Registered Number: 03539410(England and Wales)
REPORT OF THE DIRECTORS AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2005
FOR
TALGARTH AIRFIELD LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2005
Page
Company Information 3
Report of the Directors 4
Profit and Loss Account 5
Balance Sheet 6-7
Notes to the Financial Statements 8-10
TALGARTH AIRFIELD LIMITED
COMPANY INFORMATION
For the year Ended 31 December 2005
DIRECTORS: Gosden D.W.
Horley J. A.
SECRETARY: Crowden A.
REGISTERED OFFICE: The Airfield
Talgarth
Brecon
Powys
LD3 0EJ
REGISTERED NUMBER: 03539410 (England and Wales)
TALGARTH AIRFIELD LIMITED
REPORT OF THE DIRECTORS
for the Year Ended 31 December 2005
The directors present their report with the financial statements of the company for the year ended 31 December 2005.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing an airfield to Black Mountains Gliding Club.
DIRECTORS
The directors during the year under review were:
Gosden D.W.
Horley J.A.
The directors holding office at 31 December 2005 did not hold any beneficial interest in the issued share capital of the company at 1 January 2005 or 31 December 2005.
At both the beginning and the end of the financial year the directors held the following interests in the debenture loan stock of the company, D.W. Gosden £2,050 and J.A. Horley £4,050.
This report has been prepared in accordance with the special provisions of part VII of the Companies Act 1985 relating to small companies.
ON BEHALF OF THE BOARD:
A. Crowden - Secretary
Date:
Notes 31.12.05 31.12.04
£ £
TURNOVER 7,800 7,800
Administration expenses 18 10
_______ _______
OPERATING PROFIT 2 7,782 7,790
Interest payable and similar charges 2,500 3,077
_______ _______
PROFIT ON ORDINARY ACTIVITIES 5,282 4,713
BEFORE TAXATION
Tax on profit on ordinary activities 3 - -
_________ ________
PROFIT FOR THE FINANCIAL YEAR
AFTER TAXATION 5,282 4,713
_________ ________
RETAINED PROFIT FOR THE YEAR 5,282 4,438
======== =======
The notes form part of these financial statements
TALGARTH
AIRFIELD LIMITED
BALANCE
SHEET
31
December 2005
31.12.05 31.12.04
Notes £ £ £ £
Tangible
assets 4 142,702 142,702
CURRENT
ASSETS:
Cash
in bank 665 266
CREDITORS:
Amounts falling 5
due
within one year 18,385 29,572 ________ ________ ________ ________
NET
CURRENT LIABILITIES: (17,720) (29,306)
________ ________
TOTAL
ASSETS LESS CURRENT
LIABILITIES: 124,982 113,396
CREDITORS:
Amounts falling
due
after more than one year 6 92,736 104,244
_________ _________
32,246 9,152
======== ========
CAPITAL
AND RESERVES:
Called
up share capital 8 1 1
Profit
and loss account 32,246 9,151
__________ __________
32,246 9,152
========= =========
The
company is entitled to exemption from audit under Section 294A(1) of the
Companies Act 1985 for the year ended 31 December 2005.
The
members have not required the company to obtain an audit of its financial
statements for the year ended 31 December 2005 in accordance with Section
249b(2) of the Companies Act 1985.
The
directors acknowledge their responsibilities for:
(a) ensuring that the company
keeps accounting records which comply with Section 221 of the Companies Act
1985 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 Section 226 and which
otherwise comply with the requirements of the Companies Act 1985 relating to
financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective June 2002)
ON BEHALF OF THE BOARD:
..
D W
Gosden - Director
Approved
by the Board on
.
The notes from part of these
financial statements
TALGARTH
AIRFIELD LIMITED
NOTES
TO THE FINANCIAL STATEMENTS
for
the year Ended December 2005
1.
ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under
the historical cost convention and in accordance with the Financial Reporting
Standard for Smaller Entities (effective June 2002)
Turnover
Turnover represents net invoiced sales of services,
excluding value added tax.
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 -
None provided
2
OPERATING PROFIT
The operating profit is stated after charging:
31.12.05
31.12.04
£ £
Loss on disposal of fixed assets - -
Directors emoluments and other benefits etc - -
======= =======
3.
TAXATION
No corporation tax is payable at current taxation
rates.
4.
TANGIBLE FIXED ASSETS
Land and Buildings
£
COST
At
1 January 2005
and
31 December 2205 142,702
_______
NET
BOOK VALUE
At
31 December 2005 142,702
=======
At
31 December 2004
142,702
=======
Included
in cost of land and buildings is freehold land of £142,702 (2004 - £142,702)
TALGARTH AIRFIELD LIMITED
NOTES
TO THE FINANCIAL STATEMENTS - continued
for
the year Ended December 2005
5.
CREDITORS: AMOUNTS
FALLING DUE WITHIN ONE YEAR
31.12.05
31.12.04
£ £
Bank Loans and overdrafts 1,896 7,383
Amount due to parent company 9,900 15,600
Accrued debenture interest 6,589 6,589 _______ _______
18,385 29,572 ======= =======
6.
CREDITORS: AMOUNTS FALLING
DUE AFTER
MORE THAN ONE YEAR
31.12.05
31.12.04
£ £
Bank loans 12,736
23,344
Debentures 80,900 80,000
________ ________ 92,736 104,244 ======= =======
Creditors include loans repayable by instalments falling due after five years amounting to £nil (2004 £nil). Loans repayable other than by instalments after more than five years amount to £80,900 (2004 £80,900)
7.
SECURED DEBTS
The following secured debts are included within
creditors:
31.12.05
31.12.04
£ £
Bank loans 14,632 30,727
Debenture loan stock 80,000 80,000 ________ _______
94,632
111,627 ======== =======
The company has issued a debenture loan stock. This is secured by a second charge on the freehold property through the medium of a trust deed dated 9 April 1998. The debenture loan stock carries interest at 2.5% per annum accruing from 9 April 2001 and payable only on redemption. The stock is redeemable only at the option of the company. The lender has no right to require repayment.
The parent company holds some of the debentures and has indicated that it will not claim interest on those debentures if they are ever redeemed. Until 31 December 2002 the finance cost of the other debentures for the first ten years was charged to the profit and loss account evenly over the period. Since then no further interest has been accrued. This is considered appropriate because of the low probability that interest will ever be paid on the debentures.
8.
CALLED UP SHARE CAPITAL
Authorised
Number: Class: Nominal 31.12.05 31.12.04
Value: £ £
100,000 Ordinary 1 100,000 100,000
====== ======
Allotted, issued and fully paid
Number: Class: Nominal 31.12.05 31.12.04
Value: £ £
1 Ordinary 1 1 1
9.
ULTIMATE PARENT COMPANY
The ultimate parent company is Black Mountains Gliding Club, a company limited by guarantee incorporated in England & Wales. The parent operates a members club.
10. RELATED PARTY DISCLOSURES
The parent company, Black Mountains Gliding Club, paid £8,700 (2004: £8,700) to the company for the use of the airfield.