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Registered number: 05834573
South Hams Vintage Machinery Club Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Ian Lockstone
35 Creber Drive
Wrangaton
South Brent
Devon
TQ10 9FL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05834573
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 529 -
529 -
CURRENT ASSETS
Stocks 5 747 622
Debtors 6 2,558 2,414
Cash at bank and in hand 30,473 29,837
33,778 32,873
Creditors: Amounts Falling Due Within One Year 7 (300 ) (308 )
NET CURRENT ASSETS (LIABILITIES) 33,478 32,565
TOTAL ASSETS LESS CURRENT LIABILITIES 34,007 32,565
NET ASSETS 34,007 32,565
RESERVES
Other reserves - 20,830
Income and Expenditure Account 34,007 11,735
MEMBERS' FUNDS 34,007 32,565
Page 1
Page 2
For the 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.
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 company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Richard Weymouth
Director
6th January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
South Hams Vintage Machinery Club Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 05834573 . The registered office is 18 Raddicombe Drive, Brixham, TQ5 0EZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 November 2023 7,020
Additions 661
As at 31 October 2024 7,681
Depreciation
As at 1 November 2023 7,020
Provided during the period 132
As at 31 October 2024 7,152
...CONTINUED
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Page 4
Net Book Value
As at 31 October 2024 529
As at 1 November 2023 -
5. Stocks
2024 2023
£ £
Stock 747 622
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,558 2,414
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 300 308
8. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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