Registered number
00274640
The Model Railway Club Limited (Company Limited by Guarantee)
Filleted Accounts
30 June 2024
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
The company's registered office is at:
Keen House
4 Calshot Street
London
N1 9DA
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