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THE VINTAGE MOTOR CYCLE CLUB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE VINTAGE MOTOR CYCLE CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J F Donaldson
B P Southam
J A Holt
N Lewis
Mrs A Durrant
Dr K German
R E Bibbings MBE
C W Logan



REGISTERED OFFICE: Allen House
Wetmore Road
Burton On Trent
Staffordshire
DE14 1TR



REGISTERED NUMBER: 01570648 (England and Wales)



SENIOR STATUTORY AUDITOR: Hari Vasdev MEng FCA



AUDITORS: Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 378,192 385,950
Heritage assets 5 670,100 678,700
Investments 6 1 1
1,048,293 1,064,651

CURRENT ASSETS
Stocks 33,232 36,539
Debtors 7 45,110 132,499
Cash at bank and in hand 617,517 643,317
695,859 812,355
CREDITORS
Amounts falling due within one year 8 318,971 444,723
NET CURRENT ASSETS 376,888 367,632
TOTAL ASSETS LESS CURRENT LIABILITIES 1,425,181 1,432,283

RESERVES
Revaluation reserve 10 568,179 568,179
Income and expenditure account 857,002 864,104
1,425,181 1,432,283

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





J F Donaldson - Director


THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

The Vintage Motor Cycle Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts derived from the provision of goods and services to members and other customers during the year, together with income from events and members' subscriptions which are recognised over the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 2% on cost
Plant and machinery - 33% on cost, 20% on reducing balance and 10% on reducing balance
Vehicles - 25% on reducing balance

Land is not depreciated.

Investments
Investments in subsidiary undertaking s are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the invoiced cost of materials on a first in first out basis.

Stock is written off 100% for items not sold in a year and 50% for items not sold in 6 months.

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.

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Heritage assets
Bikes, trophies and the library held by the club are shown as heritage assets as they are considered to have historic and technological qualities and are held and maintained primarily for their contribution to knowledge and culture.

Items included in heritage assets are valued under the revaluation model.

Items held within heritage assets are subject to ongoing maintenance and are generally used by members.

Deferred income
Deferred income represents income collected but not earned as at the balance sheet date. This is primarily composed of income from members' subscriptions which are credited to the profit and loss account over the period to which it relates.

Going concern
During the year ended 30 September 2023, the club incurred a net deficit of £7,102 (2022: £159,570). There are a number of contributing factors that have improved the figures for the year, including the cancellation and the foreseeable cancellation of the Festival of 1000s bikes and Cadwell events which contributed to the deficit last year.

The club forecasts have shown that the organisation is going to address loss-making areas by looking to withdraw from retail, improve library income, decrease journals costs and reducing overhead costs in the hope of decreasing future deficits and therefore plan to make a small surplus in the next financial year. The club is also considering a recommended supplier scheme whereby members can take advantage of supplier services that have participated in the scheme which will benefit both the members, club and suppliers.

As at the balance sheet date the club has substantial un-restricted cash reserves of £617,517 (2022: £643,317) which supports managements assessment that the club has adequate resources to continue in operational existence for at least 12 months from the date of these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land Buildings machinery Vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2022 147,723 310,066 79,978 1,600 539,367
Additions - - 1,090 - 1,090
Disposals - - - (1,600 ) (1,600 )
At 30 September 2023 147,723 310,066 81,068 - 538,857
DEPRECIATION
At 1 October 2022 - 82,789 70,528 100 153,417
Charge for year - 6,202 1,146 281 7,629
Eliminated on disposal - - - (381 ) (381 )
At 30 September 2023 - 88,991 71,674 - 160,665
NET BOOK VALUE
At 30 September 2023 147,723 221,075 9,394 - 378,192
At 30 September 2022 147,723 227,277 9,450 1,500 385,950

Included in cost or valuation of land and buildings is freehold land of £ 147,723 (2022 - £ 147,723 ) which is not depreciated.

Cost or valuation at 30 September 2023 is represented by:

Plant and
Land Buildings machinery Totals
£    £    £    £   
Valuation in 2016 46,667 95,082 - 141,749
Valuation in 2020 39,372 - - 39,372
Valuation in 2022 (34,124 ) 30,287 - (3,837 )
Cost 95,808 184,697 81,068 361,573
147,723 310,066 81,068 538,857

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 280,505 280,505

Freehold land and buildings were valued on a fair value basis on 11 November 2022 by Chartered Surveyors, Salloway Property Co .

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. HERITAGE ASSETS
Club Library &
bikes trophies Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 372,400 306,300 678,700
Disposals (8,600 ) - (8,600 )
At 30 September 2023 363,800 306,300 670,100
NET BOOK VALUE
At 30 September 2023 363,800 306,300 670,100
At 30 September 2022 372,400 306,300 678,700

Cost or valuation at 30 September 2023 is represented by:

Club Library &
bikes trophies Totals
£    £    £   
Valuation in 2015 220,830 - 220,830
Valuation in 2017 - 352,148 352,148
Valuation in 2020 1,670 - 1,670
Valuation in 2021 19,300 - 19,300
Valuation in 2022 99,020 (117,252 ) (18,232 )
Cost 22,980 71,404 94,384
363,800 306,300 670,100

If the club owed bikes had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 22,980 31,580

The club owned bikes were revalued on a fair value basis on 24th November 2022 by Bonhams 1793 Limited. Up to September 2023, this was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams.

If the library and trophies had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 71,404 71,404

The library and trophies were valued on a fair value basis on 15th December 2022 by Bonhams 1793 Limited. Up to September 2023, this was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams.

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


6. INVESTMENTS
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 1
NET BOOK VALUE
At 30 September 2023 1
At 30 September 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,607 115,216
Other debtors 33,503 17,283
45,110 132,499

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 156
Trade creditors 23,067 120,174
Taxation and social security 25,986 29,108
Other creditors 269,918 295,285
318,971 444,723

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 4,568 9,136
Between one and five years - 4,568
4,568 13,704

10. RESERVES
Revaluation
reserve
£   
At 1 October 2022
and 30 September 2023 568,179

THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited

12. RELATED PARTY DISCLOSURES

During the year, the directors of the company carried out their duties for no remuneration as unpaid volunteers.

During the year ended 30 September 2022, a related company of one of the directors provided consultancy services which had been accrued in the financial statements for £41,500 as well as providing services on a pro bono basis. As at 30 September 2023, there is no such provision in the financial statements. Other small payments for services to 30 September 2023 totalling £135 (2022: £249) were made to this related company in the financial year

A relative of one of the directors provided services relating to the stock handling and packaging of Club Specialist Lubricant products, these services totalled £532 (2022: £210) for the financial year.

13. LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. Each member, while he/she is a member, or within one year after he/she ceases to be a member, is obliged to contribute up to a maximum of £1 towards the club's general debts on it being wound up.