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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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MERLIN FLYING CLUB LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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FOR |
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MERLIN FLYING CLUB LIMITED |
MERLIN FLYING CLUB LIMITED (REGISTERED NUMBER: 00742846) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MERLIN FLYING CLUB LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
29 Arboretum Street |
Nottingham |
Nottinghamshire |
NG1 4JA |
MERLIN FLYING CLUB LIMITED (REGISTERED NUMBER: 00742846) |
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BALANCE SHEET |
31 MAY 2020 |
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31.5.20 | 31.5.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MERLIN FLYING CLUB LIMITED (REGISTERED NUMBER: 00742846) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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1. | STATUTORY INFORMATION |
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Merlin Flying Club Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Hangar | - |
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Radio flying and other equipment | - |
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Aircraft engines are depreciated over their estimated useful life based on the hours flown each year. The period of write off should be between four and six years based on the actual hours flown each year. |
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Aircraft frames are depreciated over their estimated useful life. The life of frames not already written down to nil was assessed as 15 years in year ending 31 May 2019. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
MERLIN FLYING CLUB LIMITED (REGISTERED NUMBER: 00742846) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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4. | TANGIBLE FIXED ASSETS |
Radio |
flying |
Aircraft | Aircraft | and other |
frames | engines | Hangar | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2019 |
and 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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5. | STOCKS |
31.5.20 | 31.5.19 |
£ | £ |
Fuel and oil | 405 | 852 |
Books and maps |
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Catering |
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Aircraft spares | 297 | 815 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Debtors and prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
£ | £ |
Other creditors |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Emphasis of matter |
Without qualifying our opinion we draw you attention to Note 8 in the financial statements, which explains that due to the Covid-19 pandemic, the Clubs income and liquidity have been adversely affected. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. |
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for and on behalf of
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MERLIN FLYING CLUB LIMITED (REGISTERED NUMBER: 00742846) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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9. | GOING CONCERN |
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In March 2020, due to the Covid 19 pandemic and in accordance with government guidelines, the Club was forced to cease all operations. Whilst these were eased with sole flying allowed from 18 May, training flights and check flights by instructors only resumed in a limited way from 5 July 2020. |
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As a consequence of the above it is likely that the Club aircraft will not manage to fly for the 450 hours during the year, which they need to do in order for the Club to break even. If this is the case the Club's reserves and liquidity will be adversely affected. |
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The Board are currently looking at the options available to the Club to secure its operating capability in the medium term. |