Black Mountains Gliding Club 03194847 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is provision of gliders, airfield and associated facilities for use by the members. Digita Accounts Production Advanced 6.30.9574.0 true true 03194847 2023-01-01 2023-12-31 03194847 2023-12-31 03194847 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-12-31 03194847 core:CurrentFinancialInstruments 2023-12-31 03194847 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03194847 core:Non-currentFinancialInstruments 2023-12-31 03194847 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03194847 core:FurnitureFittings 2023-12-31 03194847 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 03194847 core:PlantMachinery 2023-12-31 03194847 bus:SmallEntities 2023-01-01 2023-12-31 03194847 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03194847 bus:FilletedAccounts 2023-01-01 2023-12-31 03194847 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03194847 bus:RegisteredOffice 2023-01-01 2023-12-31 03194847 bus:CompanySecretary1 2023-01-01 2023-12-31 03194847 bus:Director10 2023-01-01 2023-12-31 03194847 bus:Director12 2023-01-01 2023-12-31 03194847 bus:Director13 2023-01-01 2023-12-31 03194847 bus:Director14 2023-01-01 2023-12-31 03194847 bus:Director16 2023-01-01 2023-12-31 03194847 bus:Director2 2023-01-01 2023-12-31 03194847 bus:Director6 2023-01-01 2023-12-31 03194847 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 03194847 core:Buildings 2023-01-01 2023-12-31 03194847 core:FurnitureFittings 2023-01-01 2023-12-31 03194847 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03194847 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03194847 core:PlantMachinery 2023-01-01 2023-12-31 03194847 countries:AllCountries 2023-01-01 2023-12-31 03194847 2022-12-31 03194847 core:FurnitureFittings 2022-12-31 03194847 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03194847 core:PlantMachinery 2022-12-31 03194847 2022-01-01 2022-12-31 03194847 2022-12-31 03194847 core:CurrentFinancialInstruments 2022-12-31 03194847 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03194847 core:Non-currentFinancialInstruments 2022-12-31 03194847 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03194847 core:FurnitureFittings 2022-12-31 03194847 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03194847 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03194847

Black Mountains Gliding Club

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Black Mountains Gliding Club

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Black Mountains Gliding Club

Company Information

Directors

David Hope

Christopher Short

Andrew Sutton

Brian Roy Kitson

Philip Swallow

David John Jeffries

Alan Richard Thomas

Company secretary

Michael Stringer

Registered office

The Airfield
Talgarth
Brecon
Powys
LD3 0EJ

Accountants

King Morter Proud and Co Ltd
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

Black Mountains Gliding Club

(Registration number: 03194847)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

247,262

323,515

Other financial assets

5

4,851

4,851

 

252,113

328,366

Current assets

 

Stocks

6

6,570

2,566

Debtors

7

95,836

98,326

Cash at bank and in hand

 

35,113

29,220

 

137,519

130,112

Creditors: Amounts falling due within one year

8

(60,877)

(93,197)

Net current assets

 

76,642

36,915

Total assets less current liabilities

 

328,755

365,281

Creditors: Amounts falling due after more than one year

8

(730)

(23,461)

Net assets

 

328,025

341,820

Reserves

 

Retained earnings

328,025

341,820

Surplus

 

328,025

341,820

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 30 March 2024 and signed on its behalf by:
 

 

Black Mountains Gliding Club

(Registration number: 03194847)
Balance Sheet as at 31 December 2023

.........................................
Andrew Sutton
Director

 

Black Mountains Gliding Club

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

1

General information

The company is a company limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Airfield
Talgarth
Brecon
Powys
LD3 0EJ

These financial statements were authorised for issue by the Board on 30 March 2024.

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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by Section 399 of the Companies Act 2006 not to prepare group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

 

Black Mountains Gliding Club

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

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.

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

Buildings

between 2-6.67% per annum on cost

Gliders & flying equipment

at 10% per annum on cost

Ground equipment

at 10% per annum on cost

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Black Mountains Gliding Club

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Black Mountains Gliding Club

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

4

Tangible assets

Land and buildings
£

Ground equipment
£

Gliders and aircraft
£

Total
£

Cost or valuation

At 1 January 2023

183,733

42,363

237,338

463,434

Disposals

-

-

(118,955)

(118,955)

At 31 December 2023

183,733

42,363

118,383

344,479

Depreciation

At 1 January 2023

73,552

29,494

36,873

139,919

Charge for the year

8,257

2,487

19,640

30,384

Eliminated on disposal

-

-

(73,086)

(73,086)

At 31 December 2023

81,809

31,981

(16,573)

97,217

Carrying amount

At 31 December 2023

101,924

10,382

134,956

247,262

At 31 December 2022

110,181

12,869

200,465

323,515

Included within the net book value of land and buildings above is £101,924 (2022 - £110,181) in respect of freehold land and buildings.
 

 

Black Mountains Gliding Club

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

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

4,851

4,851

At 31 December 2023

4,851

4,851

Impairment

Carrying amount

At 31 December 2023

4,851

4,851

6

Stocks

2023
£

2022
£

Other inventories

6,570

2,566

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

92,588

94,348

Prepayments

 

3,248

3,978

   

95,836

98,326

8

Creditors

Creditors: amounts falling due within one year

 

Black Mountains Gliding Club

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

2023
£

2022
£

Due within one year

Trade creditors

4,402

1,600

Accruals and deferred income

23,009

29,268

Other creditors

33,466

62,329

60,877

93,197

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

730

23,461

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

730

23,461

Long term loans are amounts due to members

10

Related party transactions

The wholly owned subsidiary, Talgarth Airfield Limited, owns the airfield from which the club operates. In the year the company paid Talgarth Airfield Limited £2,400 (2022 - £2,400) for use of the airfield.