product starts to be shipped.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

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

N Gauge Society Limited (Registered number: 11718121)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
The company is treated for corporation tax purposes as being mutually trading and is not liable to U.K. corporation tax on its trading profits.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 6,000 57,211 63,211
Disposals - (22,711 ) (22,711 )
At 31 December 2023 6,000 34,500 40,500
AMORTISATION
At 1 January 2023
and 31 December 2023 6,000 - 6,000
NET BOOK VALUE
At 31 December 2023 - 34,500 34,500
At 31 December 2022 - 57,211 57,211

N Gauge Society Limited (Registered number: 11718121)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 170,615
Additions 433
At 31 December 2023 171,048
DEPRECIATION
At 1 January 2023 104,096
Charge for year 16,999
At 31 December 2023 121,095
NET BOOK VALUE
At 31 December 2023 49,953
At 31 December 2022 66,519

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 110 30
Other debtors 9,206 11,397
9,316 11,427

Other debtors disclosed above consists of £9,206 (2022 - £11,397) in relation to prepayments.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,235 9,504
Taxation and social security 1,101 2,083
Other creditors 103,985 127,591
115,321 139,178

Other creditors includes accruals of £89,222 (2022 - £90,467), director's loan of £Nil (2022 - £25,108) and other
creditors of £14,763 (2022 - £12,016).