Highfield SVCS LLP Filleted accounts for Companies House (small and micro)

HIGHFIELD SVCS LLP - Company Information

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REGISTERED NUMBER: OC358824

Highfield SVCS LLP

Filleted Unaudited Financial Statements

31 March 2023

Highfield SVCS LLP

Financial Statements

Year ended 31 March 2023

Contents	Page

Members' report	1

Statement of financial position	2

Notes to the financial statements	4

Highfield SVCS LLP

Members' Report

Year ended 31 March 2023

The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2023 .

Principal activities

The principal activity of the partnership in the year was business services relating to aircraft rental and maintenance.

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 19 December 2023 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

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		247,542	265,747

Current assets

Debtors	6	4,317	59,456
Cash at bank and in hand		98,699	27,863
		---------	--------
		103,016	87,319

Creditors: amounts falling due within one year	7	1,100		1,100
		---------		--------
Net current assets			101,916	86,219
			---------	---------
Total assets less current liabilities			349,458	351,966
			---------	---------
Net assets			349,458	351,966
			---------	---------

Represented by:

Loans and other debts due to members

Other amounts	8	349,458	351,966
		---------	---------

Members' other interests

Other reserves	–	–
	---------	---------
	349,458	351,966
	---------	---------

Total members' interests

Loans and other debts due to members	8	349,458	351,966
Members' other interests		–	–
		---------	---------
		349,458	351,966
		---------	---------

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 2023 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

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the members and authorised for issue on 19 December 2023 , and are signed on their behalf by:

Mr M J Onyett

Designated Member

Registered number: OC358824

Highfield SVCS LLP

Notes to the Financial Statements

Year ended 31 March 2023

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.

Going concern

These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.

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'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

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 (2022: 2 ).

5.	Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2022	265,747	265,747
Additions	345	345
	---------	---------
At 31 March 2023	266,092	266,092
	---------	---------
Depreciation
At 1 April 2022	–	–
Charge for the year	18,550	18,550
	---------	---------
At 31 March 2023	18,550	18,550
	---------	---------
Carrying amount
At 31 March 2023	247,542	247,542
	---------	---------
At 31 March 2022	265,747	265,747
	---------	---------

6.	Debtors

	2023	2022
	£	£
Trade debtors	–	833
Other debtors	4,317	58,623
	-------	--------
	4,317	59,456
	-------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Other creditors	1,100	1,100
	-------	-------

8.	Loans and other debts due to members

	2023	2022
	£	£
Amounts owed to members in respect of profits	349,458	351,966
	---------	---------