Registration number:
Darley Moor Motor Cycle Road Racing Club Limited
(A company limited by guarantee)
for the Year Ended 31 October 2024
Darley Moor Motor Cycle Road Racing Club Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Darley Moor Motor Cycle Road Racing Club Limited
Company Information
Directors |
Mr E T Nelson Mr D Ryder Ms S Nelson |
Company secretary |
Mr E T Nelson |
Registered office |
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Accountants |
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Darley Moor Motor Cycle Road Racing Club Limited
(Registration number: 01493124)
Balance Sheet as at 31 October 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Net assets |
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Reserves |
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Retained earnings |
126,035 |
149,033 |
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Surplus |
126,035 |
149,033 |
Darley Moor Motor Cycle Road Racing Club Limited
(Registration number: 01493124)
Balance Sheet as at 31 October 2024 (continued)
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
General information |
The company is a company limited by guarantee incorporated in England and Wales registration number: 01493124.
Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.
Government grants
Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.
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 |
Land and buildings |
10% straight line basis |
Plant and machinery |
33% straight line basis |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
2 |
Accounting policies (continued) |
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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Disposals |
- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
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( |
At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Included within the net book value of land and buildings above is £17,011 (2023 - £3,458) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
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Stock |
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Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors include hire purchase contracts which are secured of £1,029 (2023 - £nil).
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include hire purchase contracts which are secured of £1,507 (2023 - £nil).
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Darley Moor Motor Cycle Road Racing Club Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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- |
Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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- |