Company No: OC320129 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated
Fixed assets
Tangible assets	3	482		642
Investment property	4	1,063,000		1,400,000
		1,063,482		1,400,642
Current assets
Debtors	5	12,729		178,931
Cash at bank and in hand		616,838		791,087
		629,567		970,018
Creditors: amounts falling due within one year	6	( 40,194)		( 227,813)
Net current assets		589,373		742,205
Total assets less current liabilities		1,652,855		2,142,847
Net assets attributable to members		1,652,855		2,142,847
Represented by
Loans and other debts due to members within one year
Other amounts		1,652,855		2,142,847
		1,652,855		2,142,847
Total members' interests
Loans and other debts due to members		1,652,855		2,142,847
		1,652,855		2,142,847

For the financial year ending 31 March 2026 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 members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

Henstridge Airfield Partnership No.2 LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

The financial statements of Henstridge Airfield Partnership No.2 LLP (registered number: OC320129) were approved and authorised for issue by the members on 12 October 2026. They were signed on its behalf by:

Mr G C Jarvis Designated member

Mr C N Vining Designated member

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 LLP 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.

Prior year adjustment

During the preparation of the financial statements, from a review of the partnership agreement it was discovered that the profits for the year were being incorrectly presented as equity rather than as a liability. This has been updated but there is no overall change to the balances owed to the members.

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, reducing balance] 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 LLP 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 LLP 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 LLP 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).

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.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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'.

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

	2026		2025
	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 2025	802		802
At 31 March 2026	802		802
Accumulated depreciation
At 01 April 2025	160		160
Charge for the financial year	160		160
At 31 March 2026	320		320
Net book value
At 31 March 2026	482		482
At 31 March 2025	642		642

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	1,400,000
Fair value movement	300,000
Disposals	(637,000)
As at 31 March 2026	1,063,000

5. Debtors

	2026		2025
	£		£
Trade debtors	5,270		0
Prepayments	7,459		14,612
VAT recoverable	0		14,319
Other debtors	0		150,000
	12,729		178,931

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	878		82,560
Accruals	33,080		129,416
Other taxation and social security	5,096		0
Other creditors	1,140		15,837
	40,194		227,813

7. Related party transactions

Other related party transactions

At the balance sheet date £1,140 (2025: £15,834 ) was owed by the LLP to a company controlled by the members. No interest has been charged on this balance.