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REGISTERED NUMBER: 00422605 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

BRITISH GLIDING ASSOCIATION LIMITED

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BRITISH GLIDING ASSOCIATION LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2023







DIRECTORS: G Metcalfe
A F Perkins
R I Brickwood
W J Brittain
R R Bryan
N Garland
M A Page
L H M Wootton
D Mcgrath
C J Lowrie





SECRETARY: A Smith





REGISTERED OFFICE: 8 Merus Court
Meridian Business Park
Leicester
LE19 1RJ





REGISTERED NUMBER: 00422605 (England and Wales)





AUDITORS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

BALANCE SHEET
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 388,556 385,887
Investments 5 1 1
388,557 385,888

CURRENT ASSETS
Stocks 721 5,336
Debtors 6 185,073 182,934
Cash in hand 1,095,871 757,831
1,281,665 946,101
CREDITORS
Amounts falling due within one year 7 398,115 368,025
NET CURRENT ASSETS 883,550 578,076
TOTAL ASSETS LESS CURRENT LIABILITIES 1,272,107 963,964

CREDITORS
Amounts falling due after more than one
year

8

300,000

-
NET ASSETS 972,107 963,964

RESERVES
International competitions
reserve 85,017 70,449
Income and expenditure account 887,090 893,515
972,107 963,964

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 30 January 2024 and were signed on its behalf by:





A F Perkins - Director


BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2023


1. STATUTORY INFORMATION

British Gliding Association 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.

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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Membership income from its gliding members is recognised over the period to which it relates. Other income received in relation to one off engineering support or event fees is recognised in line with when the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Simulator - 7.5% on cost
Fixtures and fittings - 12.5% on cost
IT Infrastructure - 25% on cost and 10% on cost

Investments in subsidiaries
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


2. ACCOUNTING POLICIES - continued

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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

International competitions reserve
The Association maintains a separate fund to meet the cost of sending teams to international competitions. The funding is mainly from a proportion of the per capita subscription charged to member clubs and also from donations from competitors in all UK National Regional competitions.

Grants
Grants towards capital expenditure are released against the depreciation cost of fixed assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold Simulator fittings
£    £    £   
COST
At 1 October 2022 375,605 34,821 27,129
Additions - - 514
At 30 September 2023 375,605 34,821 27,643
DEPRECIATION
At 1 October 2022 - 29,934 26,651
Charge for year - 691 217
At 30 September 2023 - 30,625 26,868
NET BOOK VALUE
At 30 September 2023 375,605 4,196 775
At 30 September 2022 375,605 4,887 478

Assets
under IT
construction Infrastructure Totals
£    £    £   
COST
At 1 October 2022 - 156,007 593,562
Additions 3,319 1,494 5,327
At 30 September 2023 3,319 157,501 598,889
DEPRECIATION
At 1 October 2022 - 151,090 207,675
Charge for year - 1,750 2,658
At 30 September 2023 - 152,840 210,333
NET BOOK VALUE
At 30 September 2023 3,319 4,661 388,556
At 30 September 2022 - 4,917 385,887

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 1
NET BOOK VALUE
At 30 September 2023 1
At 30 September 2022 1

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 89,518 85,018
Other debtors 9,638 16,125
VAT 264 -
Prepayments and accrued income 85,653 81,791
185,073 182,934

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 73,186 64,161
Corporation tax 754 -
Social security and other taxes 11,329 10,582
VAT - 373
Other creditors 80,530 67,361
Accrued expenses 18,090 15,920
Deferred income 164,516 156,618
Unredeemed introductory flight
vouchers 49,710 53,010
398,115 368,025

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 300,000 -

The above £300,000 creditor relates to donation for site development following closure of Windrushers GC

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,870 2,671
Between one and five years 4,546 786
6,416 3,457

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

The Report of the Auditors was unqualified.

Dilun Mistry FCA (Senior Statutory Auditor)
for and on behalf of TC Group