Accounts 2022 - 2023
Welcome to Strathaven Airfield Ltd's latest set of annual accounts.
Where has the year gone? Maybe it is just age, but time also seems to fly!
Steady as we go seems to be the theme for October 2022 to Sep 2023. Income rose due to the annual price increases, and expenditure also saw the effects of inflation.
Two items of note: we spent more than £9,000 on repairs - much of which was to electricians for rewiring work on the hangars. The rent paid to the airfield owners also increased by c5%.
Although all the orignial electrical work was fully compliant with the regulations when installed, that was around 15 years ago. Advice from our insurance brokers was that there could be an argument that, because it had not been updated to the latest standards, then insurers might challenge a claim on the grounds that it had not been maintained in a safe manner.
As we go forward, Strathaven Airfield will become registered for VAT from April 1st, 2024. To be frank, this may not be a bad thing - in recent years we have held back from some projects because we wanted to keep under the VAT threshold. Now there is no excuse!
The airfield accounts remain healthy, with members funds of £26,000 (last year £26,000), of which £11,000 is in cash (last year £8,000). Our policy going forward is to try and aim for at least £10,000 available in cash at any point in the year. This will give us a buffer in case of any unforseen circumstances, and the resources to pay up front for any grant-funded projects that require receipts before the the grant is released.
To view the full accounts, please click here
