Registered number: 02051456
Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Directors' Report and Financial Statements
For the Year Ended 29 February 2024
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Company Information
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P C Leake (appointed 14 March 2023)
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I G Hazeldine (appointed 1 July 2024)
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Statutory Auditor & Chartered Accountants
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Contents
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Directors' Report
For the Year Ended 29 February 2024
The directors present their report and the financial statements for the year ended 29 February 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The principal activity of the company is that of a club devoted to the preservation and enjoyment of Jaguar, Daimler and SS cars of all ages.
Page 1
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Directors' Report (continued)
For the Year Ended 29 February 2024
The financial results for 2023-4 show a minimal loss before tax of £253 compared with a small profit of £2,143 in the previous year. The Directors consider this a sound achievement as the Club embarked on a new three-year Media Strategy. Set-up costs inevitably distort the financial results in the early periods of the programme. However, without the one-off income from our investment made a few years ago, there would have been a loss of £19,404.
Turnover has increased primarily due to the increased membership income in the year following the increase in the membership fee at the last AGM.
As a critical part of the new Media strategy, the revised style magazine was launched in August 2023 with a fresh design and a move to 180 pages. It is pleasing to note that production costs were contained within budget and that advertising income is growing with the increased opportunities afforded by the new magazine. The new magazine has received wide acclamation, resulting in a steady start in advertising income and good progress which is set to continue.
The spring of 2023 saw the introduction of the Club’s own insurance scheme, where the cover has unique features and can be tailored to our needs. This has proved very popular, with monthly growth figures of up to 50 % year-on-year.
Turning to the Board of Directors, recent losses have seen the retirement of Peter Purdom at the last AGM and Mike Manconi standing down in April 2024. The Club owes them both a huge vote of thanks for their tireless work and significant contributions. Ian Hazeldine was appointed in July 2024 (subject to ratification by the members at the AGM) to take over as Finance Director, replacing Mike Young after 30 years. If re-elected at the AGM, Mike has accepted an invitation to remain a Non-Executive Director. Turning to the staff, the Directors would also like to thank Andy Webber and wish him well in his new venture. Thanks also to Rhian Parker, who is leaving the Club this month for new employment nearer home.
The cherished and classic vehicle industry in which the Club operates continues to experience significant challenges that impact all areas of the Club's finances, including operating costs and advertising income for the magazine. However, with the new media initiatives and activity on sponsorship, insurance commissions and other sources of funding, the Jaguar Enthusiasts' Club is doing exceedingly well, and this is thanks in no small part to the hard work and dedication of our efforts of both our staff and volunteers.
This hard work and success mean that changes in membership subscription rates can be limited to a modest increase to stay ahead of expected rises in operating costs. This allows the Club to continue to deliver and invest in excellent benefits, activities, and initiatives for our members.
The Directors are also proposing at the AGM to amend the Club’s Memorandum and Articles of Association through a Special Resolution to remove the need to send three months of magazines to members whose membership subscription payments are outstanding.
Looking beyond the reporting period for these accounts, the Club celebrated its 40th anniversary in 2024. To mark this significant milestone, a special 40th Anniversary Book chronicling the Club's history over the past four decades has been published. The book, written by Nigel Thorley, was launched at the highly successful 40th Anniversary Summer Jaguar Festival, held at the British Motor Museum, Gaydon - a memorable celebration that we can all be incredibly proud of.
Page 2
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Directors' Report (continued)
For the Year Ended 29 February 2024
The directors who served during the year were:
P B Purdom (resigned 10 October 2023)
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M S Manconi (resigned 10 April 2024)
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P C Leake (appointed 14 March 2023)
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Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M W Young
Director
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Page 3
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Jaguar Enthusiasts' Club Limited
We have audited the financial statements of Jaguar Enthusiasts' Club Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 United Kingdom, including the Financial Reporting Council'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.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Jaguar Enthusiasts' Club Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Jaguar Enthusiasts' Club Limited (continued)
Auditor's responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, money laundering and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of memorabilia. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with
laws and regulations (including health and safety) and fraud; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party
transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify
any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant
tax and regulatory authorities; and
∙Testing of memorabilia assets for existence and valuation; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting
the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial
statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Independent Auditor's Report to the Members of Jaguar Enthusiasts' Club Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Lucy Hammond BSC FCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
Chichester
14 August 2024
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Statement of Comprehensive Income
For the Year Ended 29 February 2024
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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Page 8
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Registered number: 02051456
Balance Sheet
As at 29 February 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.
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M W Young
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The notes on pages 11 to 18 form part of these financial statements.
Page 9
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Statement of Changes in Equity
For the Year Ended 29 February 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 18 form part of these financial statements.
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Page 10
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
Jaguar Enthusiasts' Club Limited is a company limited by guarantee 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 company is incorporated in England and Wales, registered number: 02051456.
The address of the registered office is:
Abbeywood Office Park
Emma Chris Way
Filton
South Gloucestershire
BS34 7JU
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover represents the value, net of value added tax and discounts, of goods and services provided to customers. Subscription income, advertising and commissions income are accounted for on an accruals basis. Event and race day income is deferred until the event or race day respectively takes place.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 11
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
2.Accounting policies (continued)
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.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided following basis:
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Fixtures, fittings and equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Heritage assets are recognised using valuation as deemed cost on transition to FRS102, in line with the transition rules. The residual value of these assets is equal to their current valuation and as such no depreciation charged.
Stocks consist of membership cards and stationery related items, these are valued at cost in the year.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 12
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 6 (2023 - 5).
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Page 13
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
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Charge for the year on owned assets
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Page 14
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
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Fixtures, fittings and equipment
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Charge for the year on owned assets
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Page 15
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 16
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The company is a private company limited by guarantee 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.
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Commitments under operating leases
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At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 17
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Jaguar Enthusiasts' Club Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 29 February 2024
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Related party transactions
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Summary of transactions with key management:
M W Young
(Director)
M W Young received £6,400 (2023 - £6,400) for providing accountancy services to the company during the year. At the balance sheet date the amount due to M W Young was £NIL (2023 - £NIL).
K L Jenkins
(Director)
K L Jenkins received £18,564 (2023 - £19,123) for providing technical services to the company during the year. At the balance sheet date the amount due to K L Jenkins was £NIL (2023 - £NIL)..
Trendy Design Company Limited
(M S Manconi is a Director)
During the year Trendy Design Company Limited invoiced the club for services provided totalling £42,322 (2023 - £31,792). At the balance sheet date the amount due to Trendy Design Company Limited was £2,526 (2023 - £28,073).
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Page 18
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