Lagonda Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02166365 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

LAGONDA CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Sword

A Davey

B J Green

J C Bugler

C Hobbs

P W Gilkes

R P M Reay-Smith

R M Seabrook

T T Parker

N G C Smeal

R Jenkins

L J Cozzolino

REGISTERED OFFICE:

Johnson’s Farm

Carlton

Saxmundham

Suffolk

IP17 2QW

REGISTERED NUMBER:

02166365 (England and Wales)

ACCOUNTANT:

Mani Chacko & Co. Ltd.

Chartered Certified Accountant

3 Ballards Rise

South Croydon

Surrey

CR2 7JT

FIXED ASSETS

Tangible assets

3

20,813

16,990

CURRENT ASSETS

Stocks

4

443,409

350,698

Debtors

5

3,401

4,608

Prepayments and accrued income

8,848

7,732

Cash at bank and in hand

41,195

87,457

496,853

450,495

CREDITORS

Amounts falling due within one year

6

61,588

69,616

NET CURRENT ASSETS

435,265

380,879

TOTAL ASSETS LESS CURRENT LIABILITIES

456,078

397,869

CREDITORS

Amounts falling due after more than one year

7

51,137

-

NET ASSETS

404,941

397,869

RESERVES

Revaluation reserve

4,327

4,327

Income and expenditure account

400,614

393,542

MEMBERS' FUNDS

404,941

397,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 surplus or deficit 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 July 2019 and were signed on its behalf by:

J D Sword - Director

B J Green - Director

1.	STATUTORY INFORMATION

Lagonda Club Limited is a private company, limited by guarantee , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. 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

All tangible fixed assets are shown at cost with the exception of trophies and awards which are stated at

valuation and are not depreciated.

Depreciation on other fixed assets is provided on the following basis in order to write off each asset over its

estimated useful life.

Patterns & drawings is depreciated on a 'units of production' basis. Accordingly the depreciation is charged

based on the actual usage of the assets. Periodic assessments of their value based on the total life and usage

to date is made and any necessary adjustments to the net book value is made annually.

Plant and machinery etc. - 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

The company is a members' club which is involved in mutual trading. Hence it is not liable to tax on any

profits arising from their mutual trading.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period

of the lease.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

58,432

Additions

5,880

Disposals

(16,495

)

At 31 March 2019

47,817

DEPRECIATION

At 1 April 2018

41,442

Charge for year

2,057

Eliminated on disposal

(16,495

)

At 31 March 2019

27,004

NET BOOK VALUE

At 31 March 2019

20,813

At 31 March 2018

16,990

Plant and machinery includes trophies and awards which are stated at valuation and are not depreciated and

patterns and drawings which are depreciated on a 'unit of production' basis and charged according to actual

usage of the assets.

4.

STOCKS

31.3.19

31.3.18

£

£

Regalia and literature

9,986

10,040

Spares - new

349,936

318,881

Spares - second hand

83,487

21,777

443,409

350,698

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

2,423

4,608

Other debtors

978

-

3,401

4,608

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

19,244

21,538

Taxation and social security

-

2,085

Other creditors

42,344

45,993

61,588

69,616

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other creditors

51,137

-

Other creditors consists of unsecured loan notes with interest at 4% per annum, issued to members

(including £15,000 to directors) and interest payable on redemption. The loan notes are repayable in 3

years or earlier, as the club may determine.

8.	COMPANY LIMITED BY GUARANTEE

The club is a company limited by guarantee and does not have a share capital. In accordance with the

Memorandum of Association, "every member of the club undertakes to contribute to the assets of the club

in the event of the club being wound up during the time he is a member or within one year afterwards for

payment of the debts and liabilities of the club contracted before the time at which he ceases to be a

member, and of the cost, charges and expenses of winding up of the same and for the adjustments of the

rights of the contributions amongst themselves, a sum not exceeding £5".