Oxford Gliding Company Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00340261 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Oxford Gliding Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Brooks

G P Hawkins

P Morrison

G W Craig

P W J Smith

REGISTERED OFFICE:

Boston House

Henley-on-Thames

RG9 1DY

REGISTERED NUMBER:

00340261 (England and Wales)

ACCOUNTANTS:

Villars Hayward LLP

Chartered Accountants

Chartered Tax Advisers and Registered Auditors

Boston House

Henley-On-Thames

RG9 1DY

FIXED ASSETS

Tangible assets

4

199,672

151,686

CURRENT ASSETS

Debtors

5

5,835

12,385

Cash at bank and in hand

101,574

124,851

107,409

137,236

CREDITORS

Amounts falling due within one year

6

18,961

4,475

NET CURRENT ASSETS

88,448

132,761

TOTAL ASSETS LESS CURRENT LIABILITIES

288,120

284,447

ACCRUALS AND DEFERRED INCOME

26,127

26,781

NET ASSETS

261,993

257,666

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Aircraft revaluation reserve

7

51,955

53,866

Other reserves

3,644

3,644

Retained earnings

202,394

196,156

SHAREHOLDERS' FUNDS

261,993

257,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

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 18 November 2023 and were signed on its behalf by:

P Brooks - Director

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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Hangar

to hangar

Aircraft

leasehold

leasehold

& equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2022

58,283

31,911

319,401

409,595

Additions

-

-

61,102

61,102

At 30 September 2023

58,283

31,911

380,503

470,697

DEPRECIATION

At 1 October 2022

58,283

23,807

175,819

257,909

Charge for year

-

901

12,215

13,116

At 30 September 2023

58,283

24,708

188,034

271,025

NET BOOK VALUE

At 30 September 2023

-

7,203

192,469

199,672

At 30 September 2022

-

8,104

143,582

151,686

Cost or valuation at 30 September 2023 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

334,475

392,758

58,283

412,414

470,697

If Aircraft and Equipment had not been revalued they would have been included at the following historical cost:

30.9.23

30.9.22

£

£

Cost

126,782

126,782

Aggregate depreciation

112,322

112,322

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

1,689

4,050

Other debtors

4,146

8,335

5,835

12,385

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Taxation and social security

100

4

Other creditors

18,861

4,471

18,961

4,475

7.

RESERVES

Aircraft

revaluation

reserve

£

At 1 October 2022

53,866

Depreciation on revaluation

(1,911

)

At 30 September 2023

51,955