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REGISTERED NUMBER: OC379378 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

WOOD BOILERS LLP

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WOOD BOILERS LLP

GENERAL INFORMATION
for the Year Ended 28 February 2023







DESIGNATED MEMBERS: WB Holdco 1 Limited
WB Holdco 2 Limited



REGISTERED OFFICE: Sterling House
Maple Court
Maple Road
Tankersley
S74 3DP



REGISTERED NUMBER: OC379378 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Throssell FCA



AUDITORS: Hebblethwaites
Chartered Accountants & Statutory Auditors
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 1,499,746

CURRENT ASSETS
Debtors 5 3,547,498 1,841,359
Cash at bank and in hand 185,459 394,068
3,732,957 2,235,427
CREDITORS
Amounts falling due within one year 6 3,732,907 3,735,123
NET CURRENT ASSETS/(LIABILITIES) 50 (1,499,696 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
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 (3,492,393 ) (1,802,783 )
(3,492,343 ) (1,802,733 )

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 and authorised for issue on 23 November 2023 and were signed by:





WB Holdco 2 Limited - Designated member

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

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.

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 due within one year. The LLP is prudent in that revenue is only recognised when there is certainty of receipt, and there are anticipated to be significant future revenue streams generated from the sale of equipment and a 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment - Straight line over 6 years

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

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 (2022 - NIL).

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Equipment
£   
COST OR VALUATION
At 1 March 2022 13,487,000
Disposals (1,129,435 )
At 28 February 2023 12,357,565
DEPRECIATION
At 1 March 2022 11,987,254
Charge for year 1,374,111
Eliminated on disposal (1,003,800 )
At 28 February 2023 12,357,565
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 1,499,746

Cost or valuation at 28 February 2023 is represented by:

Equipment
£   
Valuation in 2016 3,820,530
Cost 8,537,035
12,357,565

If equipment had not been revalued it would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 9,666,470 9,666,470
Aggregate depreciation 9,666,470 9,561,843

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
28.2.23 28.2.22
£    £   
Trade debtors 22,004 1,600
Other debtors 3,525,494 1,839,759
3,547,498 1,841,359

WOOD BOILERS LLP (REGISTERED NUMBER: OC379378)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 1,505,731 1,505,729
Other creditors 2,227,176 2,229,394
3,732,907 3,735,123

7. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Loans secured on the equipment 2,010,037 2,121,863

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor, dated 23 November 2023, was unqualified.

Andrew Throssell FCA (Senior Statutory Auditor)
For and on behalf of Hebblethwaites

9. RELATED PARTY DISCLOSURES

During the period, the company made purchases from A Shade Greener Maintenance Limited, a company of which S J Davies is a director, of £596,912 (2022: £647,275). S J Davies is a former member of the LLP. The amount due to A Shade Greener Maintenance Limited at the balance sheet date is £1,552,131 (2022: £1,560,147).

10. ULTIMATE CONTROLLING PARTY

From 28 February 2020, there is no individual ultimate controlling party.
The ultimate controlling parent entity is GCP Intermediary Holdings Limited. The address of the registered office is 24 Savile Row, London, W1S 2ES.