Limited Liability Partnership Registration No. SO304435 (Scotland)
Coire Na Cloiche Windfarm LLP
Annual report and financial statements
for the year ended 31 December 2023
Coire Na Cloiche Windfarm LLP
Contents
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 11
Coire Na Cloiche Windfarm LLP
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,877,350
27,174,215
Current assets
Stocks
56,821
38,861
Debtors
6
5,611,783
5,930,600
Cash at bank and in hand
5,034,820
5,289,596
10,703,424
11,259,057
Creditors: amounts falling due within one year
7
(2,433,203)
(2,662,450)
Net current assets
8,270,221
8,596,607
Total assets less current liabilities
34,147,571
35,770,822
Creditors: amounts falling due after more than one year
8
(22,309,807)
(24,341,799)
Net assets attributable to members
11,837,764
11,429,023
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
3,447,904
2,983,944
Other amounts
6,122,700
6,122,700
9,570,604
9,106,644
Members' other interests
Other reserves classified as equity
2,267,160
2,322,379
11,837,764
11,429,023
Total members' interests
Loans and other debts due to members
9,570,604
9,106,644
Members' other interests
2,267,160
2,322,379
11,837,764
11,429,023

The members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

Coire Na Cloiche Windfarm LLP
Statement of financial position (continued)
As at 31 December 2023
2

For the financial year ended 31 December 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.

The financial statements were approved by the members and authorised for issue on 20 April 2024 and are signed on their behalf by:
20 April 2024
GVUK CNC Ltd
RockBySea Scotland II Limited
Designated member
Designated Member
Coire Na Cloiche Windfarm LLP
Reconciliation of members' interests
For the year ended 31 December 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
Other reserves
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 January 2023
2,322,379
2,983,944
6,122,700
9,106,644
11,429,023
Loss for the financial year available for discretionary division among members
(55,219)
-
-
-
(55,219)
Members' interests after loss for the year
2,267,160
2,983,944
6,122,700
9,106,644
11,373,804
Introduced by members
-
463,960
-
463,960
463,960
Members' interests at 31 December 2023
2,267,160
3,447,904
6,122,700
9,570,604
11,837,764

Included in other reserves are £2,142,295 of non-distributable reserves.

Coire Na Cloiche Windfarm LLP
Reconciliation of members' interests (continued)
For the year ended 31 December 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
Other reserves
Members' capital
Other amounts
Total
Total
2022
£
£
£
£
Members' interests at 1 January 2022
(2,955,010)
2,667,571
6,122,700
8,790,271
5,835,261
Profit for the financial year available for discretionary division among members
5,277,389
-
-
-
5,277,389
Members' interests after profit for the year
2,322,379
2,667,571
6,122,700
8,790,271
11,112,650
Introduced by members
-
316,373
-
316,373
316,373
Members' interests at 31 December 2022
2,322,379
2,983,944
6,122,700
9,106,644
11,429,023
Coire Na Cloiche Windfarm LLP
Notes to the financial statements
For the year ended 31 December 2023
5
1
Accounting policies
Limited liability partnership information

Coire Na Cloiche Windfarm LLP is a limited liability partnership incorporated in Scotland. The registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.

 

The limited liability partnership's 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

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.

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.

Coire Na Cloiche Windfarm LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
4% per annum straight line basis or 25% per annum reducing balance basis

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 income statement.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Coire Na Cloiche Windfarm LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
7
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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

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 and bank loans, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Coire Na Cloiche Windfarm LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
8
Derecognition of financial liabilities

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

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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
Coire Na Cloiche Windfarm LLP
Notes to the financial statements
For the year ended 31 December 2023
9
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
32,348,064
Depreciation and impairment
At 1 January 2023
5,173,849
Depreciation charged in the year
1,296,865
At 31 December 2023
6,470,714
Carrying amount
At 31 December 2023
25,877,350
At 31 December 2022
27,174,215
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,142,295
3,086,744

Financial instruments includes interest rate swaps of £2,142,295 (2022 - £3,086,744) which are due after more than one year.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
508,089
7,067
Amounts owed by group undertakings
104,495
29,521
Other debtors
1,639,432
1,439,569
2,252,016
1,476,157
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
3,359,767
4,454,443
3,359,767
4,454,443
Total debtors
5,611,783
5,930,600
Coire Na Cloiche Windfarm LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,919,496
1,807,000
Trade creditors
256,015
680,846
Amounts owed to group undertakings
38,477
23,462
Other creditors
219,215
151,142
2,433,203
2,662,450
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,309,807
24,341,799

The bank loan is secured by a standard security over the leasehold property and a floating charge over the assets of the limited liability partnership.

9
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.

10
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
11,706,668
12,415,800

The amount disclosed above does not include future rent payments that will be based on a percentage of the gross income of the windfarm. The gross income for the duration of the lease cannot be estimated reliably and therefore the rent to be paid under the terms of the lease cannot be disclosed.

Coire Na Cloiche Windfarm LLP
Notes to the financial statements (continued)
For the year ended 31 December 2023
11
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Rhona Wilson and the auditor was MacKenzie Kerr Limited.
2023-12-312023-01-01false23 April 2024CCH SoftwareCCH Accounts Production 2023.300This audit opinion is unqualifiedfalseSO3044352023-01-012023-12-31SO3044352023-12-31SO304435bus:PartnerLLP12023-01-012023-12-31SO304435bus:PartnerLLP22023-01-012023-12-31SO304435dpl:Item12023-01-012023-12-31SO3044352022-01-012022-12-31SO304435bus:LimitedLiabilityPartnershipLLP2023-01-012023-12-31SO304435bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SO304435bus:FRS1022023-01-012023-12-31SO304435bus:Audited2023-01-012023-12-31SO304435bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:shares