Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30flying club for members and providing flight lessons and experiences to members and non-members2022-12-01false66truetruefalse NI004971 2022-12-01 2023-11-30 NI004971 2021-12-01 2022-11-30 NI004971 2023-11-30 NI004971 2022-11-30 NI004971 c:Director6 2022-12-01 2023-11-30 NI004971 d:Buildings 2022-12-01 2023-11-30 NI004971 d:Buildings 2023-11-30 NI004971 d:Buildings 2022-11-30 NI004971 d:Buildings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:PlantMachinery 2022-12-01 2023-11-30 NI004971 d:PlantMachinery 2023-11-30 NI004971 d:PlantMachinery 2022-11-30 NI004971 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:MotorVehicles 2022-12-01 2023-11-30 NI004971 d:MotorVehicles 2023-11-30 NI004971 d:MotorVehicles 2022-11-30 NI004971 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:FurnitureFittings 2022-12-01 2023-11-30 NI004971 d:FurnitureFittings 2023-11-30 NI004971 d:FurnitureFittings 2022-11-30 NI004971 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:ComputerEquipment 2022-12-01 2023-11-30 NI004971 d:ComputerEquipment 2023-11-30 NI004971 d:ComputerEquipment 2022-11-30 NI004971 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 NI004971 d:OtherPropertyPlantEquipment 2023-11-30 NI004971 d:OtherPropertyPlantEquipment 2022-11-30 NI004971 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI004971 d:CurrentFinancialInstruments 2023-11-30 NI004971 d:CurrentFinancialInstruments 2022-11-30 NI004971 d:Non-currentFinancialInstruments 2023-11-30 NI004971 d:Non-currentFinancialInstruments 2022-11-30 NI004971 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 NI004971 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 NI004971 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 NI004971 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 NI004971 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 NI004971 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 NI004971 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 NI004971 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 NI004971 d:RevaluationReserve 2022-12-01 2023-11-30 NI004971 d:RevaluationReserve 2023-11-30 NI004971 d:RevaluationReserve 2022-11-30 NI004971 d:RetainedEarningsAccumulatedLosses 2023-11-30 NI004971 d:RetainedEarningsAccumulatedLosses 2022-11-30 NI004971 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 NI004971 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 NI004971 d:TaxLossesCarry-forwardsDeferredTax 2023-11-30 NI004971 d:TaxLossesCarry-forwardsDeferredTax 2022-11-30 NI004971 c:FRS102 2022-12-01 2023-11-30 NI004971 c:Audited 2022-12-01 2023-11-30 NI004971 c:FullAccounts 2022-12-01 2023-11-30 NI004971 c:CompanyLimitedByGuarantee 2022-12-01 2023-11-30 NI004971 c:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI004971 2 2022-12-01 2023-11-30 NI004971 4 2022-12-01 2023-11-30 NI004971 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: NI004971










ULSTER FLYING CLUB (1961) LIMITED
(A company limited by guarantee)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ULSTER FLYING CLUB (1961) LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: NI004971

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
596,568
614,242

  
596,568
614,242

Current assets
  

Stocks
 5 
20,538
7,308

Debtors: amounts falling due within one year
 6 
51,252
52,398

Cash at bank and in hand
 7 
68,370
152,691

  
140,160
212,397

Creditors: amounts falling due within one year
 8 
(206,230)
(155,096)

Net current (liabilities)/assets
  
 
 
(66,070)
 
 
57,301

Total assets less current liabilities
  
530,498
671,543

Creditors: amounts falling due after more than one year
 9 
(113,968)
(109,341)

Provisions for liabilities
  

Deferred tax
 11 
(53,753)
(45,117)

  
 
 
(53,753)
 
 
(45,117)

Net assets
  
362,777
517,085


Capital and reserves
  

Revaluation reserve
 12 
118,124
122,318

Profit and loss account
 12 
244,653
394,767

  
362,777
517,085


Page 1

 
ULSTER FLYING CLUB (1961) LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: NI004971

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mark McConville
Director

Date: 24 August 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Ulster Flying Club (1961) Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Ards Airport, 61 Portaferry Road, Newtownards, Co. Down, Northern Ireland, BT23 8SG. The principle activity continued to be that of a flying club for members and providing flight lessons and flight experiences to members and non-members.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
20%
Straight line
Fixtures & fittings
-
20%
Straight line
Runway & runway lights
-
5%
Straight line
Aircraft fuselage
-
3%
Straight line
Aircraft engines
-
Hours flown

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.11

Revaluation of tangible fixed assets

Aircraft fuselages are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
6
6

Page 7

 


 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


4.


Tangible fixed assets






Freehold property
Plant and machinery
Aircraft fuselage
Fixtures and fittings
Runway & runway lights
Aircraft engines
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 December 2022
424,417
76,441
628,409
72,060
364,572
113,299
1,679,198


Additions
-
-
38,540
-
-
4,460
43,000


Disposals
-
-
(22,336)
-
-
(19,664)
(42,000)



At 30 November 2023

424,417
76,441
644,613
72,060
364,572
98,095
1,680,198



Depreciation


At 1 December 2022
109,326
68,004
417,205
71,455
356,086
42,880
1,064,956


Charge for the year on owned assets
8,488
2,338
14,391
494
517
12,639
38,867


Disposals
-
-
(3,719)
-
-
(16,474)
(20,193)



At 30 November 2023

117,814
70,342
427,877
71,949
356,603
39,045
1,083,630



Net book value



At 30 November 2023
306,603
6,099
216,736
111
7,969
59,050
596,568



At 30 November 2022
315,091
8,437
211,204
605
8,486
70,419
614,242

Page 8

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Stocks

2023
2022
£
£

Fuel and oil
16,513
6,518

Shop stock
4,025
790

20,538
7,308



6.


Debtors

2023
2022
£
£


Trade debtors
13,497
18,070

Other debtors
-
2,278

Prepayments and accrued income
37,755
32,050

51,252
52,398



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
68,370
152,691

68,370
152,691



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
19,029
5,469

Trade creditors
40,353
86,914

Other taxation and social security
4,840
1,265

Other creditors
737
737

Accruals and deferred income
141,271
60,711

206,230
155,096


Page 9

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,688
30,221

Accruals and deferred income
77,280
79,120

113,968
109,341


At 31 November 2023, the company has bank loans of £55,717 outstanding (2022: £35,690) which are secured by way of a floating charge over real property owned at 61 Portaferry Road, Newtownards, BT23 8SG.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
19,029
5,469


19,029
5,469

Amounts falling due 1-2 years

Bank loans
19,029
8,090


19,029
8,090

Amounts falling due 2-5 years

Bank loans
17,659
22,131


17,659
22,131


55,717
35,690


Page 10

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Deferred taxation




2023


£






At beginning of year
(45,117)


Charged to profit or loss
(8,636)



At end of year
(53,753)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(78,912)
(45,117)

Tax losses carried forward
25,159
-

(53,753)
(45,117)


12.


Reserves

Revaluation reserve

ole76a6.png



13.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1. towards the assets of the company in the event of liquidation.

Page 11

 
ULSTER FLYING CLUB (1961) LIMITED

(A company limited by guarantee)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Exceptional items - Statement of comprehensive income

Included in the statement of comprehensive income are exceptional costs relating to a legal case which was settled post year end. The accrued costs include a legal settlement of £40,000 and associated legal fees of £17,953.







15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 24 August 2024 by Teresa Campbell (Senior statutory auditor) on behalf of AAB Group Accountants Ltd.


Page 12