Abbreviated Company Accounts - CORNWALL FLYING CLUB LIMITED

Abbreviated Company Accounts - CORNWALL FLYING CLUB LIMITED

CORNWALL FLYING CLUB LIMITED - Company Information

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Registered Number 01358549

CORNWALL FLYING CLUB LIMITED

Abbreviated Accounts

30 April 2014

CORNWALL FLYING CLUB LIMITED Registered Number 01358549

Abbreviated Balance Sheet as at 30 April 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 3 236,135 242,078
Investments 4 100 100
236,235 242,178
Current assets
Stocks 14,203 11,563
Debtors 115,114 125,073
Cash at bank and in hand 2,816 158
132,133 136,794
Creditors: amounts falling due within one year (157,309) (233,299)
Net current assets (liabilities) (25,176) (96,505)
Total assets less current liabilities 211,059 145,673
Creditors: amounts falling due after more than one year (12,350) (12,350)
Total net assets (liabilities) 198,709 133,323
Reserves
Revaluation reserve 38,570 38,570
Income and expenditure account 160,139 94,753
Members' funds 198,709 133,323
  • For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 18 June 2014

And signed on their behalf by:
Denis Wilkins, Director
Graham Newby, Director

CORNWALL FLYING CLUB LIMITED Registered Number 01358549

Notes to the Abbreviated Accounts for the period ended 30 April 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Land and buildings- 2% on cost or revalued amounts. Plant and machinery- 25% reducing balance. Aircraft- Engines-£5 per number of hours flown, Fuselage-4% on cost of new planes and 10% on cost of second hand planes, pro rated to the length of ownership in the year.

Other accounting policies
Stock: Stock is valued at the lower of cost and net realisable value.

Taxation: The company is not liable to corporation tax on its profits, but is liable to tax on interest received.
Group accounts: The company is entitled to exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets
£
Cost
At 1 May 2013 423,375
Additions 10,217
Disposals -
Revaluations -
Transfers -
At 30 April 2014 433,592
Depreciation
At 1 May 2013 181,297
Charge for the year 16,160
On disposals -
At 30 April 2014 197,457
Net book values
At 30 April 2014 236,135
At 30 April 2013 242,078

4Fixed assets Investments
Investments: Cost at 1 May 2013 and at 30 April 2014 £100, Depreciation at 1 May 2013 and 30 April 2014 £0, Net book value at 1 May 2013 and 30 April 2014 £100.
Investment details: Subsidiary undertaking 2014 £100, 2013 £100.
Fixed asset investments are stated at cost less provision for permanent diminution in value.