Registration number:
Bentley Drivers Club Limited
for the Year Ended 31 December 2023
Bentley Drivers Club Limited
Contents
Company Information |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Financial Statements |
Bentley Drivers Club Limited
Company Information
Directors |
Mr Duncan Charles Wiltshire Mr David Spencer Mr Philip Brooks Mr Andrew Day Mrs Barbara Haig Mr Christopher Michael Warner Dr Diana Davy Mr Bernard Walker |
Company secretary |
Mr Dennis John Boatwright |
Registered office |
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Auditors |
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Patrons |
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Past Presidents |
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President |
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Bentley Drivers Club Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
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.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
Bentley Drivers Club Limited
Directors' Report for the Year Ended 31 December 2023
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Auditors
The auditors, Just Audit & Assurance Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved by the
.........................................
Mr Christopher Michael Warner
Director
Bentley Drivers Club Limited
Independent Auditor's Report to the Members of Bentley Drivers Club Limited
Opinion
We have audited the financial statements of Bentley Drivers Club Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Bentley Drivers Club Limited
Independent Auditor's Report to the Members of Bentley Drivers Club Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of directors
As explained more fully on page 2 the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Bentley Drivers Club Limited
Independent Auditor's Report to the Members of Bentley Drivers Club Limited
Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:
• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
4 South Bar Street
Oxfordshire
OX16 9AA
Bentley Drivers Club Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
(45,079) |
30,990 |
|
Other interest receivable and similar income |
|
|
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
( |
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Bentley Drivers Club Limited
(Registration number: 00316068)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
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Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Profit and loss account |
1,309,998 |
1,351,978 |
|
Retained funds |
1,309,998 |
1,351,978 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Bentley Drivers Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a company limited by guarantee, incorporated in the United Kingdom.
The address of its registered office is:
Accounting policies |
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 of financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102 “the Financial Reporting Standard applicable in the UK and the Republic of Ireland” and the Companies Act 2006. The financial statements have been prepared under the the historical cost convention.
Group accounts not prepared
Turnover
Turnover represents income from membership fees and activities, excluding value added tax. Donations are included in the income and expenditure in the year of receipt.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated although impairment losses are recognised. Depreciation on other assets is charged so as to allocate cost of assets less their residual value over the estimated lives, using the straight line method.
Valuation of Investments
Investments in subsidiaries are measured at cost.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.
Bentley Drivers Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Pension costs and other retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to profit or loss in the period in which they relate.
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
3,970 |
3,850 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Taxation |
Note |
2023 |
2022 |
|
Corporation tax |
|||
Balance b/fwd |
158 |
5 |
|
Payments made |
(158) |
(5) |
|
- |
- |
||
Current tax on bank interest receivable and grants received |
689 |
158 |
|
Total current tax |
689 |
158 |
Factors affecting tax charge for the year
There were no factors that affected the tax charge for the year which has been calculated on the bank interest received and grants recieved at the standard rate of corporation tax in the UK of 19%. (2022 - 19%).
Bentley Drivers Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Freehold property |
Patterns |
Motor vehicles |
Office equipment |
||
Cost or valuation |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
- |
- |
( |
|
|
At 31 December 2023 |
|
|
- |
|
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
- |
- |
- |
|
|
Eliminated on disposal |
- |
- |
( |
- |
|
At 31 December 2023 |
|
|
- |
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
- |
- |
|
|
At 31 December 2022 |
|
- |
- |
|
Total |
|||||
Cost or valuation |
|||||
At 1 January 2023 |
|
||||
Additions |
( |
||||
At 31 December 2023 |
|
||||
Depreciation |
|||||
At 1 January 2023 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 31 December 2023 |
|
||||
Carrying amount |
|||||
At 31 December 2023 |
|
||||
At 31 December 2022 |
|
Freehold property
The figure of £1,614,175 represents the cost to 31 December 2016 of the Wroxton Property. A valuation of the freehold property was carried out at 31 December 2015 by Brown and Co and gave rise to a diminution in value reducing the net book value to £975,000. The Freehold Property was valued in August 2018 at £995,000. No adjustment has been made in the accounts.
Bentley Drivers Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Fair value |
|
At 1 January 2023 |
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
United Kingdom |
|
|
|
|
United Kingdom |
|
|
|
Stocks |
2023 |
2022 |
|
Shop stock |
|
|
Bentley Drivers Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
200,816 |
211,597 |
Corporation tax |
689 |
163 |
|
|
Company status |
The company is a private company limited by guarantee 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 for a period of one year after cesing to be a member.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Debenture loan to Bentley Drivers Club Spares Schemes Ltd
The Spares Scheme were sold to the Spares Scheme subsidiary , on 1st January 2002, at their net asset value of £171,347 and the consideration was secured by a secured legal debenture provided by the company. Since the acquisition the outstanding consideration has been reduced by £67,391. The debenture has no fixed term for repayment and is not subject to interest.