Registered number
OC380076
Skylight Aviation LLP
Unaudited Filleted Accounts
31 March 2023
Skylight Aviation LLP
Registered number: OC380076
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 950 1,900
Tangible assets 4 9,924 9,857
Investments 5 110 -
10,984 11,757
Current assets
Debtors 6 930,554 256,888
Cash at bank and in hand 620,181 122,956
1,550,735 379,844
Creditors: amounts falling due within one year 7 (419,912) (129,515)
Net current assets 1,130,823 250,329
Total assets less current liabilities 1,141,807 262,086
Creditors: amounts falling due after more than one year 8 - (24,541)
Net assets 1,141,807 237,545
Represented by:
Loans and other debts due to members 9 1,141,807 237,545
1,141,807 237,545
Total members' interests
Loans and other debts due to members 9 1,141,807 237,545
1,141,807 237,545
Members' other interests - -
1,141,807 237,545
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 13.03.2024 and signed on their behalf by:
S Dickson
Designated member
Skylight Aviation LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Website 25% Straight line
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 3,800
At 31 March 2023 3,800
Amortisation
At 1 April 2022 1,900
Provided during the year 950
At 31 March 2023 2,850
Net book value
At 31 March 2023 950
At 31 March 2022 1,900
Website development costs are being written off over 4 years.
4 Tangible fixed assets
Office Equipment Total
£ £
Cost
At 1 April 2022 28,691 28,691
Additions 3,375 3,375
At 31 March 2023 32,066 32,066
Depreciation
At 1 April 2022 18,834 18,834
Charge for the year 3,308 3,308
At 31 March 2023 22,142 22,142
Net book value
At 31 March 2023 9,924 9,924
At 31 March 2022 9,857 9,857
5 Fixed asset investments
Other
investments Total
£ £
Cost
At 1 April 2022 - -
Additions 110 110
At 31 March 2023 110 110
Historical cost
At 1 April 2022 -
At 31 March 2023 110
The LLP hold 110s shares in Skylight Aviation Academy Ltd. As this company is dormant the shares are valued at cost.
6 Debtors 2023 2022
£ £
Trade debtors 877,708 207,399
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest 42,576 42,576
Other debtors 10,270 6,913
930,554 256,888
Amounts due after more than one year included above - -
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,967 54,899
Trade creditors 366,592 50,081
Other taxes and social security costs - 10,741
Other creditors 30,353 13,794
419,912 129,515
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 24,541
- 24,541
9 Loans and other debts due to members 2023 2022
£ £
Amounts due to members in respect of profits 1,141,807 237,545
1,141,807 237,545
Amounts falling due within one year 1,141,807 237,545
Amounts falling due after more than one year - -
1,141,807 237,545
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,172 18,344
11 Controlling party
The LLP is controlled and managed by S Dickson.
12 Other information
Skylight Aviation LLP is a limited liability partnership incorporated in England. Its registered office is:
Suite 1, The Old Farmhouse
Stansted Courtyard, Parsonage Road
Takeley
CM22 6PU
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