Company Registration No. 03194847 (England and Wales)
BLACK MOUNTAINS GLIDING CLUB
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
BLACK MOUNTAINS GLIDING CLUB
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
100,335
108,318
Investments
2
4,851
4,851
105,186
113,169
Current assets
Stocks
3,536
9,056
Debtors
97,799
95,706
Cash at bank and in hand
113,694
34,799
215,029
139,561
Creditors: amounts falling due within one year
(26,279)
(3,221)
Net current assets
188,750
136,340
Total assets less current liabilities
293,936
249,509
Creditors: amounts falling due after more than one year
3
(26,629)
-
267,307
249,509
Capital and reserves
Profit and loss account
267,307
249,509
Shareholders' funds
267,307
249,509
BLACK MOUNTAINS GLIDING CLUB
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The 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 Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 26 March 2016
M Stringer
Director
Company Registration No. 03194847
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Income represents amounts receivable for membership, use of gliders, and course fees.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Buildings
at 2% per annum on cost
Gliders & flying equipment
at 10% per annum on cost
Ground equipment
at 10% per annum on cost
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015
254,514
4,851
259,365
Additions
2,448
-
2,448
Disposals
(28,600)
-
(28,600)
At 31 December 2015
228,362
4,851
233,213
Depreciation
At 1 January 2015
146,196
-
146,196
On disposals
(28,600)
-
(28,600)
Charge for the year
10,431
-
10,431
At 31 December 2015
128,027
-
128,027
Net book value
At 31 December 2015
100,335
4,851
105,186
At 31 December 2014
108,318
4,851
113,169
The company holds 100% of the ordinary share capital of Talgarth Airfield Limited, a company which provides the airfield and associated services for the Black Mountains Gliding Club. Talgarth Airfield Ltd, company no. 03539410, registered in the UK, is a private limited company.
The aggregate amount of share capital and reserves of Talgarth Airfield Limited at 31st December 2015 was £34,889 (2014 - £32,780) and its profit for the year £2,108 ( 2014 - £2,109).
Unlisted investments are debentures in Talgarth Airfield Ltd and one ordinary share of £1 in that company.
3
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
3,652
-