Aston Martin Owners Club Limited 00497630 false 2021-10-01 2023-03-31 2023-03-31 The principal activity of the company is that of catering for the interests of owners of (and enthusiasts for) Aston Martin and Aston Martin Lagonda motor cars by the production of publications, the provision of services and organisation of social and competitive activities. Digita Accounts Production Advanced 6.30.9574.0 true false true true 00497630 2021-10-01 2023-03-31 00497630 2023-03-31 00497630 core:CurrentFinancialInstruments 2023-03-31 00497630 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00497630 core:OtherResidualIntangibleAssets 2023-03-31 00497630 core:CostValuation 2023-03-31 00497630 core:ProvisionsForImpairmentInvestments 2023-03-31 00497630 core:FurnitureFittingsToolsEquipment 2023-03-31 00497630 core:LandBuildings 2023-03-31 00497630 core:MotorVehicles 2023-03-31 00497630 core:OtherPropertyPlantEquipment 2023-03-31 00497630 bus:SmallEntities 2021-10-01 2023-03-31 00497630 bus:Audited 2021-10-01 2023-03-31 00497630 bus:FullAccounts 2021-10-01 2023-03-31 00497630 bus:SmallCompaniesRegimeForAccounts 2021-10-01 2023-03-31 00497630 bus:RegisteredOffice 2021-10-01 2023-03-31 00497630 bus:Director31 2021-10-01 2023-03-31 00497630 bus:CompanyLimitedByGuarantee 2021-10-01 2023-03-31 00497630 core:ComputerSoftware 2021-10-01 2023-03-31 00497630 core:OtherResidualIntangibleAssets 2021-10-01 2023-03-31 00497630 core:Buildings 2021-10-01 2023-03-31 00497630 core:ComputerEquipment 2021-10-01 2023-03-31 00497630 core:FurnitureFittingsToolsEquipment 2021-10-01 2023-03-31 00497630 core:LandBuildings 2021-10-01 2023-03-31 00497630 core:MotorVehicles 2021-10-01 2023-03-31 00497630 core:OfficeEquipment 2021-10-01 2023-03-31 00497630 core:OtherPropertyPlantEquipment 2021-10-01 2023-03-31 00497630 core:OtherRelatedParties 2021-10-01 2023-03-31 00497630 core:Subsidiary1 2021-10-01 2023-03-31 00497630 core:Subsidiary1 1 2021-10-01 2023-03-31 00497630 core:Subsidiary1 countries:England 2021-10-01 2023-03-31 00497630 countries:UnitedKingdom 2021-10-01 2023-03-31 00497630 2021-09-30 00497630 core:OtherResidualIntangibleAssets 2021-09-30 00497630 core:CostValuation 2021-09-30 00497630 core:ProvisionsForImpairmentInvestments 2021-09-30 00497630 core:FurnitureFittingsToolsEquipment 2021-09-30 00497630 core:LandBuildings 2021-09-30 00497630 core:MotorVehicles 2021-09-30 00497630 core:OtherPropertyPlantEquipment 2021-09-30 00497630 2020-10-01 2021-09-30 00497630 2021-09-30 00497630 core:CurrentFinancialInstruments 2021-09-30 00497630 core:CurrentFinancialInstruments core:WithinOneYear 2021-09-30 00497630 core:OtherResidualIntangibleAssets 2021-09-30 00497630 core:FurnitureFittingsToolsEquipment 2021-09-30 00497630 core:LandBuildings 2021-09-30 00497630 core:MotorVehicles 2021-09-30 00497630 core:OtherPropertyPlantEquipment 2021-09-30 00497630 core:Subsidiary1 1 2020-10-01 2021-09-30 iso4217:GBP xbrli:pure

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Registration number: 00497630

Aston Martin Owners Club Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Period from 1 October 2021 to 31 March 2023

 

Aston Martin Owners Club Limited

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

Note

2023
£

2021
£

Fixed assets

 

Intangible assets

6

6,413

8,300

Tangible assets

7

558,365

582,974

Investments

8

100

100

 

564,878

591,374

Current assets

 

Stocks

9

36,531

39,958

Debtors

10

173,758

104,696

Cash at bank and in hand

 

824,763

829,294

 

1,035,052

973,948

Creditors: Amounts falling due within one year

12

(459,708)

(329,857)

Net current assets

 

575,344

644,091

Total assets less current liabilities

 

1,140,222

1,235,465

Provisions for liabilities

(30,000)

-

Net assets

 

1,110,222

1,235,465

Reserves

 

Retained earnings

1,110,222

1,235,465

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 Board on 16 September 2023 and signed on its behalf by:
 

.........................................
A J Haig
Director

 

Aston Martin Owners Club Limited

Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023

1

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:
The Barn
Drayton St Leonard
Wallingford
Oxfordshire
OX10 7BG
United Kingdom

These financial statements were authorised for issue by the Board on 16 September 2023.

2

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 16 September 2023 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

3

Staff numbers

The average number of persons employed by the company during the period was 5 (2021 - 6).

4

Auditors' remuneration

2023
£

2021
£

Audit of the financial statements

7,500

7,085

Other fees to auditors

Taxation compliance services

650

650


 

5

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

6

Intangible assets

Website
£

Total
£

Cost or valuation

Additions acquired separately

9,432

9,432

At 31 March 2023

9,432

9,432

Amortisation

At 1 October 2021

1,132

1,132

Amortisation charge

1,887

1,887

At 31 March 2023

3,019

3,019

Carrying amount

At 31 March 2023

6,413

6,413

At 30 September 2021

8,300

8,300

7

Tangible assets

Land and buildings
£

Club equipment
 £

Motor vehicles
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 October 2021

873,941

11,191

9,495

22,995

917,622

At 31 March 2023

873,941

11,191

9,495

22,995

917,622

Depreciation

At 1 October 2021

303,161

8,174

9,495

13,818

334,648

Charge for the period

17,478

1,382

-

5,749

24,609

At 31 March 2023

320,639

9,556

9,495

19,567

359,257

Carrying amount

At 31 March 2023

553,302

1,635

-

3,428

558,365

At 30 September 2021

570,780

3,017

-

9,177

582,974

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

8

Investments

2023
£

2021
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 October 2021

100

At 31 March 2023

100

Provision

At 1 October 2021

-

At 31 March 2023

-

Carrying amount

At 31 March 2023

100

At 30 September 2021

100

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

     

2023

2021

Subsidiary undertakings

Aston Martin Club Racing Limited

The Barn, Drayton St Leonard, Wallingford, OX10 7BG

England

Ordinary

100%

100%

Subsidiary undertakings

Aston Martin Club Racing Limited

The principal activity of Aston Martin Club Racing Limited is organising racing events.

 

Aston Martin Owners Club Limited

Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023

9

Stocks

2023
£

2021
£

Merchandise

29,636

32,284

Finished goods and goods for resale

5,638

5,822

Other inventories

1,257

1,852

36,531

39,958

10

Debtors

Note

2023
£

2021
£

Trade debtors

 

133,548

44,545

Amounts owed by related parties

14

-

8,349

Other debtors

 

-

1,151

Prepayments

 

40,210

50,651

 

173,758

104,696

11

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.

12

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Trade creditors

 

30,700

37,551

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14

100

-

Taxation and social security

 

23,562

8,921

Accruals and deferred income

 

304,454

174,564

Other creditors

 

100,892

108,821

 

459,708

329,857

 

Aston Martin Owners Club Limited

Notes to the Financial Statements for the Period from 1 October 2021 to 31 March 2023

13

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 £29,192 (2021 - £35,152). This relates to the total future minimum lease payments due under non-cancellable operating leases.

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.

14

Related party transactions

Summary of transactions with other related parties

All Members of the Aston Martin Owners Club are automatically supporters of the Aston Martin Heritage Trust (AMHT). The AMHT receives 23% of all subscriptions collected during the year amounting to the net value of £229,005 to 31st March 2023 (2021: £152,670). This percentage is unchanged from previous years. AMOC also collected £6,006 (2021: £4,390) of additional donations from members to the AMHT during the year. The AMHT shares occupation of the Barn with AMOC. The AMHT Museum, archive and office represents approximately 70% of the buildings with the AMOC office 30%. The AMHT occupancy is rent free, the estimated value of which is £20,000 pa. The AMHT currently contributes £1,000 per quarter towards running costs of the Barn and will be reviewed on an ongoing basis.

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.