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MORRIS MINOR OWNERS CLUB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MORRIS MINOR OWNERS CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A M Stone
S F Mitchell
J G Carroll



REGISTERED OFFICE: 18 Shaftesbury Street South
Sir Francis Ley Industrial Park
Derby
Derbyshire
DE23 8YH



REGISTERED NUMBER: 01532764 (England and Wales)



SENIOR STATUTORY AUDITOR: Hari Vasdev MEng FCA



AUDITORS: Sibbalds Limited
Chartered Accountants and Statutory Auditor
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 198,310 203,734
Investments 5 405 405
Heritage assets 6 60,301 60,301
259,016 264,440

CURRENT ASSETS
Stocks 7 55,495 54,395
Debtors 8 22,087 21,682
Cash at bank and in hand 399,080 410,992
476,662 487,069
CREDITORS
Amounts falling due within one year 9 112,903 127,618
NET CURRENT ASSETS 363,759 359,451
TOTAL ASSETS LESS CURRENT LIABILITIES 622,775 623,891

RESERVES
Revaluation reserve 10 51,265 51,265
Reserve on acquisition 4,287 4,287
Income and expenditure account 567,223 568,339
622,775 623,891

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:





S F Mitchell - Director


MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Morris Minor Owners Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Morris Minor Owners Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts derived from the provision of goods and services to members and other customers during the year, together with income from events and members' subscriptions which are recognised over the period to which it relates.

Tangible fixed assets
Tangible fixed assets are valued under the revaluation model, where an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Computer equipment - 25% on cost

Land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Heritage assets
Club owned vehicles and the donated model car set which are held by the club are shown as heritage assets as they are considered to have historic and technological qualities and are held and maintained primarily for their contribution to knowledge and culture.

Club owned vehicles included in heritage assets are valued under the revaluation model.

Vehicle restorations included in heritage assets are valued under the cost model.

The model car set included in heritage assets is valued under the revaluation model.

The vehicles held within heritage assets are subject to ongoing maintenance and are generally used for publicity events.

The restoration of heritage assets is funded by donations made to the company.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the invoiced cost of regalia on a first in first out basis and spares on an average cost basis.

Deferred income
Deferred income represents income collected but not earned as at the balance sheet date. This is primarily composed of income from members' subscriptions which are credited to the income statement over the period to which it relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2024 210,000 32,587 31,456 274,043
Additions - 265 184 449
At 31 December 2024 210,000 32,852 31,640 274,492
DEPRECIATION
At 1 January 2024 9,450 30,182 30,677 70,309
Charge for year 4,200 968 705 5,873
At 31 December 2024 13,650 31,150 31,382 76,182
NET BOOK VALUE
At 31 December 2024 196,350 1,702 258 198,310
At 31 December 2023 200,550 2,405 779 203,734

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Freehold land and buildings were valued on a fair value basis on 12th October 2021 by RICS registered valuers, David Brown Commercial. The Directors consider this to show a true reflection of the land and buildings current market value.

If the freehold land and buildings had not been revalued they would have been included at the following historical cost:

20232022
££
Cost203,849203,849

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 405
NET BOOK VALUE
At 31 December 2024 405
At 31 December 2023 405

6. HERITAGE ASSETS
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 60,301
NET BOOK VALUE
At 31 December 2024 60,301
At 31 December 2023 60,301

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2017 12,559
Valuation in 2020 (198 )
Valuation in 2023 8,000
Cost 39,940
60,301

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. HERITAGE ASSETS - continued

The following groups are included within Heritage assets:

Measurement 2024 2023
basis £ £

Club owned vehicles Valuation model 47,000 47,000
Vehicle restorations Cost model 801 801
Model car collection Valuation model 12,500 12,500
60,301 60,301


The club owned vehicles were valued on a fair value basis by the club's insurance provider, Ageas UK on 17/09/2024.The Directors consider this to show a true reflection of the current market value of the vehicles.

If the club owned vehicles had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 41,543 41,543

The model car collection was valued on a fair value basis by a experienced and independent external valuer on 02/01/2025.The Directors consider this to show a true reflection of the current market value of the model car collection.

If the model car collection had not been revalued it would be included at the following historical cost:

2024 2023
£ £
Cost 351 351

7. STOCKS
2024 2023
£    £   
Stock of spares 38,500 40,750
Stock of regalia 14,394 12,700
Stock of stationery 2,601 945
55,495 54,395

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,741 2,656
Other debtors 19,346 19,026
22,087 21,682

MORRIS MINOR OWNERS CLUB LIMITED (REGISTERED NUMBER: 01532764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,140 18,324
Taxation and social security (1,182 ) 5,185
Other creditors 97,945 104,109
112,903 127,618

10. RESERVES
Revaluation
reserve
£   
At 1 January 2024
and 31 December 2024 51,265

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)
for and on behalf of Sibbalds Limited

12. RELATED PARTY DISCLOSURES

During the year, a related company of one of the directors provided magazine editorial services to the club totalling £13,679 (2023: £16,662).

13. LIMITED BY GUARANTEE

The company has no share capital and is limited by guarantee. Each member is obliged to contribute up to a maximum of £1 towards the club's general debts on it being wound up.

14. RESERVE ON ACQUISITION

The company took over the running of the Morris Minor Owner's Club 1948-71 on 6 December 1980 and accepted the assets and liabilities of the club at that time. The reserve on acquisition represents the excess of book value of assets over liabilities of the club as at 6 December 1980.