Registration number: 00962227

M.G.Car Club Limited (The)

Contents

Statement of Directors' Responsibilities	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

M.G.Car Club Limited (The)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M.G.Car Club Limited (The)

(Registration number: 00962227)
Balance Sheet as at 31 December 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	557,383	561,148
Current assets
Stocks	5	35,351	37,009
Debtors	6	63,695	111,394
Cash at bank and in hand		477,079	443,480
		576,125	591,883
Creditors: Amounts falling due within one year	7	(278,569)	(424,820)
Net current assets		297,556	167,063
Net assets		854,939	728,211
Reserves
Retained earnings		854,939	728,211
Surplus		854,939	728,211

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2025 and signed on its behalf by:
 

......................................... A M Haughton Director

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Kimber House
12 Cemetary Road
Abingdon
OX14 1AS

These financial statements were authorised for issue by the Board on 2 October 2025.

2	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.

Going concern

The financial statements have been prepared on a going concern basis as the Directors remain confident that the company will continue to meet its working capital requirements.

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 October 2025 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

Changes in accounting policy

The following have been applied for the first time from 1 January 2024 and have had an effect on the financial statements:

Basis for valuing fixed assets

During the year, the directors have noted that it is not practical to obtain reliable valuations for certain fixed assets which had previously been revalued, including trophies and historic motor vehicles. As such, the accounting policy has changed to the cost model during the year having previously included the revaluation of certain classes of assets.

	Relating to the current period disclosed in these financial statements £	Relating to the prior period disclosed in these financial statements £	Relating to periods before the prior period disclosed in these financial statements £
Fixed assets	-	(90,629)	(90,629)
Revaluation reserve	-	90,629	90,629

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

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:

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2024

Asset class	Depreciation method and rate
Furniture, fittings, tools and equipment	33% straight line
Motor vehicles	25% straight line
Buildings	2% straight line
Land	nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Historic Motor Vehicles  £	Total £
Cost or valuation
At 1 January 2024	655,279	334,294	13,151	10,634	1,013,358
Additions	-	1,478	-	-	1,478
Disposals	-	1,953	-	(10,634)	(8,681)
At 31 December 2024	655,279	337,725	13,151	-	1,006,155
Depreciation
At 1 January 2024	161,247	278,674	12,289	-	452,210
Charge for the year	2,216	10,693	862	-	13,771
Eliminated on disposal	-	(17,209)	-	-	(17,209)
At 31 December 2024	163,463	272,158	13,151	-	448,772
Carrying amount
At 31 December 2024	491,816	65,567	-	-	557,383
At 31 December 2023	494,032	55,620	862	10,634	561,148

 

5

Stocks

	2024 £	2023 £
Other inventories	35,351	37,009

M.G.Car Club Limited (The)

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	31,825	22,938
Prepayments	29,471	88,445
Other debtors	2,399	11
	63,695	111,394

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	40,794	71,572
Taxation and social security	4,464	71,074
Accruals and deferred income	207,753	261,340
Other creditors	25,558	20,834
	278,569	424,820

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	3,347	3,347
Later than one year and not later than five years	4,089	7,436
	7,436	10,783

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,347 (2023 - £3,347).