BMW CAR CLUB (GREAT BRITAIN) LIMITED


Directors	EVANS, David Alan
	LYONS, Greg
	RIXHAM, Richard
	SMITH, Matthew James William
	THOMAS, Nicholas Charles Lynn


Registered Address	Unit 5(H) Glan Yr Afon Industrial Estate
	Llanbadarn Fawr
	Aberystwyth
	SY23 3JQ


Registered Number	01617753 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in sterling, which is the functional currency of the entity.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover represents the aggregate amount of subscriptions, donations, advertising income, track day and national events income, sundry income and merchandise sales. Membership subscriptions are deemed to be valued for 12 months from the anniversary of joining. The unexpired proportion of membership subscriptions received is carried forward to the following year as deferred income.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Turnover represents the aggregate amount of subscriptions, donations, advertising income, track day and national events income, sundry income and merchandise sales.
Membership subscriptions are deemed to be valued for 12 months from the anniversary of joining.  The unexpired proportion of membership subscriptions received is carried forward to the following year as deferred income.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Current taxation
	Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Amortisation
	Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: New website: 25% straight line

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Straight line (years)
	Fixtures and fittings	3
	Vehicles	3

	Impairment of non-financial assets policy
	Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 
Basic financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.

	Government grants or assistance
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants or assistance

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 24	21,333	21,333
At 31 December 24	21,333	21,333
Amortisation and impairment
At 01 January 24	15,999	15,999
Charge for year	5,334	5,334
At 31 December 24	21,333	21,333
Net book value
At 31 December 24	-	-
At 31 December 23	5,334	5,334

4.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 01 January 24	4,860	27,871	32,731
Additions	-	1,272	1,272
At 31 December 24	4,860	29,143	34,003
Depreciation and impairment
At 01 January 24	4,860	25,787	30,647
Charge for year	-	1,563	1,563
At 31 December 24	4,860	27,350	32,210
Net book value
At 31 December 24	-	1,793	1,793
At 31 December 23	-	2,084	2,084

5.	Stocks

	2024	2023
	£	£
Other stocks	19,739	22,964
Total	19,739	22,964

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	9,167	25,544
Other debtors	8,712	7,847
Prepayments and accrued income	6,864	4,417
Total	24,743	37,808

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	22,114	16,961
Taxation and social security	2,746	3,804
Payments received on account	1,500	-
Other creditors	1,001	625
Accrued liabilities and deferred income	80,412	84,516
Total	107,773	105,906

8.	Provisions for liabilities
	The deferred tax included in the statement of financial position is (£165) (2023: (£205)) and consists of the tax effect timing differences in respect of accelerated capital allowances.

9.	Operating lease commitments
	The total future minimum lease payments under non-cancellable operating leases are as follows: Not later than 1 year £7,880 (2023: £7,880) Later than 1 year and not later than 5 years £1,970 (2023: £9,850)

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		-		5,334
Tangible assets	4		1,793		2,084
			1,793		7,418
Current assets
Stocks	5	19,739		22,964
Debtors	6	24,743		37,808
Cash at bank and on hand		189,512		199,134
		233,994		259,906
Creditors amounts falling due within one year	7	(107,773)		(105,906)
Net current assets (liabilities)			126,221		154,000
Total assets less current liabilities			128,014		161,418
Net assets			128,014		161,418
Capital and reserves
Profit and loss account			128,014		161,418
Reserves			128,014		161,418