Limited Liability Partnership Registration No. SO301457 (Scotland)
Midfearn Hydro LLP
Annual report and unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Midfearn Hydro LLP
Contents
Page
Statement of financial position
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 8
Midfearn Hydro LLP
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,504,053
1,725,894
Current assets
Debtors
4
229,308
429,679
Cash at bank and in hand
5,367,192
4,633,961
5,596,500
5,063,640
Creditors: amounts falling due within one year
5
(150,089)
(153,021)
Net current assets
5,446,411
4,910,619
Total assets less current liabilities
6,950,464
6,636,513
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
4,996,523
4,432,572
Other amounts
150,000
400,000
5,146,523
4,832,572
Members' other interests
Members' capital classified as equity
1,803,941
1,803,941
6,950,464
6,636,513
Total members' interests
Loans and other debts due to members
5,146,523
4,832,572
Members' other interests
1,803,941
1,803,941
6,950,464
6,636,513
Midfearn Hydro LLP
Statement of financial position (continued)
As at 31 March 2025
2

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

For the financial year ended 31 March 2025 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 2 October 2025 and are signed on their behalf by:
02 October 2025
Tanya Brooke
Designated member
Limited Liability Partnership Registration No. SO301457
Midfearn Hydro LLP
Reconciliation of members' interests
For the year ended 31 March 2025
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 reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Amounts due to members
4,832,572
Members' interests at 1 April 2024
1,803,941
-
1,803,941
4,832,572
4,832,572
6,636,513
Profit for the financial year available for discretionary division among members
-
891,317
891,317
-
-
891,317
Members' interests after profit for the year
1,803,941
891,317
2,695,258
4,832,572
4,832,572
7,527,830
Allocation of profit for the financial year
-
(891,317)
(891,317)
891,317
891,317
-
Introduced by members
-
-
-
150,000
150,000
150,000
Drawings
-
-
-
(727,366)
(727,366)
(727,366)
Members' interests at 31 March 2025
1,803,941
-
1,803,941
5,146,523
5,146,523
6,950,464
Midfearn Hydro LLP
Reconciliation of members' interests (continued)
For the year ended 31 March 2025
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 reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
3,377,986
Members' interests at 1 April 2023
1,803,941
-
1,803,941
3,377,986
3,377,986
5,181,927
Profit for the financial year available for discretionary division among members
-
1,270,702
1,270,702
-
-
1,270,702
Members' interests after profit for the year
1,803,941
1,270,702
3,074,643
3,377,986
3,377,986
6,452,629
Allocation of profit for the financial year
-
(1,270,702)
(1,270,702)
1,270,702
1,270,702
-
Introduced by members
-
-
-
400,000
400,000
400,000
Drawings
-
-
-
(216,116)
(216,116)
(216,116)
Members' interests at 31 March 2024
1,803,941
-
1,803,941
4,832,572
4,832,572
6,636,513
Midfearn Hydro LLP
Notes to the financial statements
For the year ended 31 March 2025
5
1
Accounting policies
Limited liability partnership information

Midfearn Hydro LLP is a limited liability partnership incorporated in Scotland. The registered office is Midfearn Lodge, Ardgay, Sutherland, IV24 3DL.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' 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.

Midfearn Hydro LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
6
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.

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:

Land and buildings
4% per annum straight line basis
Plant and machinery
25% per annum reducing balance basis
Hydro project
4% per annum straight line basis
Motor vehicles
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
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.

1.6
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.

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 paymen ts 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. A m ounts 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.

Midfearn Hydro LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
7
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

1.8
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 lease d asset are consumed.

2
Employees

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

2025
2024
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
84,372
3,364,618
3,448,990
Additions
-
34,324
34,324
Disposals
-
(290,710)
(290,710)
At 31 March 2025
84,372
3,108,232
3,192,604
Depreciation and impairment
At 1 April 2024
40,010
1,683,086
1,723,096
Depreciation charged in the year
3,375
123,932
127,307
Eliminated in respect of disposals
-
(161,852)
(161,852)
At 31 March 2025
43,385
1,645,166
1,688,551
Carrying amount
At 31 March 2025
40,987
1,463,066
1,504,053
At 31 March 2024
44,362
1,681,532
1,725,894
Midfearn Hydro LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
229,308
429,679
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,029
3,398
Taxation and social security
41,612
54,174
Other creditors
106,448
95,449
150,089
153,021
6
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.

7
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:

2025
2024
£
£
102,000
105,000
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