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Registered number: OC384941












BERNARD MATTHEWS WIND FARM (WESTON) LLP
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

CONTENTS



Page
Information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 15


 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

INFORMATION



Designated Members
Bernard Matthews Green Energy Weston Limited
Weston Airfield Investments Limited

LLP registered number
OC384941

Registered office
7th Floor
Wellington House
125 - 130 Strand
London
England
WC2R 0AP

Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC384941
BERNARD MATTHEWS WIND FARM (WESTON) LLP

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,680,843
3,993,282

Current assets
  

Debtors: amounts falling due after more than one year
 6 
339,039
-

Debtors: amounts falling due within one year
 6 
384,555
531,198

Cash at bank and in hand
  
968,275
855,009

  
1,691,869
1,386,207

Creditors: Amounts Falling Due Within One Year
 7 
(493,768)
(496,924)

Net current assets
  
 
 
1,198,101
 
 
889,283

Total assets less current liabilities
  
4,878,944
4,882,565

Creditors: amounts falling due after more than one year
 8 
(2,850,379)
(3,378,141)

  
2,028,565
1,504,424

Provisions for liabilities
  

Other provisions
  
(202,851)
(189,403)

  
 
 
(202,851)
 
 
(189,403)

Net assets
  
1,825,714
1,315,021

Page 2


 
REGISTERED NUMBER:OC384941
BERNARD MATTHEWS WIND FARM (WESTON) LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
1,825,712
1,315,019

  
1,825,712
1,315,019

Members' other interests
  

Members' capital classified as equity
  
2
2

  
 
2
 
2

  
1,825,714
1,315,021


Total members' interests
  

Amounts due from members (included in debtors)
 6 
-
(97,282)

Loans and other debts due to members
 10 
1,825,712
1,315,019

Members' other interests
  
2
2

Total equity
  
1,825,714
1,217,739


The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




S Watson - on behalf of
 
Bernard Matthews Green Energy Weston Limited
Designated member

Date: 22 January 2024

The notes on pages 4 to 15 form part of these financial statements.

Bernard Matthews Wind Farm (Weston) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bernard Matthews Wind Farm (Weston) LLP ("the LLP") is a limited liability partnership incorporated in England and Wales. The registered office is 7th Floor, Wellington House, 125 - 130 Strand, London, England, WC2R 0AP.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

  
2.2

Prior period adjustment

The LLP has restated its comparative figures for the year ended 31 March 2022 and its brought forward loans and other debts due to members' reserve as at 1 April 2021. An explanation of the adjustment together with the financial impact is set out in Note 12.

 
2.3

Going concern

The LLP has adequate financial resources and, as a consequence, the designated members believe that the LLP is well placed to manage its business risks successfully. After making enquiries, the designated members have a reasonable expectation that the LLP has adequate resources to continue in its operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Page 4

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.6

Members' participating 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, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests. 
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. 
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 debts due to members’ to the extent they exceed debts due from a specific member.

 
2.7

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

Borrowing costs during the capital expenditure phase, including interest, have been capitalised in accordance with paragraph 25.2 of FRS 102. These costs are all directly attributable to the construction, as well as the financing of progress payments in respect of the construction of the wind farm and are therefore capitalised as part of its cost.
All borrowing costs incurred after completion are expensed to the profit and loss account in the year in which they are incurred.

Page 6

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Wind power asset
-
Straight line over 20 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.12

Equity instruments

Equity instruments issued by the limited liability partnership are recorded at the proceeds received,
net of direct issue costs.


2.13

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 7

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 8

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Hedge accounting

The LLP uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its liabilities. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 9

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

As presented in Note 6 within prepayments and accrued income is an amount accrued in relation to Renewable Obligation Certificates (ROCs - recycling). Income is recognised based on £GBP per megawatt hour basis and this value is not determined until November after the reporting period ends. The price used for the period is an estimate based on the prior year's price set by Ofgem. 
The value of ROC recycling is dependent on the total number of ROC's presented, obligation levels and the buy-out fund. A price is then set for the distribution to suppliers.
The residual or scrap value of the Wind Power Asset has been estimated using market metal rates set out and converted to GBP sterling. The component make up of the turbine can then be multiplied by the market price to estimate a scrap price.
The decommissioning liability to be incurred at the end of the initial lease term has also been estimated with reference to a third party report prepared for a similar company within the group. This sets out the current estimated cost of decommissioning the wind turbines and restoring the site to its previous use. This is then inflated to the end of the lease and subsequently discounted back to the present value at the year end using the company's cost of capital.


4.


Employees

The entity has no employees.

The average monthly number of employees, during the year was 0 (2022 - 0).


5.


Tangible fixed assets





Wind Power Asset

£



Cost


At 1 April 2022 - as restated
6,493,220



At 31 March 2023

6,493,220



Depreciation


At 1 April 2022 - as restated
2,499,938


Charge for the year
312,439



At 31 March 2023

2,812,377



Net book value



At 31 March 2023
3,680,843



At 31 March 2022 - as restated
3,993,282

Page 10

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Financial instruments
339,039
-


As restated
2023
2022
£
£

Due within one year

Trade debtors
3,255
-

Amounts owed by group undertakings
780
781

Prepayments and accrued income
380,520
433,135

Amounts due from members
-
97,282

384,555
531,198



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
419,146
400,945

Trade creditors
4,553
50,801

Amounts owed to group undertakings
2,879
528

Other taxation and social security
17,380
24,073

Accruals and deferred income
49,810
20,577

493,768
496,924


Page 11

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,850,379
3,269,525

Financial instruments
-
108,616

2,850,379
3,378,141


The following liabilities were secured:

2023
2022
£
£



Bank loans
3,269,525
3,670,470

Details of security provided:

The bank loan is secured by way of a fixed and floating charge over the limited liability partnership's assets and is repayable in bi-annual amounts. Interest is charged at 3.79% per annum.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
1,323,859
1,733,870

Repayable other than by instalments
(339,039)
108,616

984,820
1,842,486




9.


Provisions





Decommissioning provision

£





At 1 April 2022 - as restated
189,403


Charged to profit or loss
13,448



At 31 March 2023
202,851

Page 12

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans and other debts due to members


As restated
2023
2022
£
£



Other amounts due to members
1,825,712
1,315,019

Loans and other debts due to members may be further analysed as follows:

As restated
2023
2022
£
£



Falling due within one year
1,825,712
1,315,019

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.


11.


Prior period adjustment

A prior period adjustment has been recognised (i) to recognise that the wind turbines have a residual value at the end of their useful economic life, whereas previously they were being depreciated to a residual value of £nil; and (ii) to bring in a provision for the decommissioning costs of the site, which had not been previously provided for.
Accordingly, the turbines are being depreciated over the period to 31 March 2034, being their remaining useful life, to an estimated residual value of £244,502. The accumulated depreciation charge to 31 March 2022 has been reduced by £97,801 to reflect this, of which £12,225 relates to the year ended 31 March 2022 and £85,576 relates to the period before 1 April 2021.
£108,790 has been provided for decommissioning costs, which has been capitalised as a tangible fixed asset. Accumulated depreciation of £43,969 has been charged for the period to 31 March 2022, of which £5,439 relates to the year ended 31 March 2022 and £38,530 relates to the period before 1 April 2021.
The provision has been discounted, which is being unwound over the period to 31 March 2039, being the end of the lease.  Accumulated interest on the unwinding of the discount of £80,613 has been charged for the period to 31 March 2022, of which £12,556 relates to the year ended 31 March 2022 and £68,058 relates to the period before 1 April 2021.
The comparative amounts in the prior period presented have therefore been restated as detailed below:

Page 13

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


Changes to the balance sheet

                                                                                                 At 31 March 2022


As previously reported
Adjustment
As restated

£
£
£

Tangible fixed assets

As previously stated
 3,830,660
 -
 3,830,660

Effect on depreciation with recognition of residual value
 -
 97,801
 97,801

Capitalisation of decommissioning provision
 -
 108,790
 108,790

Depreciation on the decommissioning provision
 -
 (43,969)
 (43,969)

 3,830,660
 162,622
 3,993,282

Provisions for liabilities

Capitalisation of decommissioning provision
 -
 (108,790)
 (108,790)

Unwinding of decommissioning provision
 -
 (80,613)
 (80,613)

 -
 (189,403)
 (189,403)

 
 
 

Total effect on net assets
 -
 (26,781)
 -


Reconciliation of changes in Members' interests


1 April 2021
31 March 2022

£
£

Members' interests as previously reported
 1,062,983
 1,244,520

Adjustments to prior year

Effect on depreciation with recognition of residual value
 85,576
 97,801

Depreciation on the decommissioning provision
 (38,530)
 (43,969)

Unwinding of decommissioning provision
 (68,058)
 (80,613)

 
 

Members' interests as adjusted
 1,041,971
 1,217,739

Page 14

 

BERNARD MATTHEWS WIND FARM (WESTON) LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


Reconciliation of changes in profit for the previous financial period


As restated

£

Profit as previously reported
 181,538

Adjustments to prior year
 

Effect on depreciation with recognition of residual value
 12,225

Depreciation on the decommissioning provision
 (5,439)

Unwinding of decommissioning provision
 (12,556)

 

Profit as adjusted
 175,768


12.


Commitments under operating leases

At 31 March 2023 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
152,851
153,906

Later than 1 year and not later than 5 years
550,589
574,756

Later than 5 years
332,000
464,000

1,035,440
1,192,662


13.


Related party transactions

Included within debtors in an amount of £Nil (2022: £88,445) due from the same corporate member. This balance is also unsecured, interest free and due within one year.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 22 January 2024 by Russell Tenzer (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 15