Limited Liability Partnership registration number OC369386 (England and Wales)
GALLAGHER AIR LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GALLAGHER AIR LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2
Notes to the financial statements
3 - 6
GALLAGHER AIR LLP
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
751,911
598,033
Current assets
Debtors
4
14,923
61,509
Cash at bank and in hand
133,387
91,322
148,310
152,831
Creditors: amounts falling due within one year
5
(17,232)
(26,060)
Net current assets
131,078
126,771
Total assets less current liabilities and net assets attributable to members
882,989
724,804
Represented by:
Members' other interests
Members' capital classified as equity
974,804
932,425
Other reserves classified as equity
(91,815)
(207,621)
882,989
724,804

For the financial year ended 30 September 2024 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.

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

The financial statements were approved by the members and authorised for issue on 28 April 2025 and are signed on their behalf by:
28 April 2025
Mr P Gallagher
Designated member
Limited Liability Partnership registration number OC369386 (England and Wales)
GALLAGHER AIR LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2024
£
£
£
Members' interests at 1 October 2023
724,804
-
724,804
Loss for the financial year available for discretionary division among members
-
(91,815)
(91,815)
Members' interests after loss for the year
724,804
(91,815)
632,989
Introduced by members
250,000
-
250,000
Members' interests at 30 September 2024
974,804
(91,815)
882,989
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
2023
£
£
£
Members' interests at 1 October 2022
732,425
-
732,425
Loss for the financial year available for discretionary division among members
-
(207,621)
(207,621)
Members' interests after loss for the year
732,425
(207,621)
524,804
Introduced by members
200,000
-
200,000
Members' interests at 30 September 2023
932,425
(207,621)
724,804
GALLAGHER AIR LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Gallagher Air LLP is a limited liability partnership incorporated in England and Wales. The registered office is Leitrim House, Little Preston, Coldharbour Lane, Aylesford, Maidstone, Kent, ME20 7NS.

 

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
Turnover

Turnover represents amounts receivable for aviation services and is recognised in the profit and loss based on the period of hire.

1.3
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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

GALLAGHER AIR LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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:

Plant and machinery
15 years Straight line

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.

1.5
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.

2
Employees

The company has no employees in the financial year

2024
2023
Number
Number
Total
-
0
-
0
GALLAGHER AIR LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
961,102
Additions
194,263
Disposals
(126,563)
At 30 September 2024
1,028,802
Depreciation and impairment
At 1 October 2023
363,069
Depreciation charged in the year
40,385
Eliminated in respect of disposals
(126,563)
At 30 September 2024
276,891
Carrying amount
At 30 September 2024
751,911
At 30 September 2023
598,033
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,267
3,120
Other debtors
9,656
58,389
14,923
61,509

The amounts owed by companies under common control (included under other debtors) are interest free, with no security and no fixed repayment terms.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,284
3,945
Taxation and social security
-
12,413
Other creditors
9,948
9,702
17,232
26,060

The amounts owed to companies under common control (included under other creditors) are interest free, with no security and no fixed repayment terms.

GALLAGHER AIR LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There are no restrictions on the ability for members to reduce the amount of 'members' other interests.'

 

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