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COMPANY REGISTRATION NUMBER: 03204557
The West Wiltshire Society of Model Engineers
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2023
The West Wiltshire Society of Model Engineers
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
31 Dec 23
28 Feb 23
Note
£
£
Fixed assets
Tangible assets
5
25,857
23,397
Current assets
Cash at bank and in hand
13,057
12,748
--------
--------
Net current assets
13,057
12,748
--------
--------
Total assets less current liabilities
38,914
36,145
--------
--------
Capital and reserves
Profit and loss account
38,914
36,145
--------
--------
Members funds
38,914
36,145
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
Mr J.E. Clarke
Mr S.G Nuttall
Director
Director
Company registration number: 03204557
The West Wiltshire Society of Model Engineers
Company Limited by Guarantee
Notes to the Financial Statements
Period from 1 March 2023 to 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 8 Pound Lane, Semington, Trowbridge, BA14 6LP, Wilts.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Site buildings and facilities
-
10 years
Locomotives
-
20 years
Equipment
-
20 years
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Company limited by guarantee
In the event of winding up members liability is limited to £1.
5. Tangible assets
Site buildings and facilities
Locomotives
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
30,325
8,884
9,582
48,791
Additions
2,677
3,019
5,696
Disposals
( 1,497)
( 1,497)
--------
--------
-------
--------
At 31 December 2023
33,002
10,406
9,582
52,990
--------
--------
-------
--------
Depreciation
At 1 March 2023
20,279
1,294
3,821
25,394
Charge for the period
1,812
520
331
2,663
Disposals
( 924)
( 924)
--------
--------
-------
--------
At 31 December 2023
22,091
890
4,152
27,133
--------
--------
-------
--------
Carrying amount
At 31 December 2023
10,911
9,516
5,430
25,857
--------
--------
-------
--------
At 28 February 2023
10,046
7,590
5,761
23,397
--------
--------
-------
--------