Registration number:
Light Aircraft Association Limited
for the Year Ended 31 December 2024
Light Aircraft Association Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Light Aircraft Association Limited
Company Information
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Chairman |
Mr E M Smith |
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Directors |
Mr T Hardy Mr D Mole Mr C W A Holliday Mr I A Sweetland Mr S Tilling Miss C Dadswell |
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Company secretary |
Mr D Mole |
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Registered office |
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Auditors |
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Light Aircraft Association Limited
(Registration number: 00606312)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
287,430 |
289,379 |
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Retained earnings |
675,827 |
599,361 |
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Shareholders' funds |
963,357 |
888,840 |
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
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Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The address of its registered office is:
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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.
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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:
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Asset class |
Depreciation method and rate |
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Office equipment |
15% reducing balance / 33% straight line |
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Other equipment |
15% reducing balance / 25% straight line |
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Motor vehicles |
25% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 merchandise sold or services performed in the ordinary course of business.
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.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
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.
Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff numbers |
The average number of persons employed by the company (not including unpaid directors) during the year, was
Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Current asset investments |
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2024 |
2023 |
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Other investments |
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Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Operating leases |
The total future minimum lease payments under non-cancellable operating leases are as follows:
Note that the previous lease finished on 31 December 2021, however this was subsequently renewed on 1 January 2022 under the terms as disclosed below:
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2024 |
2023 |
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< 1 year |
54,660 |
54,660 |
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1 - 5 years |
54,660 |
109,320 |
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109,320 |
163,980 |
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Related party transactions |
The company was controlled by its members throughout the year. There is no ultimate controlling party.
Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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92,650 |
89,821 |
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Other reserves |
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Fund |
At 01/01/2024 |
Donations received in year |
Funds used |
At 31/12/2024 |
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£ |
£ |
£ |
£ |
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HQ & Buildings Fund |
144,305 |
- |
- |
144,305 |
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Trophy Fund |
9,447 |
- |
(360) |
9,087 |
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Armstrong Isaac Fund |
54,696 |
4,004 |
(5,593) |
53,107 |
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I Brewster Legacy Fund |
80,931 |
- |
80,931 |
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289,379 |
4,004 |
(5,953) |
287,430 |
Description of Funds
HQ & Buildings Fund
Funds raised 2005-2008 including 'Buy a Brick' and other schemes to contribute to new LAA HQ building.
Trophy Fund
Funds allocated for maintenance and preparation of Club awards and Trophies.
Armstrong Isaac Fund
Funds initially allocated for pilot training scholarships, today used to fund up to five bursaries per annum. In 2017 £48,611 held on behalf of fund was transferred back to reserved account and £33,188 was received on closure of LAA ET.
Ian Brewster
Legacy of Dr Ian Brewster. No restriction on use.
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Creditors |
Creditors: amounts falling due within one year
Light Aircraft Association Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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