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REGISTERED NUMBER: 01495470 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Narogauge Limited

Narogauge Limited (Registered number: 01495470)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Narogauge Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr J A W Haylock
Mr T M J Woron





SECRETARY: Miss L Flay





REGISTERED OFFICE: Moors Valley Country Park
Horton Road
Ashley Heath
Hampshire
BH24 2ET





REGISTERED NUMBER: 01495470 (England and Wales)





ACCOUNTANTS: Ward Goodman
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Narogauge Limited (Registered number: 01495470)

Abridged Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 522
Tangible assets 5 189,338 192,558
189,338 193,080

CURRENT ASSETS
Stocks 27,000 32,000
Debtors 48,776 12,627
Prepayments and accrued income 12,142 14,395
Cash at bank and in hand 458,979 467,458
546,897 526,480
CREDITORS
Amounts falling due within one year 68,481 91,469
NET CURRENT ASSETS 478,416 435,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

667,754

628,091

CREDITORS
Amounts falling due after more than one year (12,500 ) (22,500 )

PROVISIONS FOR LIABILITIES (36,589 ) (42,292 )

ACCRUALS AND DEFERRED INCOME (3,296 ) (2,267 )
NET ASSETS 615,369 561,032

Narogauge Limited (Registered number: 01495470)

Abridged Statement of Financial Position - continued
31 March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 615,269 560,932
SHAREHOLDERS' FUNDS 615,369 561,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 October 2024 and were signed on its behalf by:





Mr T M J Woron - Director


Narogauge Limited (Registered number: 01495470)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Narogauge Limited 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 40.00% on reducing balance

Government grants
Grant income is recognised in the profit and loss account for the initial twelve month interest free period of the Bounce Back Loan with an equal and corresponding finance charge recognised in expenses in the profit and loss account.

A similar treatment will apply for any further interest free periods taken up by the company during the
term of the loan. The annual rate of interest on the Bounce Back Loan is calculated according to the chancellor's pledge to fix this at 2.5%. The loan will be subsequently recorded at amortised cost using the annual rate of interest of 2.5%. This has been adopted on the basis the loan is considered a commercial business loan and therefore 2.5% annual interest is effectively the market rate of interest.

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


Narogauge Limited (Registered number: 01495470)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 29 ) .

Narogauge Limited (Registered number: 01495470)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 6,875
AMORTISATION
At 1 April 2023 6,353
Amortisation for year 522
At 31 March 2024 6,875
NET BOOK VALUE

At 31 March 2024 -
At 31 March 2023 522

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 493,168
Additions 29,062
At 31 March 2024 522,230
DEPRECIATION
At 1 April 2023 300,610
Charge for year 32,282
At 31 March 2024 332,892
NET BOOK VALUE
At 31 March 2024 189,338
At 31 March 2023 192,558

6. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Narogauge Limited (Registered number: 01495470)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,500 12,500

7. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,125 (2023 - £1,159) were due to the fund.

8. OTHER FINANCIAL COMMITMENTS

At 31 March 2024, the company had commitments in respect of credit card liabilities totalling £6,488 (2023 - £4,388) and net wages obligations totalling £nil (2023 - 61).

The company also had an outstanding loan of £22,500 (2023 - £32,500) taken out under the government bounce back loan scheme.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr T M J Woron
Balance outstanding at start of year - -
Amounts advanced 24,830 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,830 -

Loans to directors are unsecured and repayable on demand. Interest was charged on the loan at a rate of 2.25% per annum and this totalled £302 (2023 - nil) during the financial year.