Registration number:
Mendip Gliding Club Limited
(A company limited by guarantee)
for the Year Ended 29 February 2024
Mendip Gliding Club Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mendip Gliding Club Limited
Company Information
Directors |
J Green D A Close |
Company secretary |
E J Lacey |
Registered office |
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Accountants |
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Mendip Gliding Club Limited
(Registration number: 01696535)
Balance Sheet
29 February 2024
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Revaluation reserve |
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Retained earnings |
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Surplus |
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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:
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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
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Mendip Gliding Club Limited
Notes to the Unaudited Financial Statements
Year Ended 29 February 2024
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:
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mendip Gliding Club Limited
Notes to the Unaudited Financial Statements
Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Ground Equipment |
Gliders |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Debtors |
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2023 |
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Trade debtors |
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Prepayments |
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Mendip Gliding Club Limited
Notes to the Unaudited Financial Statements
Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2023 |
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Due after one year |
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Loans and borrowings |
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