Vintage Motor Cycle Club Limited(The) - Accounts to registrar (filleted) - small 17.3

VINTAGE MOTOR CYCLE CLUB LIMITED(THE)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D B Sellars

B P Southam

J F Donaldson

R P Reaney

J J Lee

REGISTERED OFFICE:

Allen House

Wetmore Road

Burton On Trent

Staffordshire

DE14 1TR

REGISTERED NUMBER:

01570648 (England and Wales)

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Intangible assets

4

4,909

7,263

Tangible assets

5

1,043,714

588,214

1,048,623

595,477

CURRENT ASSETS

Stocks

6

82,607

93,283

Debtors

7

35,861

48,926

Cash at bank and in hand

1,013,219

698,851

1,131,687

841,060

CREDITORS

Amounts falling due within one year

8

309,805

316,512

NET CURRENT ASSETS

821,882

524,548

TOTAL ASSETS LESS CURRENT LIABILITIES

1,870,505

1,120,025

RESERVES

Revaluation reserve

10

529,907

177,759

Scarborough

10

14,993

12,848

Income and expenditure account

10

1,325,605

929,418

1,870,505

1,120,025

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 14 December 2017 and were signed on its behalf by:

R P Reaney - 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 can be found on the Company Information page.

The principal activity of the company is that of a sports club for motor cycle enthusiasts.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and

the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the

modifications to a fair value basis for the revaluation of certain assets.

The financial statements are presented in Sterling (£).

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The

items in the financial statements where these judgements and estimate have been made are included in the

accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Intangible assets

Intangible assets are valued at cost less accumulated amortisation. Capitalised software costs are amortised on a

straight-line basis over the estimated useful life of the asset, which is 3-5 years.

Tangible fixed assets

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

Land

-No depreciation is charged on land

Buildings

-2% on cost

Short leasehold

-Over the term of the lease- 8 years

Plant and machinery

-33% reducing balance, 25% reducing balance, 20% reducing balance, 15% reducing balance, 10% reducing balance

Library & Trophies

--Nil- considered fair value

Club bikes

-Nil- considered fair value

Vehicles

-25% reducing balance

In accordance with FRS 102, bikes, library & trophies and properties are revalued and the surplus or deficit are

recognised in other comprehensive income and accumulated in equity. Valuing bikes, library & trophies and

properties is a significant task and there are subjectives involved in the process. Where possible the company obtains

external valuations in order that the net book values are correctly reflected in the financial statements.

Stocks

Stock are valued at the lower of cost and net realisable value. Cost is determined on a "first in, first out" basis.

Due of the nature of the company, which exists to provide a service to members rather than to maximise profit and

turnover, stock may be held for several years. It is also often bought in bulk in order to achieve the optimum size and

price for an order.

As a result, the average period for which stock may be held before being sold is about five years. Provisions for slow

moving stock are made before this period has expired.

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.

Deferred income

Deferred income represents revenue collected but not earned as at 30 September. This is primarily composed of

revenue for membership subscriptions. When it is earned it is credited to the profit and loss account.

Accrued income

Accrued income mainly represents interest receivable and insurance commission and raffle takings relating to

expenditure incurred in the current financial year but invoiced for receipt in future periods.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. The company,

therefore continues to adopt the going concern policy in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 October 2016

11,367

Additions

94

At 30 September 2017

11,461

AMORTISATION

At 1 October 2016

4,104

Amortisation for year

2,448

At 30 September 2017

6,552

NET BOOK VALUE

At 30 September 2017

4,909

At 30 September 2016

7,263

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Land

Buildings

leasehold

machinery

£

£

£

£

COST OR VALUATION

At 1 October 2016

95,808

183,584

88,192

110,217

Additions

46,667

95,083

-

3,051

Impairments

-

-

(88,192

)

-

At 30 September 2017

142,475

278,667

-

113,268

DEPRECIATION

At 1 October 2016

-

49,392

49,610

83,373

Charge for year

-

5,575

5,510

5,121

Eliminated on disposal

-

-

-

-

Impairments

-

-

(55,120

)

-

At 30 September 2017

-

54,967

-

88,494

NET BOOK VALUE

At 30 September 2017

142,475

223,700

-

24,774

At 30 September 2016

95,808

134,192

38,582

26,844

Library &

Club

trophies

bikes

Vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2016

70,227

220,830

11,296

780,154

Additions

20

-

12,720

157,541

Disposals

-

-

(11,296

)

(11,296

)

Revaluations

352,148

-

-

352,148

Impairments

-

-

-

(88,192

)

At 30 September 2017

422,395

220,830

12,720

1,190,355

DEPRECIATION

At 1 October 2016

-

-

9,565

191,940

Charge for year

-

-

3,180

19,386

Eliminated on disposal

-

-

(9,565

)

(9,565

)

Impairments

-

-

-

(55,120

)

At 30 September 2017

-

-

3,180

146,641

NET BOOK VALUE

At 30 September 2017

422,395

220,830

9,540

1,043,714

At 30 September 2016

70,227

220,830

1,731

588,214

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

30.09.2017

30.09.2016

£

£

Cost

28,349

28,349

The club owned bikes were valued on a fair value basis on 3 November 2015 by James Stensel of Bonhams 1793

Limited.

If the freehold land and building had not been revalued, it would have been included at the following historical cost:

30.09.2017

30.09.2016

£

£

435,866

294,116

The freehold land and building was valued on a fair value basis on 09 November 2016 by chartered surveyors

Salloway Property Consultants.

6.

STOCKS

2017

2016

£

£

Stocks

82,607

93,283

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,528

3,355

Accrued income

5,934

7,278

Prepayments

27,399

38,293

35,861

48,926

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

50,497

22,900

Tax

199

777

Social security and other taxes

-

4,723

VAT

18,535

1,275

Deferred income

201,646

214,294

Other creditors

13,677

11,726

Accrued expenses

25,251

60,817

309,805

316,512

9.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

2,808

-

Between one and five years

-

6,830

In more than five years

-

40,833

2,808

47,663

10.

RESERVES

Income

and

expenditure

Revaluation

account

reserve

Scarborough

Totals

£

£

£

£

At 1 October 2016

929,418

177,759

12,848

1,120,025

Surplus for the year

398,332

398,332

Revaluation

-

352,148

-

352,148

Transfer between funds

(2,145

)

-

2,145

-

At 30 September 2017

1,325,605

529,907

14,993

1,870,505

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

The Report of the Auditors was unqualified.

Hari Om Vasdev (Senior Statutory Auditor)

for and on behalf of Sibbalds Limited

12.	LIMITED BY GUARANTEE

The Vintage Motor Cycle Club Limited is a company limited by guarantee and accordingly does not have a share

capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the

assets of the company in the event of its being wound up while he or she is a member, or within one year after he or

she ceases to be a member.