Highfield SVCS LLP (Formerly known as Highfield Aviation LLP) Filleted accounts for Companies House (small and micro)

HIGHFIELD SVCS LLP - Company Information

2 false false false false false false false false false false false false false false false false 2020-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP OC358824 2020-04-01 2021-03-31 OC358824 2021-03-31 OC358824 2019-04-01 2020-03-31 OC358824 2020-03-31 OC358824 bus:RegisteredOffice 2020-04-01 2021-03-31 OC358824 bus:Director1 2020-04-01 2021-03-31 OC358824 bus:Director2 2020-04-01 2021-03-31 OC358824 core:WithinOneYear 2021-03-31 OC358824 core:WithinOneYear 2020-03-31 OC358824 bus:SmallEntities 2020-04-01 2021-03-31 OC358824 bus:AuditExemptWithAccountantsReport 2020-04-01 2021-03-31 OC358824 bus:FullAccounts 2020-04-01 2021-03-31 OC358824 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 OC358824 bus:LimitedLiabilityPartnershipLLP 2020-04-01 2021-03-31 OC358824 core:AllAssociates 2020-04-01 2021-03-31

REGISTERED NUMBER: OC358824

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Filleted Unaudited Financial Statements

31 March 2021

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Financial Statements

Year ended 31 March 2021

Contents	Page

Members' report	1

Statement of financial position	2

Notes to the financial statements	4

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Members' Report

Year ended 31 March 2021

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2021 .

Principal activities

The principal activity of the partnership in the year was aircraft flying lessons.

Designated members

The designated members who served the LLP during the year were as follows:

Mr M J Onyett
Mrs L J Onyett

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

This report was approved by the members on 24 January 2022 and signed on behalf of the members by:

Mr M J Onyett

Registered office:

2 Cherry Tree Drive

Plungar

Nottingham

Nottinghamshire

NG13 0JN

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Current assets

Debtors	5	728	728
Cash at bank and in hand		15,839	2,985
		--------	-------
		16,567	3,713

Creditors: amounts falling due within one year	6	3,713		3,713
		--------		-------
Net current assets			12,854	–
			--------	----
Total assets less current liabilities			12,854	–
			--------	----
Net assets			12,854	–
			--------	----

Represented by:

Loans and other debts due to members

Other amounts	7	12,854	–
		--------	----

Members' other interests

Other reserves	–	–
	--------	----
	12,854	–
	--------	----

Total members' interests

Loans and other debts due to members	7	12,854	–
Members' other interests		–	–
		--------	----
		12,854	–
		--------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 2021 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the members and authorised for issue on 24 January 2022 , and are signed on their behalf by:

Mr M J Onyett

Designated Member

Registered number: OC358824

Highfield SVCS LLP (Formerly known as Highfield Aviation LLP)

Notes to the Financial Statements

Year ended 31 March 2021

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 2 Cherry Tree Drive, Plungar, Nottingham, Nottinghamshire, NG13 0JN.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover from the supply of the services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2020: 2 ).

5.	Debtors

	2021	2020
	£	£
Other debtors	728	728
	----	----

Other debtors represents amounts due from members at the balance sheet date

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Other creditors	3,713	3,713
	-------	-------

7.	Loans and other debts due to members

	2021	2020
	£	£
Amounts owed to members in respect of profits	12,854	–
	--------	----

8.	Related party transactions

During the year, the LLP has generated revenue from renting to customers an aircraft which is owned by Highfield Aviation Inc, a US trust company based in Wyoming, USA, of which Mr M J Onyett , a designated member of the LLP, is the beneficial owner. No amounts were payable to the trust company in respect of this agreement, and no amounts were due to or from Highfield Aviation Inc at the balance sheet date. Other than the capital subscribed by the members during the year, there were no related party transactions that required disclosure.