Flight & Partners Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06316259 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

FLIGHT & PARTNERS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Lord Flight

M W A Warde-Norbury

P S Valia

A T John

SECRETARY:

M W A Warde-Norbury

REGISTERED OFFICE:

6 Barton Street

London

SW1P 3NG

REGISTERED NUMBER:

06316259 (England and Wales)

AUDITORS:

Pembroke Briggs Chartered Accountants

1a The Quadrant Courtyard

Quadrant Way

Weybridge

Surrey

KT13 8DR

FIXED ASSETS

Investments

4

81,245

112,494

CURRENT ASSETS

Debtors

56,895

46,673

Cash at bank

77,647

65,248

134,542

111,921

CREDITORS

Amounts falling due within one year

37,766

32,581

NET CURRENT ASSETS

96,776

79,340

TOTAL ASSETS LESS CURRENT LIABILITIES

178,021

191,834

PROVISIONS FOR LIABILITIES

10,054

10,054

NET ASSETS

167,967

181,780

CAPITAL AND RESERVES

Called up share capital

5

54

54

Share premium

6

49,927

49,927

Capital redemption reserve

6

21

21

Retained earnings

6

117,965

131,778

SHAREHOLDERS' FUNDS

167,967

181,780

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 April 2023 and were signed on its behalf by:

P S Valia - Director

1.	STATUTORY INFORMATION

Flight & Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents fees for investment management services provided during the year, which are earned and recognised on a quarterly basis. Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by Company and value added taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue on operational existence for the foreseeable future. Thus the Directors continue to adopt the going concept basis of accounting in preparing the financial statements

Investments

Investments in equity instruments are initially measured at fair value, which is normally the transaction price and subsequently carried at fair value. The changes in fair value are recognised in profit or loss under 'Other operating (losses)/gains.'

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 January 2022

112,494

Revaluations

(31,249

)

At 31 December 2022

81,245

NET BOOK VALUE

At 31 December 2022

81,245

At 31 December 2021

112,494

Cost or valuation at 31 December 2022 is represented by:

Totals

£

Valuation in 2022

(31,249

)

Cost

112,494

81,245

Fixed asset investments comprise Sterling Redeemable Preference Shares in Flight and Partners Recovery Fund Limited, a Guernsey registered closed-ended investment fund. The Company owns 62,500 shares (2021 62,500) in the equity share capital of Flight and Partners Recovery Fund Limited. During the year the Company did not receive any dividends from Flight and Partners Recovery Fund Limited.

The Flight and Partners Recovery Fund Limited's Net Asset Valuation, as at 31 December 2021, was used to determine the fair value of the investments held by the Company. The investment in the fund is classified as a level 2 investment in accordance with the fair value heirarchy in FRS 102. Level 2 relates to investments where the inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

5,358

Ordinary

£0.01

54

54

There is a single class of ordinary shares. There are no restrictions on the distributions of dividends and the repayment of capital.

6.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2022

131,778

49,927

21

181,726

Profit for the year

26,264

26,264

Dividends

(40,077

)

(40,077

)

At 31 December 2022

117,965

49,927

21

167,913

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S Briggs (Senior Statutory Auditor)

for and on behalf of Pembroke Briggs Chartered Accountants

8.	RELATED PARTY DISCLOSURES

The interest of the Directors and their families who held office during the year in the Flight and Partners Recovery Fund, managed by the Company are set out below:

Director Sterling redeemable preference shares

Lord Flight and family interests 260,567

Mark Warde-Norbury 40,061

Permjot Singh Valia -

In 2015, the Company acquired 62,500 shares in Flight and Partners Recovery Fund Limited at a cost of £50,000. These shares have been valued at fair value of £81,245 (2021 - £112,494) in the Balance Sheet.

Mark Warde-Norbury is a Director of the Flight and Partners Recovery Fund. The Company charges the Flight and Partners Recovery Fund a fee of £9,000 (2021 - £12,000) for providing the services of Mark Warde-Norbury. £nil was outstanding as at 31 December 2021 (2020 - £nil).

As at 31 December 2022, the Directors of RCapital Nominees Limited, a shareholder of the Company, beneficially owned a total of 2,550,000 (2021 - 2,500,000) Sterling Redeemable Preference Shares in Flight and Partners Recovery Fund Limited through entities owned or controlled by the directors of RCapital Nominees Limited.

Permjot Valia, a Director of the Company also owned a total of 50,000 (2020 - nil) Sterling Redeemable Preference Shares in Flight and Partners Recovery Fund Limited.

Pursuant to the provisions of the Investment Management Agreement, the Company is entitled to receive a management fee during the period, calculate at 2% of the quarter end net asset value of the Fund, payable quarterly in arrears. The total management fee due to the Company for the year was £167,153 (2021 - £173,982) and as at 31 December 2022 the management fee debtor was £43,920 (2021 - £43,009).