FF Energy LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO305321 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2018 TO 29 APRIL 2019

FOR

FF ENERGY LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J D Fowlie

A W J Fowlie

REGISTERED OFFICE:

Millhill

Longside

Peterhead

Aberdeenshire

AB42 5BJ

REGISTERED NUMBER:

SO305321 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

1,209,393

Tangible assets

4

1,140,234

CURRENT ASSETS

349,591

Debtors

5

32,964

124,904

Cash at bank

128,358

474,495

161,322

CREDITORS

11,159

Amounts falling due within one year

6

32,276

463,336

NET CURRENT ASSETS

129,046

TOTAL ASSETS LESS CURRENT LIABILITIES

and

1,672,729

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,269,280

1,672,729

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

1,269,280

TOTAL MEMBERS' INTERESTS

1,672,729

Loans and other debts due to members

7

1,269,280

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 29 April 2019.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 April 2020 and were signed by:

A W J Fowlie - Designated member

1.	STATUTORY INFORMATION

FF Energy LLP is registered in Scotland, registered number SO305321. The registered office address is Millhill,

Longside, Peterhead, Aberdeenshire, AB42 5BJ.

The principal activity of the LLP is the generation of electricity.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is Pound Sterling (£).

Significant judgements and estimates

In preparing these financial statements, the members are required to make judgements, estimates and assumptions

that affect the application of the LLP's accounting policies and the reported amounts of assets, liabilities, income

and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed

on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the

financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful

lives and residual values. The useful lives and residual values of the company's financial assets are determined by

management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on

management experience with similar assets. The depreciation rates applied are outlined below.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of

any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

5% on cost

Financial instruments

The LLP has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and

form an integral part of the company's cash management.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and the risks specific to the liability. The unwinding of the

discount is recognised as finance cost.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2018

and 29 April 2019

1,383,175

DEPRECIATION

At 1 May 2018

173,782

Charge for period

69,159

At 29 April 2019

242,941

NET BOOK VALUE

At 29 April 2019

1,140,234

At 30 April 2018

1,209,393

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

23,860

21,232

Other debtors

9,104

328,359

32,964

349,591

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

12,995

-

Taxation and social security

9,451

3,260

Other creditors

9,830

7,899

32,276

11,159

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a

winding up. There is no provision for specific legally enforceable protection afforded to creditors in such an

event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members'

other interests.