Registered number
OC380076
Skylight Aviation LLP
Unaudited Filleted Accounts
31 March 2025
Skylight Aviation LLP
Registered number: OC380076
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 15,515 7,443
Investments 5 42,686 42,686
58,202 50,130
Current assets
Debtors 6 331,860 619,312
Cash at bank and in hand 424,620 730,886
756,480 1,350,198
Creditors: amounts falling due within one year 7 (59,339) (406,079)
Net current assets 697,141 944,119
Total assets less current liabilities 755,343 994,249
Net assets 755,343 994,249
Represented by:
Loans and other debts due to members 8 755,343 987,561
Members' other interests
Other reserves - 6,688
- 6,688
755,343 994,249
Total members' interests
Loans and other debts due to members 8 755,343 987,561
755,343 987,561
Members' other interests - 6,688
755,343 994,249
For the year ended 31 March 2025 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 22.04.2025 and signed on their behalf by:
S Dickson
Designated member
Skylight Aviation LLP
Notes to the Accounts
for the year ended 31 March 2025
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 2025 2024
Number Number
Average number of persons employed by the LLP 0 0
3 Intangible fixed assets £
Website:
Cost
At 1 April 2024 3,800
At 31 March 2025 3,800
Amortisation
At 1 April 2024 3,799
Provided during the year -
At 31 March 2025 3,799
Net book value
At 31 March 2025 1
At 31 March 2024 1
Website development costs are being written off over 4 years.
4 Tangible fixed assets
Office Equipment Total
£ £
Cost
At 1 April 2024 32,066 32,066
Additions 13,244 13,244
At 31 March 2025 45,310 45,310
Depreciation
At 1 April 2024 24,623 24,623
Charge for the year 5,172 5,172
At 31 March 2025 29,795 29,795
Net book value
At 31 March 2025 15,515 15,515
At 31 March 2024 7,443 7,443
5 Fixed asset investments
Other
investments Total
£ £
Cost
At 1 April 2024 42,686 42,686
Additions 75,000 75,000
Revaluation - -
Disposals (75,000) (75,000)
At 31 March 2025 42,686 42,686
Historical cost
At 1 April 2024 -
At 31 March 2025 110
The LLP holds 110 shares in Skylight Aviation Academy Ltd. As this company is not trading the shares are valued at cost.
The LLP acquired 5 shares in HPE Clothing Corporation, a company incorporated in the USA. This was a conversion of a previous loan into equity. These shares are valued at cost.
6 Debtors 2025 2024
£ £
Trade debtors 314,331 566,707
Amounts owed by group undertakings and undertakings in which the LLP has a participating interest 1,000 -
Other debtors 16,529 52,605
331,860 619,312
Amounts due after more than one year included above - -
7 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts - -
Trade creditors 24,343 357,894
Other taxes and social security costs - -
Other creditors 34,996 48,185
59,339 406,079
8 Loans and other debts due to members 2025 2024
£ £
Amounts due to members in respect of profits 755,343 987,561
755,343 987,561
Amounts falling due within one year 755,343 987,561
Amounts falling due after more than one year - -
755,343 987,561
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other financial commitments 2025 2024
£ £
Total future minimum payments under non-cancellable operating leases 31,915 -
10 Related party transactions
The LLP has a loan of £1000 to Skylight Aviation Academy Ltd (2023 - nil).
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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