0 false false false false false false false false false false true false false false false true false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 7,278 7,278 xbrli:pure xbrli:shares iso4217:GBP NI015072 2024-01-01 2024-12-31 NI015072 2024-12-31 NI015072 2023-12-31 NI015072 2023-01-01 2023-12-31 NI015072 2023-12-31 NI015072 2022-12-31 NI015072 bus:Director21 2024-01-01 2024-12-31 NI015072 core:PlantMachinery 2024-12-31 NI015072 core:WithinOneYear 2024-12-31 NI015072 core:WithinOneYear 2023-12-31 NI015072 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI015072 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI015072 bus:Director1 2024-01-01 2024-12-31 NI015072 bus:SmallEntities 2024-01-01 2024-12-31 NI015072 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 NI015072 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI015072 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 NI015072 bus:FullAccounts 2024-01-01 2024-12-31 NI015072 core:PlantMachinery 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: NI015072
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2024
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Current assets
Stocks
3,168
1,014
Debtors
7
7,303
8,343
Cash at bank and in hand
70,985
65,179
--------
--------
81,456
74,536
Creditors: amounts falling due within one year
8
1,900
2,135
--------
--------
Net current assets
79,556
72,401
--------
--------
Total assets less current liabilities
79,556
72,401
--------
--------
Net assets
79,556
72,401
--------
--------
Capital and reserves
Profit and loss account
9
79,556
72,401
--------
--------
Members funds
79,556
72,401
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mr N Anderson
Director
Company registration number: NI015072
The Northern Ireland Motor Club Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the receipt of competition entry fees and sponsorship in relation to staging the International Ulster Motor Car Rally.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20 - 33% per annum of cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
The company has no share capital, being limited by guarantee.
5. Tax on profit/(loss)
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
7,155
( 5,305)
-------
-------
Profit/(loss) on ordinary activities by rate of tax
1,359
( 1,008)
Effect of capital allowances and depreciation
( 22)
Effect of revenue exempt from tax
226
168
Effect of movement of losses
(1,585)
862
-------
-------
Tax on profit/(loss)
-------
-------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 January 2024 and 31 December 2024
7,278
7,278
-------
-------
Depreciation
At 1 January 2024 and 31 December 2024
7,278
7,278
-------
-------
Carrying amount
At 31 December 2024
-------
-------
At 31 December 2023
-------
-------
7. Debtors
2024
2023
£
£
Other debtors
7,303
8,343
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,900
2,135
-------
-------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.