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REGISTERED NUMBER: 08661439 (England and Wales)












Audited Financial Statements

for the Year Ended 31 October 2023

for

Ferrari Owners' Club Limited

Ferrari Owners' Club Limited (Registered number: 08661439)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ferrari Owners' Club Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr C M Butler
Mr G D Culver
Mr C A A Mineeff
Mr A Stevenson





REGISTERED OFFICE: Cavallino House
2 Church Way
Whittlebury
Towchester
Northamptonshire
NN12 8XS





REGISTERED NUMBER: 08661439 (England and Wales)





AUDITORS: Haines Watts North East Audit LLP
17 Queens Lane
Newcastle upon Tyne
NE1 1RN

Ferrari Owners' Club Limited (Registered number: 08661439)

Balance Sheet
31 October 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 5,015 10,304
Debtors 6 28,512 59,456
Cash at bank and in hand 112,405 96,683
145,932 166,443
CREDITORS
Amounts falling due within one year 7 136,498 162,525
NET CURRENT ASSETS 9,434 3,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,434

3,918

CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and loss account 9,334 3,818
SHAREHOLDERS' FUNDS 9,434 3,918

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 Income and Expenditure Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:




Mr C M Butler - Director



Mr C A A Mineeff - Director


Ferrari Owners' Club Limited (Registered number: 08661439)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Ferrari Owner's Club Limited is a private company, limited by shares, registered in England and Wales. The company's registration number and registered office address can be found on the Company Information page.

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, 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.

Pension costs and other post-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 to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Ferrari Owners' Club Limited (Registered number: 08661439)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable to right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instructions are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gain's and losses arising on translation in the period are included in profit or loss.

Employees and directors

The average monthly number of employees relate to salaried employees.

C M Butler received an honorarium payment of £3,000 for his role as treasurer (2022: £3,000).

None of the directors received remuneration for their services (2022: nil).

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Ferrari Owners' Club Limited (Registered number: 08661439)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2022
and 31 October 2023 4,850
AMORTISATION
At 1 November 2022
and 31 October 2023 4,850
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 19,320 35,946
Other debtors 9,192 23,510
28,512 59,456

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 22,061 8,588
Amounts owed to group undertakings 45,735 64,445
Taxation and social security 380 -
Other creditors 68,322 89,492
136,498 162,525

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Easton FCA Senior Statutory Auditor
for and on behalf of Haines Watts North East Audit LLP

10. RELATED PARTY TRANSACTIONS

During the year the company purchased services from Butler & Gee Management Ltd, a company which Mr C M Butler is a director, amounting to £350 (2022: £300), which were all on or below commercial terms. The amount owed at 31 October 2023 was £nil; (2022 : £nil)
Mr C M Butler received an honorarium payment of £3,000 for his role as treasurer (2022 : £3,000).

11. PARENT COMPANY

The ultimate controlling party is Ferrari Owners' Club (Holdings)Limited.

In the directors opinion no single party controls Ferrari Owners' Club (Holdings) Limited.