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THE VINTAGE MOTOR CYCLE CLUB LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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THE VINTAGE MOTOR CYCLE CLUB LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE VINTAGE MOTOR CYCLE CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
Oakhurst House |
57 Ashbourne Road |
Derby |
Derbyshire |
DE22 3FS |
THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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BALANCE SHEET |
30 SEPTEMBER 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Heritage assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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RESERVES |
Revaluation reserve | 10 |
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Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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1. | STATUTORY INFORMATION |
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The Vintage Motor Cycle Club Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. |
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Tangible fixed assets |
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Buildings | - |
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Plant and machinery | - |
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Vehicles | - |
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Land is not depreciated. |
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Investments |
Investments in subsidiary undertaking s are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost represents the invoiced cost of materials on a first in first out basis. |
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Stock is written off 100% for items not sold in a year and 50% for items not sold in 6 months. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Heritage assets |
Bikes, trophies and the library 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. |
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Items included in heritage assets are valued under the revaluation model. |
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Items held within heritage assets are subject to ongoing maintenance and are generally used by members. |
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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 profit and loss account over the period to which it relates. |
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Going concern |
During the year ended 30 September 2022 the club incurred a net deficit of £159,570 (2021: £130,184).There are number of contributing factors that have impacted the figures for the year including the |
large losses made from Festival of 1000s bikes and Cadwell event, journal costs increasing, losses made from raffle and a significant decrease in retail. |
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The club forecasts have shown that the club is going to address the loss making areas by eliminating the raffle and some of the events that have made a large deficit in the past. The club is also looking to increase membership prices in hope to significantly decrease the loss in the next financial year and plan to make a small profit in the year-end to September 2024. |
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As at the balance sheet date the club has substantial un-restricted cash reserves of £643,317 (2021: £759,068 which supports managements assessment that the club has adequate resources to continue in operational existence for at least 12 months from the date of these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land | Buildings | machinery | Vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2021 |
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Additions |
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Revaluations | ( |
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At 30 September 2022 |
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DEPRECIATION |
At 1 October 2021 |
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Charge for year |
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At 30 September 2022 |
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NET BOOK VALUE |
At 30 September 2022 |
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At 30 September 2021 |
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Included in cost or valuation of land and buildings is freehold land of £ 147,723 (2021 - £ 181,847 ) which is not depreciated. |
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Cost or valuation at 30 September 2022 is represented by: |
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Plant and |
Land | Buildings | machinery | Vehicles | Totals |
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Valuation in 2016 | 46,667 | 95,082 | - | - | 141,749 |
Valuation in 2020 | 39,372 | - | - | - | 39,372 |
Valuation in 2022 | (34,124 | ) | 30,287 | - | - | (3,837 | ) |
Cost | 95,808 | 184,697 | 79,978 | 1,600 | 362,083 |
147,723 | 310,066 | 79,978 | 1,600 | 539,367 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 435,866 | 435,866 |
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Freehold land and buildings were valued on a fair value basis on 11 November 2022 by Chartered Surveyors, Salloway Property Co . |
THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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5. | HERITAGE ASSETS |
Club | Library & |
bikes | trophies | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2021 |
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423,465 | 692,765 |
Additions |
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88 | 4,168 |
Revaluations |
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(117,253 | ) | (18,233 | ) |
At 30 September 2022 |
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306,300 | 678,700 |
NET BOOK VALUE |
At 30 September 2022 |
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306,300 | 678,700 |
At 30 September 2021 |
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423,465 | 692,765 |
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Cost or valuation at 30 September 2022 is represented by: |
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Club | Library & |
bikes | trophies | Totals |
£ | £ | £ |
Valuation in 2015 | 220,830 | - | 220,830 |
Valuation in 2017 | - | 352,148 | 352,148 |
Valuation in 2020 | 1,670 | - | 1,670 |
Valuation in 2021 | 19,300 | - | 19,300 |
Valuation in 2022 | 99,020 | (117,252 | ) | (18,232 | ) |
Cost | 31,580 | 71,404 | 102,984 |
372,400 | 306,300 | 678,700 |
THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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5. | HERITAGE ASSETS - continued |
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If the club owed bikes had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 32,429 | 28,349 |
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The club owned bikes were revalued on a fair value basis on 24th November 2022 by Bonhams 1793 Limited. This was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams. |
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If the library and trophies had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 71,405 | 71,318 |
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The library and trophies were valued on a fair value basis on 15th December 2022 by Bonhams 1793 Limited. This was performed on pro-bona basis in exchange for some advertisement carried out by the club on behalf of Bonhams. |
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6. | INVESTMENTS |
Total |
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FAIR VALUE |
Additions |
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At 30 September 2022 |
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NET BOOK VALUE |
At 30 September 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2021 |
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Revaluation | (22,070 | ) |
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At 30 September 2022 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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THE VINTAGE MOTOR CYCLE CLUB LIMITED (REGISTERED NUMBER: 01570648) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
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12. | RELATED PARTY DISCLOSURES |
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During the year, the directors of the company carried out their duties for no remuneration as unpaid volunteers. |
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During the year ended 30 September 2022, a related company of one of the directors provided consultancy services which have been accrued in the financial statements for £23,750 (2021: £17,500) as well as providing services on a pro bono basis. Other small payments for services totalling £249 were made to this related company in the financial year. |
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A relative of one of the directors provided services relating to the stock handling and packaging of Club Specialist Lubricant products, these services totalled £210 for the financial year (2021: £nil) |
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During the year the clubs articles of association, handbooks and byelaws were rewritten by a qualified member on a pro bono basis. |
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13. | LIMITED BY GUARANTEE |
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The company has no share capital and is limited by guarantee. Each member, while he/she is a member, or within one year after he/she ceases to be a member, is obliged to contribute up to a maximum of £1 towards the club's general debts on it being wound up. |