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For the year ended 31 December 2023
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Registered number: OC390566
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WWS Development LLP - Registered number:OC390566
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Statement of financial position
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Other reserves classified as equity
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Page 1
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WWS Development LLP - Registered number:OC390566
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Statement of financial position (continued)
As at 31 December 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the financial statements
For the year ended 31 December 2023
The LLP is a limited liability partnership incorporated in England and Wales. The registered office is 130 Wood Street, London, EC2V 6DL and the registration number is OC390566. The principal place of business is Muirhall Farm Auchengray, Carnwath, Lanark, South Lanarkshire, ML11 8LL.
2.Accounting policies
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Basis of preparation of financial statements
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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 Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts. These financial statements therefore present information about the LLP as an individual undertaking and not about its group.
The following principal accounting policies have been applied:
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Foreign currency translation
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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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 3
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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 ordinary shares.
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The entity has no employees (2022: 0).
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Investments in subsidiary companies
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Page 4
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Notes to the financial statements
For the year ended 31 December 2023
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Amounts owed by joint ventures and associated undertakings
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Creditors: amounts falling due within one year
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Accruals and deferred income
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Related party transactions
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At the balance sheet date, the following balances existed with related parties:
a) A total of £3,526,574 (2022: £1,931,953) was owed from Muirhall WWS LLP, a LLP of which WWS Development LLP is a member, by way of an interest free loan.
b) A total of £707,002 (2022: £707,002) was owed from Muirhall WWS LLP subsidaries, a LLP of which WWS Development LLP is a member, by way of an interest free loan.
c) A total of £3,157,111 (2022: £2,761,600) was owed from Greengair East Wind Farm Limited, in which WWS Development LLP has a partnership interest, by way of an interest free loan.
d) A total of £100,000 (2022: £100,000) was owed from MH 1902 Limited, in which WWS Development LLP has a partnership interest, by way of an interest free loan.
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Page 5
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