Moidart Hydro LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO303649 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Moidart Hydro LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

D Stewart Howitt

TLS Hydro Power Ltd

N Stewart

J Gibb

E Weir

Moidart Capital Limited

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SO303649 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

Clydesdale Bank

6th Floor

50 Lothian Road

Edinburgh

EH3 9BT

FIXED ASSETS

Tangible assets

3

1,555,687

1,629,004

CURRENT ASSETS

Debtors

4

479,839

300,792

Cash at bank

77,635

200,110

557,474

500,902

CREDITORS

Amounts falling due within one year

5

285,437

174,827

NET CURRENT ASSETS

272,037

326,075

TOTAL ASSETS LESS CURRENT LIABILITIES

1,827,724

1,955,079

CREDITORS

Amounts falling due after more than one year

6

1,227,017

1,355,079

NET ASSETS ATTRIBUTABLE TO MEMBERS

600,707

600,000

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

707

-

MEMBERS' OTHER INTERESTS

Capital accounts

600,000

600,000

600,707

600,000

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

707

-

Members' other interests

600,000

600,000

Amounts due from members

4

(81,163

)

(110,841

)

519,544

489,159

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 March 2019.

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 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 on 3 September 2019 and were signed by:

D Stewart Howitt - Designated member

1.	STATUTORY INFORMATION

Moidart Hydro 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the fair

value of the consideration received or receivable. Where a contract has only been partially completed at the

balance sheet date turnover represents the fair value of the service provided to date based on the stage of

completion of the contract activity at the balance sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less

estimated residual value, of each asset on a straight line basis over its expected useful life as follows:

Freehold property

-

0% on cost

Plant and machinery

-

5% on cost

Motor vehicles

-

25% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members'

agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the

LLP's perspective, either a financial liability or equity. A member's participation right results in a liability unless

the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if

the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an

unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse

payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated

as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the

year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has

an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an

expense. They are therefore shown as a residual amount available for discretionary division among members in

the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for examples remuneration paid under an employment contract and interest

on capital balances, are treated in the same way as all other divisions of profits, as described above, according to

whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and

other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration

charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet

within 'Members' other interests'.

Basic financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

and 31 March 2019

600,000

1,346,429

23,980

1,970,409

DEPRECIATION

At 1 April 2018

-

335,410

5,995

341,405

Charge for year

-

67,322

5,995

73,317

At 31 March 2019

-

402,732

11,990

414,722

NET BOOK VALUE

At 31 March 2019

600,000

943,697

11,990

1,555,687

At 31 March 2018

600,000

1,011,019

17,985

1,629,004

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

182,605

6,934

Other debtors

297,234

293,858

479,839

300,792

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

128,063

121,114

Trade creditors

820

708

Taxation and social security

10,728

7,474

Other creditors

145,826

45,531

285,437

174,827

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

1,227,017

1,355,079

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

1,355,080

1,476,193

Clydesdale Bank PLC hold both a fixed and floating charge over the Limited Liability Partnership (LLP). The

fixed charge is held over an area of land at Kinlochmoidart, the home of N Stewart (designated member). The

floating charge is secured over all assets of the LLP.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.19

31.3.18

£

£

Amounts owed to members in respect of profits

707

-

Falling due within one year

707

-

In the event of a winding up the amounts included in "loans and other amounts due to members" will rank

equally with unsecured creditors.

9.	RELATED PARTY DISCLOSURES

Moidart Capital Ltd

LLP Member.

Project fees totalling £6,000 were paid to Moidart Capital Limited during the year (2018:£6,000).

TLS Renewable Consulting Limited

A director of TLS Renewable Consulting Limited, is also a director of TLS Hydro Power Limited which is a

partner of the Moidart Hydro LLP

Project and management fees totalling £33,506 were paid to TLS Renewable Consulting Limited during the year

(2018:£32,530).

Tradelink Solutions Limited

A director of Tradelink Solutions Ltd, is also a director of TLS Hydro Power Limited which is a partner of the

Moidart Hydro LLP

Project fees totalling £5,485 were invoiced from Tradelink Solutions Limited during the year (2018:£5,944) of

which a balance of £1,760 is payable to Tradelink Solutions Limited at the year end (2018:£2,042).

10.	ULTIMATE CONTROLLING PARTY

The controlling party is D Stewart Howitt.