Company registration number 03275185 (England and Wales)
BUCK'S CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BUCK'S CLUB LIMITED
COMPANY INFORMATION
Directors
Mr S P Mace
Mr P R Mitchell
Mr J A C Pointon
Mr R Feigen
Mr E Lucas
Mr A J B Phillips
Mr C P Teroerde
Company number
03275185
Registered office
18 Clifford Street
London
United Kingdom
W1S 3RF
Accountants
TC Farnell Clarke Limited
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
BUCK'S CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
BUCK'S CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,255,539
1,279,013
Current assets
Stocks
107,152
124,690
Debtors
4
739,614
695,991
Cash at bank and in hand
92,718
124,246
939,484
944,927
Creditors: amounts falling due within one year
5
(884,864)
(845,430)
Net current assets
54,620
99,497
Total assets less current liabilities
1,310,159
1,378,510
Creditors: amounts falling due after more than one year
6
(640,537)
(688,906)
Net assets
669,622
689,604
Reserves
Revaluation reserve
8
207,879
214,835
Income and expenditure account
461,743
474,769
Total members' funds
669,622
689,604
BUCK'S CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
Mr S P Mace
Director
Company registration number 03275185 (England and Wales)
BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Buck's Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 18 Clifford Street, London, United Kingdom, W1S 3RF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

In assessing the company's ability to continue as a going concern, the directors' have considered the liquidity position and reviewed cash flow forecasts for the foreseeable future. true

The directors' have made prudent assumptions concerning operations under government guidelines.

In addition to current working capital available, the company has an ongoing overdraft facility of £175,000. The bank has verbally indicated that this will continue. The facility has been in place with its bankers for over 10 years.

The club's working capital includes a bounce back loan of £50,000 and has obtained voluntary levy contributions of over £170,000.

The forecasts indicate that for much of the period under review the club will not need the overdraft facility.

On 1st January 2025, the club receives almost 50% of its annual subscription income, which should generate enough cash flow to obviate the need to use the overdraft at all in 2025.

The directors have made such cost savings as to have improved the cash position significantly over previous years.

In previous years, individual members have provided short term loans at the end of the year to assist the club in managing short term cash flow issues. Although this is unlikely to be required in 2025, support has been offered by certain members.

The financial statements are prepared on the going concern basis, as the directors consider the company has adequate financial resources and can meet its liabilities as they fall due.

BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Sale of goods

- Sale of services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sale of services

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold
in accordance with the property
Plant and machinery
at varying rates on cost
Fixtures and fittings
at varying rates on cost
Computer equipment
at varying rates on cost
Antiques, furniture and paintings
-

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

The club's long leasehold property is stated at a value equal to the leasehold premium plus improvements. The lease expires in 2060. The leasehold improvements are stated at cost less depreciation on a straight line basis.

Antique furniture and paintings are not subject to depreciation since the company has a policy to maintain these assets to a high standard. No depreciation has therefore been provided on these assets since, in the opinion of the directors, such a provision is inappropriate and the omission of such a provision does not have a material effect on the results for the year.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
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 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 a 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.

BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments 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. A m ounts 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases
As lessee
BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12

Life membership subscriptions

For a limited period, life membership was offered to members aged 55 or above on terms calculated by reference to actuarial principles. The club's policy has been to credit the full amount of such subscriptions to members' funds in the year in which they are received. As at 31 December 2024, life membership was not held by any members (2023: none).

2
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
28
25
3
Tangible fixed assets
Long leasehold
Plant and machinery
Fixtures and fittings
Computer equipment
Antiques, furniture and paintings
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,518,813
1,964
215,099
562
99,192
1,835,630
Additions
-
0
602
3,161
595
2,342
6,700
At 31 December 2024
1,518,813
2,566
218,260
1,157
101,534
1,842,330
Depreciation and impairment
At 1 January 2024
351,042
450
205,042
83
-
0
556,617
Depreciation charged in the year
25,386
403
4,203
182
-
0
30,174
At 31 December 2024
376,428
853
209,245
265
-
0
586,791
Carrying amount
At 31 December 2024
1,142,385
1,713
9,015
892
101,534
1,255,539
At 31 December 2023
1,167,771
1,514
10,057
479
99,192
1,279,013
Cost or valuation at 31 December 2024 is represented by:
BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
(Continued)
- 8 -
Long leasehold
Plant and machinery
Fixtures and fittings
Computer equipment
Antiques, furniture and paintings
Total
£
£
£
£
£
£
Valuation in 2000
347,809
-
-
-
-
347,809
Valuation in 1996
-
-
-
-
27,018
27,018
Cost
1,171,004
2,566
218,260
1,157
74,516
1,467,503
1,518,813
2,566
218,260
1,157
101,534
1,842,330

Long leasehold was valued on an open market basis on 5th July 2000 by Colliers Conrad Ritblat Erdman Limited.

The Club's long leasehold premises was valued by Savills Chartered Surveyors, in July 2008, at £1.75million.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Long leasehold
Antiques, furniture and paintings
2024
2023
2024
2023
£
£
£
£
Cost
1,171,004
1,171,004
74,516
72,174
Accumulated depreciation
(370,530)
(347,110)
-
-
Carrying value
800,474
823,894
74,516
72,174
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
698,102
673,275
Prepayments and accrued income
41,512
22,716
739,614
695,991
BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
121,615
99,637
Trade creditors
111,908
92,476
Corporation tax
10,554
2,841
Other taxation and social security
145,602
176,281
Other creditors
73,373
70,025
Accruals and deferred income
421,812
404,170
884,864
845,430
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,520
31,389
Other creditors
614,017
657,517
640,537
688,906

Other creditors comprises of loans from member's of £270,342 (2023 - £280,342), and unsecured loan notes of £343,675 (2023 - £377,175).

The member's loans are unsecured and are repayable after more than one year.

The unsecured loan notes are interest free, repayable by the company at the end of fifteen months following the resignation of the holder's membership of the Club or six months following the member's death, providing the funds permit.

Amounts included above which fall due after five years are as follows:
Payable by instalments
3,211
9,508
7
Secured debts

The company has a secured bank overdraft of £116,143 (2023 - £94,284) which is included within creditors.

The bank overdraft is secured on the company's leasehold property.

8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
214,835
221,791
Transfer to retained earnings
(6,956)
(6,956)
At the end of the year
207,879
214,835
BUCK'S CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Revaluation reserve
(Continued)
- 10 -

The revaluation reserve relates to antiques, furniture and paintings which were revalued by Sotherby's in June 1996 (£27,018) and the long leasehold property, which was revalued by Colliers Conrad Ritblat Erdman Limited in July 2000 (£347,809).

The antiques, furniture and paintings were revalued again in 2014 by Sotherby's but the uplift has not been incorporated on the balance sheet.

9
Related party transactions

At 31 December 2024 the company owed the following in respect of members' loans made to the club by individuals who were also directors of the company during the year:

2024
2023
Amounts due to related parties
£
£
A T West
62,000
62,000
P R Mitchell
-
10,000

There are no interest terms associated with the loans, all loans are payable after more than one year.

There were no other related party transactions during the year.

10
Ultimate controlling party

Due to the nature of the business there is no ultimate controlling party.

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