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REGISTERED NUMBER: 06316259 (England and Wales)






Financial Statements

for the Year Ended 31 December 2023

for

FLIGHT & PARTNERS LIMITED

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


FLIGHT & PARTNERS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M W A Warde-Norbury
P S Valia
A T John





SECRETARY: M W A Warde-Norbury





REGISTERED OFFICE: 6 Barton Street
London
SW1P 3NG





REGISTERED NUMBER: 06316259 (England and Wales)





AUDITORS: Pembroke Briggs Chartered Accountants
Beacon House
South Road
Weybridge
Surrey
KT13 9DZ

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 99,062 81,245

CURRENT ASSETS
Debtors 68,335 56,895
Cash at bank 73,005 77,647
141,340 134,542
CREDITORS
Amounts falling due within one
year

34,995

37,766
NET CURRENT ASSETS 106,345 96,776
TOTAL ASSETS LESS
CURRENT LIABILITIES

205,407

178,021

PROVISIONS FOR LIABILITIES 10,054 10,054
NET ASSETS 195,353 167,967

CAPITAL AND RESERVES
Called up share capital 5 54 54
Share premium 6 49,927 49,927
Capital redemption reserve 6 21 21
Retained earnings 6 145,351 117,965
SHAREHOLDERS' FUNDS 195,353 167,967

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





P S Valia - Director


FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Flight & Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents fees for investment management services provided during the year, which are earned and recognised on a quarterly basis. Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by Company and value added taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue on operational existence for the foreseeable future. Thus the Directors continue to adopt the going concept basis of accounting in preparing the financial statements

Investments
Investments in equity instruments are initially measured at fair value, which is normally the transaction price and subsequently carried at fair value. The changes in fair value are recognised in profit or loss under 'Other operating (losses)/gains.'

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 January 2023 81,245
Revaluations 17,817
At 31 December 2023 99,062
NET BOOK VALUE
At 31 December 2023 99,062
At 31 December 2022 81,245

Cost or valuation at 31 December 2023 is represented by:
Totals
£   
Valuation in 2023 17,817
Cost 81,245
99,062

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. FIXED ASSET INVESTMENTS - continued

Fixed asset investments comprise Sterling Redeemable Preference Shares in Flight and Partners Recovery Fund Limited, a Guernsey registered closed-ended investment fund. The Company owns 62,500 shares (2022 62,500) in the equity share capital of Flight and Partners Recovery Fund Limited. During the year the Company did not receive any dividends from Flight and Partners Recovery Fund Limited.

The Flight and Partners Recovery Fund Limited's Net Asset Valuation, as at 31 December 2023, was used to determine the fair value of the investments held by the Company. The investment in the fund is classified as a level 2 investment in accordance with the fair value heirarchy in FRS 102. Level 2 relates to investments where the inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
5,358 Ordinary £0.01 54 54

There is a single class of ordinary shares. There are no restrictions on the distributions of dividends and the repayment of capital.

6. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 117,965 49,927 21 167,913
Profit for the year 67,464 67,464
Dividends (40,078 ) (40,078 )
At 31 December 2023 145,351 49,927 21 195,299

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S Briggs (Senior Statutory Auditor)
for and on behalf of Pembroke Briggs Chartered Accountants

FLIGHT & PARTNERS LIMITED (REGISTERED NUMBER: 06316259)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. RELATED PARTY DISCLOSURES

The interest of the Directors and their families who held office during the year in the Flight and Partners Recovery Fund, managed by the Company are set out below:

Director Sterling redeemable preference shares

Lord Flight and family interests 260,567
Mark Warde-Norbury 40,061
Permjot Singh Valia 50,000

In 2015, the Company acquired 62,500 shares in Flight and Partners Recovery Fund Limited at a cost of £50,000. These shares have been valued at fair value of £99,062 (2022 - £81,245) in the Balance Sheet.

Mark Warde-Norbury is a Director of the Flight and Partners Recovery Fund. The Company charges the Flight and Partners Recovery Fund a fee of £12,000 (2022 - £12,000) for providing the services of Mark Warde-Norbury. £nil was outstanding as at 31 December 2023 (2022 - £nil).

As at 31 December 2023, the Directors of RCapital Nominees Limited, a shareholder of the Company, beneficially owned a total of 2,550,000 (2022 - 2,550,000) Sterling Redeemable Preference Shares in Flight and Partners Recovery Fund Limited through entities owned or controlled by the directors of RCapital Nominees Limited.

Pursuant to the provisions of the Investment Management Agreement, the Company is entitled to receive a management fee during the period, calculate at 2% of the quarter end net asset value of the Fund, payable quarterly in arrears. The total management fee due to the Company for the year was £165,804 (2022 - £167,153) and as at 31 December 2023 the management fee debtor was £44,267 (2022 - £43,920).