REGISTERED NUMBER: 04497321 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2025

for

Kernow Model Rail Centre Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Trerise

Mrs C S Trerise

SECRETARY:

Mrs C S Trerise

REGISTERED OFFICE:

98A Trelowarren Street

CAMBORNE

Cornwall

TR14 8AN

REGISTERED NUMBER:

04497321 (England and Wales)

ACCOUNTANTS:

Colin Truscott Accountancy Limited

9 Heron Close

Tresillian

Cornwall

TR2 4BH

FIXED ASSETS

Tangible assets

5

57,445

37,705

CURRENT ASSETS

Stocks

1,564,534

2,002,090

Debtors

6

148,571

582,027

Cash at bank and in hand

43,544

7,585

1,756,649

2,591,702

CREDITORS

Amounts falling due within one year

7

805,497

1,657,751

NET CURRENT ASSETS

951,152

933,951

TOTAL ASSETS LESS CURRENT LIABILITIES

1,008,597

971,656

CREDITORS

Amounts falling due after more than one year

8

(15,256

)

-

PROVISIONS FOR LIABILITIES

(7,204

)

(4,544

)

NET ASSETS

986,137

967,112

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

986,037

967,012

SHAREHOLDERS' FUNDS

986,137

967,112

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 23 April 2026 and were signed on its behalf by:

C Trerise - Director

1.	STATUTORY INFORMATION

Kernow Model Rail Centre 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

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

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

25% on reducing balance

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2024 - 24 ) .

5.	TANGIBLE FIXED ASSETS

Tooling

Imprvmts

for

to

limited

Fixtures

leasehold

edition

and

property

models

fittings

£

£

£

COST

At 1 August 2024

19,531

842,970

50,159

Additions

-

-

4,791

At 31 July 2025

19,531

842,970

54,950

DEPRECIATION

At 1 August 2024

-

842,970

35,508

Charge for year

-

-

2,916

At 31 July 2025

-

842,970

38,424

NET BOOK VALUE

At 31 July 2025

19,531

-

16,526

At 31 July 2024

19,531

-

14,651

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2024

-

33,482

946,142

Additions

24,995

-

29,786

At 31 July 2025

24,995

33,482

975,928

DEPRECIATION

At 1 August 2024

-

29,959

908,437

Charge for year

6,249

881

10,046

At 31 July 2025

6,249

30,840

918,483

NET BOOK VALUE

At 31 July 2025

18,746

2,642

57,445

At 31 July 2024

-

3,523

37,705

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

118,614

481,427

Accrued income

-

74,460

Prepayments

29,957

26,140

148,571

582,027

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

3,741

Finance leases

3,028

-

Trade creditors

538,621

1,325,466

Corporation tax

456

23,504

VAT

85,269

107,635

Other creditors

623

-

Directors' current accounts

92,854

109,914

Deferred income

79,115

82,989

Accrued expenses

5,531

4,502

805,497

1,657,751

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Finance leases

15,256

-

9.	RELATED PARTY DISCLOSURES

During the year rent costs of £15,600 (2024: £15,600) were paid to Mr C and Mrs C S Trerise, directors, for a property owned privately by them.

Included in other creditors is £96,774 (2024: £109,914) due to Mr C and Mrs C S Trerise, directors.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Christopher Trerise & Mrs Catherine Trerise.