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REGISTERED NUMBER: 00422605 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

BRITISH GLIDING ASSOCIATION LIMITED

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

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


BRITISH GLIDING ASSOCIATION LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2024







DIRECTORS: G Metcalfe
R R Bryan
N Garland
M A Page
L H M Wootton
D Mcgrath
C J Lowrie
T A L Barnes
M A Fielding





SECRETARY: S J Lazenby





REGISTERED OFFICE: 8 Merus Court
Meridian Business Park
Leicester
LE19 1RJ





REGISTERED NUMBER: 00422605 (England and Wales)





AUDITORS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

BALANCE SHEET
30 September 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 395,304 388,556
Investments 5 1 1
395,305 388,557

CURRENT ASSETS
Stocks 1,903 721
Debtors 6 202,020 185,073
Cash in hand 1,044,136 1,095,871
1,248,059 1,281,665
CREDITORS
Amounts falling due within one year 7 418,908 390,788
NET CURRENT ASSETS 829,151 890,877
TOTAL ASSETS LESS CURRENT LIABILITIES 1,224,456 1,279,434

CREDITORS
Amounts falling due after more than one
year

8

300,000

300,000
NET ASSETS 924,456 979,434

RESERVES
International competitions
reserve 36,786 85,017
Income and expenditure account 887,670 894,417
924,456 979,434

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 6 February 2025 and were signed on its behalf by:





G Metcalfe - Director


BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024


1. STATUTORY INFORMATION

British Gliding Association 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.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Membership income from its gliding members is recognised over the period to which it relates. Other income received in relation to one off engineering support or event fees is recognised in line with when the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Simulator - 7.5% on cost
Fixtures and fittings - 12.5% on cost
IT Infrastructure - 25% on cost and 10% on cost

Investments in subsidiaries
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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.

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.

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.

International competitions reserve
The Association maintains a separate fund to meet the cost of sending teams to international competitions. The funding is mainly from a proportion of the per capita subscription charged to member clubs and also from donations from competitors in all UK National Regional competitions.

Grants
Grants towards capital expenditure are released against the depreciation cost of fixed assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold Simulator fittings
£    £    £   
COST
At 1 October 2023 375,605 34,821 27,643
Additions - - 2,564
Disposals - - (650 )
At 30 September 2024 375,605 34,821 29,557
DEPRECIATION
At 1 October 2023 - 30,625 26,868
Charge for year - 635 367
Eliminated on disposal - - (650 )
At 30 September 2024 - 31,260 26,585
NET BOOK VALUE
At 30 September 2024 375,605 3,561 2,972
At 30 September 2023 375,605 4,196 775

Assets
under IT
construction Infrastructure Totals
£    £    £   
COST
At 1 October 2023 3,319 157,501 598,889
Additions 5,842 960 9,366
Disposals - (41,756 ) (42,406 )
At 30 September 2024 9,161 116,705 565,849
DEPRECIATION
At 1 October 2023 - 152,840 210,333
Charge for year - 1,616 2,618
Eliminated on disposal - (41,756 ) (42,406 )
At 30 September 2024 - 112,700 170,545
NET BOOK VALUE
At 30 September 2024 9,161 4,005 395,304
At 30 September 2023 3,319 4,661 388,556

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 October 2023
and 30 September 2024 1
NET BOOK VALUE
At 30 September 2024 1
At 30 September 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 99,233 89,518
Other debtors 10,408 9,638
VAT 147 264
Prepayments and accrued income 92,232 85,653
202,020 185,073

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 105,271 73,186
Corporation tax 347 754
Social security and other taxes 11,135 11,329
Other creditors 81,240 80,530
Accrued expenses 13,120 18,090
Deferred income 154,515 157,189
Unredeemed introductory flight
vouchers 53,280 49,710
418,908 390,788

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Other creditors 300,000 300,000

The above £300,000 creditor relates to donation for site development following closure of Windrushers GC

BRITISH GLIDING ASSOCIATION LIMITED (REGISTERED NUMBER: 00422605)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
as restated
£    £   
Within one year 1,606 1,870
Between one and five years 2,723 4,546
4,329 6,416

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dilun Mistry FCA (Senior Statutory Auditor)
for and on behalf of TC Group