Bristol Austin 7 Club Limited 01559943 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is to encourage the use of and interest in the Austin Seven motor car Digita Accounts Production Advanced 6.30.9574.0 true true 01559943 2022-09-01 2023-08-31 01559943 2023-08-31 01559943 core:CurrentFinancialInstruments 2023-08-31 01559943 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01559943 core:FurnitureFittings 2023-08-31 01559943 bus:SmallEntities 2022-09-01 2023-08-31 01559943 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 01559943 bus:FilletedAccounts 2022-09-01 2023-08-31 01559943 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 01559943 bus:RegisteredOffice 2022-09-01 2023-08-31 01559943 bus:Director1 2022-09-01 2023-08-31 01559943 bus:CompanyLimitedByGuarantee 2022-09-01 2023-08-31 01559943 core:FurnitureFittings 2022-09-01 2023-08-31 01559943 core:OfficeEquipment 2022-09-01 2023-08-31 01559943 countries:UnitedKingdom 2022-09-01 2023-08-31 01559943 2022-08-31 01559943 core:FurnitureFittings 2022-08-31 01559943 2021-09-01 2022-08-31 01559943 2022-08-31 01559943 core:CurrentFinancialInstruments 2022-08-31 01559943 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 01559943 core:FurnitureFittings 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 01559943

Bristol Austin 7 Club Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Bristol Austin 7 Club Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Bristol Austin 7 Club Limited

(Registration number: 01559943)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,082

455

Current assets

 

Debtors

5

112

102

Cash at bank and in hand

 

19,211

19,144

 

19,323

19,246

Creditors: Amounts falling due within one year

6

(2,031)

(1,979)

Net current assets

 

17,292

17,267

Net assets

 

19,374

17,722

Reserves

 

Profit and loss account

19,374

17,722

Surplus

 

19,374

17,722

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 April 2024 and signed on its behalf by:
 


Mr D Cole
Director

 

Bristol Austin 7 Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the current members or a person who ceases to be a member during the previous year may be called upon to contribute towards any deficiency.

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is to encourage the use of and interest in the Austin Seven motor car

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Bristol Austin 7 Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Bristol Austin 7 Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Bristol Austin 7 Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 September 2022

2,826

2,826

Additions

2,575

2,575

At 31 August 2023

5,401

5,401

Depreciation

At 1 September 2022

2,371

2,371

Charge for the year

948

948

At 31 August 2023

3,319

3,319

Carrying amount

At 31 August 2023

2,082

2,082

At 31 August 2022

455

455

5

Debtors

2023
£

2022
£

Prepayments

112

102

112

102

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

2,031

1,979

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.