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REGISTERED NUMBER: 01040505 (England and Wales)















Sheffield Aero Club Limited

Financial Statements

For The Year Ended 31 December 2022






Sheffield Aero Club Limited (Registered number: 01040505)






Contents of the Financial Statements
For The Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sheffield Aero Club Limited

Company Information
For The Year Ended 31 December 2022







DIRECTORS: B Jackson
D J Baldry
C Widdison
J D Kelsall





REGISTERED OFFICE: Netherthorpe Airfield
Thorpe Salvin
Sheffield
S80 3JQ





REGISTERED NUMBER: 01040505 (England and Wales)





AUDITORS: Roddis Taylor Robinson
Chartered Accountants
Statutory Auditor
Unit 6, Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB

Sheffield Aero Club Limited (Registered number: 01040505)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 75,298 61,161

CURRENT ASSETS
Stocks 23,389 26,674
Debtors 5 53,257 48,308
Cash at bank and in hand 94,451 116,068
171,097 191,050
CREDITORS
Amounts falling due within one year 6 181,917 161,681
NET CURRENT (LIABILITIES)/ASSETS (10,820 ) 29,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,478

90,530

CREDITORS
Amounts falling due after more than one
year

7

27,442

40,385
NET ASSETS 37,036 50,145

RESERVES
Income and expenditure account 37,036 50,145
37,036 50,145

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





B Jackson - Director


Sheffield Aero Club Limited (Registered number: 01040505)

Notes to the Financial Statements
For The Year Ended 31 December 2022

1. STATUTORY INFORMATION

Sheffield Aero Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date the customer receives the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised when the service has been provided.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Depreciation rates are calculated to write down the assets to their estimated residual values, over their expected useful lives at the following rates:-

Control tower and office equipment15% straight line
Fixtures and fittings10% to 15% straight line
Airfield equipment25% straight line
Hangars and storage5% to 10% straight line
Sectional building4% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.


Sheffield Aero Club Limited (Registered number: 01040505)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company has incurred losses since the year end. The directors have taken steps, and continue to do so, to reduce costs and improve the efficiency of its operations and they have a reasonable expectation that the actions will be effective in addressing the situation. After due consideration of all relevant factors, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 9 ) .

Sheffield Aero Club Limited (Registered number: 01040505)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2022 63,790 348,674 412,464
Additions - 24,560 24,560
At 31 December 2022 63,790 373,234 437,024
DEPRECIATION
At 1 January 2022 34,487 316,816 351,303
Charge for year 2,556 7,867 10,423
At 31 December 2022 37,043 324,683 361,726
NET BOOK VALUE
At 31 December 2022 26,747 48,551 75,298
At 31 December 2021 29,303 31,858 61,161

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 31,215 26,908
Other debtors 524 1,924
Prepayments and accrued income 21,518 19,476
53,257 48,308

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 12,131 17,755
Trade creditors 30,852 24,893
Social security and other taxes 8,643 4,366
Other creditors 2,866 698
Accruals and deferred income 127,425 113,969
181,917 161,681

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 27,442 40,385

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Holderness (Senior Statutory Auditor)
for and on behalf of Roddis Taylor Robinson

Sheffield Aero Club Limited (Registered number: 01040505)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

9. FINANCIAL COMMITMENTS

At the balance sheet date the company had future operating lease commitments amounting to £45,750 (2021: £84,282).