REGISTERED NUMBER: 01040505 (England and Wales)

Sheffield Aero Club Limited

Financial Statements

For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Jackson

D J Baldry

C Widdison

G P Robinson

A P Hegarty

R C Platts

REGISTERED OFFICE:

Netherthorpe Airfield

Thorpe Salvin

Sheffield

S80 3JQ

REGISTERED NUMBER:

01040505 (England and Wales)

AUDITORS:

Roddis Taylor Robinson

Chartered Accountants

Statutory Auditor

Unit 6, Acorn Business Park

Woodseats Close

Sheffield

South Yorkshire

S8 0TB

FIXED ASSETS

Tangible assets

4

54,732

64,846

CURRENT ASSETS

Stocks

9,302

18,592

Debtors

5

36,956

46,306

Cash at bank and in hand

24,624

49,122

70,882

114,020

CREDITORS

Amounts falling due within one year

6

107,891

159,667

NET CURRENT LIABILITIES

(37,009

)

(45,647

)

TOTAL ASSETS LESS CURRENT LIABILITIES

17,723

19,199

CREDITORS

Amounts falling due after more than one year

7

5,286

15,663

NET ASSETS

12,437

3,536

RESERVES

Income and expenditure account

12,437

3,536

12,437

3,536

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

G P Robinson - Director

1.	STATUTORY INFORMATION

Sheffield Aero Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date the customer receives the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised when the service has been provided.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Depreciation rates are calculated to write down the assets to their estimated residual values, over their expected useful lives at the following rates:-

Control tower and office equipment

15% straight line

Fixtures and fittings

10% to 15% straight line

Airfield equipment

25% straight line

Hangars and storage

5% to 10% straight line

Sectional building

4% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors took steps, and continue to do so, to reduce costs and improve the efficiency of the company's operations. After due consideration of all relevant factors, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

63,790

373,234

437,024

Additions

-

116

116

At 31 December 2024

63,790

373,350

437,140

DEPRECIATION

At 1 January 2024

39,595

332,583

372,178

Charge for year

2,552

7,678

10,230

At 31 December 2024

42,147

340,261

382,408

NET BOOK VALUE

At 31 December 2024

21,643

33,089

54,732

At 31 December 2023

24,195

40,651

64,846

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

23,396

30,828

Other debtors

-

47

Prepayments and accrued income

13,560

15,431

36,956

46,306

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,375

10,119

Trade creditors

11,957

39,360

Social security and other taxes

3,306

1,164

Other creditors

345

332

Accruals and deferred income

81,908

108,692

107,891

159,667

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,286

15,663

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Holderness (Senior Statutory Auditor)

for and on behalf of Roddis Taylor Robinson

9.	FINANCIAL COMMITMENTS

At the balance sheet date the company had future operating lease commitments amounting to £124,438 (2023: £162,155).