Company No:
Contents
DESIGNATED MEMBERS | Mr G C Jarvis |
Mr A H C Maynard | |
Mr C N Vining |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
REGISTERED NUMBER | OC320129 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
1,300,802 | 2,000,000 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
848,712 | 660,016 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 829,382 | 174,524 | ||
Total assets less current liabilities | 2,130,184 | 2,174,524 | ||
Net assets attributable to members |
|
|
||
Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 1,674,524 | 1,894,796 | ||
1,674,524 | 1,894,796 | |||
Members' other interests | ||||
Other reserves | 455,660 | 279,728 | ||
455,660 | 279,728 | |||
2,130,184 | 2,174,524 | |||
Total members' interests | ||||
Loans and other debts due to members | 1,674,524 | 1,894,796 | ||
Members' other interests | 455,660 | 279,728 | ||
2,130,184 | 2,174,524 |
Members' responsibilities:
The financial statements of Henstridge Airfield Partnership No.2 LLP (registered number:
Mr G C Jarvis
Designated member |
Mr A H C Maynard
Designated member |
|
Mr C N Vining
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Henstridge Airfield Partnership No.2 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom, and the principle place of business is Henstridge Airfield, Henstridge, Somerset, BA8 0TN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Computer equipment |
|
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
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).
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Profits and losses are divided equally between the members and credited or debited to their current accounts as soon as the accounts are approved.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests' and included in the Profit and Loss Account as amounts available for discretionary division.
In the event of retirement, the outgoing member shall have the option to require the continuing members to purchase the outgoing member's share.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
|
|
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
|
|
|
Additions |
|
|
|
At 31 March 2024 |
|
|
|
Accumulated depreciation | |||
At 01 April 2023 |
|
|
|
At 31 March 2024 |
|
|
|
Net book value | |||
At 31 March 2024 |
|
|
|
At 31 March 2023 |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
|
Fair value movement | 150,000 |
Disposals | (850,000) |
As at 31 March 2024 |
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments |
|
|
|
VAT recoverable |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Other related party transactions
At the balance sheet date £7,700 was owed by the LLP (2023: (£38,121)) to a company controlled by the members. No interest has been charged on this balance.
2024 | 2023 | ||
£ | £ | ||
Mr G C Jarvis | 417,321 | 474,079 | |
Mr A H C Maynard | 546,975 | 603,732 | |
Mr C N Vining | 710,228 | 816,985 | |
Equity | 455,660 | 279,728 | |
2,130,184 | 2,174,524 |