REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND (REGISTERED NUMBER: 07010405) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
North Lodge |
Hawkesyard |
Armitage Lane |
Rugeley |
Staffordshire |
WS15 1PS |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND (REGISTERED NUMBER: 07010405) |
ABRIDGED BALANCE SHEET |
31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND (REGISTERED NUMBER: 07010405) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Amateur Motor Cycle Association Benevolent Fund is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset were it sold at the Balance Sheet date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Going concern |
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
The directors continue to adopt the going concern basis of accounting in preparing financial statements. |
AMATEUR MOTOR CYCLE ASSOCIATION |
BENEVOLENT FUND (REGISTERED NUMBER: 07010405) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | ULTIMATE CONTROLLING PARTY |
The Amateur Motor Cycle Association Limited is the ultimate controlling party and is a company registered in England and Wales with its registered office at Hyland House, Unit 28 Navigation Way, Cannock Staffordshire, WS11 7XU. |
5. | 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. The only member is Amateur Motorcycle Association Limited. |