LAGUNA'S SPITFIRE LEGACY C.I.C.

Company Registration Number:
11837058 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

LAGUNA'S SPITFIRE LEGACY C.I.C.

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LAGUNA'S SPITFIRE LEGACY C.I.C.

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

The principle activity of the company continued to be that of cultural education.



Directors

The directors shown below have held office during the whole of the period from
1 March 2022 to 28 February 2023

Mr Scott Booth
Mr Dale Messenger


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 October 2023

And signed on behalf of the board by:
Name: Mr Scott Booth
Status: Director

LAGUNA'S SPITFIRE LEGACY C.I.C.

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 34,203 2,995
Cost of sales: ( 16,958 ) ( 5,460 )
Gross profit(or loss): 17,245 (2,465)
Administrative expenses: ( 16,066 ) ( 7,710 )
Operating profit(or loss): 1,179 (10,175)
Profit(or loss) before tax: 1,179 (10,175)
Profit(or loss) for the financial year: 1,179 (10,175)

LAGUNA'S SPITFIRE LEGACY C.I.C.

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 1,500 3,000
Total fixed assets: 1,500 3,000
Current assets
Cash at bank and in hand: 3,438 147
Total current assets: 3,438 147
Creditors: amounts falling due within one year: 4 ( 35,355 ) ( 34,743 )
Net current assets (liabilities): (31,917) (34,596)
Total assets less current liabilities: (30,417) ( 31,596)
Accruals and deferred income: ( 1,000 ) ( 1,000 )
Total net assets (liabilities): (31,417) (32,596)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (31,418 ) (32,597 )
Total Shareholders' funds: ( 31,417 ) (32,596)

The notes form part of these financial statements

LAGUNA'S SPITFIRE LEGACY C.I.C.

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 October 2023
and signed on behalf of the board by:

Name: Mr Scott Booth
Status: Director

The notes form part of these financial statements

LAGUNA'S SPITFIRE LEGACY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:Plant and equipment: 25% Straight LineThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

    Other accounting policies

    Impairment of fixed assetsAt each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.Cash at bank and in handCash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.LeasesRentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

LAGUNA'S SPITFIRE LEGACY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 2

LAGUNA'S SPITFIRE LEGACY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 6,000 6,000
Additions
Disposals
Revaluations
Transfers
At 28 February 2023 6,000 6,000
Depreciation
At 1 March 2022 3,000 3,000
Charge for year 1,500 1,500
On disposals
Other adjustments
At 28 February 2023 4,500 4,500
Net book value
At 28 February 2023 1,500 1,500
At 28 February 2022 3,000 3,000

LAGUNA'S SPITFIRE LEGACY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 25,001 25,001
Other creditors 10,354 9,742
Total 35,355 34,743

LAGUNA'S SPITFIRE LEGACY C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
Directors Loan Account
£
Balance at 28 February 2022 9,742
Advances or credits made: 612
Advances or credits repaid:
Balance at 28 February 2023 10,354

Name of director receiving advance or credit:
Description of the transaction:
Directors Loan Account
£
Balance at 28 February 2022 9,742
Advances or credits made: 612
Advances or credits repaid:
Balance at 28 February 2023 10,354

COMMUNITY INTEREST ANNUAL REPORT

LAGUNA'S SPITFIRE LEGACY C.I.C.

Company Number: 11837058 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

The project has continued to participate in an educational capacity at local shows as well as nationally, impacting knowledge and cultural awareness broadly across all age groups and communities.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
10 October 2023

And signed on behalf of the board by:
Name: Mr Scott Booth
Status: Director