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REGISTERED NUMBER: 00412988 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HERTS & ESSEX AERO CLUB LIMITED

HERTS & ESSEX AERO CLUB LIMITED (REGISTERED NUMBER: 00412988)






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


HERTS & ESSEX AERO CLUB LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr J H Chicken
Mrs P J Colkett
Ms J Ferrer





SECRETARY: Mrs P J Colkett





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





REGISTERED NUMBER: 00412988 (England and Wales)





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

HERTS & ESSEX AERO CLUB LIMITED (REGISTERED NUMBER: 00412988)

ABRIDGED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 922,245 945,702

CURRENT ASSETS
Debtors 518,829 461,165
Cash at bank 67,231 164,513
586,060 625,678
CREDITORS
Amounts falling due within one year 145,278 192,066
NET CURRENT ASSETS 440,782 433,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,363,027

1,379,314

CREDITORS
Amounts falling due after more than one year (218,249 ) (244,018 )

PROVISIONS FOR LIABILITIES (7,434 ) (5,765 )
NET ASSETS 1,137,344 1,129,531

CAPITAL AND RESERVES
Called up share capital 12,500 12,500
Share premium 43,182 43,182
Retained earnings 1,081,662 1,073,849
1,137,344 1,129,531

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.

HERTS & ESSEX AERO CLUB LIMITED (REGISTERED NUMBER: 00412988)

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


HERTS & ESSEX AERO CLUB LIMITED (REGISTERED NUMBER: 00412988)

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

1. STATUTORY INFORMATION

Herts & Essex Aero 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of th consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from rental and services associated with the landing and picketing of aircraft is recognised when the rent or service is due, the amount of revenue can be measured reliably, it's probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost
Improvements to property - 25% on cost
Plant and machinery - 20% on cost

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.

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.

HERTS & ESSEX AERO CLUB LIMITED (REGISTERED NUMBER: 00412988)

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

2. ACCOUNTING POLICIES - continued

Short term debtors nad 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 borrowing
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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 1,647,613
DEPRECIATION
At 1 January 2023 701,911
Charge for year 23,457
At 31 December 2023 725,368
NET BOOK VALUE
At 31 December 2023 922,245
At 31 December 2022 945,702

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 247,535 273,640

The bank loan with Barclays Bank plc is secured over the freehold property.

6. RELATED PARTY DISCLOSURES

During the year the company paid a management charge of £88,000 (2022: £88,000) to and received rent of £36,000 (2022: £36,000) from a company under common control. At the balance sheet date, the company was owed £397,170 (2022: £348,670) by the same company.

At the balance sheet date, the company owed £3,996 to Mr J H Chicken, a director.