Limited Liability Partnership registration number OC309150 (England and Wales)
RC AVIATION LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RC AVIATION LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 8
RC AVIATION LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
58,451,695
4,188,546
Current assets
Debtors
4
334,301
14,883,508
Cash at bank and in hand
27,193
1,168
361,494
14,884,676
Creditors: amounts falling due within one year
5
(7,718,208)
(1,538,433)
Net current (liabilities)/assets
(7,356,714)
13,346,243
Total assets less current liabilities
51,094,981
17,534,789
Creditors: amounts falling due after more than one year
6
(44,019,358)
(8,315,490)
Net assets attributable to members
7,075,623
9,219,299
Represented by:
Loans and other debts due to members within one year
7
Other amounts
7,075,523
9,219,199
Members' other interests
Members' capital classified as equity
100
100
7,075,623
9,219,299

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

RC AVIATION LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 26 September 2024 and are signed on their behalf by:
26 September 2024
Mr R A Caring
Designated member
Limited Liability Partnership Registration No. OC309150
RC AVIATION LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
2023
£
£
£
Members' interests at 1 January 2023
100
9,219,199
9,219,299
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(4,497,264)
(4,497,264)
Members' interests after profit and remuneration for the year
100
4,721,935
4,722,035
Introduced by members
-
2,353,588
2,353,588
Members' interests at 31 December 2023
100
7,075,523
7,075,623
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
2022
£
£
£
Members' interests at 1 January 2022
100
3,847,552
3,847,652
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(1,028,130)
(1,028,130)
Members' interests after profit and remuneration for the year
100
2,819,422
2,819,522
Introduced by members
-
6,399,777
6,399,777
Members' interests at 31 December 2022
100
9,219,199
9,219,299
RC AVIATION LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Limited liability partnership information

RC Aviation LLP is a limited liability partnership incorporated in England and Wales. The registered office is 26-28, Conway Street, London, United Kingdom, W1T 6BQ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

RC AVIATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Planes
7% to 10% per annum reducing balance
Fixtures and fittings
33.33% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

RC AVIATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average number of persons (excluding members) employed by the limited liability partnership during the year was:

2023
2022
Number
Number
Total
2
1
3
Tangible fixed assets
Planes
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
21,948,223
-
21,948,223
Additions
56,598,411
35,797
56,634,208
At 31 December 2023
78,546,634
35,797
78,582,431
Depreciation and impairment
At 1 January 2023
17,759,677
-
17,759,677
Depreciation charged in the year
2,361,807
9,252
2,371,059
At 31 December 2023
20,121,484
9,252
20,130,736
Carrying amount
At 31 December 2023
58,425,150
26,545
58,451,695
At 31 December 2022
4,188,546
-
4,188,546
RC AVIATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
28,549
40,450
Prepayments and accrued income
255,752
14,793,058
284,301
14,833,508
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
50,000
50,000
Total debtors
334,301
14,883,508
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,511,811
26
Trade creditors
382,825
280,230
Other creditors
1,197,456
1,197,456
Accruals and deferred income
626,116
60,721
7,718,208
1,538,433
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
44,019,358
8,315,490

The bank loan is secured by a floating charge over the partnership's assets.

RC AVIATION LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Loans and other debts due to members
2023
2022
£
£
Loans advanced by members
11,572,787
10,247,329
Amounts due to members in respect of profits
(4,497,264)
(1,028,130)
7,075,523
9,219,199
Analysis of loans and other debts due to members
Amounts falling due within one year
7,075,523
9,219,199

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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