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REGISTERED NUMBER: 00340261 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Oxford Gliding Company Limited

Oxford Gliding Company Limited (Registered number: 00340261)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Oxford Gliding Company Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: G P Hawkins
P Morrison
G W Craig
P W J Smith
D Bray





REGISTERED OFFICE: Boston House
Henley-on-Thames
RG9 1DY





REGISTERED NUMBER: 00340261 (England and Wales)





ACCOUNTANTS: Villars Hayward LLP
Chartered Accountants
Chartered Tax Advisers and Registered Auditors
Boston House
Henley-On-Thames
RG9 1DY

Oxford Gliding Company Limited (Registered number: 00340261)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 283,742 199,672

CURRENT ASSETS
Debtors 5 6,758 5,835
Cash at bank and in hand 62,821 101,574
69,579 107,409
CREDITORS
Amounts falling due within one year 6 21,480 18,961
NET CURRENT ASSETS 48,099 88,448
TOTAL ASSETS LESS CURRENT LIABILITIES 331,841 288,120

ACCRUALS AND DEFERRED INCOME 26,374 26,127
NET ASSETS 305,467 261,993

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Aircraft revaluation reserve 7 50,044 51,955
Other reserves 3,644 3,644
Retained earnings 247,779 202,394
SHAREHOLDERS' FUNDS 305,467 261,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2024 and were signed on its behalf by:





G W Craig - Director


Oxford Gliding Company Limited (Registered number: 00340261)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Oxford Gliding Company Limited is a private company and Community Amateur Sports Club, limited by shares incorporated in England and Wales and has its registered office at Boston House, Boston Road, Henley-on-Thames, RG9 1DY.

The principal activity of the company was that of the provision of gliding facilities and the promotion of participation in the amateur sport of Gliding and Flying in Oxford and the surrounding area.

The financial statements are presented in Sterling (£), which is also the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue (described as turnover) is measured at the fair value of the consideration received or receivable. Revenue comprises invoiced amounts less discounts. Revenue from membership subscriptions is recognised on a straight-line basis over the subscription period to reflect the timing, nature and value of the benefits provided. Revenue from flying fees are recognised in the period the service is provided.

Tangible fixed assets
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as below:

Hangar- Over term of lease
Aircraft - Straight line over 40 years
Major winch parts- Straight line over 25 years
General equipment- Straight line over 15 years
Cable retrieve vehicles - Straight line over 3 years

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Operating lease rentals
Leases that do not transfer all the risks and regards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments
Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern which the directors consider appropriate having regard to the circumstances outlined in the notes to the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Oxford Gliding Company Limited (Registered number: 00340261)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Improvements
Hangar to hangar Aircraft
leasehold leasehold & equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 58,283 31,911 380,503 470,697
Additions - - 107,443 107,443
Disposals - - (24,710 ) (24,710 )
At 30 September 2024 58,283 31,911 463,236 553,430
DEPRECIATION
At 1 October 2023 58,283 24,708 188,034 271,025
Charge for year - 900 18,957 19,857
Eliminated on disposal - - (21,194 ) (21,194 )
At 30 September 2024 58,283 25,608 185,797 269,688
NET BOOK VALUE
At 30 September 2024 - 6,303 277,439 283,742
At 30 September 2023 - 7,203 192,469 199,672

Cost or valuation at 30 September 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2007 - 31,439 31,439
Valuation in 2019 - 46,500 46,500
Cost 58,283 417,208 475,491
58,283 495,147 553,430

If Aircraft and Equipment had not been revalued they would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 385,297 126,782
Aggregate depreciation 157,902 112,322

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 2,556 1,689
Other debtors 4,202 4,146
6,758 5,835

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Taxation and social security 106 100
Other creditors 21,374 18,861
21,480 18,961

Oxford Gliding Company Limited (Registered number: 00340261)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. RESERVES
Aircraft
revaluation
reserve
£   
At 1 October 2023 51,955
Depreciation on revaluation (1,911 )

At 30 September 2024 50,044