Moidart Hydro LLP - Accounts to registrar (filleted) - small 18.2
Moidart Hydro LLP - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2018 |
for |
Moidart Hydro LLP |
Moidart Hydro LLP (Registered number: SO303649) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Moidart Hydro LLP |
General Information |
for the Year Ended 31 March 2018 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
BANKERS: |
6th Floor |
50 Lothian Road |
Edinburgh |
EH3 9BT |
Moidart Hydro LLP (Registered number: SO303649) |
Balance Sheet |
31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
600,000 |
600,000 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 600,000 | 600,000 |
600,000 | 600,000 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 600,000 | 600,000 |
Amounts due from members | 4 | (110,841 | ) | (150,486 | ) |
489,159 | 449,514 |
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. |
Moidart Hydro LLP (Registered number: SO303649) |
Balance Sheet - continued |
31 March 2018 |
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 |
Moidart Hydro LLP (Registered number: SO303649) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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 |
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. |
Moidart Hydro LLP (Registered number: SO303649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
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'. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of |
the instrument. |
All financial assets and liabilities are initially measured at transaction price including transaction costs, except |
for those financial assets classified as at fair value through profit or loss, which are initially measured at fair |
value. |
Financial assets are derecognised when and only when contractual rights to the cash flows from the financial |
asset expire or are settled or the company transfers to another party substantially all of the risks and rewards of |
ownership of the financial asset. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled |
or expires. |
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. |
Moidart Hydro LLP (Registered number: SO303649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
3. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
Moidart Hydro LLP (Registered number: SO303649) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans |
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. | RELATED PARTY DISCLOSURES |
Moidart Capital Ltd |
LLP Member. |
Project fees totalling £6,000 were paid to Moidart Capital Limited during the year (2017: £6,000). |
TLS Renewable Consulting Limited |
A R Middleton, 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 £32,530 were paid to TLS Renewable Consulting Limited during the year |
(2017: £38,048). |
Tradelink Solutions Limited |
A R Middleton, 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 £5,944 were invoiced from Tradelink Solutions Limited during the year (2017: £8,783) of |
which a balance of £2,042 is payable to Tradelink Solutions Limited at the year end (2017: £2,542). |
Moidart Hydro LLP received Feed in Tariffs of £307,156 during the year. Tradelink Solutions Limited |
administered the collection of these amounts on behalf of the Moidart Hydro Power LLP (2017: £546,669). |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is D Stewart Howitt. |