Company registration number 00487885 (England and Wales)
BRITISH RACING & SPORTS CAR CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRITISH RACING & SPORTS CAR CLUB LIMITED
COMPANY INFORMATION
Directors
P J Daly
A J Holley
G C Lee
M R W Mullins
P J Rodwell
N G Taylor
S D Webb
T C Parry
Secretary
C L Bambury
Company number
00487885
Registered office
River House
1 Maidstone Road
Sidcup
Kent
United Kingdom
DA14 5RH
Accountants
Azets
First Floor
River House
1 Maidstone Road
Sidcup
Kent
United Kingdom
DA14 5RH
BRITISH RACING & SPORTS CAR CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
BRITISH RACING & SPORTS CAR CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
164,778
145,210
Investments
6
228
228
165,006
145,438
Current assets
Debtors
7
85,548
134,658
Cash at bank and in hand
344,193
260,425
429,741
395,083
Creditors: amounts falling due within one year
8
(134,565)
(143,808)
Net current assets
295,176
251,275
Total assets less current liabilities
460,182
396,713
Creditors: amounts falling due after more than one year
9
(16,514)
(26,616)
Net assets
443,668
370,097
Reserves
Income and expenditure account
443,668
370,097
Members' funds
443,668
370,097
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRITISH RACING & SPORTS CAR CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
P J Daly
Director
Company Registration No. 00487885
BRITISH RACING & SPORTS CAR CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Income and expenditure
£
Balance at 1 January 2022
304,635
Year ended 31 December 2022:
Profit and total comprehensive income for the year
65,462
Balance at 31 December 2022
370,097
Year ended 31 December 2023:
Profit and total comprehensive income for the year
73,571
Balance at 31 December 2023
443,668
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
British Racing & Sports Car Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is River House, 1 Maidstone Road, Sidcup, Kent, United Kingdom, DA14 5RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis as the truedirectors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of cash for the company to be able to continue as a going concern.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Club income represents membership subscriptions received and income from club activities excluding Value Added Tax. Revenue is recognised on the following basis.
Membership subscriptions – subscriptions are recognised in the period in which they are received.
Club activities – revenue from race meetings is recognised on the day of the race.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.
1.5
Intangible fixed assets other than goodwill
Website costs represents the costs of building the website and drivers portal and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Drivers portal
in year of acquistion
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets costing less than £500 are written off in the period of acquisition. All other assets are capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Motor vehicles
12.5% to 25% on cost
1.7
Fixed asset investments
Investments held as fixed assets are shown at cost less provision for impairment.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 7 for the carrying amount of the property plant and equipment, and note 1.5 for the useful economic lives for each class of assets.
Useful economic lives of intangible assets
The annual amortisation charge for tinangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the intangible assets and note 1.4 for the useful economic lives for each class of assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
4
Intangible fixed assets
Goodwill
Drivers portal
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
75,000
33,258
108,258
Amortisation and impairment
At 1 January 2023 and 31 December 2023
75,000
33,258
108,258
Carrying amount
At 31 December 2023
At 31 December 2022
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
224,880
251,388
476,268
Additions
15,220
53,587
68,807
Disposals
(71,021)
(71,021)
At 31 December 2023
169,079
304,975
474,054
Depreciation and impairment
At 1 January 2023
207,817
123,241
331,058
Depreciation charged in the year
10,967
38,272
49,239
Eliminated in respect of disposals
(71,021)
(71,021)
At 31 December 2023
147,763
161,513
309,276
Carrying amount
At 31 December 2023
21,316
143,462
164,778
At 31 December 2022
17,063
128,147
145,210
6
Fixed asset investments
2023
2022
£
£
Investments
228
228
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023 & 31 December 2023
228
Carrying amount
At 31 December 2023
228
At 31 December 2022
228
BRITISH RACING & SPORTS CAR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
67,899
114,553
Other debtors
17,649
20,105
85,548
134,658
8
Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
3,000
Bank loans
10,102
9,849
Trade creditors
17,753
49,137
Taxation and social security
8,422
6,671
Other creditors
1,015
1,979
Accruals and deferred income
97,273
73,172
134,565
143,808
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,514
26,616
Bank loans relate to a Government Bounce back loan through the initial terms of this loan were five years with interest payable at a fixed rate of 2.5% payable on outstanding principle loan amount. Interest was payable from 01 August 2021 with total interest of £799 (2022: £1,042) paid in the year.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
1,044
734
Between two and five years
3,207
1,250
4,251
1,984
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