REGISTERED NUMBER: 07976564 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

MODEL RAILWAYS DIRECT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Burley

J M Burley

REGISTERED OFFICE:

Retail Unit 2

Phoenix Way

Portishead

Bristol

BS20 7GP

REGISTERED NUMBER:

07976564 (England and Wales)

ACCOUNTANTS:

Gravita

Chartered Accountants

Kestrel Court

Harbour Road

Portishead

Bristol

BS20 7AN

FIXED ASSETS

Intangible assets

4

14,970

19,960

Tangible assets

5

6,275

11,582

21,245

31,542

CURRENT ASSETS

Stocks

245,479

421,532

Debtors

6

10,023

3,176

Cash at bank and in hand

104,974

48,195

360,476

472,903

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

(426,100

)

(475,474

)

NET CURRENT LIABILITIES

(65,624

)

(2,571

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(44,379

)

28,971

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(4,051

)

(11,647

)

PROVISIONS FOR LIABILITIES

(4,037

)

(5,993

)

NET (LIABILITIES)/ASSETS

(52,467

)

11,331

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(52,567

)

11,231

SHAREHOLDERS' FUNDS

(52,467

)

11,331

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

M A Burley - Director

1.	COMPANY INFORMATION

Model Railways Direct Ltd 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.The financial statements have been prepared on the historical cost convention.

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 £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information including annual budgets and future cash-flows in making their assessment.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Computer software

Computer software, being the cost of the development of the website, is being amortised on a 25% on reducing balance basis

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value. 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

40,000

47,313

87,313

AMORTISATION

At 1 April 2024

40,000

27,353

67,353

Charge for year

-

4,990

4,990

At 31 March 2025

40,000

32,343

72,343

NET BOOK VALUE

At 31 March 2025

-

14,970

14,970

At 31 March 2024

-

19,960

19,960

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

24,582

28,186

52,768

Additions

-

2,095

2,095

Disposals

(8,192

)

(22,677

)

(30,869

)

At 31 March 2025

16,390

7,604

23,994

DEPRECIATION

At 1 April 2024

18,866

22,320

41,186

Charge for year

1,113

979

2,092

Eliminated on disposal

(6,926

)

(18,633

)

(25,559

)

At 31 March 2025

13,053

4,666

17,719

NET BOOK VALUE

At 31 March 2025

3,337

2,938

6,275

At 31 March 2024

5,716

5,866

11,582

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,966

6

Tax Debtor

3,992

-

Prepayments and accrued income

2,065

3,170

10,023

3,176

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

7,033

6,437

Trade creditors

3,400

22,841

Tax

-

3,992

VAT

21,000

654

Other creditors

8,454

22,215

Directors' current accounts

382,392

416,194

Accruals and deferred income

3,821

3,141

426,100

475,474

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans 1-2 years

4,051

7,227

Bank loans - 2-5 years

-

4,420

4,051

11,647