REGISTERED NUMBER: 06291631 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Bloodhound Programme Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J A Noble

C B Fairhead

R F Ayers

M J Chapman

M C F Davidson

SECRETARY:

R J A Noble

REGISTERED OFFICE:

Exchange House

33 Station Road

Liphook

Hampshire

GU30 7DW

REGISTERED NUMBER:

06291631 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

839,686

906,350

Tangible assets

5

149,112

152,278

988,798

1,058,628

CURRENT ASSETS

Stocks

41,563

-

Debtors

6

408,083

2,313,519

Cash at bank and in hand

228,490

35,500

678,136

2,349,019

CREDITORS

Amounts falling due within one year

7

1,283,146

1,794,478

NET CURRENT (LIABILITIES)/ASSETS

(605,010

)

554,541

TOTAL ASSETS LESS CURRENT LIABILITIES

383,788

1,613,169

CREDITORS

Amounts falling due after more than one year

8

2,000,000

2,000,000

NET LIABILITIES

(1,616,212

)

(386,831

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(1,616,213

)

(386,832

)

SHAREHOLDERS' FUNDS

(1,616,212

)

(386,831

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 profit or loss 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 June 2018 and were signed on its behalf by:

R J A Noble - Director

1.	STATUTORY INFORMATION

Bloodhound Programme Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

These accounts have been prepared on a going concern basis, which contemplates continuity of normal business

activities, the realisation of assets and the settlement of liabilities in the ordinary course of business.

The Company incurred a loss during the year and holds net liabilities on the balance sheet as at 30 September

2017.

The directors nevertheless believe that it is appropriate to prepare the financial statements on a going concern

basis. The Bloodhound Project is supported by two main sponsors and negotiations are being held to extend the

sponsorship timeframe. Discussions are being held with further sponsors to assist with the development of the

project.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 September 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 October 2015.

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.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet

date indicating the recoverable amount was less than its carrying value.

Development costs are being amortised evenly over their estimated useful life of ten years.

Intangible fixed assets and amortisation

Intangible assets are stated at cost less amortisation and subject to regular impairment reviews.

Amortisation is provided at the following rates:

Bloodhound SSC - brand and trademarks - 10 years straight line

Amortisation totalling £93,299 was recorded in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Bloodhound car under construct

-

not provided

Fixtures and fittings

-

25% on reducing balance

Show cars

-

Straight line over 15 years and Straight line over 10 years

The Bloodhound car under construction is carried at cost less impairment and will be depreciated once

construction is complete.

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 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.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 October 2016

906,350

Additions

26,635

At 30 September 2017

932,985

AMORTISATION

Impairments

93,299

At 30 September 2017

93,299

NET BOOK VALUE

At 30 September 2017

839,686

At 30 September 2016

906,350

5.	TANGIBLE FIXED ASSETS

Bloodhound

Fixtures

car under

and

construct

fittings

Show cars

Totals

£

£

£

£

COST

At 1 October 2016

100,000

6,006

77,500

183,506

Additions

-

907

-

907

At 30 September 2017

100,000

6,913

77,500

184,413

DEPRECIATION

At 1 October 2016

-

4,978

26,250

31,228

Charge for year

-

276

3,797

4,073

At 30 September 2017

-

5,254

30,047

35,301

NET BOOK VALUE

At 30 September 2017

100,000

1,659

47,453

149,112

At 30 September 2016

100,000

1,028

51,250

152,278

The Bloodhound car under construction and the show cars were valued by Wyles Hardy & Co on 24 November

2017 which resulted in an amendment to the deprecation policy of the show cars.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

329,848

2,218,464

Amounts owed by group undertakings

25,865

-

Other debtors

5,004

5,000

The fuel card bond

1,200

-

Directors' current accounts

12

-

VAT

-

60,033

Prepayments

46,154

30,022

408,083

2,313,519

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts

-

97,712

Trade creditors

182,619

804,137

Tax

4

-

Social security and other taxes

371

(716

)

VAT

33,726

-

Other creditors

228,002

103,214

Directors' current accounts

-

7,825

Accrued expenses

838,424

782,306

1,283,146

1,794,478

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Sponsor guarantee account

1,000,000

1,000,000

Rolex sponsor guarantee

1,000,000

1,000,000

2,000,000

2,000,000

Creditors include two loans of £1,000,000 each which are guaranteed by sponsors of the Company and due for

repayment in December 2018.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

1

Ordinary

£1

1

1

10.	CONTINGENT LIABILITIES

During the course of the project several members of the team have provided services as follows:

£

Mark Chapman

Director

£425,205

Martyn Davidson

Director

£16,800

Other team members

£91,200

The team members reserve the right to invoice these amounts as approved by the Board.

11.	CAPITAL COMMITMENTS

Bloodhound Programme entered into a lease agreement on 21 March 2013.

The term of the initial lease was 5 years to 20 March 2018.

The total commitment owing for the remaining six months to the end of the initial lease term is £60,044.

Since year end the lease has been renewed for a further 5 years to 20 March 2023.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017 and

30 September 2016:

30.9.17

30.9.16

£

£

R J A Noble

Balance outstanding at start of year

(7,825

)

(7,825

)

Amounts advanced

7,837

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12

(7,825

)

The loan to the director is unsecured, interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the year invoices were received from related parties for work completed on the Bloodhound Project.

The following totals were invoiced during the year;

Richard Noble Consultancy Limited

£136,269

Harbir Randeva

£19,918

C J Chapman Limited

£47,600

The following balances are owed by the Company at balance date;

2017

2016

Richard Noble Consultancy Limited

£27,871

(£73,109

)

C J Chapman Limited

£55,573

£186,546

R Ayers

£22,000

£15,000

A Green

£117,000

£117,000