Company No:
Contents
| DIRECTORS | Mr L G Fouweather |
| Mr K E Howlett (Appointed 13 January 2025) | |
| Mr C L Kelland | |
| Mr D J Mulford |
| SECRETARY | Mr C L Kelland |
| REGISTERED OFFICE | 55 Portland Road |
| Summertown | |
| Oxford | |
| OX2 7EZ | |
| United Kingdom |
| COMPANY NUMBER | 03199916 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| 264 Banbury Road | |
| Oxford | |
| OX2 7DY | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 194,883 | 195,705 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 33,541 | 33,047 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 28,914 | 29,581 | ||
| Total assets less current liabilities | 223,797 | 225,286 | ||
| Provision for liabilities | (
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| Net assets |
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| Reserves | ||||
| Undistributable reserve |
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| Retained earnings |
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| Total reserves |
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Directors' responsibilities:
The financial statements of City of Oxford Society of Model Engineers Limited (registered number:
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Mr D J Mulford
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
City of Oxford Society of Model Engineers Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 55 Portland Road, Summertown, Oxford, OX2 7EZ, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
| Land and buildings |
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| Plant and machinery etc. |
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Track – Straight-line basis over 35 years
Rolling stock – Straight-line basis over 35 years
Equipment – Reducing balance basis at 20% per annum
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.
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 profit or loss.
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 Income Statement as described below.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery etc. | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 November 2023 |
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| Additions |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||
| At 01 November 2023 |
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| Charge for the financial year |
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| At 31 October 2024 |
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| Net book value | |||||
| At 31 October 2024 |
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| At 31 October 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| 2024 | 2023 | ||
| £ | £ | ||
| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2024 | 2023 | ||
| £ | £ | ||
| Accruals |
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| Taxation and social security |
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| Other creditors |
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The members of the City of Oxford Society of Model Engineers Limited have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.