Company Registration No. 03199916 (England and Wales)
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
195,705
202,177
Current assets
Stocks
3,353
2,527
Debtors
5
1,340
1,275
Cash at bank and in hand
28,354
22,237
33,047
26,039
Creditors: amounts falling due within one year
6
(3,466)
(2,554)
Net current assets
29,581
23,485
Total assets less current liabilities
225,286
225,662
Provisions for liabilities
(23,867)
(23,637)
Net assets
201,419
202,025
Reserves
Non-distributable profits reserve
8
83,012
79,968
Income and expenditure account
118,407
122,057
Members' funds
201,419
202,025
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
For the financial year ended 31 October 2023 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr D J Mulford
Director
Company registration number 03199916 (England and Wales)
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
City of Oxford Society of Model Engineers Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 55 Portland Road, Oxford, Oxfordshire, OX2 7EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings and structures
4% straight line
Track
35 years straight line
Rolling stock
35 years straight line
Equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Prior impairments are also reviewed for possible reversal at each reporting date.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.10
Following a detailed review of fixed assets and the depreciation policies, the directors have accounted for prior year adjustments. Details of these adjustments can be seen in Note 9 of these financial statements.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Track as restated
Rolling stock as restated
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
145,290
69,015
52,274
20,072
286,651
Additions
3,220
646
3,866
At 31 October 2023
145,290
72,235
52,920
20,072
290,517
Depreciation and impairment
At 1 November 2022
35,845
19,000
14,699
14,930
84,474
Depreciation charged in the year
5,811
1,998
1,500
1,029
10,338
At 31 October 2023
41,656
20,998
16,199
15,959
94,812
Carrying amount
At 31 October 2023
103,634
51,237
36,721
4,113
195,705
At 31 October 2022
109,445
50,015
37,575
5,142
202,177
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,340
1,275
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,416
604
Other creditors
2,050
1,950
3,466
2,554
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
79,968
87,627
Non distributable profits in the year
3,044
(7,659)
At the end of the year
83,012
79,968
9
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Nov 2021
Adjustment at 31 Oct 2022
As restated at 31 Oct 2022
£
£
£
£
Fixed assets
Tangible assets
235,876
(30,236)
(3,463)
202,177
Capital and reserves
Profit and loss reserves
235,724
(30,236)
(3,463)
202,025
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 October 2022
£
£
£
Administrative expenses
(39,237)
(3,463)
(42,700)
Profit for the financial period
3,700
(3,463)
237
Reconciliation of changes in equity
1 November
31 October
2021
2022
Notes
£
£
Adjustments to prior year
Tangible assets
1
(30,236)
(33,699)
Equity as previously reported
232,024
235,724
Equity as adjusted
201,788
202,025
Analysis of the effect upon equity
Profit and loss reserves
(30,236)
(33,699)
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in surplus for the previous financial period
2022
Notes
£
Adjustments to prior year
Tangible assets
1
(3,463)
Surplus as previously reported
3,700
Surplus as adjusted
237
Notes to reconciliation
Following a review of the depreciation policies for both track and rolling stock, the directors noted that the assets should be depreciated over their useful economic life of 35 years. Previously the assets had not been depreciated. A prior year adjustment has been processed to restate tangible assets and reserves accordingly.
2023-10-312022-11-01false01 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr D J MulfordMr L FouweatherMr C L KellandMr G Toplisfalsefalse031999162022-11-012023-10-31031999162023-10-31031999162022-10-3103199916core:LandBuildings2023-10-3103199916core:OtherPropertyPlantEquipment2023-10-3103199916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-10-3103199916core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-10-3103199916core:LandBuildings2022-10-3103199916core:OtherPropertyPlantEquipment2022-10-3103199916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-10-3103199916core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-10-3103199916core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3103199916core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3103199916core:CurrentFinancialInstruments2023-10-3103199916core:CurrentFinancialInstruments2022-10-3103199916core:FurtherSpecificReserve1ComponentTotalEquity2023-10-3103199916core:FurtherSpecificReserve1ComponentTotalEquity2022-10-3103199916core:RetainedEarningsAccumulatedLosses2023-10-3103199916core:RetainedEarningsAccumulatedLosses2022-10-3103199916bus:Director12022-11-012023-10-3103199916core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3103199916core:PlantMachinery2022-11-012023-10-3103199916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-11-012023-10-3103199916core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-11-012023-10-31031999162021-11-012022-10-3103199916core:LandBuildings2022-10-3103199916core:OtherPropertyPlantEquipment2022-10-3103199916core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-10-3103199916core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-10-31031999162022-10-3103199916core:LandBuildings2022-11-012023-10-3103199916core:OtherPropertyPlantEquipment2022-11-012023-10-3103199916core:WithinOneYear2023-10-3103199916core:WithinOneYear2022-10-3103199916core:ContinuingOperations2021-11-012022-10-3103199916bus:CompanyLimitedByGuarantee2022-11-012023-10-3103199916bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3103199916bus:FRS1022022-11-012023-10-3103199916bus:AuditExemptWithAccountantsReport2022-11-012023-10-3103199916bus:Director22022-11-012023-10-3103199916bus:Director32022-11-012023-10-3103199916bus:CompanySecretary12022-11-012023-10-3103199916bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP