6 01/12/2023 30/11/2024 2024-11-30 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-12-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI004971 2023-12-01 2024-11-30 NI004971 2024-11-30 NI004971 2023-11-30 NI004971 2022-12-01 2023-11-30 NI004971 2023-11-30 NI004971 2022-11-30 NI004971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 NI004971 core:LandBuildings core:LongLeaseholdAssets 2023-12-01 2024-11-30 NI004971 core:PlantMachinery 2023-12-01 2024-11-30 NI004971 core:FurnitureFittingsToolsEquipment 2023-12-01 2024-11-30 NI004971 core:OnerousContractsExcludingVacantProperties 2023-12-01 2024-11-30 NI004971 bus:RegisteredOffice 2023-12-01 2024-11-30 NI004971 bus:LeadAgentIfApplicable 2023-12-01 2024-11-30 NI004971 bus:Director1 2023-12-01 2024-11-30 NI004971 bus:Director2 2023-12-01 2024-11-30 NI004971 bus:Director3 2023-12-01 2024-11-30 NI004971 bus:Director4 2023-12-01 2024-11-30 NI004971 bus:Director5 2023-12-01 2024-11-30 NI004971 bus:Director6 2023-12-01 2024-11-30 NI004971 bus:Director7 2023-12-01 2024-11-30 NI004971 bus:Director8 2023-12-01 2024-11-30 NI004971 bus:Director9 2023-12-01 2024-11-30 NI004971 bus:Director10 2023-12-01 2024-11-30 NI004971 bus:CompanySecretary1 2023-12-01 2024-11-30 NI004971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 NI004971 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 NI004971 core:LandBuildings core:ShortLeaseholdAssets 2023-11-30 NI004971 core:PlantMachinery 2023-11-30 NI004971 core:FurnitureFittingsToolsEquipment 2023-11-30 NI004971 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 NI004971 core:LandBuildings core:LongLeaseholdAssets 2024-11-30 NI004971 core:LandBuildings core:ShortLeaseholdAssets 2024-11-30 NI004971 core:PlantMachinery 2024-11-30 NI004971 core:FurnitureFittingsToolsEquipment 2024-11-30 NI004971 core:WithinOneYear 2024-11-30 NI004971 core:WithinOneYear 2023-11-30 NI004971 core:AfterOneYear 2024-11-30 NI004971 core:AfterOneYear 2023-11-30 NI004971 core:LandBuildings core:ShortLeaseholdAssets 2023-12-01 2024-11-30 NI004971 core:RevaluationReserve 2024-11-30 NI004971 core:RevaluationReserve 2023-11-30 NI004971 core:RetainedEarningsAccumulatedLosses 2024-11-30 NI004971 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI004971 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 NI004971 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 NI004971 core:LandBuildings core:ShortLeaseholdAssets 2023-11-30 NI004971 core:PlantMachinery 2023-11-30 NI004971 core:FurnitureFittingsToolsEquipment 2023-11-30 NI004971 bus:SmallEntities 2023-12-01 2024-11-30 NI004971 bus:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 NI004971 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 NI004971 bus:CompanyLimitedByGuarantee 2023-12-01 2024-11-30 NI004971 bus:FullAccounts 2023-12-01 2024-11-30 NI004971 core:MotorVehicles 2023-12-01 2024-11-30 NI004971 core:CapitalReserve 2024-11-30 NI004971 core:Land 2023-12-01 2024-11-30 NI004971 core:Land 2023-11-30 NI004971 core:Land 2024-11-30
Company registration number: NI004971
Ulster Flying Club (1961) Limited
Trading as Ulster Flying Club (1961) Limited
Company limited by guarantee
Unaudited filleted financial statements
30 November 2024
Ulster Flying Club (1961) Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ulster Flying Club (1961) Limited
Company limited by guarantee
Directors and other information
Directors Leslie Corken
Albert Harrison
Bryan Kennedy
Steven Kinnear
Gerald McAlinden
Peter McCloskey
Mark McConville
Amy McVeigh
Colin O'Neill
Sian Thornthwaite
Secretary Lesley Ann Corken
Company number NI004971
Registered office Ards Airport
61 Portaferry Road
Newtownards
Co. Dowm
BT323 8SG
Business address Ards Airport
61 Portaferry Road
Newtownards
Co. Down
BT323 8SG
Bankers Danske Bank
Donegall Square West
Belfast
Co. Antrim
BT1 6JS
Solicitors Stephen Scott & Co. Solicitors
45 Court Street
Newtownards
Co. Down
BT23 7NX
Ulster Flying Club (1961) Limited
Company limited by guarantee
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 10 569,204 596,568
_______ _______
569,204 596,568
Current assets
Stocks 26,048 20,538
Debtors 11 52,245 51,252
Cash at bank and in hand 48,755 68,370
_______ _______
127,048 140,160
Creditors: amounts falling due
within one year 12 ( 107,933) ( 206,230)
_______ _______
Net current assets/(liabilities) 19,115 ( 66,070)
_______ _______
Total assets less current liabilities 588,319 530,498
Creditors: amounts falling due
after more than one year 13 ( 23,623) ( 113,968)
Provisions for liabilities ( 67,364) ( 53,753)
_______ _______
Net assets 497,332 362,777
_______ _______
Capital and reserves
Revaluation reserve 118,124 118,124
Capital Reserve RAF Hanger 79,237 -
Profit and loss account 299,971 244,653
_______ _______
Members funds 497,332 362,777
_______ _______
For the year ending 30 November 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mark McConville
Director
Company registration number: NI004971
Ulster Flying Club (1961) Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Ulster Flying Club (1961) Limited, Ards Airport, 61 Portaferry Road, Newtownards, Co. Dowm, BT323 8SG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Property - 2 % straight line
Aircraft Fuselage - 3 % straight line
Plant and machinery - 20 % straight line
Fixtures & Fittings - 20 % straight line
Aircraft Engines - Hours Flown
Runway and Runway Lights - 5 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Operating profit/loss
Operating profit/loss is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 49,412 34,673
(Gain)/loss on disposal of tangible assets ( 119,709) 3,307
Impairment of trade debtors 2,410 -
Operating lease rentals 30,321 28,620
Fees payable for the audit of the financial statements 2,500 8,500
_______ _______
5. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024 2023
Administrative staff 6 6
_______ _______
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 116,655 115,424
Social security costs 4,937 4,516
Other pension costs 2,007 2,961
_______ _______
123,599 122,901
_______ _______
6. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
7. Other interest receivable and similar income
2024 2023
£ £
Bank deposits - 163
_______ _______
8. Interest payable and similar expenses
2024 2023
£ £
Bank loans and overdrafts 4,058 1,366
_______ _______
9. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 49,412 34,673
Fees payable for the audit of the financial statements 2,500 8,500
_______ _______
10. Tangible assets
Freehold property Fuselages Engines Plant and machinery Fixtures, fittings and equipment Runway & Lights Total
£ £ £ £ £ £ £
Cost
At 1 December 2023 424,417 644,613 98,095 76,441 72,060 364,572 1,680,198
Additions - 65,795 31,119 - 425 - 97,339
Disposals - ( 100,000) ( 23,660) - - - ( 123,660)
_______ _______ _______ _______ _______ _______ _______
At 30 November 2024 424,417 610,408 105,554 76,441 72,485 364,572 1,653,877
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 December 2023 117,814 427,877 39,045 70,342 71,949 356,603 1,083,630
Charge for the year 11,248 12,718 21,778 3,038 113 517 49,412
Disposals - ( 40,409) ( 7,960) - - - ( 48,369)
_______ _______ _______ _______ _______ _______ _______
At 30 November 2024 129,062 400,186 52,863 73,380 72,062 357,120 1,084,673
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 30 November 2024 295,355 210,222 52,691 3,061 423 7,452 569,204
_______ _______ _______ _______ _______ _______ _______
At 30 November 2023 306,603 216,736 59,050 6,099 111 7,969 596,568
_______ _______ _______ _______ _______ _______ _______
11. Debtors
2024 2023
£ £
Trade debtors 16,330 13,497
Prepaid Costs 35,915 37,755
_______ _______
52,245 51,252
_______ _______
12. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,795 19,029
Trade creditors 19,389 40,353
Social security and other taxes 6,433 4,840
Deferred Income and Accrued Costs 63,316 142,008
_______ _______
107,933 206,230
_______ _______
13. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 23,623 36,688
Deferred Income RAF Hanger - 77,280
_______ _______
23,623 113,968
_______ _______
14. Exceptional Items
The statement of comprehensive income includes £119,709 profit on the disposal of G-UFCI