Registration number:
British Microlight Aircraft Association Limited
(A company limited by guarantee)
for the Period from 1 September 2022 to 31 December 2023
British Microlight Aircraft Association Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
British Microlight Aircraft Association Limited
(Registration number: 01678351)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Reserves |
|||
Other reserves |
16,980 |
16,270 |
|
Retained earnings |
682,952 |
514,152 |
|
Surplus |
699,932 |
530,422 |
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.
Approved and authorised by the
......................................... |
British Microlight Aircraft Association Limited
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Audit report
.........................................
Revenue recognition
Turnover comprises subscriptions paid and other income received during the financial period and is shown net value added tax.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
British Microlight Aircraft Association Limited
Notes to the Financial Statements for the Period from 1 September 2022 to 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 and buildings |
2% per annum on straight line basis |
Promotional display and office equipment |
33% and 10% per annum on straight line basis |
Furniture and fixtures |
10% per annum on straightline basis |
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 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.
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.
British Microlight Aircraft Association Limited
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
British Microlight Aircraft Association Limited
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Tangible assets |
Freehold land and buildings |
Furniture and fixtures |
Promotional display and office equipment |
Total |
|
Cost |
||||
At 1 September 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 September 2022 |
|
|
|
|
Charge for the period |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
|
|
At 31 August 2022 |
|
|
|
|
Included within the net book value of land and buildings above is £252,281 (2022 - £172,000) in respect of freehold land and buildings.
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Other inventories |
|
|
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
- |
Prepayments |
|
|
|
|
British Microlight Aircraft Association Limited
Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
|
|
Operating lease commitments |
At the reporting date the company had outstanding lease commitments for furture minimum lease payments under non-cancellable operating leases of £20,468 (2022: £10,584)
Bursary fund provision |
The Bursary Fund is used to encourage young people in to microlight aircraft flying. The total Bursary Fund balance at 31 December 2023 is £8,705 (2022: £10,972). The amount has been allocated to individuals and therefore meets the recognition criteria of a provision, being a present obligation from a past event, with a probable economic outflow of which there is a reliable estimate.
Related party transactions |
Directors of the British Microlight Aircraft Association Limited are reimbursed expenses for attendance at meetings and other costs incurred as a volunteer to the company. During the year there was no material transactions not concluded under normal market conditions with any director or related parties.