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

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

HIGHFIELD RENEWABLES LLP - Company Information

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REGISTERED NUMBER: SO304500 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

HIGHFIELD RENEWABLES LLP
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2020




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HIGHFIELD RENEWABLES LLP

GENERAL INFORMATION
for the year ended 31 DECEMBER 2020







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
Page 1
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020

2020 2019
Notes £    £   
FIXED ASSETS
Tangible assets 4 995,301 1,059,171

CURRENT ASSETS
Debtors 5 186,724 160,714
Cash at bank 97,208 124,448
283,932 285,162
CREDITORS
Amounts falling due within one year 6 (138,963 ) (147,801 )
NET CURRENT ASSETS 144,969 137,361
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,140,270
1,196,532

CREDITORS
Amounts falling due after more than one
year
7
(1,057,794
)
(1,112,819
)
NET ASSETS ATTRIBUTABLE TO
MEMBERS
82,476
83,713

LOANS AND OTHER DEBTS DUE TO
MEMBERS
9
4,105
5,342

MEMBERS' OTHER INTERESTS
Capital accounts 78,371 78,371
82,476 83,713

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 4,105 5,342
Members' other interests 78,371 78,371
Amounts due from members 5 (35,965 ) (26,897 )
46,511 56,816

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 2020.

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 notes form part of these financial statements

Page 2
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2020


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 3 September 2021 and were signed by:





D A S Green - Designated member

The notes form part of these financial statements

Page 3
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2020

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.

Page 4
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2020

2. ACCOUNTING POLICIES - continued

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 (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2020
and 31 December 2020 1,277,392
DEPRECIATION
At 1 January 2020 218,221
Charge for year 63,870
At 31 December 2020 282,091
NET BOOK VALUE
At 31 December 2020 995,301
At 31 December 2019 1,059,171

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 110,775 94,396
Other debtors 75,949 66,318
186,724 160,714

Page 5
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 55,025 67,130
Trade creditors 23,398 13,705
Taxation and social security 5,775 5,660
Other creditors 54,765 61,306
138,963 147,801

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Bank loans 1,057,794 1,112,819

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 819,216

8. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 1,112,819 1,179,949

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 £27,583 was paid to Mr Colquhoun during the year.

Page 6