IRIS Accounts Production v24.1.9.2 00967895 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh009678952022-12-31009678952023-12-31009678952023-01-012023-12-31009678952021-12-31009678952022-01-012022-12-31009678952022-12-3100967895ns15:EnglandWales2023-01-012023-12-3100967895ns14:PoundSterling2023-01-012023-12-3100967895ns10:Director12023-01-012023-12-3100967895ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100967895ns10:SmallEntities2023-01-012023-12-3100967895ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3100967895ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3100967895ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100967895ns10:AbridgedAccounts2023-01-012023-12-3100967895ns10:Director22023-01-012023-12-3100967895ns10:RegisteredOffice2023-01-012023-12-3100967895ns5:CurrentFinancialInstruments2023-12-3100967895ns5:CurrentFinancialInstruments2022-12-3100967895ns5:Non-currentFinancialInstruments2023-12-3100967895ns5:Non-currentFinancialInstruments2022-12-3100967895ns5:ShareCapital2023-12-3100967895ns5:ShareCapital2022-12-3100967895ns5:RevaluationReserve2023-12-3100967895ns5:RevaluationReserve2022-12-3100967895ns5:RetainedEarningsAccumulatedLosses2023-12-3100967895ns5:RetainedEarningsAccumulatedLosses2022-12-3100967895ns5:LeaseholdImprovements2023-01-012023-12-3100967895ns5:FurnitureFittings2023-01-012023-12-3100967895ns5:MotorVehicles2023-01-012023-12-3100967895ns5:ComputerEquipment2023-01-012023-12-3100967895ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3100967895ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3100967895ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3100967895ns5:Secured2023-12-3100967895ns5:Secured2022-12-31009678951ns10:Director12022-12-31009678951ns10:Director12021-12-31009678951ns10:Director12023-01-012023-12-31009678951ns10:Director12022-01-012022-12-31009678951ns10:Director12023-12-31009678951ns10:Director12022-12-3100967895ns10:Director222022-12-3100967895ns10:Director222021-12-3100967895ns10:Director222023-01-012023-12-3100967895ns10:Director222022-01-012022-12-3100967895ns10:Director222023-12-3100967895ns10:Director222022-12-31
REGISTERED NUMBER: 00967895 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STAPLEFORD FLYING CLUB LIMITED

STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


STAPLEFORD FLYING CLUB LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr J H Chicken
Mrs P J Colkett





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 00967895 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

ABRIDGED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,177,181 3,187,370

CURRENT ASSETS
Stocks 308,504 466,016
Debtors 215,522 193,011
Cash at bank and in hand 5,319 4,046
529,345 663,073
CREDITORS
Amounts falling due within one year 1,564,166 1,891,957
NET CURRENT LIABILITIES (1,034,821 ) (1,228,884 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,142,360

1,958,486

CREDITORS
Amounts falling due after more than one year 5 (566,306 ) (382,816 )

PROVISIONS FOR LIABILITIES (176,193 ) (141,050 )
NET ASSETS 1,399,861 1,434,620

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 1,271,251 1,271,251
Retained earnings 128,510 163,269
SHAREHOLDERS' FUNDS 1,399,861 1,434,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

ABRIDGED BALANCE SHEET - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 August 2024 and were signed on its behalf by:





Mrs P J Colkett - Director


STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Stapleford Flying Club Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Simulators and radios - Straight line over 20 years
Furniture and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Engines - 20% on cost

The company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the aircraft held by the company increases in value over years and it is more appropriate for the aircraft held by the company not to be depreciated each year and rather held at its fair value.

Along with this, the simulators and radios which do depreciate each year are separately disclosed and depreciated over 20 years, previously over 30 years, to better reflect the estimated period during which these will remain in service.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2022 - 62 ) .

STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 4,143,088
Additions 173,485
At 31 December 2023 4,316,573
DEPRECIATION
At 1 January 2023 955,718
Charge for year 183,674
At 31 December 2023 1,139,392
NET BOOK VALUE
At 31 December 2023 3,177,181
At 31 December 2022 3,187,370

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Aircraft
£   
COST
At 1 January 2023
and 31 December 2023 340,000
NET BOOK VALUE
At 31 December 2023 340,000
At 31 December 2022 340,000

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loan 343,706 -

STAPLEFORD FLYING CLUB LIMITED (REGISTERED NUMBER: 00967895)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 177,075 244,433
Bank loans 629,906 452,507
Hire purchase contracts - 147,349
806,981 844,289

The bank loan and hire purchase creditor are secured over the company's aircraft.

Bank overdraft is secured by directors personal guarantee.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mrs P J Colkett
Balance outstanding at start of year 9,491 9,909
Amounts advanced 9,500 93,785
Amounts repaid (9,491 ) (94,203 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,500 9,491

Mr J H Chicken
Balance outstanding at start of year 9,492 9,909
Amounts advanced 9,500 93,785
Amounts repaid (9,492 ) (94,202 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,500 9,492

8. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £56,851 (2022 - £64,925) by P.J.C. (Leasing) Limited, a company in which Mrs P J Colkett is the director.The company was invoiced £77,765 (2022 - £68,670) during the year by P.J.C. (Leasing) Limited for hire of aircraft.

At the balance sheet date, the company owed £397,170 (2022 - £348,670) to Herts & Essex Aero Club Limited, a company with common directors. During the year the company invoiced £88,000 (2022 - £88,000) for management fees to and was invoiced £36,000 (2022 - £36,000) for rent by Herts & Essex Aero Club Limited.