Company No: 07772466 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	R T Hadwin
	Dr J P Kenna
	Renewable Energy Partnerships Limited

REGISTERED OFFICE	Stratton House
	Back Lane
	Stoney Stratton
	Shepton Mallet
	Somerset
	BA4 6EA
	United Kingdom

COMPANY NUMBER

07772466 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming Bath Limited
	10 Temple Back
	Bristol
	BS1 6FL

	Note	2021		2020
		£		£
Fixed assets
Investments	3	162,229		139,768
		162,229		139,768
Current assets
Debtors	4	55,000		0
Cash at bank and in hand		58,851		62,899
		113,851		62,899
Creditors
Amounts falling due within one year	5	( 120,476)		( 2,638)
Net current (liabilities)/assets		(6,625)		60,261
Total assets less current liabilities		155,604		200,029
Net assets		155,604		200,029
Reserves
Profit and loss account		155,604		200,029
Total reserves		155,604		200,029

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Maerdy Windfarm Community Funds Limited (registered number: 07772466) were approved and authorised for issue by the Board of Directors on 30 September 2022. They were signed on its behalf by:

R T Hadwin Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maerdy Windfarm Community Funds Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stratton House, Back Lane, Stoney Stratton, Shepton Mallet, Somerset, BA4 6EA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Grants payable

Grants paid are recognised as the grants are awarded.

Valuation of investments

Investments in unlisted bonds are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 January 2021	139,768		139,768
Movement in fair value	22,461		22,461
At 31 December 2021	162,229		162,229
Provisions for impairment
At 01 January 2021	0		0
At 31 December 2021	0		0
Carrying value at 31 December 2021	162,229		162,229
Carrying value at 31 December 2020	139,768		139,768

4. Debtors

	2021		2020
	£		£
Other debtors	55,000		0

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Other creditors	952		878
Accruals	116,806		1,760
Corporation tax	2,718		0
	120,476		2,638

6. Related party transactions

At the year end the reporting entity owed £952 (2020: £877) to a company under common control. The loan is interest free and has no fixed date for repayment.