REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
CARNO 2 WINDFARM LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2023 |
FOR |
CARNO 2 WINDFARM LLP |
CARNO 2 WINDFARM LLP (REGISTERED NUMBER: OC418670) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 5 April 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CARNO 2 WINDFARM LLP |
GENERAL INFORMATION |
for the year ended 5 April 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
CARNO 2 WINDFARM LLP (REGISTERED NUMBER: OC418670) |
BALANCE SHEET |
5 April 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
14,934,785 |
3,639,615 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
5 |
14,934,785 |
3,639,615 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 5 | 14,934,785 | 3,639,615 |
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. |
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 Profit and loss account has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
CARNO 2 WINDFARM LLP (REGISTERED NUMBER: OC418670) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 5 April 2023 |
1. | STATUTORY INFORMATION |
Carno 2 Windfarm LLP is Limited Liability Partnership registered in England and Wales. Its registered office is 1 Des Roches Square, Witney, OX28 4BE. |
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. |
The financial statements are presented in Sterling (£). |
Preparation of consolidated financial statements |
The financial statements contain information about Carno 2 Windfarm LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements. |
Turnover |
Turnover represents the LLP's share of profit allocated by each investment during the year. |
Financial instruments |
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Debtors |
Basic financial assets, including other debtors, 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 a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method. |
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). |
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity as the LLP has an unconditional right to refuse payment to members. |
Profits are divided automatically in accordance to the members agreement and therefore such profits are classed as an expense through the profit and loss rather than an appropriation of equity. |
All amounts due to the members that are classified as liabilities are presented in the balance sheet within 'Loans and other debts due to members'. Amounts due to members that are classified as equity are shown in the balance sheet within 'Members' other interests'. |
CARNO 2 WINDFARM LLP (REGISTERED NUMBER: OC418670) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 5 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The taxation payable on the LLP's profits is the personal liability of the members during the year. Consequently, neither partnership nor related deferred taxation are accounted for in the financial statements. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
5. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | 14,934,785 | 3,639,615 |
Falling due within one year | 14,934,785 | 3,639,615 |
In the event of the LLP being wound up, the balances shown within 'Loans and other debts due to members' would rank behind other unsecured creditors. |
6. | RELATED PARTY DISCLOSURES |
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |