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Registration number: 03194847

Black Mountains Gliding Club

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Black Mountains Gliding Club

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Black Mountains Gliding Club

Company Information

Directors

David Hope

Christopher Short

Jeff Stillwagon

Andrew Sutton

Philip Swallow

Alan Richard Thomas

Company secretary

Michael Stringer

Registered office

The Airfield
Talgarth
Brecon
Powys
LD3 0EJ

Accountants

King Morter Proud and Co Ltd
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

Black Mountains Gliding Club

(Registration number: 03194847)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

250,152

232,057

Other financial assets

5

4,851

4,851

 

255,003

236,908

Current assets

 

Stocks

6

1,435

4,691

Debtors

7

98,604

102,625

Cash at bank and in hand

 

69,082

30,788

 

169,121

138,104

Creditors: Amounts falling due within one year

8

(81,455)

(43,129)

Net current assets

 

87,666

94,975

Total assets less current liabilities

 

342,669

331,883

Creditors: Amounts falling due after more than one year

8

(3,718)

(6,659)

Net assets

 

338,951

325,224

Capital and reserves

 

Profit and loss account

338,951

325,224

Shareholders' funds

 

338,951

325,224

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Black Mountains Gliding Club

(Registration number: 03194847)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 16 April 2022 and signed on its behalf by:
 

.........................................

Andrew Sutton
Director

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Airfield
Talgarth
Brecon
Powys
LD3 0EJ

These financial statements were authorised for issue by the Board on 16 April 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

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..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 2).

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Ground equipment
£

Gliders and aircraft
£

Total
£

Cost or valuation

At 1 January 2021

183,733

42,362

96,794

322,889

Additions

-

-

42,780

42,780

At 31 December 2021

183,733

42,362

139,574

365,669

Depreciation

At 1 January 2021

57,038

23,025

10,769

90,832

Charge for the year

8,257

3,844

12,584

24,685

At 31 December 2021

65,295

26,869

23,353

115,517

Carrying amount

At 31 December 2021

118,438

15,493

116,221

250,152

At 31 December 2020

126,695

19,337

86,025

232,057

Included within the net book value of land and buildings above is £118,438 (2020 - £126,695) in respect of freehold land and buildings.
 

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2021

4,851

4,851

At 31 December 2021

4,851

4,851

Impairment

Carrying amount

At 31 December 2021

4,851

4,851

6

Stocks

2021
£

2020
£

Other inventories

1,435

4,691

7

Debtors

Note

2021
£

2020
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

96,108

98,368

Prepayments

 

2,496

4,257

 

98,604

102,625

8

Creditors

Creditors: amounts falling due within one year

 

Black Mountains Gliding Club

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

2020
£

Due within one year

Trade creditors

2,548

9,585

Accruals and deferred income

23,998

15,020

Other creditors

54,909

18,524

81,455

43,129

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

3,718

6,659

9

Share capital

The company is limited by guarantee and as such has no share capital.

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.

10

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

3,718

6,659

Long term loans are amounts due to members

11

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 (2020 - £2,400) for use of the airfield.