FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Aston Martin Owners Club Limited
(A company limited by guarantee)
for the Period from 1 October 2021 to 31 March 2023
Aston Martin Owners Club Limited
Contents
Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Aston Martin Owners Club Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Aston Martin Owners Club Limited
(Registration number: 00497630)
Balance Sheet as at 31 March 2023
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2023 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Reserves |
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Retained earnings |
1,110,222 |
1,235,465 |
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Surplus |
1,110,222 |
1,235,465 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income and Expenditure Account.
Approved and authorised by the
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Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
General information |
Aston Martin Owners Club Limited is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. The liability remains in place for up to one year after cessation of membership.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis as the Directors believe that no material uncertainties exist. The Directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
Audit report
Revenue recognition
Turnover is stated net of applicable VAT and is attributable to:
• Income from membership fees, (excluding the 23% portion attributable to the Aston Martin Heritage Trust). Membership fee income is deferred over the period of the membership.
• Income from activities and sales from the Club shop which is recognised as goods sold to members.
• Commission income recognised on an accruals basis.
• Donations which are included in the income and expenditure account in the year of receipt.
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current tax. Tax is recognised in income or expenditure, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. As the club is considered a mutual trader for tax purposes, corporation tax only falls due on
non-member-derived income including bank interest or similar.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
2% straight line on cost |
Club Equipment |
20% straight line on cost |
Motor Vehicles |
25% straight line on cost |
Computer Equipment |
25% straight line on cost |
The grants from English Heritage Trust and South Oxfordshire District Council in 2000 are being taken to the income and expenditure account over the 50 year period over which the property is being depreciated.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Intangible assets
Website development costs are capitalised and written off over the expected useful life of the asset.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
20% straight line on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in income or expenditure. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to income or expenditure in the period to which they relate.
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Staff numbers |
The average number of persons employed by the company during the period was
Auditors' remuneration |
2023 |
2021 |
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Audit of the financial statements |
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Other fees to auditors |
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Taxation compliance services |
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Exceptional items |
Employment settlements
During the period, as part of a planned restructuring, the Club entered in to employment settlements with certain employees. Details of these settlements are confidential but have been disclosed in aggregate as an exceptional items to ensure members are aware of the total amounts involved.
Legal fees
During the period, the Club has engaged specialist law and other intellectual property advisors to provide services which are considered exceptional and non-recurring in their nature.
EGM costs
Two Extraordinary General Meetings were held during the period, the costs of which included legal fees, printing and postage. By their nature, these costs are non-recurring and considered exceptional in the period.
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Intangible assets |
Website |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2023 |
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Amortisation |
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At 1 October 2021 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 30 September 2021 |
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Tangible assets |
Land and buildings |
Club equipment |
Motor vehicles |
Computer equipment |
Total |
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Cost or valuation |
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At 1 October 2021 |
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At 31 March 2023 |
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Depreciation |
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At 1 October 2021 |
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Charge for the period |
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- |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 30 September 2021 |
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Included within the net book value of land and buildings above is £553,302 (2021 - £570,780) in respect of freehold land and buildings.
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Investments |
2023 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2021 |
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At 31 March 2023 |
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Provision |
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At 1 October 2021 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 30 September 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2021 |
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Subsidiary undertakings |
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The Barn, Drayton St Leonard, Wallingford, OX10 7BG England |
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Subsidiary undertakings |
Aston Martin Club Racing Limited The principal activity of Aston Martin Club Racing Limited is |
Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Stocks |
2023 |
2021 |
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Merchandise |
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Finished goods and goods for resale |
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Other inventories |
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Debtors |
Note |
2023 |
2021 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Cash at bank |
DB5 proceeds bank account
During 2013, the company was bequeathed a dismantled DB5 by David Seelhof, a Club Member. This was sold at public auction in May 2014 and a sum of £235,794 (2021: £235,431) including interest to date, has been retained by the Club in a separate bank account and is included in the Cash at bank in the Balance Sheet. Bank interest of £363 (2021: £24) was received on the balance during the accounting period and has been included in the Income and Expenditure account.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Aston Martin Owners Club Limited
Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of commitments not included in the balance sheet is £51,000 (2021 - £Nil). During the year, the committee arranaged a survey of the barn which has identified urgent repair works to the building estimated at £51,000. These repairs will be commenced without delay and will be disclosed as an excpetional item in next year's accounts.
Related party transactions |
Summary of transactions with other related parties
Creditors include an amount of £86,029 (2021: £90,209) owing to AMHT at the end of the period.
During the period recharges of £nil (2021: £6,496) were made by AMOC to Aston Martin Club Racing Ltd. Debtors include an amount of £nil (2021: £8,349) payable by AMCR to AMOC at the end of the period. A provision has been made against this debtor balance as it is not considered recoverable. Included in creditors is an accrual for £nil (2021: £6,790l) in respect of a contribution to race fees. At 31st March 2023, £100 was unpaid in respect of the company's share capital.
£350 (2021: £2,000) was authorised and paid to director Peter Snowdon in the period for consulting services regarding Aston Martin Club Racing Limited and Club Speed Series events.
The husband of the Finance Manager is a qualified electrician and was paid £739 (2021: £nil) in the period for electrical services.
Legal fees totalling £49,075 (2021: £nil) were paid to Three Stone Chambers during the period in respect of legal services provided by a Member, Tim Ludbrook.