2024-01-012024-12-312024-12-31false01515003Wigton Motor Club 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Wigton Motor Club Limited

Registered Number
01515003
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Wigton Motor Club Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

David William Agnew
James Mccay Crockett
Graeme Forrester
John Meldrum Graham
Lynda Graham
Charles John Graves
John Christopher Leece
John Sloan

Company Secretary

Graeme Forrester

Registered Address

Clints Cottage
Blindcrake
Cockermouth
CA13 0QP

Registered Number

01515003 (England and Wales)
Wigton Motor Club Limited
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets394,74396,002
94,74396,002
Current assets
Stocks53030
Debtors62,1522,064
Cash at bank and on hand154,918125,716
157,100127,810
Creditors amounts falling due within one year7(9,198)(6,554)
Net current assets (liabilities)147,902121,256
Total assets less current liabilities242,645217,258
Net assets242,645217,258
Capital and reserves
Profit and loss account242,645217,258
Reserves242,645217,258
The financial statements were approved and authorised for issue by the Board of Directors on 4 March 2025, and are signed on its behalf by:
Graeme Forrester
Director
Registered Company No. 01515003
Wigton Motor Club Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery3
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
At 01 January 2491,68327,157118,840
Additions-834834
At 31 December 2491,68327,991119,674
Depreciation and impairment
At 01 January 24-22,83822,838
Charge for year-2,0932,093
At 31 December 24-24,93124,931
Net book value
At 31 December 2491,6833,06094,743
At 31 December 2391,6834,31996,002
4.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
5.Stocks

2024

2023

££
Other stocks3030
Total3030
6.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income2,1522,064
Total2,1522,064
7.Creditors: amounts due within one year

2024

2023

££
Taxation and social security3,2931,690
Accrued liabilities and deferred income5,9054,864
Total9,1986,554
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Guarantees provided on behalf of directors
Every member of the Club undertakes to contribute to the assets of the Club, in the event of the same being wound up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the' Club contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required not exceeding (one pound) £1.