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REGISTERED NUMBER: 00246747 (England and Wales)















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: C J Bullock
E W Burgess
S J P Dymoke
R P Marks
R T Moran
J R C Staveley
Dr A G Tongue





SECRETARY: Mrs G L Moffat-Price





REGISTERED OFFICE: Prescott Hill
Gotherington
Cheltenham
Glos.
GL52 9RD





REGISTERED NUMBER: 00246747 (England and Wales)





ACCOUNTANTS: BK Plus Limited
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 6,391 9,781
Tangible assets 5 525,622 576,806
532,013 586,587

CURRENT ASSETS
Stocks 131,597 125,219
Debtors 6 33,048 34,171
Cash at bank and in hand 146,760 177,669
311,405 337,059
CREDITORS
Amounts falling due within one year 7 (140,480 ) (161,021 )
NET CURRENT ASSETS 170,925 176,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

702,938

762,625

CREDITORS
Amounts falling due after more than
one year

8

(86,050

)

(165,151

)

PROVISIONS FOR LIABILITIES 10 (143,091 ) (143,091 )
NET ASSETS 473,797 454,383

RESERVES
Income and expenditure account 473,797 454,383
473,797 454,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 BUGATTI OWNERS' CLUB LIMITED (REGISTERED NUMBER: 00246747)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





C J Bullock - Director


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 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. ACCOUNTING POLICIES

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

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 33.3333% on cost

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 (2022 - 5 ) .

4. SOFTWARE
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 16,951
AMORTISATION
At 1 January 2023 7,170
Charge for year 3,390
At 31 December 2023 10,560
NET BOOK VALUE
At 31 December 2023 6,391
At 31 December 2022 9,781

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 933,741 252,438 22,444 1,208,623
Additions - 7,420 - 7,420
At 31 December 2023 933,741 259,858 22,444 1,216,043
DEPRECIATION
At 1 January 2023 410,686 209,888 11,243 631,817
Charge for year 23,947 27,842 6,815 58,604
At 31 December 2023 434,633 237,730 18,058 690,421
NET BOOK VALUE
At 31 December 2023 499,108 22,128 4,386 525,622
At 31 December 2022 523,055 42,550 11,201 576,806

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 19,298 24,267
Other debtors 13,750 9,904
33,048 34,171

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 20,000 21,086
Trade creditors 20,128 68,261
Social security and other taxes 15,054 8,817
VAT 5,808 3,324
Other creditors 79,490 59,533
140,480 161,021

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) - 50,758
Other creditors 86,050 114,393
86,050 165,151

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 20,000 21,086

Amounts falling due between one and two years:
Bank loans - 50,758

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 143,091
Balance at 31 December 2023 143,091

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:





C J Bullock - Director

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.




BK Plus Limited
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


22 July 2024