REGISTERED NUMBER: 01774376 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED |
REGISTERED NUMBER: 01774376 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 5 |
Notes to the Consolidated Financial Statements | 6 |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
North Lodge |
Hawkesyard |
Armitage Lane |
Rugeley |
Staffordshire |
WS15 1PS |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | Notes | £ |
1,178,503 | TURNOVER | 1,138,957 |
(1,231,254 | ) | Administrative expenses | (1,350,423 | ) |
(52,751 | ) | (211,466 | ) |
55,976 | Other operating income | 42,917 |
3,225 | OPERATING (DEFICIT)/SURPLUS | 4 | (168,549 | ) |
2,309 | Interest receivable and similar income | 13,607 |
5,534 | (DEFICIT)/SURPLUS BEFORE TAXATION |
(154,942 |
) |
(3,659 | ) | Tax on (deficit)/surplus | (1,981 | ) |
(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
( |
) |
(Deficit)/surplus attributable to: |
1,875 | Owners of the parent | (156,923 | ) |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
482,813 | Tangible assets | 6 | 493,476 |
739 | Investments | 7 | 1,053 |
483,552 | 494,529 |
CURRENT ASSETS |
128,454 | Stocks | 8 | 73,672 |
162,114 | Debtors | 9 | 139,798 |
1,204,239 | Cash at bank and in hand | 999,563 |
1,494,807 | 1,213,033 |
CREDITORS |
274,045 | Amounts falling due within one year | 10 | 160,171 |
1,220,762 | NET CURRENT ASSETS | 1,052,862 |
1,704,314 | TOTAL ASSETS LESS CURRENT LIABILITIES |
1,547,391 |
RESERVES |
316,252 | Other reserves | 316,252 |
1,388,062 | Income and expenditure account | 1,231,139 |
1,704,314 | 1,547,391 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by: |
Mr M J Penn - Director |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
COMPANY BALANCE SHEET |
31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 9 |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Other reserves |
Income and expenditure account |
(15,511 | ) | Company's loss for the financial year | (16,745 | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Amateur Motor Cycle Association Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements cover the group, and have been prepared under the historical cost convention. |
Going Concern |
The financial statements have been prepared on the assumption that the group is able to carry on business as a going concern, which the directors consider appropriate having regard to the group's current and expected performance. |
Basis of consolidation |
The consolidated financial statements incorporate those of Amateur Motor Cycle Association Limited and it's subsidiary undertakings for the year. All financial statements are made up to 31 October. |
All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. |
The parent company has not presented it profit and loss account as provided by section 408 of the Companies Act 2006. |
The group has also taken exemption under s405(2) Companies Act 2006 not to include a dormant subsidiary undertaking in the consolidation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Vehicles, garage and scramble equipment | - |
Computer equipment | - |
Office equipment | - |
Water pumps | - |
Fixed asset investments are revalued on an open market basis every three years. |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference shares and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
The average number of employees by undertakings that were proportionately consolidated during the year was 6 (2022 - 4 ) . |
4. | OPERATING (DEFICIT)/SURPLUS |
The operating deficit (2022 - operating surplus) is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Depreciation - owned assets | 17,126 | 15,007 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
6. | TANGIBLE FIXED ASSETS |
Group |
Vehicles, |
garage |
and |
Freehold | scramble |
Totals | property | equipment |
£ | £ | £ |
COST |
At 1 November 2022 | 1,149,461 | 627,622 | 171,932 |
Additions | 27,789 | - | 27,789 |
At 31 October 2023 | 1,177,250 | 627,622 | 199,721 |
DEPRECIATION |
At 1 November 2022 | 666,648 | 160,478 | 163,985 |
Charge for year | 17,126 | 7,400 | 6,635 |
At 31 October 2023 | 683,774 | 167,878 | 170,620 |
NET BOOK VALUE |
At 31 October 2023 | 493,476 | 459,744 | 29,101 |
At 31 October 2022 | 482,813 | 467,144 | 7,947 |
Computer | Office | Water |
equipment | equipment | pumps |
£ | £ | £ |
COST |
At 1 November 2022 | 262,319 | 73,102 | 14,486 |
Additions | - | - | - |
At 31 October 2023 | 262,319 | 73,102 | 14,486 |
DEPRECIATION |
At 1 November 2022 | 260,504 | 67,195 | 14,486 |
Charge for year | 663 | 2,428 | - |
At 31 October 2023 | 261,167 | 69,623 | 14,486 |
NET BOOK VALUE |
At 31 October 2023 | 1,152 | 3,479 | - |
At 31 October 2022 | 1,815 | 5,907 | - |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Vehicles, |
garage |
and |
Freehold | scramble |
Totals | property | equipment |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Computer | Office | Water |
equipment | equipment | pumps |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 November 2022 | 739 |
Revaluations | 314 |
At 31 October 2023 | 1,053 |
NET BOOK VALUE |
At 31 October 2023 | 1,053 |
At 31 October 2022 | 739 |
Cost or valuation at 31 October 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 1,053 |
Company |
Listed | Unlisted |
Totals | investments | investments |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2022 | 741 |
Revaluations | 314 |
At 31 October 2023 | 1,055 |
NET BOOK VALUE |
At 31 October 2023 | 1,055 |
At 31 October 2022 | 741 |
Cost or valuation at 31 October 2023 is represented by: |
Listed | Unlisted |
Totals | investments | investments |
£ | £ | £ |
Valuation in 2023 | 1,055 | 1,053 | 2 |
If the shares had not been revalued they would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 1,559 | 1,559 |
Fixed asset investments have been revalued on an open market basis in 2023. This is carried out every 3 years. |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hyland House, Unit 28 Navigation Way, Cannock, Staffordshire, WS11 7XU |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
Registered office: Hyland House, Unit 28 Navigation Way, Cannock, Staffordshire, WS11 7XU |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: Hyland House, Unit 28 Navigation Way, Cannock, Staffordshire, WS11 7XU |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
8. | STOCKS |
Group |
31.10.23 | 31.10.22 |
£ | £ |
Finished goods | 73,672 | 128,454 |
AMATEUR MOTOR CYCLE ASSOCIATION LIMITED (REGISTERED NUMBER: 01774376) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Trade debtors | 11,657 | 25,440 |
Amounts owed by group undertakings | - | - |
Other debtors | 128,141 | 136,674 |
139,798 | 162,114 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Trade creditors | 115,129 | 172,701 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 3,786 | 5,241 |
Other creditors | 41,256 | 96,103 |
160,171 | 274,045 |
11. | LIMITED BY GUARANTEE |
The company is limited by guarantee and has no share capital. Every member of the association undertakes to contribute to the assets of the Association in the event of it being wound up while he or she is a member, or within one year thereafter for an amount of £1 (2022 - £1). Each member has one vote. |