Cider House, Allowenshay Hinton St. George Somerset, TA17 8TB + 44 (0) 7500 332060
TRUSTEE FINANCIAL STATEMENT
18[th] May 2022
When the charity was formed in August 2020, the finances were set up such that some items were gifted by trustees and did not appear in the annual accounts. This has now been changed. However, for the purposes of transparency, clarity and propriety the outgoing monies for that initial period have been laid out below to serve as a supplementary explanation alongside the formal Charity Commission accounts. This financial summary was agreed as fair and accurate by the trustees on 18.05.2022
| Charity set up | £660 |
|---|---|
| Labour | £32,000 |
| Pitot system | £900 |
| Fabric, Dopes, & Glue. | £1,500 |
| Wing build | £34,400 |
| Metallic parts | £4,475 |
| Compression struts, wing joiners, hinges, & control system. | |
| Timber | £10,457 |
| Spruce, Douglas Fir, and ply. | |
| Drawings | £12,000 |
| 55 years old drawings from 1977, redrawn for compliance. | |
| _ | |
| Total | £61,992 |
| Trustees’ signatures | |
| Will Hosie | Paul Myers |
www.SupermarineSeaplane.co.uk info@SupermarineSeaplane.co.uk charity number 1190836
Registered number: CE023555
SUPERMARINE SEAPLANE DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Kara Accountants Limited
Chartered Institute of Management Accountants
C/O Kara Accountants Limited The Square Fawley Southampton SO45 1DD
Supermarine Seaplane Directors' Report and Unaudited Financial Statements For The Year Ended 31 March 2022
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| The following pages do not form part of the statutory accounts: | |
| Trading Profit and Loss Account | 7 |
Supermarine Seaplane Company Information For The Year Ended 31 March 2022
| Directors | Mr Laim Bennett |
|---|---|
| Mr William Hosie | |
| Mr Paul Myers | |
| Mr Ian Wood | |
| Company Number | CE023555 |
| Accountants | Kara Accountants Limited |
| Chartered Institute of Management Accountants | |
| C/O Kara Accountants Limited The Square | |
| Fawley | |
| Southampton | |
| SO45 1DD |
Page 1
Supermarine Seaplane Company No. CE023555 Directors' Report For The Year Ended 31 March 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows:
Mr Laim Bennett Mr William Hosie Mr Paul Myers Mr Ian Wood
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr William Hosie
Director
4th July 2022
Page 2
Supermarine Seaplane Accountants' Report For The Year Ended 31 March 2022
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 March 2022 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
4th July 2022
Kara Accountants Limited Chartered Institute of Management Accountants C/O Kara Accountants Limited The Square Fawley Southampton SO45 1DD
Page 3
Supermarine Seaplane Profit and Loss Account For The Year Ended 31 March 2022
| Notes TURNOVER Cost of sales GROSS LOSS Administrative expenses OPERATING LOSS Interest payable and similar charges LOSS FOR THE FINANCIAL YEAR The notes on page 6 form part of these financial statements. |
2022 £ 1,538 (26,687) |
|---|---|
| (25,149) (2,788) |
|
| (27,937) (21) |
|
| (27,958) | |
Page 4
Supermarine Seaplane Balance Sheet As at 31 March 2022
| Notes CURRENT ASSETS Debtors 3 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 4 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET LIABILITIES Profit and Loss Account SHAREHOLDERS' FUNDS |
2022 £ £ (1,000) 843 (157) (42,088) (42,245) (42,245) (42,245) (42,245) (42,245) |
2022 £ £ (1,000) 843 (157) (42,088) (42,245) (42,245) (42,245) (42,245) (42,245) |
|---|---|---|
| (157) (42,088) |
||
| (42,245) | ||
| (42,245) | ||
| (42,245) | ||
| (42,245) |
For the year ending 31 March 2022 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.
On behalf of the board
Mr William Hosie
Director
5th July 2022
The notes on page 6 form part of these financial statements.
Page 5
Supermarine Seaplane Notes to the Financial Statements For The Year Ended 31 March 2022
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL
3. Debtors
| Due within one year Prepayments and accrued income |
2022 £ (1,000) |
|---|---|
| (1,000) |
4. Creditors: Amounts Falling Due Within One Year
| Trade creditors Directors' loan accounts |
2022 £ 471 41,617 |
|---|---|
| 42,088 |
5. General Information
Supermarine Seaplane is a private company, limited by shares, incorporated in England & Wales, registered number CE023555. The registered office is .
Page 6
Supermarine Seaplane Trading Profit and Loss Account For The Year Ended 31 March 2022
| TURNOVER Sales of Merchandise Donations received COST OF SALES Other direct costs GROSS LOSS Administrative Expenses Printing, postage and stationery Postage Advertising and marketing costs Website costs Accountancy fees OPERATING LOSS Interest payable and similar expenses Bank interest payable Bank charges LOSS FOR THE FINANCIAL YEAR |
2022 £ £ 538 1,000 1,538 26,687 (26,687) (25,149) 39 25 1,097 363 1,264 (2,788) (27,937) 1 20 (21) (27,958) |
2022 £ £ 538 1,000 1,538 26,687 (26,687) (25,149) 39 25 1,097 363 1,264 (2,788) (27,937) 1 20 (21) (27,958) |
|---|---|---|
| 1,538 (26,687) |
||
| 39 25 1,097 363 1,264 |
||
| (25,149) (2,788) |
||
| 1 20 |
||
| (27,937) (21) |
||
| (27,958) |
Page 7