London Gliding Club Proprietary Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00255864 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

FOR

LONDON GLIDING CLUB PROPRIETARY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

M Burton

Dr R Puritz

M S Barrowman

P J G Brown

A Zuchora

A Hippel

Miss G A Flexen

M Newland - Smith

S Astley

W T Craig

SECRETARY:

M D Peters

REGISTERED OFFICE:

The Clubhouse

Dunstable Downs

Bedfordshire

LU6 2JP

REGISTERED NUMBER:

00255864 (England and Wales)

ACCOUNTANTS:

S R Lynn & Co

Chartered Certified Accountants

4 Warren Yard

Wolverton Mill

Milton Keynes

Buckinghamshire

MK12 5NW

FIXED ASSETS

Tangible assets

4

367,670

388,195

Investments

5

25

367,695

388,220

CURRENT ASSETS

Debtors

8

Investments

32,000

Cash at bank

414,824

351,810

446,832

383,818

CREDITORS

Amounts falling due within one year

123,906

97,035

NET CURRENT ASSETS

322,926

286,783

TOTAL ASSETS LESS CURRENT
LIABILITIES

690,621

675,003

CAPITAL AND RESERVES

Called up share capital

8

Revaluation reserve

6

28,108

Retained earnings

662,505

646,887

SHAREHOLDERS' FUNDS

690,621

675,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 2 July 2022 and were signed on its behalf by:

M Burton - Director

M Newland - Smith - Director

1.	STATUTORY INFORMATION

London Gliding Club Proprietary 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 as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Depreciation of Land and Buildings Over 33.33 years

Other assets Over periods of 3 to 20 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Currency

The financial statements are prepared in GBP £.

Subvention

A subvention from London Sailplanes Limited equivalent to that Company's net profit for the year after taxation has been approved by the directors' of both companies.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 February 2021

1,363,694

Additions

35,640

Disposals

(800

)

At 31 January 2022

1,398,534

DEPRECIATION

At 1 February 2021

975,499

Charge for year

56,165

Eliminated on disposal

(800

)

At 31 January 2022

1,030,864

NET BOOK VALUE

At 31 January 2022

367,670

At 31 January 2021

388,195

The directors have agreed not to adopt a policy of revaluation in the future.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2021

and 31 January 2022

25

NET BOOK VALUE

At 31 January 2022

25

At 31 January 2021

25

Information on investments other than loans is as follows:

The company owns 25 of the 30 issued shares of London Sailplanes Limited. The accounts of London Sailplanes Limited show a nil profit after subventions.

6.

RESERVES

Revaluation

reserve

£

At 1 February 2021

and 31 January 2022

28,108

7.	RELATED PARTY DISCLOSURES

Amounts owed to Subsidiary £109,198.24 (2021: £86,516)

8.	POST BALANCE SHEET EVENTS

Since the end of the financial year, expenditure of approximately £55,000 has been incurred in relation to a settlement with a former employee.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Gliding Club Proprietary Limited for the year ended 31 January 2022 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of London Gliding Club Proprietary Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of London Gliding Club Proprietary Limited and state those matters that we have agreed to state to the Board of Directors of London Gliding Club Proprietary Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that London Gliding Club Proprietary Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of London Gliding Club Proprietary Limited. You consider that London Gliding Club Proprietary Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of London Gliding Club Proprietary Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

S R Lynn & Co

Chartered Certified Accountants

4 Warren Yard

Wolverton Mill

Milton Keynes

Buckinghamshire

MK12 5NW

2 July 2022

London Gliding Club Proprietary Limited - Accounts to registrar (filleted) - small 18.2

London Gliding Club Proprietary Limited - Accounts to registrar (filleted) - small 18.2