Classic Racing Motor Cycle Club Limited |
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Directors Report |
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for the Period Ended 31 October 2018 |
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The directors present their report with the financial statements of the company for the |
period ended 31 October 2018 |
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Principal activities |
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The principal activity of the company in the period under review was |
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the preservation and use of post-war racing and sporting nachines. |
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Directors |
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The director(s) shown below have held office during the whole of the period |
Anthony Dale Finch |
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Mark Stephen George |
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John Davidson |
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Small Company Provisions |
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These accounts have been prepared in accordance with the provisions applicable to |
companies subject to the small companies regime. |
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This report was approved by the board of directors on |
2018-11-09 |
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and signed on behalf of the board by |
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Name |
Anthony Dale Finch |
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Status |
Director |
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Page 4 |
Classic Racing Motor Cycle Club Limited |
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Profit and Loss Account |
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for the Period Ended 31 October 2018 |
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2018 |
2017 |
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Notes |
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£ |
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Turnover |
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2 |
584,116 |
657,085 |
Cost of sales |
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21,735 |
21,240 |
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Gross Profit/(Loss) |
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562,381 |
635,845 |
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Distribution costs |
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13,092 |
15,803 |
Administrative expenses |
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571,607 |
602,128 |
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Operating costs |
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584,699 |
617,931 |
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Operating Profit/(Loss) |
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3 |
(22,318) |
17,914 |
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Interest receivable and similar |
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464 |
147 |
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Net Finance income/(Loss) |
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464 |
147 |
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Profit/(Loss) on ordinary activities before taxation |
(21,854) |
18,061 |
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Tax on profit on ordinary activities |
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4 |
88 |
29 |
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Profit/(Loss) for the financial period after taxation |
(21,942) |
18,032 |
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There were no recognised gains or losses other than the profit/(loss) shown attributable to the |
shareholders for the period ended 31 October 2018 |
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The notes form part of these financial statements |
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Page 5 |
Classic Racing Motor Cycle Club Limited |
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Balance Sheet |
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for the Period Ended 31 October 2018 |
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The option not to file the profit and loss account has been taken. |
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For the year ending 31 October 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
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The members have agreed to the preparation of abridged accounts. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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The financial statements were approved by the Board of Directors on |
2018-11-09 |
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SIGNED ON BEHALF OF THE BOARD BY |
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Name |
Anthony Dale Finch |
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Status |
Director |
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The notes form part of these financial statements |
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Page 7 |
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Classic Racing Motor Cycle Club Limited |
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Notes to the Financial Statements |
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for the Period Ended 31 October 2018 |
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1. Accounting policies |
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Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with the small companies regime. |
Going Concern |
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The company has a deficit on shareholders' funds and relies upon the support of its shareholders and creditors,which has been confirmed for a period of at least twelve months from the approval of the financial statements.Accordingly the directors have prepared the financial statements on the going concern basis. |
Turnover |
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The turnover shown in the profit and loss account represents revenue earned during the period, exclusive of VAT.Long-term and ongoing contracts turnover represents the value of work done including estimates of amounts not yet invoiced and is recognised by reference to the stage of completion. |
Tangible fixed assets Depreciation |
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Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery |
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25% Straight Line |
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Page 8 |
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Classic Racing Motor Cycle Club Limited |
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Notes to the Financial Statements |
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for the Period Ended 31 October 2018 |
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2. Turnover |
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2018 |
2017 |
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£ |
£ |
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United Kingdom |
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584,116 |
657,085 |
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Total |
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584,116 |
657,085 |
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3. Operating profit/(loss) |
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2018 |
2017 |
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Profit before tax as stated after charging the following |
£ |
£ |
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4. Taxation |
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The tax charge on the profit on ordinary activities |
2018 |
2017 |
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for the period was as follows |
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£ |
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UK Corporation Tax net of reliefs |
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88 |
29 |
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Tax on profit on ordinary activities |
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88 |
29 |
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Page 9 |
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