British Microlight Aircraft Association Limited 01678351 false 2022-09-01 2023-12-31 2023-12-31 The principal activity of the company is the administration of assets of the British Microlight Aircraft Association for the benefit of its members. Digita Accounts Production Advanced 6.30.9574.0 true true 01678351 2022-09-01 2023-12-31 01678351 2023-12-31 01678351 core:CurrentFinancialInstruments 2023-12-31 01678351 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01678351 core:FurnitureFittingsToolsEquipment 2023-12-31 01678351 core:LandBuildings 2023-12-31 01678351 core:OtherPropertyPlantEquipment 2023-12-31 01678351 bus:SmallEntities 2022-09-01 2023-12-31 01678351 bus:Audited 2022-09-01 2023-12-31 01678351 bus:FullAccounts 2022-09-01 2023-12-31 01678351 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-12-31 01678351 bus:RegisteredOffice 2022-09-01 2023-12-31 01678351 bus:Director1 2022-09-01 2023-12-31 01678351 bus:CompanyLimitedByGuarantee 2022-09-01 2023-12-31 01678351 core:FurnitureFittings 2022-09-01 2023-12-31 01678351 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-12-31 01678351 core:LandBuildings 2022-09-01 2023-12-31 01678351 core:OtherPropertyPlantEquipment 2022-09-01 2023-12-31 01678351 core:PlantMachinery 2022-09-01 2023-12-31 01678351 countries:EnglandWales 2022-09-01 2023-12-31 01678351 2022-08-31 01678351 core:FurnitureFittingsToolsEquipment 2022-08-31 01678351 core:LandBuildings 2022-08-31 01678351 core:OtherPropertyPlantEquipment 2022-08-31 01678351 2021-09-01 2022-08-31 01678351 2022-08-31 01678351 core:CurrentFinancialInstruments 2022-08-31 01678351 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 01678351 core:FurnitureFittingsToolsEquipment 2022-08-31 01678351 core:LandBuildings 2022-08-31 01678351 core:OtherPropertyPlantEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 01678351

British Microlight Aircraft Association Limited

(A company limited by guarantee)

Annual Report and Financial Statements

for the Period from 1 September 2022 to 31 December 2023

 

British Microlight Aircraft Association Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

British Microlight Aircraft Association Limited

(Registration number: 01678351)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

270,429

186,800

Current assets

 

Stocks

5

28,304

62,242

Debtors

6

95,092

36,781

Cash at bank and in hand

 

557,023

463,052

 

680,419

562,075

Creditors: Amounts falling due within one year

7

(242,211)

(207,481)

Net current assets

 

438,208

354,594

Total assets less current liabilities

 

708,637

541,394

Provisions for liabilities

(8,705)

(10,972)

Net assets

 

699,932

530,422

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 Board on 4 May 2024 and signed on its behalf by:
 

.........................................
Mr T Burrow
Director

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

1

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:
6 Somerville Court, Trinity Way, Adderbury
Banbury
Oxfordshire
OX17 3SN

These financial statements were authorised for issue by the Board on 4 May 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 May 2024 was Richard Howarth ACA FCCA, who signed for and on behalf of KM.

.........................................

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 8 (2022 - 7).

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

4

Tangible assets

Freehold land and buildings
£

Furniture and fixtures
 £

Promotional display and office equipment
£

Total
£

Cost

At 1 September 2022

200,000

10,398

55,490

265,888

Additions

255,690

3,884

6,408

265,982

Disposals

(200,000)

(9,308)

(14,090)

(223,398)

At 31 December 2023

255,690

4,974

47,808

308,472

Depreciation

At 1 September 2022

28,000

9,544

41,544

79,088

Charge for the period

7,076

578

5,831

13,485

Eliminated on disposal

(31,667)

(8,773)

(14,090)

(54,530)

At 31 December 2023

3,409

1,349

33,285

38,043

Carrying amount

At 31 December 2023

252,281

3,625

14,523

270,429

At 31 August 2022

172,000

854

13,946

186,800

Included within the net book value of land and buildings above is £252,281 (2022 - £172,000) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

26,139

58,104

Other inventories

2,165

4,138

28,304

62,242

6

Debtors

2023
£

2022
£

Trade debtors

32,073

9,898

Other debtors

378

-

Prepayments

62,641

26,883

95,092

36,781

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Period from 1 September 2022 to 31 December 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

18,326

29,131

Taxation and social security

27,449

9,217

Accruals and deferred income

196,436

169,133

242,211

207,481

8

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)

9

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.

10

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.