0 false false false false false false false false false true false false false false true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 7,278 7,278 xbrli:pure xbrli:shares iso4217:GBP NI015072 2023-01-01 2023-12-31 NI015072 2023-12-31 NI015072 2022-01-01 2022-12-31 NI015072 2022-12-31 NI015072 bus:Director21 2023-01-01 2023-12-31 NI015072 core:PlantMachinery 2023-12-31 NI015072 core:WithinOneYear 2023-12-31 NI015072 core:WithinOneYear 2022-12-31 NI015072 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI015072 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI015072 core:UKTax 2022-01-01 2022-12-31 NI015072 bus:SmallEntities 2023-01-01 2023-12-31 NI015072 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI015072 bus:FullAccounts 2023-01-01 2023-12-31 NI015072 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI015072 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 NI015072 core:PlantMachinery 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: NI015072
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2023
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Stocks
1,014
1,014
Debtors
7
8,343
10,926
Cash at bank and in hand
65,179
67,236
--------
--------
74,536
79,176
Creditors: amounts falling due within one year
8
2,135
1,470
--------
--------
Net current assets
72,401
77,706
--------
--------
Total assets less current liabilities
72,401
77,706
--------
--------
Net assets
72,401
77,706
--------
--------
Capital and reserves
Profit and loss account
9
72,401
77,706
--------
--------
Members funds
72,401
77,706
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr N D A Anderson
Director
Company registration number: NI015072
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the receipt of competition entry fees and sponsorship in relation to staging the International Ulster Motor Car Rally.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20 - 33% per annum of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
The company has no share capital, being limited by guarantee.
5. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
Adjustments in respect of prior periods
( 2,009)
----
-------
Tax on loss
( 2,009)
----
-------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.50 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 5,305)
( 17,714)
-------
--------
Loss on ordinary activities by rate of tax
( 1,247)
( 3,366)
Adjustment to tax charge in respect of prior periods
( 2,009)
Effect of revenue exempt from tax
27
( 14)
Effect of movement of losses
1,220
3,380
-------
--------
Tax on loss
( 2,009)
-------
--------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
7,278
7,278
-------
-------
Depreciation
At 1 January 2023 and 31 December 2023
7,278
7,278
-------
-------
Carrying amount
At 31 December 2023
-------
-------
At 31 December 2022
-------
-------
7. Debtors
2023
2022
£
£
Other debtors
8,343
10,926
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
2,135
1,470
-------
-------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.