Company No: 07772466 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited 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
	Minerva House
	Lower Bristol Road
	Bath
	BA2 9ER

		2020		2019
	Note	£		£
Fixed assets
Investments	3	139,768		214,526
		139,768		214,526
Current assets
Debtors		0		0
Cash at bank and in hand		62,899		53,265
		62,899		53,265
Creditors
Amounts falling due within one year	4	( 2,638)		( 115,578)
Net current assets/(liabilities)		60,261		(62,313)
Total assets less current liabilities		200,029		152,213
Net assets		200,029		152,213
Reserves
Profit and loss account		200,029		152,213
Total reserves		200,029		152,213

For the financial year ending 31 December 2020 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 in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account 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 29 September 2021. 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.

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.

The functional currency of Maerdy Windfarm Community Funds Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

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

Grants received are recognized as the grants are awarded from Maerdy Windfarm Limited

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 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.

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

	2020		2019
	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 2020	214,526		214,526
Disposals	( 70,000)		( 70,000)
Movement in fair value	( 4,758)		( 4,758)
At 31 December 2020	139,768		139,768
Provisions for impairment
At 01 January 2020	0		0
At 31 December 2020	0		0
Carrying value at 31 December 2020	139,768		139,768
Carrying value at 31 December 2019	214,526		214,526

4. Creditors: amounts falling due within one year

	2020		2019
	£		£
Trade creditors	0		174
Other creditors	2,638		114,723
Corporation tax	0		681
	2,638		115,578

5. Related party transactions

At the year end the reporting entity was owed £877 (2019: £598) by a company under common control. The loan is interest free and has no fixed date for repayment.

6. Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.