Company Registration No. 03199916 (England and Wales)
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
255,137
236,813
Current assets
Stocks
774
770
Debtors
3
640
-
Cash at bank and in hand
17,340
26,665
18,754
27,435
Creditors: amounts falling due within one year
4
(3,304)
(3,397)
Net current assets
15,450
24,038
Total assets less current liabilities
270,587
260,851
Reserves
Revaluation reserve
6
106,097
106,097
Profit and loss reserves
164,490
154,754
Members' funds
270,587
260,851
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 February 2020 and are signed on its behalf by:
Mr L Fouweather
Director
Company Registration No. 03199916
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
City of Oxford Society of Model Engineers Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
White House Cottage, Wick Green, Denchworth Road, Grove, Oxon, OX12 0AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings and structures
4% straight line
Equipment
20% reducing balance
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 surplus or deficit
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Prior impairments are also reviewed for possible reversal at each reporting date.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 3 -
Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Rolling Stock
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2018
130,921
62,182
52,274
13,257
258,634
Additions
13,030
5,098
-
6,815
24,943
At 31 October 2019
143,951
67,280
52,274
20,072
283,577
Depreciation and impairment
At 1 November 2018
12,654
-
-
9,167
21,821
Depreciation charged in the year
5,758
-
-
861
6,619
At 31 October 2019
18,412
-
-
10,028
28,440
Carrying amount
At 31 October 2019
125,539
67,280
52,274
10,044
255,137
At 31 October 2018
118,267
62,182
52,274
4,090
236,813
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
640
-
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
219
143
Corporation tax
1,043
1,136
Other creditors
2,042
2,118
3,304
3,397
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
CITY OF OXFORD SOCIETY OF MODEL ENGINEERS LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
6
Revaluation reserve
2019
2018
£
£
At the beginning and end of the year
106,097
106,097