Company Registration Number: |
(A company limited by guarantee, not having a share capital) |
for the financial year ended |
Maiden City Motor Club Limited |
(A company limited by guarantee, not having a share capital) |
DIRECTORS AND OTHER INFORMATION |
Directors | |
Company Secretary | |
Company Registration Number | |
Registered Office | |
Accountants | |
Chartered Accountants | |
35 Clarendon Street | |
Derry | |
BT47 7ER | |
Bankers | |
29 Clooney Terrace | |
Derry | |
BT47 1AS | |
Solicitors | |
47 Clarendon Street | |
Derry | |
BT48 7ER |
Maiden City Motor Club Limited |
(A company limited by guarantee, not having a share capital) |
DIRECTORS' REPORT |
for the financial year ended 31 October 2023 |
The directors present their report and the unaudited financial statements for the financial year ended 31 October 2023. |
The Company is limited by guarantee not having a share capital. |
Directors |
The directors who served during the financial year are as follows: |
John Declan McCay |
John Sean Doherty |
Statement of Directors' Responsibilities |
The directors are responsible for preparing the Directors' 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) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). 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. |
Special provisions relating to small companies |
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. |
On behalf of the board |
Director | Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 December 2023 |
Maiden City Motor Club Limited |
(A company limited by guarantee, not having a share capital) |
CHARTERED ACCOUNTANTS' REPORT |
for the financial year ended 31 October 2023 |
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements. |
You have acknowledged on the balance sheet for the year ended 31 October 2023 your duty to ensure that Maiden City Motor Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Maiden City Motor Club Limited. You consider that Maiden City Motor Club Limited is exempt from the statutory audit requirement for the financial year. |
We have not been instructed to carry out an audit or a review of the financial statements of Maiden City Motor Club Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
35 Clarendon Street |
Derry |
BT47 7ER |
Maiden City Motor Club Limited |
(A company limited by guarantee, not having a share capital) |
INCOME AND EXPENDITURE ACCOUNT |
for the financial year ended 31 October 2023 |
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | 50,842 | 93,382 | ||
Expenditure | (48,623) | (79,151) | ||
───────── | ───────── | |||
Surplus before interest | 2,219 | 14,231 | ||
Interest receivable and similar income | ||||
───────── | ───────── | |||
Surplus for the financial year | 6 | |||
───────── | ───────── | |||
Total comprehensive income | 2,828 | 14,284 | ||
Retained surplus brought forward | 70,114 | 55,830 | ||
───────── | ───────── | |||
Retained surplus carried forward | 72,942 | 70,114 | ||
═════════ | ═════════ |
Maiden City Motor Club Limited |
(A company limited by guarantee, not having a share capital) |
Company Registration Number: |
BALANCE SHEET |
as at |
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets |
Tangible assets | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets |
Debtors | 4 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash at bank and in hand | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creditors: amounts falling due within one year | 5 | (5,577) | (1,085) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets less Current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves |
Capital reserves and funds | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income and expenditure account | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members' Funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Approved by the Board and authorised for issue on |
Director | Director | ||||||
Maiden City Motor Club Limited |
NOTES TO THE FINANCIAL STATEMENTS |
for the financial year ended 31 October 2023 |
1. | General Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maiden City Motor Club Limited is a company limited by guarantee incorporated and registered in Northern Ireland. The registered number of the company is NI013008. The registered office of the company is 35 Clarendon Street, Derry, BT48 7ER. The principal activity of the company is the promotion of motor sport. The financial statements have been presented in Pound (£) which is also the functional currency of the company. |
2. | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government grants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets and depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixtures, fittings and equipment | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash at bank and in hand | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other creditors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. | Tangible assets | ||
Fixtures, | Total | ||
fittings and | |||
equipment | |||
£ | £ | ||
Cost | |||
At 1 November 2022 | 28,015 | ||
Additions | 3,780 | ||
───────── | ───────── | ||
At 31 October 2023 | 31,795 | ||
───────── | ───────── | ||
Depreciation | |||
At 1 November 2022 | 26,927 | ||
Charge for the financial year | 654 | ||
───────── | ───────── | ||
At 31 October 2023 | 27,581 | ||
───────── | ───────── | ||
Net book value | |||
At 31 October 2023 | 4,214 | ||
═════════ | ═════════ | ||
At 31 October 2022 | 1,088 | ||
═════════ | ═════════ |
4. | Debtors | 2023 | 2022 |
£ | £ | ||
Trade debtors | - | ||
═════════ | ═════════ |
5. | Creditors | 2023 | 2022 |
Amounts falling due within one year | £ | £ | |
Trade creditors | |||
Credit card | - | ||
Accruals | |||
───────── | ───────── | ||
5,577 | 1,085 | ||
═════════ | ═════════ |
6. | Income Statement | |||
Income and | Capital | Total | ||
expenditure | reserves | |||
account | ||||
£ | £ | £ | ||
At 1 November 2022 | 70,114 | 714 | 70,828 | |
Surplus for the financial year | 2,828 | - | 2,828 | |
───────── | ───────── | ───────── | ||
At 31 October 2023 | 72,942 | 714 | 73,656 | |
═════════ | ═════════ | ═════════ |
7. | Capital commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8. | Controlling interest | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9. | Post-Balance Sheet Events | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no significant events affecting the company since the financial year-end. |
10. | Capital reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The capital grant represents the net assets of the now defunct Maiden City Motor Club, which was taken over by the company on 1 November 1978. |