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Registration number: 00606312

Light Aircraft Association Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Light Aircraft Association Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Light Aircraft Association Limited

Company Information

Chairman

Mr E M Smith

Directors

Mr T Hardy

Mr D Mole

Mr M B Z de Ferranti

Mr D J Millin

Mr B Davies

Mr C W A Holliday

Mr J P Brady

Mr I A Sweetland

Mr S Tilling

Miss C Dadswell

Company secretary

Mr D Mole

Registered office

Turweston Aerodrome
Nr Brackley
Northamptonshire
NN13 5YD

Auditors

Just Audit & Assurance Ltd
4 South Bar Street
Banbury
Oxon
OX16 9AA

 

Light Aircraft Association Limited

(Registration number: 00606312)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,639

9,395

Current assets

 

Stocks

5

14,728

5,340

Debtors

6

89,899

76,529

Investments

7

964,033

949,293

Cash at bank and in hand

 

221,857

259,408

 

1,290,517

1,290,570

Creditors: Amounts falling due within one year

11

(421,316)

(339,106)

Net current assets

 

869,201

951,464

Net assets

 

888,840

960,859

Capital and reserves

 

Called up share capital

100

100

Other reserves

289,379

297,090

Retained earnings

599,361

663,669

Shareholders' funds

 

888,840

960,859

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

.........................................
Mr D Mole
Company secretary and director

.........................................
Mr E M Smith
Chairman

 
     
 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The address of its registered office is:
Turweston Aerodrome
Nr Brackley
Northamptonshire
NN13 5YD

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.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 4 July 2024 was Jonathan Russell F.C.A., who signed for and on behalf of Just Audit & Assurance Ltd.

.........................................

Revenue recognition

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.

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.

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 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

Office equipment

15% reducing balance / 33% straight line

Other equipment

15% reducing balance / 25% straight line

Motor vehicles

25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (not including unpaid directors) during the year, was 14 (2022 - 15).

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

64,959

62,236

127,195

Additions

8,935

5,640

14,575

At 31 December 2023

73,894

67,876

141,770

Depreciation

At 1 January 2023

59,455

58,345

117,800

Charge for the year

1,804

2,527

4,331

At 31 December 2023

61,259

60,872

122,131

Carrying amount

At 31 December 2023

12,635

7,004

19,639

At 31 December 2022

5,504

3,891

9,395

5

Stocks

2023
£

2022
£

Other inventories

14,728

5,340

6

Debtors

Current

2023
£

2022
£

Trade debtors

36,138

12,590

Prepayments

40,029

38,941

Other debtors

13,732

24,998

 

89,899

76,529

7

Current asset investments

2023
£

2022
£

Other investments

964,033

949,293

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

Note that the previous lease finished on 31 December 2021, however this was subsequently renewed on 1 January 2022 under the terms as disclosed below:
 

2023
 £

2022
 £

< 1 year

54,660

54,660

1 - 5 years

109,320

163,980

163,980

218,640

9

Related party transactions

The company was controlled by its members throughout the year. There is no ultimate controlling party.

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

85,823

69,556

Contributions paid to money purchase schemes

3,998

3,353

89,821

72,909

10

Other reserves

Fund

At 01/01/2023

Donations received in year

Funds used

At 31/12/2023

£

£

£

£

HQ & Buildings Fund

144,307

-

-

144,307

Trophy Fund

9,447

-

-

9,447

Armstrong Isaac Fund

62,405

2,093

(9,803)

54,696

I Brewster Legacy Fund

80,931

-

-

80,931

297,090

2,093

(9,803)

289,380


Description of Funds

HQ & Buildings Fund
Funds raised 2005-2008 including 'Buy a Brick' and other schemes to contribute to new LAA HQ building.

Trophy Fund
Funds allocated for maintenance and preparation of Club awards and Trophies.

Armstrong Isaac Fund
Funds initially allocated for pilot training scholarships, today used to fund up to five bursaries per annum. In 2017 £48,611 held on behalf of fund was transferred back to reserved account and £33,188 was received on closure of LAA ET.

Ian Brewster
Legacy of Dr Ian Brewster. No restriction on use.

11

Creditors

Creditors: amounts falling due within one year

 

Light Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due within one year

Trade creditors

58,329

28,959

Taxation and social security

13,831

16,955

Accruals and deferred income

34,279

7,444

Other creditors

314,877

285,748

421,316

339,106