Cosford Powered Flying Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04343250 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Cosford Powered Flying Club Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C McGee

SECRETARY:

R Burns

REGISTERED OFFICE:

RAF Cosford

Albrighton

Nr Wolverhampton

Shropshire

WV7 3EX

REGISTERED NUMBER:

04343250 (England and Wales)

ACCOUNTANT:

Roger Clarke F.A.I.A., F.C.P.A.

38 Greenhill Lane

Wheaton Aston

Stafford

ST19 9PL

FIXED ASSETS

Tangible assets

4

4,813

4,222

Investments

5

-

253

4,813

4,475

CURRENT ASSETS

Stocks

3,534

3,147

Debtors

6

16,067

16,038

Cash at bank and in hand

22,101

22,303

41,702

41,488

CREDITORS

Amounts falling due within one year

7

15,832

17,760

NET CURRENT ASSETS

25,870

23,728

TOTAL ASSETS LESS CURRENT LIABILITIES

30,683

28,203

CAPITAL AND RESERVES

Called up share capital

2

2

Other reserves

8

30,681

28,201

SHAREHOLDERS' FUNDS

30,683

28,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 27 December 2019 and were signed by:

C McGee - Director

1.	STATUTORY INFORMATION

Cosford Powered Flying Club Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

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, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Stocks

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

moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2018

12,620

1,363

13,983

Additions

250

1,545

1,795

At 31 March 2019

12,870

2,908

15,778

DEPRECIATION

At 1 April 2018

9,529

232

9,761

Charge for year

668

536

1,204

At 31 March 2019

10,197

768

10,965

NET BOOK VALUE

At 31 March 2019

2,673

2,140

4,813

At 31 March 2018

3,091

1,131

4,222

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2018

and 31 March 2019

29,857

PROVISIONS

At 1 April 2018

29,604

Provision for year

253

At 31 March 2019

29,857

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

253

The company has previously made investments in aircraft purchased by PA-28 Warrior Limited ( a company

associated through the Company Secretary). The depreciation of the aircraft has been written off over a ten year

period and the investment is now written down to £ nil (2018: £ 253).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

4,314

4,285

Other debtors

11,753

11,753

16,067

16,038

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

14,832

16,986

Other creditors

1,000

774

15,832

17,760

8.

RESERVES

Other Reserves.

Members Capital Reserve

The accumulated surpluses are placed in a reserve fund for the future purchase of aircraft or equipment and any

emergency funding required for the sole benefit of the members facilitation to fly. These are shown on the balance

sheet as other reserves.

9.	RELATED PARTY DISCLOSURES

The £ 10,000 loan made to PA-28 Warrior Limited ( a company of which the company secretary is a director) and

from whom the aircraft is leased. The loan was to assist the replacement of the engine to G-DKEY and will be

subject to an interest charge of 5% per annum. £1,000 interest was received during this year covering the period up

to the balance sheet date.