MORRIS MINOR OWNERS CLUB LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investments | 5 |
Heritage assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Revaluation reserve | 10 |
Reserve on acquisition |
Income and expenditure account |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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: |
2023 | 2022 |
£ | £ |
Cost | 203,849 | 203,849 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | HERITAGE ASSETS |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 8,000 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Stock of regalia | 12,700 | 11,393 |
Stock of stationery |
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 |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Revaluations in year | 8,000 |
At 31 December 2023 |
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. |
for and on behalf of |
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. |