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COMPANY REGISTRATION NUMBER: 03092670
MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
YEAR ENDED 31 AUGUST 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Manston Spitfire and Hurricane Memorial Trust Limited for the year ended 31 August 2024, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
NEVILLE WESTON Chartered Certified Accountants
3 High Street St Lawrence Ramsgate Kent CT11 0QL
28 May 2025
MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
4,146
8,138
CURRENT ASSETS
Stocks
19,500
19,000
Debtors
6
92
234
Cash at bank and in hand
10,302
10,335
---------
---------
29,894
29,569
CREDITORS: amounts falling due within one year
7
73,503
34,637
---------
---------
NET CURRENT LIABILITIES
43,609
5,068
---------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 39,463)
3,070
---------
-------
NET (LIABILITIES)/ASSETS
( 39,463)
3,070
---------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 39,563)
2,970
---------
-------
MEMBERS (DEFICIT)/FUNDS
( 39,463)
3,070
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
Mr D Jackson
Chairman
Company registration number: 03092670
MANSTON SPITFIRE AND HURRICANE MEMORIAL TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Airfield, Manston road, Ramsgate, CT12 5DF, Kent. The principal activity of the company is the sale of goods in order to provide financial support to the RAF Manston Spitfire & Hurricane Memorial Museum.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. CHARITABLE CONTRIBUTIONS
During the year, the Company paid a donation of £50,698 (2023:£36,891) to R.A.F. Manston Spitfire & Hurricane Memorial Museum.
4. ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Fixtures, fittings and office equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
5. TANGIBLE ASSETS
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
19,005
1,078
20,083
---------
-------
---------
Depreciation
At 1 September 2023
11,137
808
11,945
Charge for the year
3,722
270
3,992
---------
-------
---------
At 31 August 2024
14,859
1,078
15,937
---------
-------
---------
Carrying amount
At 31 August 2024
4,146
4,146
---------
-------
---------
At 31 August 2023
7,868
270
8,138
---------
-------
---------
6. DEBTORS
2024
2023
£
£
Other debtors
92
234
----
----
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,633
1,349
Amounts owed to group undertakings and undertakings in which the company has a participating interest
61,490
27,113
Social security and other taxes
905
Other creditors
8,475
6,175
---------
---------
73,503
34,637
---------
---------
8. CONTROLLING PARTY
The company is controlled by RAF Manston Spitfire & Hurricane Memorial Museum CIO, a UK registered charity, by virtue of its 100% shareholding.