Silverfin false 31/03/2024 01/04/2023 31/03/2024 Mr G C Jarvis 02/06/2006 Mr A H C Maynard 02/06/2006 Mr C N Vining 02/06/2006 03 October 2024 OC320129 2024-03-31 OC320129 bus:Director1 2024-03-31 OC320129 bus:Director2 2024-03-31 OC320129 bus:Director3 2024-03-31 OC320129 2023-03-31 OC320129 core:CurrentFinancialInstruments 2024-03-31 OC320129 core:CurrentFinancialInstruments 2023-03-31 OC320129 core:ComputerEquipment 2023-03-31 OC320129 core:ComputerEquipment 2024-03-31 OC320129 2023-04-01 2024-03-31 OC320129 bus:FullAccounts 2023-04-01 2024-03-31 OC320129 bus:SmallEntities 2023-04-01 2024-03-31 OC320129 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC320129 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC320129 bus:Director1 2023-04-01 2024-03-31 OC320129 bus:Director2 2023-04-01 2024-03-31 OC320129 bus:Director3 2023-04-01 2024-03-31 OC320129 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 OC320129 2022-04-01 2023-03-31 OC320129 core:ComputerEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: OC320129 (England and Wales)

HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION

For the financial year ended 31 March 2024
HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

LIMITED LIABILITY PARTNERSHIP INFORMATION (continued)

For the financial year ended 31 March 2024
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
HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

BALANCE SHEET

As at 31 March 2024
HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 802 0
Investment property 4 1,300,000 2,000,000
1,300,802 2,000,000
Current assets
Debtors 5 14,983 218,272
Cash at bank and in hand 833,729 441,744
848,712 660,016
Creditors: amounts falling due within one year 6 ( 19,330) ( 485,492)
Net current assets 829,382 174,524
Total assets less current liabilities 2,130,184 2,174,524
Net assets attributable to members 2,130,184 2,174,524
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

For the financial year ending 31 March 2024 the LLP 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.

Members' responsibilities:

The financial statements of Henstridge Airfield Partnership No.2 LLP (registered number: OC320129) were approved and authorised for issue by the Board of Directors on 03 October 2024. They were signed on its behalf by:

Mr G C Jarvis
Designated member
Mr A H C Maynard
Designated member
Mr C N Vining
Designated member
HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
HENSTRIDGE AIRFIELD PARTNERSHIP NO.2 LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Turnover is recognised at the fair value of rents receivable, excluding Value Added Tax, in the ordinary nature of business. Rental income is recognised on a straight line basis over the period of the lease.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes purchase costs and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date using a valuation performed by the designated members. The surplus or deficit on revaluation is recognised in profit or loss.

Financial instruments

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

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.

Post-retirement payments to former members

In the event of retirement, the outgoing member shall have the option to require the continuing members to purchase the outgoing member's share.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 0 0
Additions 802 802
At 31 March 2024 802 802
Accumulated depreciation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 802 802
At 31 March 2023 0 0

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,000,000
Fair value movement 150,000
Disposals (850,000)
As at 31 March 2024 1,300,000

5. Debtors

2024 2023
£ £
Trade debtors 2,468 141,560
Prepayments 12,515 12,450
VAT recoverable 0 26,141
Other debtors 0 38,121
14,983 218,272

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,062 334,363
Accruals 7,400 151,129
Other taxation and social security 168 0
Other creditors 7,700 0
19,330 485,492

7. Related party transactions

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.

8. Analysis of members' interests

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