Company registration number 00297174 (England and Wales)
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
796,152
860,755
Current assets
Stocks
21,488
29,014
Debtors
5
18,771
8,371
Cash at bank and in hand
120,697
63,790
160,956
101,175
Creditors: amounts falling due within one year
6
(87,932)
(123,961)
Net current assets/(liabilities)
73,024
(22,786)
Total assets less current liabilities
869,176
837,969
Creditors: amounts falling due after more than one year
7
(5,833)
(16,898)
Net assets
863,343
821,071
Capital and reserves
Called up share capital
164
138
Revaluation reserve
31,924
35,445
Profit and loss reserves
831,255
785,488
Total equity
863,343
821,071
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 April 2025 and are signed on its behalf by:
Mr A J Bedford
Mr R J Toon
Director
Director
Company registration number 00297174 (England and Wales)
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
147
38,945
776,193
815,285
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
5,795
5,795
Issue of share capital
(9)
-
-
(9)
Transfers
-
(3,500)
3,500
-
Balance at 31 December 2023
138
35,445
785,488
821,071
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
42,246
42,246
Issue of share capital
26
-
-
26
Transfers
-
(3,521)
3,521
-
Balance at 31 December 2024
164
31,924
831,255
863,343
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Yorkshire Gliding Club (Proprietary) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sutton Bank, Thirsk, North Yorkshire, YO7 2EY.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Freehold Land - Airfield
0%
Airfield and Clubhouse Building
1.5% on cost
Computer equipment
15% - 25% on cost
Winches
10% on cost
Fixtures and fittings
5% - 20% on cost or reducing balance
Airfield equipment
5% - 20% on cost or reducing balance
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 profit or loss.
At 31 December 1991 the company revalued its tangible fixed assets. The surplus was transferred to the revaluation reserve. The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus was transferred from the revaluation reserve to the profit and loss account.
The company has taken advantage of the transitional provisions within Financial Reporting Standard 15 and frozen the revaluation reserve.
No depreciation is charged on the airfield land.
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. .
1.9
Taxation
By dispensation because of its mutual status the company is exempt from taxation under the Income and Corporation Taxes Act 1988.The company is a registered Community Amateur Sports Club and, as such,is exempt from taxation of investment income and chargeable gains.
Under the partial exemption rules the company is not allowed to recover all of the input value added tax (VAT) which it incurs. Unrecoverable VAT is written off to the profit and loss account in the period in which it is incurred unless it relates to a fixed asset addition whereby it is capitalised.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Employees
(Continued)
- 7 -
The employees include 7 directors who do not receive any remuneration.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
407,891
1,337,954
1,745,845
At 31 December 2024
407,891
1,337,954
1,745,845
Depreciation and impairment
At 1 January 2024
115,235
769,855
885,090
Depreciation charged in the year
2,711
61,892
64,603
At 31 December 2024
117,946
831,747
949,693
Carrying amount
At 31 December 2024
289,945
506,207
796,152
At 31 December 2023
292,656
568,099
860,755
Certain assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
1,508,404
1,512,249
Accumulated depreciation
(744,176)
(683,095)
Carrying value
764,228
829,154
YORKSHIRE GLIDING CLUB (PROPRIETARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,440
2,192
Other debtors
14,331
6,179
18,771
8,371
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
10,000
10,700
Trade creditors
316
1,146
Taxation and social security
3,569
2,513
Other creditors
74,047
109,602
87,932
123,961
Included in creditors is amounts due to the Philip Willis Memorial Fund amounting to £4,264 (2023 - £19,377). The loan is secured.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
5,833
15,134
Other creditors
1,764
5,833
16,898
2024-12-312024-01-01falsefalsefalse02 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr A J BedfordMr C M BookerMr M T StanleyMs K A TeagleMr W T WilsonMr R J ToonR BaileyMr S AltmanMr F BrownMr R J Toon002971742024-01-012024-12-31002971742024-12-31002971742023-12-3100297174core:LandBuildings2024-12-3100297174core:LandBuildings2023-12-3100297174core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100297174core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100297174core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3100297174core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100297174core:CurrentFinancialInstruments2024-12-3100297174core:CurrentFinancialInstruments2023-12-3100297174core:Non-currentFinancialInstruments2024-12-3100297174core:Non-currentFinancialInstruments2023-12-3100297174core:ShareCapital2024-12-3100297174core:ShareCapital2023-12-3100297174core:RevaluationReserve2024-12-3100297174core:RevaluationReserve2023-12-3100297174core:RetainedEarningsAccumulatedLosses2024-12-3100297174core:RetainedEarningsAccumulatedLosses2023-12-3100297174core:ShareCapital2022-12-3100297174core:RevaluationReserve2022-12-3100297174core:RetainedEarningsAccumulatedLosses2022-12-3100297174bus:Director12024-01-012024-12-3100297174bus:CompanySecretaryDirector12024-01-012024-12-3100297174core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31002971742023-01-012023-12-3100297174core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3100297174core:ShareCapital2023-01-012023-12-3100297174core:ShareCapital2024-01-012024-12-3100297174core:RevaluationReserve2023-01-012023-12-3100297174core:RevaluationReserve2024-01-012024-12-3100297174core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3100297174core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-3100297174core:PlantMachinery2024-01-012024-12-3100297174core:FurnitureFittings2024-01-012024-12-3100297174core:ComputerEquipment2024-01-012024-12-3100297174core:MotorVehicles2024-01-012024-12-3100297174core:LandBuildings2023-12-31002971742023-12-3100297174core:LandBuildings2024-01-012024-12-3100297174core:WithinOneYear2024-12-3100297174core:WithinOneYear2023-12-3100297174bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100297174bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3100297174bus:FRS1022024-01-012024-12-3100297174bus:AuditExemptWithAccountantsReport2024-01-012024-12-3100297174bus:Director22024-01-012024-12-3100297174bus:Director32024-01-012024-12-3100297174bus:Director42024-01-012024-12-3100297174bus:Director52024-01-012024-12-3100297174bus:Director62024-01-012024-12-3100297174bus:Director72024-01-012024-12-3100297174bus:Director82024-01-012024-12-3100297174bus:Director92024-01-012024-12-3100297174bus:CompanySecretary12024-01-012024-12-3100297174bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP