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Registration number: 01696535

Mendip Gliding Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Mendip Gliding Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mendip Gliding Club Limited

Company Information

Directors

J Green

D A Close

Company secretary

E J Lacey

Registered office

Halesfield Airfield
Priddy
Wells
Somerset
BA5 3BX

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Mendip Gliding Club Limited

(Registration number: 01696535)
Balance Sheet
28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

109,308

76,495

Current assets

 

Debtors

5

2,288

1,136

Cash at bank and in hand

 

46,039

43,381

 

48,327

44,517

Creditors: Amounts falling due within one year

6

(6,292)

(5,264)

Net current assets

 

42,035

39,253

Total assets less current liabilities

 

151,343

115,748

Creditors: Amounts falling due after more than one year

6

(30,226)

(2,799)

Net assets

 

121,117

112,949

Reserves

 

Revaluation reserve

67,966

67,966

Retained earnings

53,151

44,983

Surplus

 

121,117

112,949

 

Mendip Gliding Club Limited

(Registration number: 01696535)
Balance Sheet
28 February 2023

For the financial year ending 28 February 2023 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.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 



J Green
Director

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
Halesfield Airfield
Priddy
Wells
Somerset
BA5 3BX

These financial statements were authorised for issue by the Board on 28 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration receivable from the members of the club.

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.

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

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

Over 15 years

Gliders

10% over 7 years to 30% residual value

Ground equipment

10% per annum

Trade debtors

Trade debtors are amounts due from members outstanding at the year end.

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 (2022 - 0).

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Ground Equipment
£

Gliders
£

Total
£

Cost or valuation

At 1 March 2022

36,618

94,106

95,275

225,999

Additions

-

5,159

39,500

44,659

At 28 February 2023

36,618

99,265

134,775

270,658

Depreciation

At 1 March 2022

33,531

70,098

45,875

149,504

Charge for the year

386

3,810

7,650

11,846

At 28 February 2023

33,917

73,908

53,525

161,350

Carrying amount

At 28 February 2023

2,701

25,357

81,250

109,308

At 28 February 2022

3,087

24,008

49,400

76,495

5

Debtors

2023
£

2022
£

Trade debtors

2,288

1,136

2,288

1,136

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

 

6,292

5,264

Due after one year

 

Loans and borrowings

7

30,226

2,799

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

30,226

2,799

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

30,226

2,799