Lincolnshire Gliding Club Limited - Period Ending 2016-11-30

Registration number: 3277091

Lincolnshire Gliding Club Limited
 
  (A company limited by guarantee)
 
  Abbreviated Accounts
 
  for the Year Ended 30 November 2016
 

787878787
Lincolnshire Gliding Club Limited
Registration number: 3277091
Abbreviated Balance Sheet at 30 November 2016

		Note			2016						2015
	£			£			£			£
Fixed assets
Tangible fixed assets		2						10,047						8,507
Current assets
Stocks					436						436
Debtors					1,078						929
Cash at bank and in hand					6,257						7,707
					7,771						9,072
Creditors: Amounts falling due within one year					(2,544)						(2,083)
Net current assets								5,227						6,989
Total assets less current liabilities								15,274						15,496
Creditors: Amounts falling due after more than one year								(4,950)						(5,412)
Net assets								10,324						10,084
Capital and reserves
Profit and loss account								10,324						10,084

For the year ending 30 November 2016 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the director on 26 August 2017

Mr E Richards
Director

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
Lincolnshire Gliding Club Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the amount derived from members' subscriptions and any other income associated with the company's ordinary activities.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	5% to 50% pa on cost/written down value

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Taxation

The club is not liable to corporation tax on its trading profit as it is deemed to be mutually trading.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		29,573			29,573
Additions		2,800			2,800
At 30 November 2016		32,373			32,373
Amortisation
At 1 December 2015		21,066			21,066
Charge for the year		1,260			1,260
At 30 November 2016		22,326			22,326
Net book value
At 30 November 2016		10,047			10,047
At 30 November 2015		8,507			8,507

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
Lincolnshire Gliding Club Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016

3	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The notes on pages 2 to 3 form an integral part of these financial statements.