Registered number
08584147
JFS Westholme Farm Biogas Limited
Filleted Accounts
31 December 2023
JFS Westholme Farm Biogas Limited
Registered number: 08584147
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,370,942 2,590,533
Current assets
Stocks 107,998 22,832
Debtors 5 326,218 301,225
Cash at bank and in hand 157,221 181,164
591,437 505,221
Creditors: amounts falling due within one year 6 (966,248) (961,516)
Net current liabilities (374,811) (456,295)
Total assets less current liabilities 1,996,131 2,134,238
Creditors: amounts falling due after more than one year 7 (8,404,691) (7,855,470)
Net liabilities (6,408,560) (5,721,232)
Capital and reserves
Called up share capital 8 200 200
Share premium 169,928 169,928
Profit and loss account (6,578,688) (5,891,360)
Shareholders' funds (6,408,560) (5,721,232)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Mills
Director
Approved by the board on 21 August 2024
JFS Westholme Farm Biogas Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland 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 company. Monetary amounts in these accounts 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.
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. The directors acknowledge the continued losses within the company due to depreciation of significant plant and machinery, as well as interest accruing on loans. At an EBITDA level, the company remains profitable (2023: £93K).  Shareholders have stated that they will not recall the loans to the company whilst it would damage the interest of external creditors. Having considered the matters above, the directors are satisfied that the company will continue to meet their obligations. Therefore, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.                          
Turnover
Turnover represents amounts receivable from the generation of electricity through anaerobic digestion, net of VAT. Turnover from the sale of electricity is recognised when it is exported to the grid, the point at which the significant risks and rewards of ownership have passed to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery Between 5 and 20 Years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Cash and cash equivalents
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Angela Ingham FCA
Firm: Azets Audit Services
Date of audit report: 29 August 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 4,192,236
Additions 10,539
Disposals (19,049)
At 31 December 2023 4,183,726
Depreciation
At 1 January 2023 1,601,703
Charge for the year 216,043
Disposals (4,962)
At 31 December 2023 1,812,784
Net book value
At 31 December 2023 2,370,942
At 31 December 2022 2,590,533
5 Debtors 2023 2022
£ £
Trade debtors 102,665 94,057
Other debtors 223,553 207,168
326,218 301,225
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 932,803 940,493
Other creditors 33,445 21,023
966,248 961,516
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 8,404,691 7,855,470
8 Share Capital 2023 2022
£ £
Ordinary share capital
Issued and fully paid up shares of £1 each 200 200
9 Related party transactions
2023 2022
£ £
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales made by entities with common control or common significant influence 64,970 59,706
Purchases made from entities with common control or common significant influence 466,987 545,615
2023 2022
£ £
Amounts due from related parties
Entities with common control or common significant influence 113,366 79,104
Amounts due to related parties
Entities with common control or common significant influence 769,992 861,224
During the period, as part of the funding package, Iona Environmental Infrastructure Holdco Limited capitalised interest costs of £549,221 (2022: £520,820). Additional interest charged of £15,000 was repaid in the year. The amount outstanding at 31 December 2023 totalled £8,404,691 (2022: £7,855,470). This amount is included in creditors at 31 December 2023. The interest charged on the loan is 7% per annum.
10 Other information
JFS Westholme Farm Biogas Limited is a private company limited by shares and incorporated in England. Its registered office is:
Marlborough House,
Westminster Place, Nether Poppleton,
York
North Yorkshire
YO26 6RW
The company's immediate holding company is Iona Environmental Infrastructure Holdco Limited. Its registered office is:
123 Pall Mall
London
SW1Y 5EA
The company's ultimate parent company is Iona Capital Limited. Its registered office is:
123 Pall Mall
London
SW1Y 5EA
JFS Westholme Farm Biogas Limited 08584147 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Mr P Mills No description of principal activity 08584147 2022-01-01 2022-12-31 08584147 core:WithinOneYear 2022-12-31 08584147 core:AfterOneYear 2022-12-31 08584147 core:ShareCapital 2022-12-31 08584147 core:SharePremium 2022-12-31 08584147 core:RetainedEarningsAccumulatedLosses 2022-12-31 08584147 2023-01-01 2023-12-31 08584147 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08584147 bus:Audited 2023-01-01 2023-12-31 08584147 bus:Director40 2023-01-01 2023-12-31 08584147 1 2023-01-01 2023-12-31 08584147 2 2023-01-01 2023-12-31 08584147 core:PlantMachinery 2023-01-01 2023-12-31 08584147 countries:England 2023-01-01 2023-12-31 08584147 bus:FRS102 2023-01-01 2023-12-31 08584147 bus:FilletedAccounts 2023-01-01 2023-12-31 08584147 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08584147 2023-12-31 08584147 core:WithinOneYear 2023-12-31 08584147 core:AfterOneYear 2023-12-31 08584147 core:ShareCapital 2023-12-31 08584147 core:SharePremium 2023-12-31 08584147 core:RetainedEarningsAccumulatedLosses 2023-12-31 08584147 core:PlantMachinery 2023-12-31 08584147 2022-12-31 08584147 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure