Company Registration No. 03194847 (England and Wales)
BLACK MOUNTAINS GLIDING CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BLACK MOUNTAINS GLIDING CLUB
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
BLACK MOUNTAINS GLIDING CLUB
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
194,750
185,120
Investments
3
4,851
4,851
199,601
189,971
Current assets
Stocks
4,587
3,706
Debtors
4
98,897
98,416
Cash at bank and in hand
49,844
73,326
153,328
175,448
Creditors: amounts falling due within one year
5
(24,986)
(36,885)
Net current assets
128,342
138,563
Total assets less current liabilities
327,943
328,534
Creditors: amounts falling due after more than one year
6
(31,000)
(41,071)
Net assets
296,943
287,463
Reserves
Income and expenditure account
296,943
287,463
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
BLACK MOUNTAINS GLIDING CLUB
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
2017
2016
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2018 and are signed on its behalf by:
M Stringer
Director
Company Registration No. 03194847
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
Black Mountains Gliding Club is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
The Airfield, Talgarth, Brecon, Powys, LD3 0EJ.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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.
Tangible fixed assets 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
between 2% - 6.67% per annum on cost
Gliders & flying equipment
at 10% per annum on cost
Ground equipment
at 10% per annum on cost
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
.
1.4
Stocks
Stock is held at the lower of cost and net realisable value.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
The company has no liability to corporation tax on its ordinary operations of a mutual trading members' club.
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
172,501
141,541
314,042
Additions
11,232
15,188
26,420
Disposals
-
(1,860)
(1,860)
At 31 December 2017
183,733
154,869
338,602
Depreciation and impairment
At 1 January 2017
24,118
104,803
128,921
Depreciation charged in the year
8,149
6,937
15,086
Eliminated in respect of disposals
-
(155)
(155)
At 31 December 2017
32,267
111,585
143,852
Carrying amount
At 31 December 2017
151,466
43,284
194,750
At 31 December 2016
148,382
36,738
185,120
3
Fixed asset investments
2017
2016
£
£
Investments
4,851
4,851
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 Limited, 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 2017 was £39,115 (2016 - £37,001) and its profit for the year £2,114 (2016 - £2,112).
Unlisted investments are debentures in Talgarth Airfield Limited and one ordinary share of £1 in that company.
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
96,548
96,328
Other debtors
2,349
2,088
98,897
98,416
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,099
6,913
Other creditors
23,887
29,972
24,986
36,885
Included within other creditors is the amount of £9,250 for membership received in advance (2016 £13,800).
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
31,000
41,071
Creditors which fall due after five years are as follows:
2017
2016
£
£
Payable by instalments
2,840
3,897
7
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 £10.
8
Related party transactions
The wholly owned subsidiary, Talgarth Airfield Limited, owns the airfield from which the club operates. In the year the company paid Talgarth Airfield Limited £2,400 (2016 - £2,400) for use of the airfield.