Oxford Gliding Company Limited - Accounts to registrar (filleted) - small 18.2
Oxford Gliding Company Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2019 |
| for |
| Oxford Gliding Company Limited |
| Oxford Gliding Company Limited (Registered number: 00340261) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Oxford Gliding Company Limited |
| Company Information |
| for the Year Ended 30 September 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Chartered Tax Advisers and Registered Auditors |
| Boston House |
| Henley-On-Thames |
| RG9 1DY |
| Oxford Gliding Company Limited (Registered number: 00340261) |
| Balance Sheet |
| 30 September 2019 |
| 30.9.19 | 30.9.18 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Aircraft revaluation reserve | 6 |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| 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 on |
| Oxford Gliding Company Limited (Registered number: 00340261) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2019 |
| 1. | STATUTORY INFORMATION |
| Oxford Gliding Company Limited is a private company and Community Amateur Sports Club, limited by shares incorporated in England |
| and Wales and has its registered office at Boston House, Boston Road, Henley-on-Thames, RG9 1DY. |
| The principal activity of the company was that of the provision of gliding facilities and the promotion of participation in the amateur |
| sport of Gliding and Flying in Oxford and the surrounding area. |
| The financial statements are presented in Sterling (£), which is also the functional currency of the company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue (described as turnover) is measured at the fair value of the consideration received or receivable. Revenue comprises invoiced |
| amounts less discounts. Revenue from membership subscriptions is recognised on a straight-line basis over the subscription period to |
| reflect the timing, nature and value of the benefits provided. Revenue from flying fees are recognised in the period the service is |
| provided. |
| Tangible fixed assets |
| Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment |
| losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their |
| expected useful lives as below: |
| Hangar | - Over term of lease |
| Aircraft | - Straight line over 40 years |
| Major winch parts | - Straight line over 25 years |
| General equipment | - Straight line over 15 years |
| Cable retrieve vehicles | - Straight line over 3 years |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any |
| indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is |
| estimated in order to determine the extent of the impairment loss, if any. |
| Operating lease rentals |
| Leases that do not transfer all the risks and regards of ownership are classified as operating leases. Payments under operating leases |
| are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Financial instruments |
| Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the |
| effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be |
| immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments |
| with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current |
| liabilities. |
| Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the |
| effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Going concern |
| The accounts have been prepared on the assumption that the company is able to carry on business as a going concern which the |
| directors consider appropriate having regard to the circumstances outlined in the notes to the accounts. |
| Oxford Gliding Company Limited (Registered number: 00340261) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements |
| Hangar | to hangar | Aircraft |
| leasehold | leasehold | & equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 30 September 2019 |
| DEPRECIATION |
| At 1 October 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2019 |
| NET BOOK VALUE |
| At 30 September 2019 |
| At 30 September 2018 |
| Cost or valuation at 30 September 2019 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2007 | - | 31,439 | 31,439 |
| Valuation in 2019 | - | 46,500 | 46,500 |
| Cost | 58,283 | 202,312 | 260,595 |
| 58,283 | 280,251 | 338,534 |
| If Aircraft and Equipment had not been revalued they would have been included at the following historical cost: |
| 30.9.19 | 30.9.18 |
| £ | £ |
| Cost | 126,782 | 109,880 |
| Aggregate depreciation | 112,322 | 98,940 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.19 | 30.9.18 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Oxford Gliding Company Limited (Registered number: 00340261) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2019 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.19 | 30.9.18 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 6. | RESERVES |
| Aircraft |
| revaluation |
| reserve |
| £ |
| At 1 October 2018 |
| Depreciation on revaluation | (2,803 | ) |
| Revaluation of assets | 46,500 |
| At 30 September 2019 |
| 7. | RELATED PARTY DISCLOSURES |
| At the year end a balance of £Nil (2018: £39,018) was due from Oxford Gliding Site Trust to Oxford Gliding Company Limited. |
| 8. | REGISTRATION AS A COMMUNITY AMATEUR SPORTS CLUB |
| During the year the directors deemed Oxford Gliding Company Limited to be better able to carry out its objects as a Community |
| Amateur Sports Club. In light of this an application was made under Part 13 Chapter 9 of the Corporation Tax Act 2010. Confirmation of |
| the Companies new status was confirmed by the relevant authorities on 31 March 2019. |