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Financial Statements for the Year Ended 31 December 2019 |
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Deeside Gliding Club (Aberdeenshire) |
Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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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 2019 |
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Company Information | 1 |
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Chairman's Report 2019 | 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 2019 |
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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 2019 |
for the Year Ended 31 December 2019 |
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We were disappointed to have our grant application for a second Perkoz rejected on appeal, but after a strategic review |
of the fleet came to a decision to self-finance this upgrade and a deposit was paid, with delivery expected late 2021. We |
also decided to replace the Junior and ASW19 (which was damaged in a landing accident) with an LS4 which was |
purchased in September and sent to Poland for re-finishing. |
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Overall, launches were down 10% compared to 2018 but the wave season was slightly better with 108 different visiting |
gliders making 65% of the 1166 flights in September & October. Despite the lower number of launches, a surplus of |
£26,274 was achieved - very similar to 2018. This included an exceptional £9,000 re-payment of VAT following the |
decision to de-register the club completely to simplify accounting and eliminate exposure on future disposal of assets. |
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The clubhouse was given a major re-furbishment by a small team of members who put in a huge effort to achieve |
impressive results, for which we thank them. |
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A recruitment initiative was launched and two successful, month long work-placements undertaken which were mutually |
beneficial to the Club and participants. We intend to repeat these and launch a bursary scheme with Aboyne Academy to |
further boost the ranks of our Junior Members. |
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Mark Recht |
Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
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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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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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 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 and authorised for issue on
signed on its behalf by: |
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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 2019 |
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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 2019 |
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Additions |
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Disposals |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Other debtors includes prepayment of Insurance for 2020 cover. |
Deeside Gliding Club (Aberdeenshire) |
Limited (Registered number: SC034867) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | CASH AT BANK |
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Cash at Bank includes reserved funds of £159,000 for the replacement of depreciated equipment and other |
capital projects during 2020-2023 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 £346,000 for the next 10 years. Unreserved |
funds at 31/12/19 are therefore £41,057 net of 2020-2023 projected expenditure. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
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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10. | 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. |