Company Registration No. 03194847 (England and Wales)
BLACK MOUNTAINS GLIDING CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
BLACK MOUNTAINS GLIDING CLUB
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
BLACK MOUNTAINS GLIDING CLUB
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
222,185
194,750
Investments
4
4,851
4,851
227,036
199,601
Current assets
Stocks
2,490
4,587
Debtors
5
99,695
98,897
Cash at bank and in hand
21,150
49,844
123,335
153,328
Creditors: amounts falling due within one year
6
(22,854)
(24,986)
Net current assets
100,481
128,342
Total assets less current liabilities
327,517
327,943
Creditors: amounts falling due after more than one year
7
(31,167)
(31,000)
Net assets
296,350
296,943
Reserves
Income and expenditure account
296,350
296,943
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 2018 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 2018
31 December 2018
2018
2017
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 April 2019 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 2018
- 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 2018
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
183,733
154,869
338,602
Additions
-
44,395
44,395
Disposals
-
(9,500)
(9,500)
At 31 December 2018
183,733
189,764
373,497
Depreciation and impairment
At 1 January 2018
32,267
111,585
143,852
Depreciation charged in the year
8,257
8,703
16,960
Eliminated in respect of disposals
-
(9,500)
(9,500)
At 31 December 2018
40,524
110,788
151,312
Carrying amount
At 31 December 2018
143,209
78,976
222,185
At 31 December 2017
151,466
43,284
194,750
4
Fixed asset investments
2018
2017
£
£
Investments
4,851
4,851
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018 & 31 December 2018
4,851
Carrying amount
At 31 December 2018
4,851
At 31 December 2017
4,851
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
96,788
96,548
Other debtors
2,907
2,349
99,695
98,897
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
2,681
1,099
Other creditors
20,173
23,887
22,854
24,986
Included within other creditors is the amount of £4,699 for membership received in advance (2017 - £9,250).
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
31,167
31,000
BLACK MOUNTAINS GLIDING CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
1,461
2,840
8
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.
9
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 (2017 - £2,400) for use of the airfield.