The Vintage Motor Cycle Club Limited - Accounts to registrar (filleted) - small 22.3

THE VINTAGE MOTOR CYCLE CLUB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B P Southam

M F Costa-Sa

C N Harris

S G Allen

M T Marmoy

REGISTERED OFFICE:

Allen House

Wetmore Road

Burton On Trent

Staffordshire

DE14 1TR

REGISTERED NUMBER:

01570648 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hari Vasdev MEng FCA

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

385,950

398,709

Heritage assets

5

678,700

692,765

Investments

6

1

-

1,064,651

1,091,474

CURRENT ASSETS

Stocks

36,539

45,023

Debtors

7

132,499

27,940

Cash at bank and in hand

643,317

759,068

812,355

832,031

CREDITORS

Amounts falling due within one year

8

444,723

309,582

NET CURRENT ASSETS

367,632

522,449

TOTAL ASSETS LESS CURRENT LIABILITIES

1,432,283

1,613,923

RESERVES

Revaluation reserve

10

568,179

590,249

Income and expenditure account

864,104

1,023,674

1,432,283

1,613,923

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2023 and were signed on its behalf by:

C N Harris - Director

1.	STATUTORY INFORMATION

The Vintage Motor Cycle 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts derived from the provision of goods and services to members and other customers during the year, together with income from events and members' subscriptions which are recognised over the period to which it relates.

Tangible fixed assets

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

Buildings

-

2% on cost

Plant and machinery

-

at variable rates on reducing balance

Vehicles

-

25% on reducing balance

Land is not depreciated.

Investments

Investments in subsidiary undertaking s are recognised at cost.

Stocks

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

Cost represents the invoiced cost of materials on a first in first out basis.

Stock is written off 100% for items not sold in a year and 50% for items not sold in 6 months.

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.

Heritage assets

Bikes, trophies and the library held by the club are shown as heritage assets as they are considered to have historic and technological qualities and are held and maintained primarily for their contribution to knowledge and culture.

Items included in heritage assets are valued under the revaluation model.

Items held within heritage assets are subject to ongoing maintenance and are generally used by members.

Deferred income

Deferred income represents income collected but not earned as at the balance sheet date. This is primarily composed of income from members' subscriptions which are credited to the profit and loss account over the period to which it relates.

Going concern

During the year ended 30 September 2022 the club incurred a net deficit of £159,570 (2021: £130,184).There are number of contributing factors that have impacted the figures for the year including the

large losses made from Festival of 1000s bikes and Cadwell event, journal costs increasing, losses made from raffle and a significant decrease in retail.

The club forecasts have shown that the club is going to address the loss making areas by eliminating the raffle and some of the events that have made a large deficit in the past. The club is also looking to increase membership prices in hope to significantly decrease the loss in the next financial year and plan to make a small profit in the year-end to September 2024.

As at the balance sheet date the club has substantial un-restricted cash reserves of £643,317 (2021: £759,068 which supports managements assessment that the club has adequate resources to continue in operational existence for at least 12 months from the date of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land

Buildings

machinery

Vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2021

181,847

279,779

79,364

-

540,990

Additions

-

-

614

1,600

2,214

Revaluations

(34,124

)

30,287

-

-

(3,837

)

At 30 September 2022

147,723

310,066

79,978

1,600

539,367

DEPRECIATION

At 1 October 2021

-

77,193

65,088

-

142,281

Charge for year

-

5,596

5,440

100

11,136

At 30 September 2022

-

82,789

70,528

100

153,417

NET BOOK VALUE

At 30 September 2022

147,723

227,277

9,450

1,500

385,950

At 30 September 2021

181,847

202,586

14,276

-

398,709

Included in cost or valuation of land and buildings is freehold land of £ 147,723 (2021 - £ 181,847 ) which is not depreciated.

Cost or valuation at 30 September 2022 is represented by:

Plant and

Land

Buildings

machinery

Vehicles

Totals

£

£

£

£

£

Valuation in 2016

46,667

95,082

-

-

141,749

Valuation in 2020

39,372

-

-

-

39,372

Valuation in 2022

(34,124

)

30,287

-

-

(3,837

)

Cost

95,808

184,697

79,978

1,600

362,083

147,723

310,066

79,978

1,600

539,367

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

435,866

435,866

Freehold land and buildings were valued on a fair value basis on 11 November 2022 by Chartered Surveyors, Salloway Property Co .

5.	HERITAGE ASSETS

Club

Library &

bikes

trophies

Totals

£

£

£

COST OR VALUATION

At 1 October 2021

269,300

423,465

692,765

Additions

4,080

88

4,168

Revaluations

99,020

(117,253

)

(18,233

)

At 30 September 2022

372,400

306,300

678,700

NET BOOK VALUE

At 30 September 2022

372,400

306,300

678,700

At 30 September 2021

269,300

423,465

692,765

Cost or valuation at 30 September 2022 is represented by:

Club

Library &

bikes

trophies

Totals

£

£

£

Valuation in 2015

220,830

-

220,830

Valuation in 2017

-

352,148

352,148

Valuation in 2020

1,670

-

1,670

Valuation in 2021

19,300

-

19,300

Valuation in 2022

99,020

(117,252

)

(18,232

)

Cost

31,580

71,404

102,984

372,400

306,300

678,700

If the club owed bikes had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

32,429

28,349

The club owned bikes were revalued on a fair value basis on 24th November 2022 by Bonhams 1793 Limited. This was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams.

If the library and trophies had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

71,405

71,318

The library and trophies were valued on a fair value basis on 15th December 2022 by Bonhams 1793 Limited. This was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams.

6.	INVESTMENTS

Total

£

FAIR VALUE

Additions

1

At 30 September 2022

1

NET BOOK VALUE

At 30 September 2022

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

115,216

10,819

Other debtors

17,283

17,121

132,499

27,940

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

156

-

Trade creditors

120,174

27,880

Taxation and social security

29,108

19,327

Other creditors

295,285

262,375

444,723

309,582

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

9,136

9,136

Between one and five years

4,568

13,704

13,704

22,840

10.

RESERVES

Revaluation

reserve

£

At 1 October 2021

590,249

Revaluation

(22,070

)

At 30 September 2022

568,179

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)

for and on behalf of Sibbalds Limited

12.	RELATED PARTY DISCLOSURES

During the year, the directors of the company carried out their duties for no remuneration as unpaid volunteers.

During the year ended 30 September 2022, a related company of one of the directors provided consultancy services which have been accrued in the financial statements for £23,750 (2021: £17,500) as well as providing services on a pro bono basis. Other small payments for services totalling £249 were made to this related company in the financial year.

A relative of one of the directors provided services relating to the stock handling and packaging of Club Specialist Lubricant products, these services totalled £210 for the financial year (2021: £nil)

During the year the clubs articles of association, handbooks and byelaws were rewritten by a qualified member on a pro bono basis.

13.	LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. Each member, while he/she is a member, or within one year after he/she ceases to be a member, is obliged to contribute up to a maximum of £1 towards the club's general debts on it being wound up.