Airfield Research Group Ltd |
Registered number: |
08931493 |
Balance Sheet |
as at 31 December 2021 |
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,742 |
|
|
2,707 |
|
Current assets |
Debtors |
4 |
|
46 |
|
|
- |
Cash at bank and in hand |
|
|
32,086 |
|
|
31,098 |
|
|
|
32,132 |
|
|
31,098 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,628) |
|
|
(807) |
|
Net current assets |
|
|
|
30,504 |
|
|
30,291 |
|
Net assets |
|
|
|
33,246 |
|
|
32,998 |
|
|
|
|
|
|
|
|
Capital and reserves |
Profit and loss account |
|
|
|
33,246 |
|
|
32,998 |
|
Shareholders' funds |
|
|
|
33,246 |
|
|
32,998 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Jeffrey A Hawley |
Director |
Approved by the board on 1 September 2022 |
|
Airfield Research Group Ltd |
Notes to the Accounts |
for the year ended 31 December 2021 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102 and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) published by the Charity Commission in England & Wales (CCEW), effective January 2019, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration. |
|
|
Income |
|
Income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income includes revenue earned from the sale of goods and from the rendering of services. Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Income from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
Heritage assets |
|
Since its recognition as a charitable company, the charity has held an archive of books and other research material. The vast majority of items in the archive were donated to the predecessor organisations over many years. The collection in existence at the date of its transfer to the charity is not recognised in the Balance Sheet as cost information is not readily available, but the Trustees intend to obtain valuations for these items once they have been catalogued. The Charity's management policy in this respect is summarised in note 9. Individual heritage assets acquired post 21 July 2014 costing £50 or greater will be capitalised but not depreciated in view of the nature of the archive. The two predecessor bodies transferred the archive materials referred to in the Trustees' Report to Airfield Research Group Limited at the point it was registered as a charity. No value is however recognised in respect of the collection in existence at the date of transfer to the charity, as explained above. This collection is administered by the Trustees and is kept at Alconbury Weald, located on part of the former RAF Alconbury. It is the Trustees' expectation that funding for further acquisitions will come principally from membership subscriptions and donations. The charity will continue to dispose of donated goods (principally surplus books) to help fund its operations. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Heritage assets |
£ |
|
Cost |
|
At 1 January 2021 |
2,707 |
|
Additions |
35 |
|
At 31 December 2021 |
2,742 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2021 |
2,742 |
|
At 31 December 2020 |
2,707 |
|
|
4 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Other debtors |
46 |
|
- |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Other creditors |
1,628 |
|
807 |
|
|
|
|
|
|
|
|
|
|
6 |
Other information |
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Airfield Research Group Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Building 1008 Alconbury Weald |
|
Alconbury |
|
Huntingdon |
|
PE28 4WX |