Highfield Renewables Llp - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO304500 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

HIGHFIELD RENEWABLES LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A J Duncan

D A S Green

G A Colquhoun

REGISTERED OFFICE:

Muirden Farm

Turriff

Aberdeenshire

AB53 4NH

REGISTERED NUMBER:

SO304500 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

4

931,432

995,301

CURRENT ASSETS

Debtors

5

70,414

186,724

Cash at bank

227,615

97,208

298,029

283,932

CREDITORS

Amounts falling due within one year

6

(145,643

)

(138,963

)

NET CURRENT ASSETS

152,386

144,969

TOTAL ASSETS LESS CURRENT LIABILITIES

1,083,818

1,140,270

CREDITORS

Amounts falling due after more than one year

7

(997,570

)

(1,057,794

)

NET ASSETS ATTRIBUTABLE TO MEMBERS

86,248

82,476

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

7,877

4,105

MEMBERS' OTHER INTERESTS

Capital accounts

78,371

78,371

86,248

82,476

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

7,877

4,105

Members' other interests

78,371

78,371

Amounts due from members

5

(20,359

)

(35,965

)

65,889

46,511

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 year ended 31 December 2021.

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 29 September 2022 and were signed by:

D A S Green - Designated member

1.	STATUTORY INFORMATION

Highfield Renewables Llp is registered in Scotland, registration number SO304500. The registered office is Muirden Farm, Turriff, Aberdeenshire, AB53 4NH.

The principal activity of the company 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 presentational and functional currency of the financial statements is Pounds 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 entity'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

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

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 comprises cash balances.

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.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

1,277,392

DEPRECIATION

At 1 January 2021

282,091

Charge for year

63,869

At 31 December 2021

345,960

NET BOOK VALUE

At 31 December 2021

931,432

At 31 December 2020

995,301

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

8,990

110,775

Other debtors

61,424

75,949

70,414

186,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

60,224

55,025

Trade creditors

3,822

23,398

Taxation and social security

9,749

5,775

Other creditors

71,848

54,765

145,643

138,963

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

997,570

1,057,794

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,057,794

1,112,819

Assignation in security has been granted in favour of Close Leasing Ltd over the turbine supply and grid connection agreements. The same entity also holds a floating charge over all the property and undertaking of the company.

9.

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 are no restrictions or limitations on the ability of the members to reduce the amount of Members’ other interests.

10.	RELATED PARTY DISCLOSURES

Mr G Colquhoun, member

Land rent totalling £28,179 was paid to Mr Colquhoun during the year.