Company registration number 01174512 (England and Wales)
C.F.G. FLYING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
C.F.G. FLYING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
C.F.G. FLYING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,273
14,273
Investments
5
29,869
43,202
44,142
57,475
Current assets
Stocks
10,097
14,272
Debtors
6
8,480
9,859
Cash at bank and in hand
64,757
37,910
83,334
62,041
Creditors: amounts falling due within one year
7
(34,363)
(46,847)
Net current assets
48,971
15,194
Net assets
93,113
72,669
Reserves
Income and expenditure account
93,113
72,669
Members' funds
93,113
72,669

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

C.F.G. FLYING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
P D Wedd
Director
Company registration number 01174512 (England and Wales)
C.F.G. FLYING LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

C.F.G. Flying Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 36 Mingle Lane, Stapleford, Cambridge, Cambridgeshire, CB22 5SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Aircraft - Considerable sums are spent each year to maintain the aircrafts' condition. Due to the structure of the aircraft it is considered that they maintain their value or appreciate in value and therefore no depreciation is charged in these accounts. In this respect FRS102 has not been complied with. It is considered that the estimated replacement cost of the aircraft at 31 December 2023 totalled at least £200,000 (2022: £200,000). The directors carry out annual impairment reviews to ensure that the carrying value is not lower than the replacement cost.

 

Fixtures fittings and equipment are depreciated on straight line basis over ten years.

Any gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

C.F.G. FLYING LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The company has obtained exemption from HM Revenue & Customs in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. Tax is payable on any interest income received.

 

1.8
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
C.F.G. FLYING LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3

The number of employees all relate to directors. The company does not have any employed staff.

4
Tangible fixed assets
Aircraft
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
46,375
49,401
95,776
At 31 December 2023
46,375
49,401
95,776
Depreciation and impairment
At 1 January 2023
32,102
49,401
81,503
At 31 December 2023
32,102
49,401
81,503
Carrying amount
At 31 December 2023
14,273
-
0
14,273
At 31 December 2022
14,273
-
0
14,273
C.F.G. FLYING LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
29,869
43,202
Fixed asset investments revalued

The fixed asset investments comprise investments in income funds and bonds. They are included at market value at the balance sheet date. The historical cost of the investments is £48,760.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
43,202
Valuation changes
1,667
Disposals
(15,000)
At 31 December 2023
29,869
Carrying amount
At 31 December 2023
29,869
At 31 December 2022
43,202
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
852
7,337
Other debtors
7,628
2,522
8,480
9,859
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,372
7,123
Corporation tax
133
167
Other creditors
27,858
39,557
34,363
46,847
C.F.G. FLYING LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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