Formartine Renewable Energy LLP - LLP accounts 20.1
Formartine Renewable Energy LLP - LLP accounts 20.1
| REGISTERED NUMBER: |
| REPORT OF THE MEMBERS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| FOR |
| FORMARTINE RENEWABLE ENERGY LLP |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| Page |
| General Information | 1 |
| Report of the Members | 2 |
| Income Statement | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 |
| FORMARTINE RENEWABLE ENERGY LLP |
| GENERAL INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 51-53 High Street |
| Turriff |
| AB53 4EJ |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| REPORT OF THE MEMBERS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| The members present their report with the financial statements of the LLP for the year ended 31 January 2021. |
| PRINCIPAL ACTIVITY |
| The principal activity of the LLP in the year under review was that of production and sale of wind energy. |
| DESIGNATED MEMBERS |
| The designated members during the year under review were: |
| RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
| The profit for the year before members' remuneration and profit shares was £168,668 (2020 - £224,060 profit). |
| MEMBERS' INTERESTS |
| A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. |
| The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
| ON BEHALF OF THE MEMBERS: |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 3 |
| Interest payable and similar expenses |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| BALANCE SHEET |
| 31 JANUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
461,141 |
362,473 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
461,141 |
362,473 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 461,141 | 362,473 |
| 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 were approved by the members of the LLP and authorised for issue on |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| 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. |
| 2. | EMPLOYEE INFORMATION |
| The average number of employees during the year was NIL (2020 - NIL). |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2021 | 2020 |
| £ | £ |
| Depreciation - owned assets |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 February 2020 |
| and 31 January 2021 |
| DEPRECIATION |
| At 1 February 2020 |
| Charge for year |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| FORMARTINE RENEWABLE ENERGY LLP (REGISTERED NUMBER: SO303757) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| VAT |
| Accrued income |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| VAT | - | 928 |
| Accruals |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans more 5 yr by instal |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 104,685 | 240,232 |
| 8. | RELATED PARTY DISCLOSURES |
| The limited liability partnership received a loan from David Smith, a director in the member and at the year end, the limited liability partnership was due £126,695 ( 2020 - £165,400). There is no fixed terms of repayment. |