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31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.0 - FRS102_2023
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02941794
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02941794
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02941794
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02941794
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02941794
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2023-12-31
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2022-12-31
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2023-12-31
Company registration number:
02941794
Coventry Flying School Limited
Unaudited filleted financial statements
31 December 2023
Coventry Flying School Limited
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Coventry Flying School Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Coventry Flying School Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coventry Flying School Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Coventry Flying School Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Coventry Flying School Limited and state those matters that we have agreed to state to the board of directors of Coventry Flying School Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Coventry Flying School Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Coventry Flying School Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Coventry Flying School Limited. You consider that Coventry Flying School Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Coventry Flying School Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parkinson & Partners
ACCA
Mobbs Wood Farm
Brinklow Road
Ansty
Coventry
CV7 9JN
22 January 2024
Coventry Flying School Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
475 |
|
|
|
475 |
|
|
Debtors |
|
5 |
331,288 |
|
|
|
334,853 |
|
|
Cash at bank and in hand |
|
|
59,338 |
|
|
|
99,472 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
391,101 |
|
|
|
434,800 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
225,814) |
|
|
|
(
262,188) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
165,287 |
|
|
|
172,612 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
165,287 |
|
|
|
172,612 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
7 |
|
|
(
17,656) |
|
|
|
(
20,633) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
147,631 |
|
|
|
151,979 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
200 |
|
|
|
200 |
Profit and loss account |
|
|
|
|
147,431 |
|
|
|
151,779 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
147,631 |
|
|
|
151,979 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
22 January 2024
, and are signed on behalf of the board by:
N. Hedges
Director
Company registration number:
02941794
Coventry Flying School Limited
Statement of changes in equity
Year ended 31 December 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
|
200 |
|
158,186 |
158,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
6,407) |
(
6,407) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
6,407) |
(
6,407) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 and 1 January 2023 |
|
200 |
|
151,779 |
151,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
4,348) |
(
4,348) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
4,348) |
(
4,348) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2023 |
|
200 |
|
147,431 |
147,631 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coventry Flying School Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Club House, Coventry Airport, Rowley Road, Coventry, West Midlands, CV3 4FR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
279 |
554 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
329,733 |
331,598 |
|
Other debtors |
|
1,276 |
2,701 |
|
|
|
_______ |
_______ |
|
|
|
331,288 |
334,853 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,941 |
2,941 |
|
Trade creditors |
|
15,851 |
23,476 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
123,208 |
112,450 |
|
Social security and other taxes |
|
4 |
- |
|
Other creditors |
|
83,810 |
123,321 |
|
|
|
_______ |
_______ |
|
|
|
225,814 |
262,188 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is unsecured
.
7.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
17,656 |
20,633 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is repayable by installments over a period of 10 years, repayable on November 2030. Interest is charged on the loan at a fixed rate of 2.5%.
Included within creditors: amounts falling due after more than one year is an amount of £ 5,638
(2022 £ 8,579 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Coventry Aeroplane Club |
- |
- |
(
123,208) |
(
112,450) |
|
Coventry (Civil) Aviation Limited |
- |
- |
329,733 |
331,598 |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Coventry Aeroplane Club is the contolling party. Coventry (Civil) Aviation Limited is a company also controlled by Coventry Aeroplane Club. The outstanding balances owed to and from the related parties are repayable and no interest is payable on the outstanding amounts.
9.
Controlling party
The ultimate contolling party is Coventry Aeroplane Club. The company operates principally for the mutual benefit of the members of Coventry Aeroplane Club. The directors of the company are all members of Coventry Aeroplane Club.