VITAL SPARK RACING C.I.C.

Company limited by guarantee

Company Registration Number:
SC656911 (Scotland)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

VITAL SPARK RACING C.I.C.

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Balance sheet
Additional notes
Community Interest Report

VITAL SPARK RACING C.I.C.

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

Mr Steven Smith


The director shown below has held office during the period of
1 April 2023 to 24 May 2023

Mr John Young


The director shown below has held office during the period of
1 April 2023 to 15 April 2023

Mr Alexander Emslie


The director shown below has held office during the period of
15 April 2023 to 31 March 2024

Mr David Scobie


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 September 2024

And signed on behalf of the board by:
Name: Mr David Scobie
Status: Director

VITAL SPARK RACING C.I.C.

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Current assets
Cash at bank and in hand: 13,091 16,839
Total current assets: 13,091 16,839
Net current assets (liabilities): 13,091 16,839
Total assets less current liabilities: 13,091 16,839
Accruals and deferred income: ( 13,091 ) ( 13,850 )
Total net assets (liabilities): 0 2,989
Members' funds
Profit and loss account: 0 2,989
Total members' funds: 0 2,989

The notes form part of these financial statements

VITAL SPARK RACING C.I.C.

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 20 September 2024
and signed on behalf of the board by:

Name: Mr David Scobie
Status: Director

The notes form part of these financial statements

VITAL SPARK RACING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

VITAL SPARK RACING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 4

COMMUNITY INTEREST ANNUAL REPORT

VITAL SPARK RACING C.I.C.

Company Number: SC656911 (Scotland)

Year Ending: 31 March 2024

Company activities and impact

Vital Spark is a community interest company that was established to provide learning and community support to people with barriers to work, using cycling repairs and maintenance as the way to engage. The service has been used by young people, people who are economically inactive and have enduring disabilities and mental health issues. The CIC provides upcycling, repairs and maintenance and also adapted bikes to be ebikes and created tricycles for people with disability issues. They were also moving into providing leader training and bike-led sessions for local people with mental health issues. The CIC has been supported by a wide number of funders including the National Lottery.

Consultation with stakeholders

Vital Spark has carried out ongoing consultation with local people, through its work with young people who are not attending school, their teachers and mentors and other people who have mental health issues who used the service to rehabilitate and engage with pre-employability. The CIC filled a particular local gap that has been very well received.

Directors' remuneration

The director and operation manager, John Young received payment and Steven Smith, director and trainer also received payment from the company. The other director David Scobie received no payment.

Transfer of assets

Vital Spark CIC ceased to operate in summer 2023 when the operations manager, John Young became ill and the other directors felt they were unable to carry on the running of the CIC and did not have the skills required to operate it. Clackmannanshire Third Sector Interface(CTSI) who are funded by the Scottish Government to help the third sector locally stepped in to support the remaining directors and helped them to appoint a consultant who carried out the work to engage with user groups, stakeholders and funders and move to close the company in an appropriate and legal manner. As the CIC had only just received funding from the National Lottery in the form of a Young Start grant of £40,000, all of the assets of the CIC were realised by CTSI and the money from the sales of equipment and stock was returned in full to the National Lottery. Please note that the closure was carried with agreement between the directors and the National Lottery with full agreement that not all the funding could be returned as there were creditors and payments to make including to Clackmannanshire Council and HMRC. Other funders including the Scottish Government received back their funding back in full. After that process there were no assets left to the CIC. CTSI has carried out the remainder of the closure through 2024 including negotiating with the accountants, completing accounts and ensuring all the necessary payments have been made. The funders have been very grateful to the help of the directors and CTSI in returning the bulk of the grants to them through that process.

This report was approved by the board of directors on
20 September 2024

And signed on behalf of the board by:
Name: Anthea Coulter
Status: Director