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REGISTERED NUMBER: 00586884 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

The Sherwood Flying Club Limited

The Sherwood Flying Club Limited (Registered number: 00586884)






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




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


The Sherwood Flying Club Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R P Dickie
S I Hunt
M N Adamson
M C Olley
J Duffy
P Stephens
S M Weston
J Davis
A Stretton





SECRETARY: S M Weston





REGISTERED OFFICE: Nottingham Airport
Tollerton Lane
Tollerton
Nottingham
Nottinghamshire
NG12 4GA





REGISTERED NUMBER: 00586884 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Sherwood Flying Club Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Sherwood Flying Club Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Sherwood Flying Club Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Sherwood Flying Club Limited and state those matters that we have agreed to state to the Board of Directors of The Sherwood Flying Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Sherwood Flying Club Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Sherwood Flying Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Sherwood Flying Club Limited. You consider that The Sherwood Flying Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Sherwood Flying Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


24 February 2025

The Sherwood Flying Club Limited (Registered number: 00586884)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 179,166 180,122

CURRENT ASSETS
Stocks 1,520 951
Debtors 5 22,735 22,360
Cash at bank and in hand 76,513 95,182
100,768 118,493
CREDITORS
Amounts falling due within one year 6 26,384 27,964
NET CURRENT ASSETS 74,384 90,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

253,550

270,651

RESERVES
Profit and loss account 253,550 270,651
253,550 270,651

The Sherwood Flying Club Limited (Registered number: 00586884)

Balance Sheet - continued
30 June 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:




M C Olley - Director



S M Weston - Director


The Sherwood Flying Club Limited (Registered number: 00586884)

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

1. STATUTORY INFORMATION

The Sherwood 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Club premises - 10% on reducing balance
Aircraft - Based upon usage during the year
Sundry equipment - 15% on reducing balance
Website - 33% on cost

Tangible assets are initially recorded at cost, and are subsequently stated at cost less accumulated depreciation and any accumulated impairment losses.

Where, in the opinion of the directors, the estimated residual value of each aircraft is reached, no further depreciation is provided.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Club Sundry
premises Aircraft equipment Website Totals
£    £    £    £    £   
COST
At 1 July 2023
and 30 June 2024 55,046 192,950 19,795 3,300 271,091
DEPRECIATION
At 1 July 2023 49,948 20,877 16,844 3,300 90,969
Charge for year 510 - 446 - 956
At 30 June 2024 50,458 20,877 17,290 3,300 91,925
NET BOOK VALUE
At 30 June 2024 4,588 172,073 2,505 - 179,166
At 30 June 2023 5,098 172,073 2,951 - 180,122

The Sherwood Flying Club Limited (Registered number: 00586884)

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

4. TANGIBLE FIXED ASSETS - continued

Aircraft Book value Book value
30 June 2024 30 June 2023
£ £

Warrior II G-BHRC 40,000 40,000
Archer PA28 G-RADI 60,000 60,000
Warrior II G-BOMY 72,073 72,073
______ _______
172,073 172,073

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 22,735 22,360

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,685 -
Taxation and social security 134 2,177
Other creditors 9,565 25,787
26,384 27,964

7. RELATED PARTY DISCLOSURES

Fees were charged by certain directors in their role as flying instructors amounting in total to £13,467 during the financial year. The fees were set at normal rates.