Company registration number:
11718121
N Gauge Society Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2019
N Gauge Society Limited
Company limited by guarantee
Statement of financial position
31 December 2019
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31/12/19
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Note
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£
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£
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Fixed assets
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Intangible assets
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5
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1,700
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Tangible assets
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6
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69,576
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_______
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71,276
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Current assets
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Stocks
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283,265
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Debtors
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4,444
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Cash at bank and in hand
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47,160
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_______
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334,869
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Creditors: amounts falling due
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within one year
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(
163,772)
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_______
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Net current assets
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171,097
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_______
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Total assets less current liabilities
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242,373
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_______
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Net assets
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242,373
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_______
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Capital and reserves
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Profit and loss account
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242,373
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_______
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Members funds
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242,373
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_______
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For the period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 May 2020
, and are signed on behalf of the board by:
Mr R A Symmons
Director
Company registration number:
11718121
N Gauge Society Limited
Company limited by guarantee
Notes to the financial statements
Period ended 31 December 2019
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 1 Rous Road, Newmarket, Suffolk, CB8 8DH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Income
Income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Subscriptions are recognised on receipt and attributed to the financial years to which they relate. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The company is treated for corporation tax purposes as being mutually trading and is not liable to U.K. corporation tax on its trading profits.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
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7 years straight line
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Display stand
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-
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Either 3 or 5 years straight line
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Tools, fixtures and fittings
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-
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Either 3 or 5 years straight line
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Computer equipment
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3 years straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4.
Limited by guarantee
The company is a company limited by guarantee and has no share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
5.
Intangible assets
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Goodwill
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Total
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£
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£
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Cost (introduced from N Gauge Society)
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At 1 January 2019 and 31 December 2019
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6,000
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6,000
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Amortisation
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At 1 January 2019 (introduced from N Gauge Society)
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3,440
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3,440
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Charge for the period
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860
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860
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_______
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At 31 December 2019
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4,300
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4,300
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_______
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Carrying amount
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At 31 December 2019
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1,700
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1,700
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_______
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_______
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