Company registration number 00251068 (England and Wales)
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
657,997
704,891
Current assets
Stocks
31,178
22,725
Debtors
5
146,825
172,147
Cash at bank and in hand
133,586
96,439
311,589
291,311
Creditors: amounts falling due within one year
6
(185,540)
(264,259)
Net current assets
126,049
27,052
Net assets
784,046
731,943
Reserves
Income and expenditure account
784,046
731,943
Members' funds
784,046
731,943

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
Mr M R Wennington
Mr S J Bonham
Director
Director
Company Registration No. 00251068
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Leicestershire Aero Club Limited (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

2.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10 years straight line basis.
Aircraft
Airframes: 7 years straight line basis.
Engines: 2,000 or 2,400 hours flying time.
Fixtures, fittings & equipment
10 years straight line basis.
Office equipment
3 years straight line basis.
Motor vehicles
4 years straight line basis.
Fuel pump installation
7 years straight line basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 3 -
2.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

2.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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

2.7
Taxation

The company is partially exempt from corporation tax and is only taxed on any surplus generated from non-mutual activities.

2.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

2.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.11

Reclassification of income and expenses

Various income and expenditure categories have been reclassified in the statement of income and retained earnings for the current and prior year to more accurately reflect the current Council of Management's view on these items. There is no impact on the net income or members' funds for either year as a result of these reclassifications.

LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
13

In addition, there are 14 (2023- 19) part time self-employed instructors.

LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Aircraft*
Fixtures, fittings & equipment
Office equipment
Motor vehicles
Fuel pump installation
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
475,222
687,358
185,615
14,764
20,504
25,451
1,408,914
Additions
-
0
39,533
2,400
-
0
-
0
-
0
41,933
Disposals
-
0
-
0
-
0
-
0
(3,200)
-
0
(3,200)
Written off
-
0
-
0
-
0
-
0
-
0
(25,451)
(25,451)
At 31 December 2024
475,222
726,891
188,015
14,764
17,304
-
0
1,422,196
Depreciation
At 1 January 2024
324,022
198,962
127,016
14,255
14,317
25,451
704,023
Depreciation charged in the year
15,200
20,533
6,750
255
2,063
-
0
44,801
Impairment losses
-
0
44,026
-
0
-
0
-
0
-
0
44,026
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(3,200)
-
0
(3,200)
Written off
-
0
-
0
-
0
-
0
-
0
(25,451)
(25,451)
At 31 December 2024
339,222
263,521
133,766
14,510
13,180
-
0
764,199
Carrying amount
At 31 December 2024
136,000
463,370
54,249
254
4,124
-
0
657,997
At 31 December 2023
151,200
488,396
58,599
509
6,187
-
0
704,891
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Tangible fixed assets
(Continued)
- 6 -
Aircraft*
Piper Cadet G-FOXA
G-BKFC
Cessna 152 Aerobat G-BHEN
Cessna 152 G-BKGW
Cessna 152 G-BFMK
Cessna G-BKCE
G-TALR
Spare engine
G-INGS
Total
£
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
126,351
91,850
87,456
35,059
89,393
64,451
70,000
48,298
74,500
687,358
Additions
-
-
39,533
-
-
-
-
-
-
39,533
At 31 December 2024
126,351
91,850
126,989
35,059
89,393
64,451
70,000
48,298
74,500
726,891
Depreciation
At 1 January 2024
68,543
1,850
46,456
10,059
32,831
34,451
-
4,272
500
198,962
Depreciation charged in the year
-
15,000
5,533
-
-
-
-
0
-
-
20,533
Impairment losses
-
0
-
-
0
-
0
-
0
44,026
-
44,026
At 31 December 2024
68,543
16,850
51,989
10,059
32,831
34,451
-
48,298
500
263,521
Carrying amount
At 31 December 2024
57,808
75,000
75,000
25,000
56,562
30,000
70,000
-
74,000
463,370
At 31 December 2023
57,808
90,000
41,000
25,000
56,562
30,000
70,000
44,026
74,000
488,396
LEICESTERSHIRE AERO CLUB LIMITED (THE)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,233
31,127
Other debtors
104,592
141,020
146,825
172,147
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
74,577
120,650
Taxation and social security
3,408
2,683
Other creditors
107,555
140,926
185,540
264,259
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding 25p.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1,153,174
4,984
9
Directors' transactions

The Club is controlled by the Council of Management (Directors) elected by the Club members.

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