REGISTERED NUMBER: 01113282 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
REGISTERED NUMBER: 01113282 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Notes to the Consolidated Financial Statements | 13 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of an industry membership organisation and events management services. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 the group and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
REPORT OF THE DIRECTORS |
for the year ended 31 March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
Opinion |
We have audited the financial statements of The Motor Cycle Industry Association Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's surplus 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. |
Basis for 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 group 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. |
Conclusions relating to going concern |
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 group's and the parent 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business. |
Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole. |
As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Seven Stars House |
1 Wheler Road |
Coventry |
CV3 4LB |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4,316,512 | 3,961,807 |
Cost of sales | 2,360,819 | 2,369,080 |
GROSS SURPLUS | 1,955,693 | 1,592,727 |
Administrative expenses | 1,694,354 | 1,535,660 |
261,339 | 57,067 |
Other operating income | 10,352 | 5,946 |
OPERATING SURPLUS | 4 | 271,691 | 63,013 |
Interest receivable and similar income | 51,546 | 12,494 |
SURPLUS BEFORE TAXATION | 323,237 | 75,507 |
Tax on surplus | 17,243 | 15,442 |
SURPLUS FOR THE FINANCIAL YEAR |
Surplus attributable to: |
Owners of the parent | 305,994 | 60,065 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
SURPLUS FOR THE YEAR | 305,994 | 60,065 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
305,994 |
60,065 |
Total comprehensive income attributable to: |
Owners of the parent | 305,994 | 60,065 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
CONSOLIDATED BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 | 655,722 | 657,036 |
Investments | 8 | - | - |
655,722 | 657,036 |
CURRENT ASSETS |
Debtors | 9 | 619,424 | 594,586 |
Cash at bank | 2,518,508 | 2,110,659 |
3,137,932 | 2,705,245 |
CREDITORS |
Amounts falling due within one year | 10 | 333,517 | 208,138 |
NET CURRENT ASSETS | 2,804,415 | 2,497,107 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,460,137 |
3,154,143 |
RESERVES |
Income and expenditure account | 3,460,137 | 3,154,143 |
3,460,137 | 3,154,143 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by: |
A D Campbell - Director |
N Fletcher - Director |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
COMPANY BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
Company's profit for the financial year | 187,328 | 173,506 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Retained | Total |
earnings | equity |
£ | £ |
Balance at 1 April 2022 | 3,094,078 | 3,094,078 |
Changes in equity |
Total comprehensive income | 60,065 | 60,065 |
Balance at 31 March 2023 | 3,154,143 | 3,154,143 |
Changes in equity |
Total comprehensive income | 305,994 | 305,994 |
Balance at 31 March 2024 | 3,460,137 | 3,460,137 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Retained | Total |
earnings | equity |
£ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income |
Balance at 31 March 2024 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Motor Cycle Industry Association Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
Basis of consolidation |
The consolidated financial statements incorporate those of The Motor Cycle Industry Association Limited and of its subsidiary undertakings, MCIA Events Limited, British Motorcycle Safety Foundation Limited, The Motor Cycle Industry Trainers Association Limited and The Motor Cycle Accident Repairers Association Limited. All financial statements are made up to 31 March 2024. All transactions and balances between group companies are eliminated on consolidation. |
Turnover |
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration. |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historic cost model being cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their useful economic lives as follows: |
Plant and machinery - 33.3%, 25%, 15%, and 10% on cost. |
Any gains or losses on the disposal of tangible fixed assets are recognised in the Income Statement in the period that the disposal takes place. |
No depreciation is provided on land and buildings. The company follows a programme of maintenance of its properties, which includes the reinstatement of the fabric of the buildings, where necessary, in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made. |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING SURPLUS |
The operating surplus is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 7,685 | 7,109 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | SHOWS |
Motor Cycle Live is run by MCIA Events Limited, a wholly-owned subsidiary of The Motor Cycle Industry Association Limited. |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Land and | Plant & |
buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 639,173 | 328,409 | 967,582 |
Additions | - | 6,371 | 6,371 |
At 31 March 2024 | 639,173 | 334,780 | 973,953 |
DEPRECIATION |
At 1 April 2023 | - | 310,546 | 310,546 |
Charge for year | - | 7,685 | 7,685 |
At 31 March 2024 | - | 318,231 | 318,231 |
NET BOOK VALUE |
At 31 March 2024 | 639,173 | 16,549 | 655,722 |
At 31 March 2023 | 639,173 | 17,863 | 657,036 |
Company |
Land and | Plant & |
buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
The company is also the sole member of The Motor Cycle Industry Trainers Association Limited and The Motor Cycle Accident Repairers Association Limited, two dormant training companies limited by guarantee. Both of these associations are incorporated in England and Wales. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,655 | 508 |
Amounts owed by related undertakings | - | - |
Tax | - | 43,558 |
VAT | 112,747 | 59,211 |
Prepayments and accrued income | 503,022 | 491,309 |
619,424 | 594,586 |
THE MOTOR CYCLE INDUSTRY ASSOCIATION |
LIMITED (REGISTERED NUMBER: 01113282) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 85,966 | 69,600 |
Amounts owed to related undertakings | - | - |
Tax | 17,803 | 560 |
Social security and other taxes | 42,667 | 34,016 |
Other creditors | 12,143 | 13,126 |
Accrued expenses | 174,938 | 90,836 |
333,517 | 208,138 |
11. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £442,957 (2023 - £411,938) |
12. | CONTROLLING INTERESTS |
There is no overall controlling party. |