Highfield Renewables Llp - Accounts to registrar - small 17.2

Highfield Renewables Llp - Accounts to registrar - small 17.2

HIGHFIELD RENEWABLES LLP - Company Information

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REGISTERED NUMBER: SO304500 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2016 TO 31 DECEMBER 2016

FOR

HIGHFIELD RENEWABLES LLP

HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 MAY 2016 TO 31 DECEMBER 2016




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HIGHFIELD RENEWABLES LLP

GENERAL INFORMATION
for the Period 1 MAY 2016 TO 31 DECEMBER 2016







DESIGNATED MEMBERS: A J Duncan
A W J Fowlie
D A S Green





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 2016

2016 2016
£    £    Notes £    £   
FIXED ASSETS
648,014 Tangible assets 3 1,254,481

CURRENT ASSETS
70,732 Debtors 4 159,802
9,003 Cash at bank 10,350
79,735 170,152
CREDITORS
349,870 Amounts falling due within one year 5 64,142
(270,135 ) NET CURRENT ASSETS/(LIABILITIES) 106,010
377,879 TOTAL ASSETS LESS CURRENT
LIABILITIES
1,360,491

CREDITORS
- Amounts falling due after more than one
year
6
1,063,999
377,879 NET ASSETS ATTRIBUTABLE TO
MEMBERS
296,492

377,679 LOANS AND OTHER DEBTS DUE TO
MEMBERS
8
42,292

MEMBERS' OTHER INTERESTS
200 Capital accounts 254,200
377,879 296,492

TOTAL MEMBERS' INTERESTS
377,679 Loans and other debts due to members 8 42,292
200 Members' other interests 254,200
(7,825 ) Amounts due from members 4 -
370,054 296,492

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 31 December 2016.

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

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2016


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 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 small LLPs.

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 on 29 September 2017 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 Period 1 MAY 2016 TO 31 DECEMBER 2016

1. STATUTORY INFORMATION

Highfield Renewables Llp is registered in Scotland. The LLP's registered number and registered office address
can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

This is the first year in which the financial statements have been prepared in accordance with FRS102.

There were no items requiring adjustment as part of the process of transition to FRS102, nor were there material
changes to the accounting policies being applied.

Significant judgements and estimates
In preparing these financial statements, the directors 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 the consideration received or receivable, excluding discounts, rebates,
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 each asset over its estimated useful life.
Plant and machinery etc - 5% on cost

Page 4 continued...
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 MAY 2016 TO 31 DECEMBER 2016

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference
and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised
in profit or loss.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the
effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprises cash balances. Bank overdrafts that are payable on demand and form an
integral part of the company's cash management are included as a component of cash and cash equivalents for
the purpose only of the cash flow statement.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the
operating result.

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2016 648,014
Additions 633,158
At 31 December 2016 1,281,172
DEPRECIATION
Charge for period 26,691
At 31 December 2016 26,691
NET BOOK VALUE
At 31 December 2016 1,254,481
At 30 April 2016 648,014

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2016
£    £   
Trade debtors 115,296 -
Other debtors 44,506 70,732
159,802 70,732

Page 5 continued...
HIGHFIELD RENEWABLES LLP (REGISTERED NUMBER: SO304500)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 MAY 2016 TO 31 DECEMBER 2016

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2016
£    £   
Trade creditors 16,282 348,474
Other creditors 47,860 1,396
64,142 349,870

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2016 2016
£    £   
Other creditors 1,063,999 -

Amounts falling due in more than five years:

Repayable by instalments
Loans more 5yrs instal 871,828 -

7. SECURED DEBTS

The following secured debts are included within creditors:

2016 2016
£    £   
Loans 1,073,831 -

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.

8. 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.

Page 6