Limited Liability Partnership Registration No. SO304105 (Scotland)
Benson Wemyss Renewables LLP
Annual report and unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Benson Wemyss Renewables LLP
Contents
Page
Members' responsibilities statement
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 9
Benson Wemyss Renewables LLP
Balance sheet
As at 31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,785
9,214
Investment properties
5
1,222,640
1,222,640
1,244,425
1,231,854
Current assets
Debtors
6
101,034
55,597
Cash at bank and in hand
27,063
56,874
128,097
112,471
Creditors: amounts falling due within one year
7
(7,977)
(37,441)
Net current assets
120,120
75,030
Total assets less current liabilities
1,364,545
1,306,884
Represented by:
Loans and other debts due to members within one year
Other amounts
116,755
89,094
Members' other interests
Members' capital classified as equity
1,247,790
1,217,790
1,364,545
1,306,884
Total members' interests
Loans and other debts due to members
116,755
89,094
Members' other interests
1,247,790
1,217,790
1,364,545
1,306,884

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Benson Wemyss Renewables LLP
Balance sheet (continued)
As at 31 March 2023
2
The financial statements were approved by the members and authorised for issue on 23 November 2023 and are signed on their behalf by:
23 November 2023
Matthew Benson
Designated member
Limited Liability Partnership Registration No. SO304105
Benson Wemyss Renewables LLP
Reconciliation of members' interests
For the year ended 31 March 2023
3
Current financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital (classified as equity)
Other amounts
Total
Total
2023
£
£
£
£
Amounts due to members
89,094
Members' interests at 1 April 2022
1,217,790
89,094
89,094
1,306,884
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
33,279
33,279
33,279
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,217,790
122,373
122,373
1,340,163
Introduced by members
30,000
-
-
30,000
Drawings
-
(5,618)
(5,618)
(5,618)
Members' interests at 31 March 2023
1,247,790
116,755
116,755
1,364,545
Amounts due to members
116,755
116,755
Benson Wemyss Renewables LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2023
4
Prior financial year
Equity
Debt
Total
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members' interests
Members' capital (classified as equity)
Other amounts
Total
Total
2022
£
£
£
£
Amounts due to members
58,317
Members' interests at 1 April 2021
1,217,790
58,317
58,317
1,276,107
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
30,777
30,777
30,777
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
1,217,790
89,094
89,094
1,306,884
Members' interests at 31 March 2022
1,217,790
89,094
89,094
1,306,884
Amounts due to members
89,094
89,094
Benson Wemyss Renewables LLP
Notes to the financial statements
For the year ended 31 March 2023
5
1
Accounting policies
Limited liability partnership information

Benson Wemyss Renewables LLP is a limited liability partnership incorporated in Scotland. The registered office is Wemyss and March Estates, Estate Office, Longniddry, East Lothian, EH32 0PY.

 

The limited liability partnerships' principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable for rental services, excluding value added tax. Rental income is accounted for on an accruals basis.

1.3
Members' participating interests

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements
Plant and machinery
10% straight line
Fixtures, fittings and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Benson Wemyss Renewables LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
6
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Benson Wemyss Renewables LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
7
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
Benson Wemyss Renewables LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
8
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 April 2022
-
46,063
1,409
47,472
Additions
10,000
-
8,125
18,125
Transfer to Leasehold improvements
-
(46,063)
-
(46,063)
Transfer from Plant and machinery
46,063
-
-
46,063
At 31 March 2023
56,063
-
9,534
65,597
Depreciation and impairment
At 1 April 2022
-
36,849
1,409
38,258
Depreciation charged in the year
4,606
-
948
5,554
Transfer to Leasehold improvements
-
(36,849)
-
(36,849)
Transfer from Plant and machinery
36,849
-
-
36,849
At 31 March 2023
41,455
-
2,357
43,812
Carrying amount
At 31 March 2023
14,608
-
7,177
21,785
At 31 March 2022
-
9,214
-
9,214
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
1,222,640

Investment property comprises farms at Hamildean, Flemington and Stevenson. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 19 November 2016 by Martin Andrews, MRICS who is not connected with the limited liability partnership. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
101,034
55,597
Benson Wemyss Renewables LLP
Notes to the financial statements (continued)
For the year ended 31 March 2023
9
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
77
Other creditors
7,977
37,364
7,977
37,441
8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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