| Skylight Aviation LLP |
| Notes to the Accounts |
| for the year ended 31 March 2026 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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. |
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Turnover |
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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. |
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Division of profits |
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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. |
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Taxation |
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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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Website |
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25% Straight line |
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App Software |
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Amortised over 10 years once in use |
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Tangible fixed assets |
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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: |
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Fixtures, fittings, tools and equipment |
25% Reducing balance |
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Investments |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Provisions |
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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. |
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Members' capital |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2026 |
|
2025 |
| Number |
Number |
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Average number of persons employed by the LLP |
0 |
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0 |
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| 3 |
Intangible fixed assets |
£ |
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Website: |
Website |
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App Software |
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Cost |
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At 1 April 2025 |
3,800 |
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- |
|
3,800 |
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Additions |
52,914 |
|
52,914 |
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Disposals |
- |
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At 31 March 2026 |
3,800 |
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52,914 |
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56,714 |
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Amortisation |
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At 1 April 2025 |
3,799 |
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- |
|
3,799 |
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Provided during the year |
- |
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- |
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- |
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On disposals |
- |
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At 31 March 2026 |
3,799 |
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- |
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3,799 |
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Net book value |
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At 31 March 2026 |
1 |
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52,914 |
|
52,915 |
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At 31 March 2025 |
1 |
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- |
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1 |
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App software will be amoritsed over 10 years as per FRS 102, as the useful life cannot be determined. |
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| 4 |
Tangible fixed assets |
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Office Equipment |
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Total |
| £ |
£ |
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Cost |
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At 1 April 2025 |
45,310 |
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|
45,310 |
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Additions |
5,991 |
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5,991 |
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At 31 March 2026 |
51,301 |
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51,301 |
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Depreciation |
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At 1 April 2025 |
29,795 |
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29,795 |
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Charge for the year |
5,377 |
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5,377 |
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At 31 March 2026 |
35,172 |
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35,172 |
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Net book value |
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At 31 March 2026 |
16,129 |
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16,129 |
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At 31 March 2025 |
15,515 |
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15,515 |
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| 5 |
Fixed asset investments |
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| Other |
| investments |
Total |
| £ |
£ |
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Cost |
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At 1 April 2025 |
42,686 |
|
42,686 |
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At 31 March 2026 |
42,686 |
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42,686 |
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Historical cost |
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At 1 April 2025 |
42,686 |
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At 31 March 2026 |
42,686 |
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The LLP holds 110 shares in Skylight Aviation Academy Ltd. As this company is not trading the shares are valued at cost. |
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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. |
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| 6 |
Debtors |
2026 |
|
2025 |
| £ |
£ |
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Trade debtors |
477,873 |
|
314,331 |
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Amounts owed by group undertakings and undertakings in which the LLP has a participating interest |
|
228 |
|
1,000 |
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Other debtors |
28,255 |
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16,529 |
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506,356 |
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331,860 |
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Amounts due after more than one year included above |
- |
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- |
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| 7 |
Creditors: amounts falling due within one year |
2026 |
|
2025 |
| £ |
£ |
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Trade creditors |
171,512 |
|
24,343 |
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Other creditors |
49,473 |
|
34,996 |
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220,985 |
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59,339 |
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| 8 |
Loans and other debts due to members |
2026 |
|
2025 |
| £ |
£ |
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Amounts due to members in respect of profits |
732,813 |
|
755,343 |
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732,813 |
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755,343 |
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Amounts falling due within one year |
732,813 |
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755,343 |
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Amounts falling due after more than one year |
- |
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- |
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732,813 |
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755,343 |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
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| 9 |
Other financial commitments |
2026 |
|
2025 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
|
20,973 |
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31,915 |
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| 10 |
Related party transactions |
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The LLP has a loan to Skylight Aviation Academy Ltd of £nil (2025 - £1000). The LLP has a loan to Skylight Technology Ltd, a company in which one of the members holds shares, of £12 (2025 - nil). The LLP has a loan to Revertigo LLP, a company in which one of the members hold shares, of £216 (2025 - nil). All of these loans are non-interest bearing and repayable upon demand. |
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| 11 |
Controlling party |
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The LLP is controlled and managed by S Dickson. |
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| 12 |
Other information |
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Skylight Aviation LLP is a limited liability partnership incorporated in England. Its registered office is: |
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Suite 1, The Old Farmhouse |
|
Stansted Courtyard, Parsonage Road |
|
Takeley |
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CM22 6PU |