Talgarth Airfield Limited 03539410 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of an airfield to the Black Mountains Gliding Club. Digita Accounts Production Advanced 6.30.9574.0 true true 03539410 2023-01-01 2023-12-31 03539410 2023-12-31 03539410 bus:OrdinaryShareClass1 2023-12-31 03539410 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03539410 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03539410 core:Non-currentFinancialInstruments core:Unsecured 2023-12-31 03539410 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 03539410 bus:SmallEntities 2023-01-01 2023-12-31 03539410 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03539410 bus:FilletedAccounts 2023-01-01 2023-12-31 03539410 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03539410 bus:RegisteredOffice 2023-01-01 2023-12-31 03539410 bus:Director1 2023-01-01 2023-12-31 03539410 bus:Director2 2023-01-01 2023-12-31 03539410 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03539410 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03539410 core:Land 2023-01-01 2023-12-31 03539410 countries:AllCountries 2023-01-01 2023-12-31 03539410 2022-12-31 03539410 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03539410 2022-01-01 2022-12-31 03539410 2022-12-31 03539410 bus:OrdinaryShareClass1 2022-12-31 03539410 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03539410 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03539410 core:Non-currentFinancialInstruments core:Unsecured 2022-12-31 03539410 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03539410

Talgarth Airfield Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Talgarth Airfield Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Talgarth Airfield Limited

Company Information

Directors

Michael Stringer

Martin Brockington

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

 

Talgarth Airfield Limited

(Registration number: 03539410)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

155,364

155,364

Current assets

 

Cash at bank and in hand

 

876

576

Creditors: Amounts falling due within one year

5

(94,881)

(96,641)

Net current liabilities

 

(94,005)

(96,065)

Total assets less current liabilities

 

61,359

59,299

Creditors: Amounts falling due after more than one year

5

(9,750)

(9,750)

Net assets

 

51,609

49,549

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

51,608

49,548

Shareholders' funds

 

51,609

49,549

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:
 

.........................................
Michael Stringer
Director

 

Talgarth Airfield Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

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).

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.

Going concern

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

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.

 

Talgarth Airfield Limited

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

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

Freehold land

0%

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 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Talgarth Airfield Limited

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

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2023

155,364

155,364

At 31 December 2023

155,364

155,364

Depreciation

Carrying amount

At 31 December 2023

155,364

155,364

At 31 December 2022

155,364

155,364

Included within the net book value of land and buildings above is £155,364 (2022 - £155,364) in respect of freehold land and buildings.
 

 

Talgarth Airfield Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

221

220

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

92,588

94,348

Other creditors

 

2,072

2,073

 

94,881

96,641

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

9,750

9,750

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       


The ultimate holding company is the Black Mountains Gliding Club (03194847), a company limited by guarantee incorporated in the UK. The parent company operates a members club.

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Unsecured debentures

9,750

9,750

Debenture loan stock

 

Talgarth Airfield Limited

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


The company has issued a debenture loan stock. This is secured by a second charge on the freehold land through the medium of a trust deed dated 9th April 1998. The debenture loan stock carries interest at 2.5% per annum accruing from 9th April 2001 payable only on redemption. The stock is only redeemable at the option of the company. The lender has no right to require payment.

The parent company holds some of the debentures and has indicated that it will not claim interest on those debentures if they are ever redeemed. Until 31st December 2002 the finance cost of the debentures for the first ten years was charged to the profit and loss account evenly over the period. Since then no further interest has been accrued. This is considered appropriate because of the low probability that interest will ever be aid on the debentures.

8

Related party transactions

During the year the company entered into the following transactions with related parties:

The parent company, Black Mountains Gliding Club, paid £2,400 (2022 £2,400) to the company for use of the airfield.