Mendip Gliding Club Limited 01696535 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the operation of a gliding members club. Digita Accounts Production Advanced 6.30.9574.0 true true 01696535 2023-03-01 2024-02-29 01696535 2024-02-29 01696535 core:RetainedEarningsAccumulatedLosses 2024-02-29 01696535 core:RevaluationReserve 2024-02-29 01696535 core:CurrentFinancialInstruments 2024-02-29 01696535 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 01696535 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 01696535 core:FurnitureFittings 2024-02-29 01696535 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 01696535 core:PlantMachinery 2024-02-29 01696535 bus:SmallEntities 2023-03-01 2024-02-29 01696535 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01696535 bus:FilletedAccounts 2023-03-01 2024-02-29 01696535 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01696535 bus:RegisteredOffice 2023-03-01 2024-02-29 01696535 bus:CompanySecretary1 2023-03-01 2024-02-29 01696535 bus:Director2 2023-03-01 2024-02-29 01696535 bus:Director9 2023-03-01 2024-02-29 01696535 bus:CompanyLimitedByGuarantee 2023-03-01 2024-02-29 01696535 core:Buildings 2023-03-01 2024-02-29 01696535 core:FurnitureFittings 2023-03-01 2024-02-29 01696535 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01696535 core:PlantMachinery 2023-03-01 2024-02-29 01696535 countries:EnglandWales 2023-03-01 2024-02-29 01696535 2023-02-28 01696535 core:FurnitureFittings 2023-02-28 01696535 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01696535 core:PlantMachinery 2023-02-28 01696535 2022-03-01 2023-02-28 01696535 2023-02-28 01696535 core:RetainedEarningsAccumulatedLosses 2023-02-28 01696535 core:RevaluationReserve 2023-02-28 01696535 core:CurrentFinancialInstruments 2023-02-28 01696535 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 01696535 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 01696535 core:FurnitureFittings 2023-02-28 01696535 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01696535 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 01696535

Mendip Gliding Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Mendip Gliding Club Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mendip Gliding Club Limited

Company Information

Directors

J Green

D A Close

Company secretary

E J Lacey

Registered office

Halesfield Airfield
Priddy
Wells
Somerset
BA5 3BX

Accountants

Burton Sweet Limited
Chartered Accountants & Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Mendip Gliding Club Limited

(Registration number: 01696535)
Balance Sheet
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

102,772

109,308

Current assets

 

Debtors

5

3,363

2,288

Cash at bank and in hand

 

24,952

46,040

 

28,315

48,328

Creditors: Amounts falling due within one year

6

(7,760)

(14,019)

Net current assets

 

20,555

34,309

Total assets less current liabilities

 

123,327

143,617

Creditors: Amounts falling due after more than one year

6

(17,868)

(22,500)

Net assets

 

105,459

121,117

Reserves

 

Revaluation reserve

67,966

67,966

Retained earnings

37,493

53,151

Surplus

 

105,459

121,117

 

Mendip Gliding Club Limited

(Registration number: 01696535)
Balance Sheet
29 February 2024

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
D A Close
Director

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

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 £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
Halesfield Airfield
Priddy
Wells
Somerset
BA5 3BX

These financial statements were authorised for issue by the Board on 13 November 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.

Revenue recognition

Turnover comprises the fair value of the consideration receivable from the members of the club.

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

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

Buildings

Over 15 years

Gliders

10% over 7 years to 30% residual value

Ground equipment

10% per annum

Trade debtors

Trade debtors are amounts due from members outstanding at the year end.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Ground Equipment
£

Gliders
£

Total
£

Cost or valuation

At 1 March 2023

36,618

99,265

134,775

270,658

Additions

-

-

5,909

5,909

At 29 February 2024

36,618

99,265

140,684

276,567

Depreciation

At 1 March 2023

33,917

73,908

53,525

161,350

Charge for the year

386

3,818

8,241

12,445

At 29 February 2024

34,303

77,726

61,766

173,795

Carrying amount

At 29 February 2024

2,315

21,539

78,918

102,772

At 28 February 2023

2,701

25,357

81,250

109,308

5

Debtors

2024
£

2023
£

Trade debtors

-

2,288

Prepayments

3,363

-

3,363

2,288

 

Mendip Gliding Club Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

6,182

7,727

Accruals and deferred income

1,578

4,750

Other creditors

-

1,542

7,760

14,019

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

17,868

22,500