REGISTERED NUMBER: SC034867 (Scotland)

Financial Statements for the Year Ended 31 December 2017

for

Deeside Gliding Club (Aberdeenshire)

Limited

Page

Company Information

1

Chairman's Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

G Douglas

R C Wilson

G Holloway

R Dunthorn

F C Pell

D S Innes

M A Recht

R M Garden

N M Shaw

A S Cunningham

SECRETARY:

G Douglas

REGISTERED OFFICE:

Aboyne Airfield

Dinnet

Aboyne

Aberdeenshire

AB34 5LB

REGISTERED NUMBER:

SC034867 (Scotland)

ACCOUNTANTS:

Findlay Brown Ltd

Chartered Certified Accountants

53 Huntly Street

Aberdeen

AB10 1TH

The first 8 months of the year saw an increase in launches of 23%, reflecting the generally very healthy state of the club.

Unfortunately, a poorer wave season saw us closing the year up only 54 launches on 2016 with 57% of all launches

completed by the Eurofox, whose lower costs continue to generate more flying activity. The resulting surplus of £39,872

is pleasingly up 34% on 2016 (excluding extraordinary income).

Disappointingly, the year was marred by the total loss of Puchacz G-CFYL (fortunately with no injuries to the pilot) and

damage to the propeller of Pawnee G-BCBJ, resulting in significantly higher insurance premiums. The decision was taken

to replace the Puchacz with a new Perkoz 2-seater and an order was placed for delivery mid 2018. This will allow us to

better develop cross-country and aerobatic training.

An instrument & radio upgrade was completed for the glider fleet and glider simulator project launched with an objective

of reducing training costs and time to solo.

Other noteworthy events included refurbishment of the clubhouse, launch of the community volunteer scheme and

implementation of an online voucher sales system.

FIXED ASSETS

Tangible assets

4

176,742

190,325

CURRENT ASSETS

Stocks

22,580

26,026

Debtors

5

69,989

23,153

Cash at bank

6

263,395

252,440

355,964

301,619

CREDITORS

Amounts falling due within one year

7

30,527

31,160

NET CURRENT ASSETS

325,437

270,459

TOTAL ASSETS LESS CURRENT LIABILITIES

502,179

460,784

CREDITORS

Amounts falling due after more than one year

8

1,523

-

NET ASSETS

500,656

460,784

RESERVES

Income and expenditure account

500,656

460,784

500,656

460,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 surplus or deficit 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 Board of Directors on 10 August 2018 and were signed on its behalf by:

F C Pell - Director

1.	STATUTORY INFORMATION

Deeside Gliding Club (Aberdeenshire) Limited is a private company, limited by guarantee , registered in Scotland.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Land and buildings

-

straight line over ground lease

Plant and machinery etc

-

at varying rates on cost

Stocks

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

moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

90,211

334,607

424,818

Additions

-

14,801

14,801

Disposals

-

(23,700

)

(23,700

)

At 31 December 2017

90,211

325,708

415,919

DEPRECIATION

At 1 January 2017

90,211

144,282

234,493

Charge for year

-

14,674

14,674

Eliminated on disposal

-

(9,990

)

(9,990

)

At 31 December 2017

90,211

148,966

239,177

NET BOOK VALUE

At 31 December 2017

-

176,742

176,742

At 31 December 2016

-

190,325

190,325

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors includes prepayment of Insurance for 2018 cover, and new Glider deposit.

6.	CASH AT BANK

Cash at Bank includes reserved funds of £238,000 for the replacement of depreciated equipment and other

capital projects during 2018-2021 that the Club requires to budget for on a long-term basis in order to ensure

continued future, sustainable operations. Club officials maintain a list of future capital expenditure requirements

funded by the depreciation of existing assets, currently totalling £421,000 for the next 10 years. Unreserved

funds at 31/12/17 are therefore £25,395 net of 2018-2021 projected expenditure.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

8,614

12,896

Other creditors

21,913

18,264

30,527

31,160

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Other creditors

1,523

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.17

31.12.16

£

£

Within one year

4,100

4,100

Between one and five years

16,400

16,400

In more than five years

55,350

59,450

75,850

79,950

10.	CAPITAL COMMITMENTS

The club has committed to purchase a new Glider with an expected total cost of 130,131 euros. As at 31

December a deposit of 52,052 euros ( £46,217), had been paid, and this is shown in the current assets. A further

52,052 euros has been paid since the year end, with the balance due on delivery. The Glider will be recognised as

an Asset once it is operational.

11.	LIMITED BY GUARANTEE

The status of the company is that of company limited by guarantee not having a share capital.

The liability of individual members is limited to an amount not exceeding £1.

Where the financial statements refer to officials of the company it should be noted that these individuals

constitute directors of the company for Companies Act purposes.