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REGISTERED NUMBER: 07634416 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PERRANPORTH FLYING CLUB LIMITED

PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PERRANPORTH FLYING CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R Jackson
K McCune
D Wilkinson
P W Banner
N R Smith
H J Parker





SECRETARY: P W Banner





REGISTERED OFFICE: The Airfield
Higher Trevellas
St Agnes
TRURO
Cornwall
TR5 0XS





REGISTERED NUMBER: 07634416 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,011 127,944

CURRENT ASSETS
Stocks 1,124 1,208
Debtors 5 6,124 9,221
Cash at bank 131,091 52,317
138,339 62,746
CREDITORS
Amounts falling due within one year 6 23,801 21,927
NET CURRENT ASSETS 114,538 40,819
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,549

168,763

CREDITORS
Amounts falling due after more than one
year

7

5,913

10,913
NET ASSETS 156,636 157,850

RESERVES
Income and expenditure account 156,636 157,850
156,636 157,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 surplus or deficit 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.

PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)

BALANCE SHEET - continued
31 MAY 2024


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 19 February 2025 and were signed on its behalf by:





H J Parker - Director


PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Perranporth Flying Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Critical accounting judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Useful economic life of tangible fixed assets
The company makes an estimate for the useful economic life of tangible fixed assets taking into account the age, condition, residual value and the expectations for the usage of each class of asset and applies a policy to charge depreciation on a systematic basis over that useful life, taking into account any impairment that has been identified.

Critical judgements
The directors do not believe there are any critical judgements that have been made in applying the company's accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of memberships and other services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised in the period when the income accrues to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset overs its estimated useful life.

Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Aircraft fuselage - Straight line over 10 years
Aircraft engine - Straight line over the number of remaining flight hours
Aircraft computer - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The club is a registered community amateur sports club and accordingly benefits from various tax exemptions.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.

PERRANPORTH FLYING CLUB LIMITED (REGISTERED NUMBER: 07634416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Aircraft Totals
£    £    £    £    £   
COST
At 1 June 2023 10,149 2,515 4,250 177,692 194,606
Additions - 171 - - 171
Disposals - - - (74,995 ) (74,995 )
At 31 May 2024 10,149 2,686 4,250 102,697 119,782
DEPRECIATION
At 1 June 2023 6,346 2,108 4,116 54,092 66,662
Charge for year 761 116 33 7,843 8,753
Eliminated on disposal - - - (3,644 ) (3,644 )
At 31 May 2024 7,107 2,224 4,149 58,291 71,771
NET BOOK VALUE
At 31 May 2024 3,042 462 101 44,406 48,011
At 31 May 2023 3,803 407 134 123,600 127,944

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 661 2,484
Other debtors 5,463 6,737
6,124 9,221

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 12,251 4,768
Trade creditors 5,000 9,693
Taxation and social security 401 1,411
Other creditors 6,149 6,055
23,801 21,927

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 5,913 10,913