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Registration number: 01678351

British Microlight Aircraft Association Limited

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 December 2024

 

British Microlight Aircraft Association Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

British Microlight Aircraft Association Limited

Company Information

Directors

Mr T Burrow

Mr G M Fowler

Mr R Grimwood

Mr S Heyes

Mrs C Spence

Dr J Waite

Registered office

6 Somerville Court, Trinity Way, Adderbury
Banbury
Oxfordshire
OX17 3SN

Auditors

KM
Chartered Accountants & Statutory Auditors
1st Floor, Block C
The Wharf
Manchester Road
Burnley
Lancashire
BB11 1JG

 

British Microlight Aircraft Association Limited

(Registration number: 01678351)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

262,831

270,429

Current assets

 

Stocks

6

29,309

28,304

Debtors

7

71,769

95,092

Cash at bank and in hand

 

655,014

557,023

 

756,092

680,419

Creditors: Amounts falling due within one year

8

(239,837)

(242,211)

Net current assets

 

516,255

438,208

Total assets less current liabilities

 

779,086

708,637

Provisions for liabilities

 

(11,357)

(8,705)

Net assets

 

767,729

699,932

Reserves

 

Other reserves

17,737

16,980

Retained earnings

749,992

682,952

Surplus

 

767,729

699,932

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Mr T Burrow
Director

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
6 Somerville Court, Trinity Way, Adderbury
Banbury
Oxfordshire
OX17 3SN

These financial statements were authorised for issue by the Board on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 March 2025 was Richard Howarth ACA FCCA, who signed for and on behalf of KM.

.........................................

Revenue recognition

Turnover comprises subscriptions paid and other income received during the financial period and is shown net value added tax.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% per annum on straight line basis

Promotional display and office equipment

33% and 10% per annum on straight line basis

Furniture and fixtures

10% per annum on straightline basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for 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.

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.

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.

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Judgements and key sources of estimation uncertainty

Judgements

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 periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The depreciation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.

Deferred income

Deferred income is based on the assumption that the amounts received are recognised in the period in which the membership runs. Any amounts estimated are based on past experiences and amounts received during the year. These judgements are regularly reviewed to reflect the changing environment.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Freehold land and buildings
£

Promotional display and office equipment
£

Furniture and fixtures
 £

Total
£

Cost

At 1 January 2024

255,690

47,808

4,974

308,472

Additions

-

3,459

-

3,459

At 31 December 2024

255,690

51,267

4,974

311,931

Depreciation

At 1 January 2024

3,409

33,285

1,349

38,043

Charge for the year

5,114

5,555

388

11,057

At 31 December 2024

8,523

38,840

1,737

49,100

Carrying amount

At 31 December 2024

247,167

12,427

3,237

262,831

At 31 December 2023

252,281

14,523

3,625

270,429

Included within the net book value of land and buildings above is £247,167 (2023 - £252,281) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

26,732

26,139

Other inventories

2,577

2,165

29,309

28,304

7

Debtors

2024
£

2023
£

Trade debtors

17,447

32,073

Other debtors

640

378

Prepayments

53,682

62,641

71,769

95,092

 

British Microlight Aircraft Association Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

27,518

18,326

Taxation and social security

18,613

27,449

Accruals and deferred income

193,706

196,436

239,837

242,211

9

Operating lease commitments

At the reporting date the company had outstanding lease commitments for furture minimum lease payments under non-cancellable operating leases of £14,360 (2023: £20,468).

10

Bursary fund provision

The Bursary Fund is used to encourage young people in to microlight aircraft flying. The total Bursary Fund balance at 31 December 2024 is £11,357 (2023: £8,705). The amount has been allocated to individuals and therefore meets the recognition criteria of a provision, being a present obligation from a past event, with a probable economic outflow of which there is a reliable estimate.

11

Related party transactions

Directors of the British Microlight Aircraft Association Limited are reimbursed expenses for attendance at meetings and other costs incurred as a volunteer to the company. During the year there was no material transactions not concluded under normal market conditions with any director or related parties.