The Model Railway Club Limited (Company Limited by Guarantee) |
Registered number: |
00274640 |
Balance Sheet |
as at 30 June 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
5 |
|
|
91,650 |
|
|
31,257 |
|
Current assets |
Stocks |
6 |
|
1,758 |
|
|
1,843 |
Debtors |
7 |
|
2,877 |
|
|
10,658 |
Cash at bank and in hand |
|
|
135,827 |
|
|
172,379 |
|
|
|
140,462 |
|
|
184,880 |
|
Creditors: amounts falling due within one year |
8 |
|
(16,885) |
|
|
(14,699) |
|
Net current assets |
|
|
|
123,577 |
|
|
170,181 |
|
Total assets less current liabilities |
|
|
|
215,227 |
|
|
201,438 |
|
Creditors: amounts falling due after more than one year |
9 |
|
|
(1,580) |
|
|
(1,815) |
|
|
Net assets |
|
|
|
213,647 |
|
|
199,623 |
|
|
|
|
|
|
|
|
Capital and reserves |
Revaluation reserve |
10 |
|
|
4,050 |
|
|
4,525 |
Profit and loss account |
|
|
|
209,597 |
|
|
195,098 |
|
Shareholders' funds |
|
|
|
213,647 |
|
|
199,623 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A Cox (Chair) G Paul (Treasurer) |
Director Director |
Approved by the board on 23 October 2024 |
|
The Model Railway Club Limited (Company Limited by Guarantee) |
Notes to the Accounts |
for the year ended 30 June 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain freehold land and buildings, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover consists of income arising from subscriptions, donations, bars, exhibitions, shop, events and other fund-raising activities. Subscriptions are credited to turnover in the year to which they relate, with those relating to subsequent accounting periods being carried forward as deferred income. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are stated at historical cost with the exception of Keen House which is stated at the open market value prevailing in 1971. Depreciation is provided to write off the cost less estimated residual value of all fixed assets (with the exception of freehold land) on a straight-line basis over the useful lives which are as follows: |
|
|
Freehold buildings |
25 years |
|
Computers |
3 years |
|
Equipment |
5 years |
|
Furniture |
5 years |
|
Fittings |
10 years |
|
|
Assets are only depreciated when they are brought into use. |
|
|
Stocks |
|
Stocks comprise bar stocks, tea bar stocks and club merchandise. Stocks are valued at the lower of cost and net realisable value. |
|
|
Cost of sales |
|
Cost of sales consists of the direct costs relating to bars, exhibitions, shop, events and other fund-raising activities. |
|
|
Publications |
|
The cost of publications and other items purchased for the library is written off to the profit and loss account in the accounting period in which the expenditure is incurred. |
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
3 |
Exceptional Item |
2024 |
|
2023 |
£ |
£ |
|
|
Legacy received |
10,000 |
|
40,520 |
|
|
|
|
|
|
|
10,000 |
|
40,520 |
|
|
|
|
|
|
|
|
|
|
4 |
Taxation |
2024 |
|
2023 |
£ |
£ |
|
|
UK Corporation Tax estimated |
3,000 |
|
2,500 |
|
Changes in estimates for prior year |
(2,281) |
|
(5,069) |
|
|
Total current tax charge / (credit) |
719 |
|
(2,569) |
|
|
|
|
|
|
|
|
|
|
There is a charge for corporation taxation arising on non-member trading activities, net property income and interest earned during the year. The specific income received from, and expenditure for, members is exempt from corporation tax. |
|
5 |
Tangible fixed assets |
|
|
Freehold land and buildings |
|
Computers and equipment |
|
Furniture, fixtures and fittings |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2023 |
42,040 |
|
12,160 |
|
46,788 |
|
100,988 |
|
Additions |
- |
|
8,949 |
|
67,924 |
|
76,873 |
|
At 30 June 2024 |
42,040 |
|
21,109 |
|
114,712 |
|
177,861 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2023 |
26,040 |
|
8,103 |
|
35,588 |
|
69,731 |
|
Charge for the year |
1,000 |
|
4,871 |
|
10,609 |
|
16,480 |
|
At 30 June 2024 |
27,040 |
|
12,974 |
|
46,197 |
|
86,211 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2024 |
15,000 |
|
8,135 |
|
68,515 |
|
91,650 |
|
At 30 June 2023 |
16,000 |
|
4,057 |
|
11,200 |
|
31,257 |
|
Keen House was revalued in 1971 to £32,000. The garage at Islington is included at cost of £10,040. |
|
|
6 |
Stocks |
2024 |
|
2023 |
£ |
£ |
|
|
Bar and tea bar stocks |
1,106 |
|
908 |
|
Merchandising stocks |
652 |
|
935 |
|
|
|
|
|
|
|
1,758 |
|
1,843 |
|
|
|
|
|
|
|
|
|
|
7 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
2,382 |
|
10,190 |
|
Other debtors and prepayments |
495 |
|
468 |
|
|
|
|
|
|
2,877 |
|
10,658 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
5,427 |
|
1,776 |
|
Taxation and social security costs |
3,000 |
|
2,500 |
|
Accruals and income in advance |
8,458 |
|
10,423 |
|
|
|
|
|
|
16,885 |
|
14,699 |
|
|
|
|
|
|
|
|
|
|
9 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Deferred income (life members) |
1,580 |
|
1,815 |
|
|
|
|
|
|
|
|
|
10 |
Revaluation reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 July 2023 |
4,525 |
|
5,000 |
|
Release from revaluation reserve |
(475) |
|
(475) |
|
|
At 30 June 2024 |
4,050 |
|
4,525 |
|
|
|
|
|
|
|
|
|
11 |
Profit and loss account (including reserved funds) |
|
|
Included within profit and loss account reserves as at 30th June 2023 were reserved funds originally collected for a stair lift of £8,618. This was from donations and legacies. |
|
The project as originally planned was not feasible to proceed so the donors were asked to give permission for the funds donated to be reallocated towards the refurbishment of the library which took place during the year to 30th June 2024. In total £7,768 was reallocated and £850 refunded to members who did not agree to the reallocation. |
|
At the year end there were no reserved funds (2023: £8,618) and therefore no contingent liability for repayment (2023: £6,968). |
|
12 |
Future commitments |
|
|
There were no future commitments at 30th June 2024 (2023: £nil). |
|
13 |
Contingent liabilities |
|
|
See note 11 above. |
|
14 |
Capital |
|
|
The Model Railway Club Limited is limited by guarantee and has no share capital. The company is registered in England with membership not exceeding 750. The liability of members is limited to 25p each in the event of a winding-up. |
|
|
15 |
Other information |
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|
The company's registered office is at: |
|
Keen House |
|
4 Calshot Street |
|
London |
|
N1 9DA |