Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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669,496 | 669,496 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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158,076 | 335,171 | |||
Creditors: amounts falling due within one year | 5 | (
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(
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Net current assets | 154,056 | 333,371 | ||
Total assets less current liabilities | 823,552 | 1,002,867 | ||
Net assets attributable to members |
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Represented by | ||||
Loans and other debts due to members within one year | ||||
Other amounts | 6 | 154,056 | 333,371 | |
154,056 | 333,371 | |||
Members' other interests | ||||
Members' capital classified as equity | 669,496 | 669,496 | ||
669,496 | 669,496 | |||
823,552 | 1,002,867 | |||
Total members' interests | ||||
Loans and other debts due to members | 154,056 | 333,371 | ||
Members' other interests | 669,496 | 669,496 | ||
823,552 | 1,002,867 |
Members' responsibilities:
The financial statements of Fforch-Isaf Farm Wind Power LLP (registered number:
R T Hadwin on behalf of REPI Limited
Designated Member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Fforch-Isaf Farm Wind Power LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Stratton House Back Lane, Stoney Stratton, Evercreech, BA4 6EA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Leasehold improvements | not depreciated |
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Leasehold improve- ments |
Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Accrued income |
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2023 | 2022 | ||
£ | £ | ||
Accruals |
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2023 | 2022 | ||
£ | £ | ||
Other amounts due to members | 154,056 | 333,371 |
Loans and other debts due to members may be further analysed as follows:
2023 | 2022 | ||
£ | £ | ||
Falling due within one year | 154,056 | 333,371 |
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of winding up.