REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE BUGATTI OWNERS' CLUB LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE BUGATTI OWNERS' CLUB LIMITED |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Chairman's Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Statement of Directors' Responsibilities | 9 |
Independent Chartered Certified Accountants' Review Report |
10 |
THE BUGATTI OWNERS' CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The 2023 accounts mark the first proper year's trading since the Covid pandemic and the Club's return to normality. The BOC started to reap commercial rewards after its considerable investment into catering facilities within the clubhouse, with 2023 seeing a net contribution of £55,964 from Clubhouse and Catering. |
Our Prescott Historique featuring BRM V16 proved to be the highlight of the event calendar and as in previous years we ran two championships, New Barn and Fassi. |
Much effort and focus was, and continues to be, invested in the provision of Bugatti Spares, with the net contribution increasing from £16,420 in 2022 to £42,553 in 2023. |
During this trading period of 1 Jan to 31 Dec 2023 both the Coronavirus Business Intervention loan (taken out as a Covid just in case backstop) and the last of the loan for refurbishment of the Clubhouse were paid off in full. This is in line with the Club Strategy of eliminating debt as much as possible. |
A turnover of £966k saw an improvement of some 4% in turnover and while the surplus has increased from £3.4k to £19.4k this is only a modest 2% profit on the year. |
Club reserves remained largely unchanged with cash in hand being £146,760 at the year end. This comprises £75,000 funds raised by Lifetime Memberships during 2020, £58,174 for Friends of Prescott, and £12,000 for track resurfacing funds, all of which are ringfenced. The balance was operating capital. |
Club finances are moving in the right direction against the background of a challenging trading environment. |
Colin Bullock |
Chairman |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Software | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account |
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 BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
The Bugatti Owners' Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the income received from membership subscriptions, the sale of Bugatti spares, regalia, entry and admission fees, sponsorship from Prescott events, drivers' school, corporate days, restaurant income, international rally income and other related Bugatti material. |
Membership subscriptions are invoiced in advance and an adjustment is made in the Statement of Financial Position to take account of any income that is attributable to a subsequent accounting period. Similarly, any other income received in advance of the goods or services being provided is carried forward and recognised on delivery of the goods, events or service to which it relates. |
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. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold land is not depreciated. |
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 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 statement of financial position date. |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense in the period in which contributions are made. |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | SOFTWARE |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in freehold property is land of £23,866 (2022: £23,866). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Social security and other taxes |
VAT | 5,808 | 3,324 |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 9) |
Other creditors |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
As security for the bank facilities, there is a debenture, dated June 2005, which includes a first legal charge over the freehold property, a fixed charge over the freehold and leasehold property: first charge over any book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertakings both present and future. |
10. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Other provisions |
Track Resurfacing provision | 143,091 | 143,091 |
Track |
Resurface |
Provision |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
11. | OTHER FINANCIAL COMMITMENTS |
As at the balance sheet date the company had total guarantees, contingencies and commitments of £nil (2022: £1,818). |
12. | RELATED PARTY DISCLOSURES |
During the year Stunt Drive UK Limited, a company owned by the husband of one of the senior management team, paid the company £3,008 (2022: £708) for land hire fees and parts on an arms' length basis. It also charged £9,368 (2022: £4,075) for Stunt School costs and repairs, also on an arms' length basis. |
13. | 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. |
THE BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
The directors are responsible 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 then 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. |
ON BEHALF OF THE BOARD: |
22 July 2024 |
INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
THE BUGATTI OWNERS' CLUB LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
We have reviewed the financial statements of The Bugatti Owners' Club Limited for the year ended 31 December 2023, which comprise the Income Statement, Statement of Financial Position 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 (United Kingdom Generally Accepted Accounting Practice). |
Directors' responsibility for the financial statements |
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
Accountants' responsibility |
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable. |
Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements. |
Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its surplus for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006. |
Use of our report |
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer'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 directors as a body for our work, for this report, or for the conclusions we have formed. |
6 Manor Park Business Centre |
Mackenzie Way |
INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS OF |
THE BUGATTI OWNERS' CLUB LIMITED |
Cheltenham |
Gloucestershire |
GL51 9TX |