The Alfa Romeo Owners Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01106134 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

The Alfa Romeo Owners Club Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P J Farquhar

Mr J H Griffiths

Mr R G W Murtha

Mr J Timms

Mr P Jones

Mr D Langford

Mr G Richardson

Mr J Griffin

Mr D Faithful

SECRETARY:

Mr P J Farquhar

REGISTERED OFFICE:

8 Ickworth Court

Felixstowe

Suffolk

IP11 2XL

REGISTERED NUMBER:

01106134 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Tangible assets

5

8,302

9,028

CURRENT ASSETS

Stocks

27,084

31,692

Debtors

6

16,133

12,295

Cash at bank

153,319

147,285

196,536

191,272

CREDITORS

Amounts falling due within one year

7

16,171

20,292

NET CURRENT ASSETS

180,365

170,980

TOTAL ASSETS LESS CURRENT LIABILITIES

188,667

180,008

RESERVES

Revaluation reserve

8

5,876

5,996

Income and expenditure account

182,791

174,012

188,667

180,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2021 and were signed on its behalf by:

Mr J Timms - Director

Mr J H Griffiths - Director

1.	STATUTORY INFORMATION

The Alfa Romeo 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.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

The consequences of the COVID-19 pandemic and the measures taken to control its spread have materially and adversely affected the company's operations. The impact of the pandemic, as well as the effectiveness of government and central bank responses, remain unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods. The directors are optimistic that necessary measures can be taken to ensure the viability of the company and so they have continued to adopt the going concern basis of accounting as set out below.

Income

Income is measured at the fair value, excluding discounts, rebates, value added tax and other sales taxes, of membership subscriptions, commissions and the sale of goods and other services to club members received or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Trophies and archives

-

20% on reducing balance and 2% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks

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

Financial instruments

Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5.	TANGIBLE FIXED ASSETS

Trophies

Plant and

Office

Motor

and

machinery

equipment

vehicles

archives

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2020

and 31 December 2020

4,041

10,167

12,000

7,537

33,745

DEPRECIATION

At 1 January 2020

2,098

9,703

11,382

1,534

24,717

Charge for year

389

93

124

120

726

At 31 December 2020

2,487

9,796

11,506

1,654

25,443

NET BOOK VALUE

At 31 December 2020

1,554

371

494

5,883

8,302

At 31 December 2019

1,943

464

618

6,003

9,028

Cost or valuation at 31 December 2020 is represented by:

Trophies

Plant and

Office

Motor

and

machinery

equipment

vehicles

archives

Totals

£

£

£

£

£

Valuation in 2015

-

-

-

6,352

6,352

Cost

4,041

10,167

12,000

1,185

27,393

4,041

10,167

12,000

7,537

33,745

If trophies and archives had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

1,185

1,185

Aggregate depreciation

1,178

1,178

The valuation of trophies and archives was made on 1 January 2015 at an open market value.

The company has taken advantage of the transitional provisions available on the introduction of FRS 102 to carry those assets at the value less depreciation in subsequent years. Subsequent additions to trophies and archives are included at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

5,364

6,540

VAT

4,433

5,662

Prepayments and accrued income

6,336

93

16,133

12,295

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

13,911

13,872

Corporation tax

206

336

Other creditors

58

66

Accruals and deferred income

1,996

6,018

16,171

20,292

8.

RESERVES

Revaluation

reserve

£

At 1 January 2020

5,996

Transfers between reserves

(120

)

At 31 December 2020

5,876

9.	LIMITED BY GUARANTEE

The Alfa Romeo Owners Club Ltd is a company limited by guarantee and accordingly does not have a share capital. At 31 December 2020 the total number of members was 3,745 (2019 - 3,847).

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.