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MORRIS MINOR OWNERS CLUB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORRIS MINOR OWNERS CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R. G. Newell
A. M. Stone
B. S. Kelsey



REGISTERED OFFICE: 18 Shaftesbury Street South
Sir Francis Ley Industrial Park
Derby
Derbyshire
DE23 8YH



REGISTERED NUMBER: 01532764 (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

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 203,734 207,444
Investments 5 405 405
Heritage assets 6 60,301 52,301
264,440 260,150

CURRENT ASSETS
Stocks 7 54,395 53,771
Debtors 8 21,682 35,707
Cash at bank and in hand 410,992 427,696
487,069 517,174
CREDITORS
Amounts falling due within one year 9 127,618 123,808
NET CURRENT ASSETS 359,451 393,366
TOTAL ASSETS LESS CURRENT LIABILITIES 623,891 653,516

RESERVES
Revaluation reserve 10 51,265 43,265
Reserve on acquisition 4,287 4,287
Income and expenditure account 568,339 605,964
623,891 653,516

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 and authorised for issue by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





R. G. Newell - Director


MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Morris Minor Owners 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.

Preparation of consolidated financial statements
The financial statements contain information about Morris Minor Owners Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

During the prior period, management changed from cost model to revaluation model for a class of assets held under land and buildings. This was treated as a change in accounting estimate in the prior period. This was done due to new information allowing a more reliable valuation of this class of asset. This led to an increase in the assets NBV by £29,506 and contra entry in revaluation reserve. This also increased the deprecation charge in the prior period by £31 in depreciation expense and corresponding increase in accumulated depreciation at the date of the change in policy.

Under the revaluation model, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Computer equipment - 25% on cost

Land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Heritage assets
Club owned vehicles and the donated model car set which are 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.

Club owned vehicles included in heritage assets are valued under the revaluation model.

Vehicle restorations included in heritage assets are valued under the cost model.

The model car set included in heritage assets is valued under the revaluation model.

The vehicles held within heritage assets are subject to ongoing maintenance and are generally used for publicity events.

The restoration of heritage assets is funded by donations made to the company.

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 regalia on a first in first out basis and spares on an average cost basis.

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 income statement over the period to which it relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 210,000 30,157 31,456 271,613
Additions - 2,430 - 2,430
At 31 December 2023 210,000 32,587 31,456 274,043
DEPRECIATION
At 1 January 2023 5,250 28,901 30,018 64,169
Charge for year 4,200 1,281 659 6,140
At 31 December 2023 9,450 30,182 30,677 70,309
NET BOOK VALUE
At 31 December 2023 200,550 2,405 779 203,734
At 31 December 2022 204,750 1,256 1,438 207,444

Freehold land and buildings were valued on a fair value basis on 12th October 2021 by RICS registered valuers, David Brown Commercial. The Directors consider this to show a true reflection of the land and buildings current market value.

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

20232022
££
Cost203,849203,849

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 405
NET BOOK VALUE
At 31 December 2023 405
At 31 December 2022 405

6. HERITAGE ASSETS
Total
£   
FAIR VALUE
At 1 January 2023 52,301
Revaluations 8,000
At 31 December 2023 60,301
NET BOOK VALUE
At 31 December 2023 60,301
At 31 December 2022 52,301

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2017 12,559
Valuation in 2020 (198 )
Valuation in 2023 8,000
Cost 39,940
60,301

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. HERITAGE ASSETS - continued

The following groups are included within Heritage assets:

Measurement 2023 2022
basis £ £

Club owned vehicles Valuation model 47,000 39,000
Vehicle restorations Cost model 801 801
Model car collection Valuation model 12,500 12,500
60,301 52,301


The club owned vehicles were valued on a fair value basis by the club's insurance provider, Ageas UK on 16/09/2023.The Directors consider this to show a true reflection of the land and buildings current market value.

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

2023 2022
£ £
Cost 41,543 41,543

The model car collection was valued on a fair value basis by a experienced and independent external valuer on 01/12/2020.The Directors consider this to show a true reflection of the land and buildings current market value.

If the model car collection had not been revalued it would be included at the following historical cost:

2023 2022
£ £
Cost 351 351

7. STOCKS
2023 2022
£    £   
Stock of spares 40,750 41,500
Stock of regalia 12,700 11,393
Stock of stationery 945 878
54,395 53,771

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,656 2,124
Other debtors 19,026 33,583
21,682 35,707

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 18,324 23,799
Taxation and social security 5,185 -
Other creditors 104,109 100,009
127,618 123,808

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 43,265
Revaluations in year 8,000

At 31 December 2023 51,265

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. During the audit of the financial statements for the year ended 31 December 2022 we were unable to attend the spares stocktake in Norfolk and thus did not observe the count of the physical spares inventories at the year end.We were unable to satisfy ourselves by alternative means concerning the spares inventory quantities held at 31 December 2022, which were included in the balance sheet at £41,500, by using other audit procedures. Consequently, we were unable to determine there was any consequential effect on the closing stock for the year ended 31 December 2022. Our audit opinion on the financial statements for the year ended 31 December 2022 was modified accordingly.Our opinion on the current year's financial statements is also modified because of the effect of this matter on the comparability on the current year's figures and the corresponding figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled out ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

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

14. LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. Each member is obliged to contribute up to a maximum of £1 towards the club's general debts on it being wound up.

15. RESERVE ON ACQUISITION

The company took over the running of the Morris Minor Owner's Club 1948-71 on 6 December 1980 and accepted the assets and liabilities of the club at that time. The reserve on acquisition represents the excess of book value of assets over liabilities of the club as at 6 December 1980.