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Company registration number: 00468190
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Unaudited filleted financial statements
30 September 2023
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Directors and other information
Directors Mr R. Lucas
Mr P. Smith
Mr M. Willcox
Mrs. E. A. Martin
Mr W. Horne
Mr M. Stephens
Mr. G. C. Lewis
Company number 00468190
Registered office Camphill
Great Hucklow
Derbyshire
SK 17 8RQ
Business address Camphill
Great Hucklow
Derbyshire
SK17 8RQ
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Derbyshire and Lancashire Gliding Club Limited
Year ended 30 September 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 Derbyshire and Lancashire Gliding Club Limited for the year ended 30 September 2023 which comprise the statement of financial position 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 Derbyshire and Lancashire Gliding Club Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Derbyshire and Lancashire Gliding Club Limited and state those matters that we have agreed to state to the board of directors of Derbyshire and Lancashire Gliding Club 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 Derbyshire and Lancashire Gliding Club Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Derbyshire and Lancashire Gliding Club 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 Derbyshire and Lancashire Gliding Club Limited. You consider that Derbyshire and Lancashire Gliding Club 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 Derbyshire and Lancashire Gliding Club 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.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
29 November 2023
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 453,487 475,741
Investments 7 1,000 1,000
_______ _______
454,487 476,741
Current assets
Stocks 7,153 8,752
Debtors 8 - 186
Cash at bank and in hand 232,218 218,368
_______ _______
239,371 227,306
Creditors: amounts falling due
within one year 9 ( 52,574) ( 52,312)
_______ _______
Net current assets 186,797 174,994
_______ _______
Total assets less current liabilities 641,284 651,735
Provisions for liabilities ( 35,167) ( 38,146)
_______ _______
Net assets 606,117 613,589
_______ _______
Capital and reserves
Revaluation reserve 135,728 135,728
Other reserve 76,674 76,674
Profit and loss account 393,715 401,187
_______ _______
Members funds 606,117 613,589
_______ _______
For the year ending 30 September 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 29 November 2023 , and are signed on behalf of the board by:
Mr. G. C. Lewis
Director
Company registration number: 00468190
Derbyshire and Lancashire Gliding Club Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Camphill, Great Hucklow, Derbyshire, SK 17 8RQ.
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
This is a private member's sports club and therefore under the mutuality concept does not pay corporation tax on member's generated income. The only income chargeable is investment income received on cash balances.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 5 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Limited by guarantee
This company does not have a share capital and is limited by The Gliding Club members' guarantee.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2022 629,955 139,147 34,970 139,569 943,641
Additions - - - 5,592 5,592
_______ _______ _______ _______ _______
At 30 September 2023 629,955 139,147 34,970 145,161 949,233
_______ _______ _______ _______ _______
Depreciation
At 1 October 2022 220,850 98,044 29,293 119,713 467,900
Charge for the year 8,909 7,736 1,009 10,192 27,846
_______ _______ _______ _______ _______
At 30 September 2023 229,759 105,780 30,302 129,905 495,746
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2023 400,196 33,367 4,668 15,256 453,487
_______ _______ _______ _______ _______
At 30 September 2022 409,105 41,103 5,677 19,856 475,741
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2022 and 30 September 2023 1,000 1,000
_______ _______
Impairment
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 1,000 1,000
_______ _______
At 30 September 2022 1,000 1,000
_______ _______
In relation to shareholdings in Hucklow Net Limited at £1 per ordinary share totalling 1000 shares.
8. Debtors
2023 2022
£ £
Other debtors - 186
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 657 1,178
Corporation tax 363 26
Social security and other taxes - 176
Other creditors 51,554 50,932
_______ _______
52,574 52,312
_______ _______