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REGISTERED NUMBER: OC347013 (England and Wales)










Fly 7 Helicopters LLP

Financial Statements

for the Year Ended 31st March 2025






Fly 7 Helicopters LLP (Registered number: OC347013)






Contents of the Financial Statements
for the Year Ended 31st March 2025




Page

General Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 5


Fly 7 Helicopters LLP

General Information
for the Year Ended 31st March 2025







DESIGNATED MEMBERS: M Chadwick
O Chadwick





REGISTERED OFFICE: 38 Dollar Street
Cirencester
Gloucestershire
GL7 2AN





REGISTERED NUMBER: OC347013 (England and Wales)





ACCOUNTANTS: Woodward Hale
Chartered Accountants
38 Dollar Street
Cirencester
Gloucestershire
GL7 2AN

Fly 7 Helicopters LLP (Registered number: OC347013)

Balance Sheet
31st March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 428,809 216,245

CURRENT ASSETS
Debtors 5 41,780 27,109
Prepayments and accrued income 4,284 4,326
Cash at bank 967 13,988
47,031 45,423
CREDITORS
Amounts falling due within one year 6 2,000 1,733
NET CURRENT ASSETS 45,031 43,690
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

473,840

259,935

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

3,340

24,935

MEMBERS' OTHER INTERESTS
Capital accounts 37,000 37,000
Revaluation reserve 8 433,500 198,000
473,840 259,935

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 3,340 24,935
Members' other interests 470,500 235,000
Amounts due from members 5 (28,645 ) (18,760 )
445,195 241,175

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2025.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Fly 7 Helicopters LLP (Registered number: OC347013)

Balance Sheet - continued
31st March 2025


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 9th May 2025 and were signed by:





M Chadwick - Designated member

Fly 7 Helicopters LLP (Registered number: OC347013)

Notes to the Financial Statements
for the Year Ended 31st March 2025

1. STATUTORY INFORMATION

Fly 7 Helicopters LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of goods and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Helicopter - 5% on cost
Equipment - 25% on reducing balance

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4. TANGIBLE FIXED ASSETS
Helicopter Equipment Totals
£    £    £   
COST OR VALUATION
At 1st April 2024 330,000 19,575 349,575
Revaluations 120,000 - 120,000
At 31st March 2025 450,000 19,575 469,575
DEPRECIATION
At 1st April 2024 115,500 17,830 133,330
Charge for year 22,500 436 22,936
Revaluation adjustments (115,500 ) - (115,500 )
At 31st March 2025 22,500 18,266 40,766
NET BOOK VALUE
At 31st March 2025 427,500 1,309 428,809
At 31st March 2024 214,500 1,745 216,245

Fly 7 Helicopters LLP (Registered number: OC347013)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2025

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st March 2025 is represented by:

Helicopter Equipment Totals
£    £    £   
Valuation in 2016 330,000 19,575 349,575
Valuation in 2024 120,000 - 120,000
450,000 19,575 469,575

If the helicopter had not been revalued it would have been included at the following historical cost:

2025 2024
£    £   
Cost 330,000 330,000
Aggregate depreciation 198,000 198,000

The helicopter was valued on an open market basis on 30th September 2016 by the designated members of the LLP .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 7,740 8,349
Amounts due from members 28,645 18,760
VAT 5,395 -
41,780 27,109

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
VAT - 20
Accrued expenses 2,000 1,713
2,000 1,733

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

8. RESERVES
Revaluation
reserve
£   
At 1st April 2024 198,000
Revaluation 235,500
At 31st March 2025 433,500