M.G.Car Club Limited (The) 00962227 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of catering for the interests of owners and enthusiasts for MG motor cars by the production of publications, the provision of services and organisation of social and competitive activities. Digita Accounts Production Advanced 6.30.9574.0 true true true 00962227 2023-01-01 2023-12-31 00962227 2023-12-31 00962227 core:CurrentFinancialInstruments 2023-12-31 00962227 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00962227 core:BetweenTwoFiveYears 2023-12-31 00962227 core:WithinOneYear 2023-12-31 00962227 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 00962227 core:FurnitureFittingsToolsEquipment 2023-12-31 00962227 core:LandBuildings 2023-12-31 00962227 core:MotorVehicles 2023-12-31 00962227 bus:SmallEntities 2023-01-01 2023-12-31 00962227 bus:Audited 2023-01-01 2023-12-31 00962227 bus:FilletedAccounts 2023-01-01 2023-12-31 00962227 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00962227 bus:RegisteredOffice 2023-01-01 2023-12-31 00962227 bus:Director8 2023-01-01 2023-12-31 00962227 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 00962227 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 00962227 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00962227 core:LandBuildings 2023-01-01 2023-12-31 00962227 core:MotorVehicles 2023-01-01 2023-12-31 00962227 countries:EnglandWales 2023-01-01 2023-12-31 00962227 2022-12-31 00962227 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 00962227 core:FurnitureFittingsToolsEquipment 2022-12-31 00962227 core:LandBuildings 2022-12-31 00962227 core:MotorVehicles 2022-12-31 00962227 2022-01-01 2022-12-31 00962227 2022-12-31 00962227 core:CurrentFinancialInstruments 2022-12-31 00962227 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00962227 core:BetweenTwoFiveYears 2022-12-31 00962227 core:WithinOneYear 2022-12-31 00962227 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 00962227 core:FurnitureFittingsToolsEquipment 2022-12-31 00962227 core:LandBuildings 2022-12-31 00962227 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 00962227

M.G.Car Club Limited (The)

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 December 2023

 

M.G.Car Club Limited (The)

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

M.G.Car Club Limited (The)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

M.G.Car Club Limited (The)

(Registration number: 00962227)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

651,777

659,718

Current assets

 

Stocks

5

37,009

39,360

Debtors

6

111,394

124,744

Cash at bank and in hand

 

443,480

509,240

 

591,883

673,344

Creditors: Amounts falling due within one year

7

(424,820)

(382,932)

Net current assets

 

167,063

290,412

Net assets

 

818,840

950,130

Reserves

 

Revaluation reserve

90,629

90,629

Retained earnings

728,211

859,501

Surplus

 

818,840

950,130

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 Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
J W Dutton
Director

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Kimber House
12 Cemetary Road
Abingdon
OX14 1AS

These financial statements were authorised for issue by the Board on 3 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis as the Directors remain confident that the company will meet its working capital requirements. Although a loss of £153,487 (2022: £147,790) was incurred for the year ended 31 December 2023, the company has maintained its strong membership which provides the prerequisites for stability. In making our assessment, the directors have reviewed the balance sheet, the likely future cash flows of the company and have considered the levels of cash available at this point in time. following this assessment, the directors have a reasonable expectation that the business can continue to meet its liabilities as they fall due.

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 September 2024 was , who signed for and on behalf of Wenn Townsend.

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 sales/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 balance sheet 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

Furniture, fittings, tools and equipment

33% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Historic Motor Vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

655,279

384,530

13,151

50,000

1,102,960

Additions

-

2,362

-

-

2,362

Disposals

-

(1,335)

-

-

(1,335)

At 31 December 2023

655,279

385,557

13,151

50,000

1,103,987

Depreciation

At 1 January 2023

161,247

269,706

12,289

-

443,242

Charge for the year

-

8,842

-

-

8,842

Eliminated on disposal

-

126

-

-

126

At 31 December 2023

161,247

278,674

12,289

-

452,210

Carrying amount

At 31 December 2023

494,032

106,883

862

50,000

651,777

At 31 December 2022

494,032

114,824

862

50,000

659,718


 

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

Revaluation

The fair value of the company's Historic Vehicles was revalued on 30 November 2018 by an independent valuer. The name and qualification of the independent valuer are Classic Assessments, member of the Institute of Motor Industry, who are the external company. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £10,634).

5

Stocks

2023
£

2022
£

Other inventories

37,009

39,360

6

Debtors

2023
£

2022
£

Trade debtors

22,938

19,360

Prepayments

88,445

89,193

Other debtors

11

16,191

111,394

124,744

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

71,572

69,089

Taxation and social security

71,074

49,468

Accruals and deferred income

261,340

257,238

Other creditors

20,834

7,137

424,820

382,932

 

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

3,347

3,347

Later than one year and not later than five years

7,436

10,783

10,783

14,130

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £2,801).