COMPANY REGISTRATION NUMBER:
SC124067
Company Limited by Guarantee |
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Filleted Unaudited Abridged Financial Statements |
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Company Limited by Guarantee |
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Abridged Statement of Financial Position |
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31 December 2023
Fixed assets
Tangible assets |
5 |
|
438,000 |
438,000 |
|
|
|
|
|
Current assets
Debtors |
– |
|
21,129 |
Cash at bank and in hand |
127,577 |
|
121,161 |
|
--------- |
|
--------- |
|
127,577 |
|
142,290 |
|
|
|
|
Creditors: amounts falling due within one year |
558,621 |
|
559,149 |
|
--------- |
|
--------- |
Net current liabilities |
|
431,044 |
416,859 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
6,956 |
21,141 |
|
|
------- |
-------- |
Net assets |
|
6,956 |
21,141 |
|
|
------- |
-------- |
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|
|
|
Capital and reserves
Profit and loss account |
|
6,956 |
21,141 |
|
|
------- |
-------- |
Members funds |
|
6,956 |
21,141 |
|
|
------- |
-------- |
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|
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Company Limited by Guarantee |
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Abridged Statement of Financial Position (continued) |
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31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
31 January 2024
, and are signed on behalf of the board by:
Company registration number:
SC124067
Company Limited by Guarantee |
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Notes to the Abridged Financial Statements |
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Year ended 31 December 2023
1.
General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 54 Norwood, Newport on Tay, Fife, DD6 8DX.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in Sterling, which is the functional currency of the entity.
Going concern
At the year-end, the balance sheet was in surplus by £6,956 (2022 - surplus of £21,141) and the company had cash balances of £127,577 (2022 - £121,161). The directors consider that the going concern basis of accounting is appropriate for the preparation of the financial statements as they consider the company is able to meet its ongoing commitments and liabilities as they fall due from regular income from the members and from its cash balances. Also, included within 'Creditors: Amounts falling due within one year' is a liability for members' loan balances of £556,680 (2022 - £556,680). The members' loan balances have no fixed repayment terms and would only become repayable on any member ceasing to be a member, and provided that the company or the existing members can find a new member to fund the loan repayment.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the Statement of Income and Retained Earnings represents amounts invoiced during the year to members to cover costs.
Tangible assets
Fixed assets, which comprise the company's aircraft and equipment, are revalued by the directors each year to reflect open market value. At the year end, the directors do not consider the market value of the company's aircraft and equipment to be less than the historic cost of £438,000.
4.
Company limited by guarantee
Under clause 6 of the company's Memorandum of Association, each member of the company undertakes to contribute a sum not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year afterwards, for payment of debts and liabilities of the company contracted before he or she ceased to be a member, and for the expenses of winding up. At 31 December 2023 there were 7 members (2022 - 7 members).
5.
Tangible assets
|
£ |
Cost |
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At 1 January 2023 and 31 December 2023 |
438,000 |
|
--------- |
Depreciation |
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At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
438,000 |
|
--------- |
At 31 December 2022 |
438,000 |
|
--------- |
|
|
6.
Related party transactions
At the year end there were 7 members (2022 - 7 members). Included in Creditors: amounts falling due within one year are loans from the members totalling £556,680 (2022 - £556,680). These loans are interest free, unsecured and repayable on any member ceasing to be a member of the company and provided that the company or remaining members can find a new member(s) to fund the loan repayment.