REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 |
FOR |
WOOD BOILERS LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022 |
FOR |
WOOD BOILERS LLP |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2022 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WOOD BOILERS LLP |
GENERAL INFORMATION |
for the Year Ended 28 February 2022 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
2 Westbrook Court |
Sharrow Vale Road |
Sheffield |
S11 8YZ |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
BALANCE SHEET |
28 February 2022 |
28.2.22 | 28.2.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
50 |
50 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 50 | 50 |
50 | 50 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 50 | 50 |
Amounts due from members | 5 | (1,802,783 | ) | (1,212,343 | ) |
(1,802,733 | ) | (1,212,293 | ) |
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 and authorised for issue on |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 28 February 2022 |
1. | STATUTORY INFORMATION |
Wood Boilers LLP is registered in England and Wales. 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 as modified by the revaluation of certain assets. |
The members acknowledge that there is a net current liability position at the balance sheet date. There is concern in terms of the recoverability of debtors, being the amounts due from members, and the ability of the LLP to meet its liabilities in full, which are all now due within one year. Projections for the next 12 months indicate that there will be a shortfall, which will fall on the members. The LLP is prudent in that revenue is only recognised when there is certainty of receipt, and there are anticipated to be significant revenue streams generated from the sale of equipment and a lump sum settlement of historic withheld turnover, however these have not yet crystallised, and so are not recognised within these financial statements. |
Following the changes to the membership structure of the LLP on 28 February 2020, the LLP is placed within |
a group structure, which has the means and ability to support the LLP should this be required. This additional |
support to the LLP results in the continued adoption of the going concern basis in preparing the annual financial statements, despite the trading loss for the year and the issues highlighted above. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
In the opinion of management, there are no judgement or key sources of estimation uncertainty that have a significant impact on the financial statement. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents net invoiced sales of heat excluding value added tax. Income is recognised on the date the heat is generated. |
Tangible fixed assets |
Equipment - Straight line over 6 years |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
Taxation |
The financial statements do not incorporate any charge or liability for taxation on the results of the LLP, as the relevant taxation is the responsibility of the individual members and as such is discharged by them personally. |
Members participation rights |
Members' participation rights are the rights of a member that arise under the members' agreement. |
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, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members. Member's capital is classified as liabilities unless the LLP has an unconditional right to refuse payments to members, in which case it is classified as equity. |
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other amounts due to members' to the extent that they exceed debts due from a specific member. All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests. |
Amounts due to members in respect of profits rank pari passu with other unsecured creditors. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2021 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST OR VALUATION |
At 1 March 2021 |
and 28 February 2022 |
DEPRECIATION |
At 1 March 2021 |
Charge for year |
At 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
At 28 February 2021 |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 28 February 2022 is represented by: |
Equipment |
£ |
Valuation in 2022 | 3,820,530 |
Cost | 9,666,470 |
13,487,000 |
If equipment had not been revalued it would have been included at the following historical cost: |
28.2.22 | 28.2.21 |
£ | £ |
Cost | 9,666,470 | 9,666,470 |
Aggregate depreciation | 9,561,843 | 8,180,919 |
Equipment was valued on an open market basis on 31 October 2016 by GCP RHI Boiler 1 Ltd . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Trade creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.22 | 28.2.21 |
£ | £ |
Loans secured on the equipment | 2,121,863 | 4,125,709 |
WOOD BOILERS LLP (REGISTERED NUMBER: OC379378) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 28 February 2022 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor, dated 29 July 2022, was unqualified. |
Andrew Throssell FCA (Senior Statutory Auditor) |
For and on behalf of Hebblethwaites |
10. | RELATED PARTY DISCLOSURES |
During the period, the company made purchases from A Shade Greener Maintenance Limited, a company of which S J Davies and S R Duncan are directors, of £647,275 (2021: £473,277). The amount due to A Shade Greener Maintenance Limited at the balance sheet date is £1,560,147 (2021: £1,555,978). |
11. | ULTIMATE CONTROLLING PARTY |
From 28 February 2020, there is no individual ultimate controlling party. |
The ultimate controlling parent entity is Gravis Capital Partners LLP. The address of the registered office is 24 Savile Row, London, W1S 2ES. |