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COMPANY REGISTRATION NUMBER: 00567079
KENT GLIDING CLUB LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
KENT GLIDING CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
4
282,083
312,937
CURRENT ASSETS
Debtors
5
23,087
19,212
Cash at bank and in hand
192,665
209,187
----------
----------
215,752
228,399
CREDITORS: amounts falling due within one year
6
21,058
24,940
----------
----------
NET CURRENT ASSETS
194,694
203,459
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
476,777
516,396
CREDITORS: amounts falling due after more than one year
7
101,069
114,796
----------
----------
NET ASSETS
375,708
401,600
----------
----------
CAPITAL AND RESERVES
Profit and loss account
375,708
401,600
----------
----------
MEMBERS FUNDS
375,708
401,600
----------
----------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the club 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 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 financial statements .
KENT GLIDING CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 September 2024 , and are signed on behalf of the board by:
Mr I G Sullivan
Director
Company registration number: 00567079
KENT GLIDING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The club is a private club limited by shares, registered in England and Wales. The address of the registered office is Squids Gate, Challock, Ashford, Kent, TN25 4DR.
2. STATEMENT OF COMPLIANCE
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the club will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the club recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
211,718
359,987
36,661
608,366
----------
----------
---------
----------
Depreciation
At 1 January 2023
7,181
251,587
36,661
295,429
Charge for the year
30,854
30,854
----------
----------
---------
----------
At 31 December 2023
7,181
282,441
36,661
326,283
----------
----------
---------
----------
Carrying amount
At 31 December 2023
204,537
77,546
282,083
----------
----------
---------
----------
At 31 December 2022
204,537
108,400
312,937
----------
----------
---------
----------
5. DEBTORS
2023
2022
£
£
Other debtors
23,087
19,212
---------
---------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,058
24,940
---------
---------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
101,069
114,796
----------
----------