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Financial Statements for the Year Ended 31 December 2016 |
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Deeside Gliding Club (Aberdeenshire) |
Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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Deeside Gliding Club (Aberdeenshire) |
Limited |
Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Chairman's Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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Deeside Gliding Club (Aberdeenshire) |
Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
53 Huntly Street |
Aberdeen |
AB10 1TH |
Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Chairman's Report |
for the Year Ended 31 December 2016 |
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In May, the club successfully negotiated a new 20 year lease with our landlord, providing long term security for gliding at |
Aboyne. |
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2016 saw another safe year of operations with a pleasing 28% increase in launches to 2621. We hope to see this trend |
continue with the reduction in tow charges for the Eurofox which entered service in September and has exceeded our |
expectations in terms of capability and economy. |
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This produced a healthy operating surplus of £31,930 (excluding extraordinary income) before purchase of a spare |
Eurofox engine and the cost of the Discus re-finish. The action taken to prevent the loss of rates relief we have |
historically enjoyed was successful, but is a concern for the future due to the amount at stake. |
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Our group of Juniors and other new members continues to grow and develop, with multiple solos and badge claims |
throughout the year. Our full-time instructor Istvan Toth had his busiest year ever, but decided after 5 years not to |
return so we thank him for his service and look forward to welcoming Jakub Hlavacek in 2017. |
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A membership survey was carried out in November to help build our strategy for the future and ensure we take the |
members' views into account. This clearly showed a positive picture in terms of Club health and it was very heartening to |
see consensus around many positive things and ideas for the future. |
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M Recht |
Chairman |
Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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 surplus or deficit 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Deeside Gliding Club (Aberdeenshire) Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Other debtors includes prepayment of Insurance for 2017 cover. |
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6. | CASH AT BANK |
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Cash at Bank includes reserved funds of £234,000 (increased from the 2015 figure due to requirement to advance |
replacement of 2-seat glider to 2018) for the replacement of depreciated equipment and other capital projects |
during 2017-2020 that the Club requires to budget for on a long-term basis in order to ensure continued future, |
sustainable operations. Club officials maintain a list of future capital expenditure requirements funded by the |
depreciation of existing assets, currently totalling £362,000 for the next 10 years. Unreserved funds at 31/12/16 |
are therefore £18,440 net of 2017-2020 projected expenditure. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.16 | 31.12.15 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | LIMITED BY GUARANTEE |
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The status of the company is that of company limited by guarantee not having a share capital. |
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The liability of individual members is limited to an amount not exceeding £1. |
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Where the financial statements refer to officials of the company it should be noted that these individuals |
constitute directors of the company for Companies Act purposes. |