Ff Energy LLP - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SO305321 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

FF ENERGY LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J D Fowlie

A W J Fowlie

REGISTERED OFFICE:

Millhill

Longside

Peterhead

Aberdeenshire

AB42 5BJ

REGISTERED NUMBER:

SO305321 (Scotland)

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

1,180,459

Tangible assets

4

1,278,552

CURRENT ASSETS

341,825

Debtors

5

487,494

58,265

Cash at bank

53,796

400,090

541,290

CREDITORS

22,897

Amounts falling due within one year

6

12,174

377,193

NET CURRENT ASSETS

529,116

TOTAL ASSETS LESS CURRENT LIABILITIES

and

1,557,652

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,807,668

1,557,652

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

1,807,668

TOTAL MEMBERS' INTERESTS

1,557,652

Loans and other debts due to members

7

1,807,668

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 30 April 2017.

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 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 31 January 2018 and were signed by:

A W J Fowlie - Designated member

1.	STATUTORY INFORMATION

Ff Energy LLP is registered in Scotland, registered number SO305321. The registered office address is Millhill,

Longside, Peterhead, Aberdeenshire, AB42 5BJ.

The presentation currency of the financial statements is Pound Sterling (£).

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.

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 LLP'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

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.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2016 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

1,215,923

Additions

167,252

At 30 April 2017

1,383,175

DEPRECIATION

At 1 May 2016

35,464

Charge for year

69,159

At 30 April 2017

104,623

NET BOOK VALUE

At 30 April 2017

1,278,552

At 30 April 2016

1,180,459

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

93,359

129,489

Other debtors

394,135

212,336

487,494

341,825

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

4,193

1,785

Taxation and social security

172

-

Other creditors

7,809

21,112

12,174

22,897

7.

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 is no provision for specific legally enforceable protection afforded to creditors in such an

event. There are no restrictions or limitations on the ability of the members to reduce the amount of 'Members'

other interests.