Company registration number 01866005 (England and Wales)
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,165
2,940
Current assets
Cash at bank and in hand
24,778
18,610
Creditors: amounts falling due within one year
5
(6,018)
(450)
Net current assets
18,760
18,160
Net assets
21,925
21,100
Reserves
Revaluation reserve
7
2,576
2,576
Other reserves
1,285
1,285
Income and expenditure account
18,064
17,239
Members' funds
21,925
21,100
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 March 2023 and are signed on its behalf by:
P Haylock
Director
Company Registration No. 01866005
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Kings Lynn and District Motor Club Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Chapel Barn, Stoke Ferry Road, Eastmoor, King's Lynn, Norfolk, PE33 9QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance basis
Cups
not provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
21,037
Additions
300
At 31 December 2022
21,337
Depreciation and impairment
At 1 January 2022
18,097
Depreciation charged in the year
75
At 31 December 2022
18,172
Carrying amount
At 31 December 2022
3,165
At 31 December 2021
2,940
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
6,018
450
KINGS LYNN AND DISTRICT MOTOR CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
2,576
2,576