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Registration number: 10401560

Biowatt Facilities Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Biowatt Facilities Management Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Income Statement

4

Statement of Comprehensive Income

5

Statement of Financial Position

6 to 7

Statement of Changes in Equity

8

Statement of Cash Flows

9

Notes to the Unaudited Financial Statements

10 to 21

 

Biowatt Facilities Management Limited

Company Information

Directors

G G Zlatev

J R Lloyd

A M Vernau

H Sasaoka

Registered office

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

Accountants

UHY Ross Brooke
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Biowatt Facilities Management Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the unaudited financial statements for the year ended 31 December 2023.

Directors' of the company

The directors, who held office during the year, were as follows:

G G Zlatev

S Kanomata (resigned 31 March 2023)

J R Lloyd

K Ando (resigned 31 March 2023)

A M Vernau (appointed 31 March 2023)

I Kojma (appointed 31 March 2023 and resigned 31 March 2024)

The following director was appointed after the year end:

H Sasaoka (appointed 31 March 2024)

Principal activity

The principal activity of the company is the operation, management, development and funding of all things anaerobic digestion.

Going concern

The directors have completed a formal assessment of the company’s financial resources including the forecasts over a 24 month period from the 31 December 2023.

The company continues to maintain a strong pipeline of potential opportunities and the directors continue to explore further opportunities for growth.

The directors are therefore in agreement that the accounts should be prepared on a going concern basis.

Directors' liabilities

The company maintains a Directors and Officers Liability insurance policy.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the board on 25 September 2024 and signed on its behalf by:
 

.........................................
J R Lloyd
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Biowatt Facilities Management Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Biowatt Facilities Management Limited for the year ended 31 December 2023 set out on pages 4 to 21 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Biowatt Facilities Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Biowatt Facilities Management Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Biowatt Facilities Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Biowatt Facilities Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Biowatt Facilities Management Limited. You consider that Biowatt Facilities Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Biowatt Facilities Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

UHY Ross Brooke
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

25 September 2024

 

Biowatt Facilities Management Limited

Income Statement for the Year Ended 31 December 2023

Note

2023
£

2022
£

Revenue

3

1,566,309

1,065,641

Cost of sales

 

(1,207,865)

(887,380)

Gross profit

 

358,444

178,261

Administrative expenses

 

(466,638)

(581,031)

Operating loss

4

(108,194)

(402,770)

Finance income

 

247

37

Finance costs

 

(6,124)

(3,715)

Net finance cost

5

(5,877)

(3,678)

Loss before tax

 

(114,071)

(406,448)

Income tax receipt

7

-

886

Loss for the year

 

(114,071)

(405,562)

The above results were derived from continuing operations.

 

Biowatt Facilities Management Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Loss for the year

(114,071)

(405,562)

Total comprehensive income for the year

(114,071)

(405,562)

 

Biowatt Facilities Management Limited

(Registration number: 10401560)
Statement of Financial Position as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Assets

Non-current assets

 

Property, plant and equipment

8

50,103

16,338

Right of use assets

9

75,222

11,351

Investments in subsidiaries, joint ventures and associates

116

116

 

125,441

27,805

Current assets

 

Trade and other receivables

11

875,308

738,574

Cash and cash equivalents

12

199,463

144,213

 

1,074,771

882,787

Total assets

 

1,200,212

910,592

Equity and liabilities

Equity

 

Share capital

13

(1,176)

(1,176)

Share premium

 

(799,055)

(799,055)

Retained earnings

 

262,798

148,727

Total equity

 

(537,433)

(651,504)

Non-current liabilities

 

Long term lease liabilities

 

(91,427)

(6,216)

Loans and borrowings

14

(31,878)

(37,218)

 

(123,305)

(43,434)

Current liabilities

 

Trade and other payables

15

(509,121)

(193,897)

Loans and borrowings

14

(30,281)

(21,686)

Income tax liability

 

(72)

(71)

 

(539,474)

(215,654)

Total liabilities

 

(662,779)

(259,088)

Total equity and liabilities

 

(1,200,212)

(910,592)

 

Biowatt Facilities Management Limited

(Registration number: 10401560)
Statement of Financial Position as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board on 25 September 2024 and signed on its behalf by:
 

.........................................
J R Lloyd
Director

 

Biowatt Facilities Management Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

1,176

799,055

(148,727)

651,504

Loss for the year

-

-

(114,071)

(114,071)

Total comprehensive income

-

-

(114,071)

(114,071)

At 31 December 2023

1,176

799,055

(262,798)

537,433

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2022

1,176

799,055

256,835

1,057,066

Loss for the year

-

-

(405,562)

(405,562)

Total comprehensive income

-

-

(405,562)

(405,562)

At 31 December 2022

1,176

799,055

(148,727)

651,504

 

Biowatt Facilities Management Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Loss for the year

 

(114,071)

(405,562)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

9,225

5,294

Depreciation on right of use assets

 

18,190

15,135

Finance income

5

(247)

(37)

Finance costs

5

6,124

3,715

Income tax expense

7

-

(886)

 

(80,779)

(382,341)

Working capital adjustments

 

Increase in trade and other receivables

11

(136,734)

(173,900)

Increase in trade and other payables

15

315,224

27,278

Cash generated from operations

 

97,711

(528,963)

Income taxes received/(paid)

7

1

(59,310)

Net cash flow from operating activities

 

97,712

(588,273)

Cash flows from investing activities

 

Interest received

5

247

37

Acquisitions of property plant and equipment

 

(4,856)

(17,210)

Net cash flows from investing activities

 

(4,609)

(17,173)

Cash flows from financing activities

 

Interest paid

5

(2,197)

(3,478)

Repayment of bank borrowing

 

(5,209)

(6,210)

Repayment of other borrowing

 

(30,447)

(3,099)

Net cash flows from financing activities

 

(37,853)

(12,787)

Net increase/(decrease) in cash and cash equivalents

 

55,250

(618,233)

Cash and cash equivalents at 1 January

 

144,213

762,446

Cash and cash equivalents at 31 December

 

199,463

144,213

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Unit C
Bedford Business Park
Mile Road
Bedford
MK42 9TW

These financial statements were authorised for issue by the board on 25 September 2024.

2

Accounting policies

Statement of compliance

The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared in accordance with adopted IFRS's, IFRIC Interpretations and the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention. The financial statements are also prepared on a going concern basis.

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are disclosed in note 3.

The IFRS primary financial statements are presented in accordance with IAS 1 - 'Presentation of Financial Statements'.

The financial statements are presented in pounds sterling, the functional currency of BioWatt Facilities Management Ltd. Transactions denominated in a foreign currency are translated into sterling at the rate of exchange on the date of each transaction. In preparing the financial statements, monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the reporting date. All translation differences of monetary assets and liabilities are included in net expenditure for the year.

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Going concern

The directors have completed a formal assessment of the company’s financial resources including the forecasts over a 24 month period from the 31 December 2023.

The company continues to maintain a strong pipeline of potential opportunities and the directors continue to explore further opportunities for growth.

The directors are therefore in agreement that the accounts should be prepared on a going concern basis.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 January 2023 have had a material effect on the financial statements.

None of the standards, interpretations and amendments which are effective for periods beginning after 1 January 2023 and which have not been adopted early, are expected to have a material effect on the financial statements.

Revenue recognition

Recognition

The company earns revenue from the provision of services relating to project management for composting sites. Revenue is recognised at the fair value of the consideration received or receivable net of VAT and trade discounts. Revenue is reduced for estimated customer returns, rebates and other similar allowances. The policies adopted for the recognition of revenue are as follows:

Rendering of services

Revenue from providing services, where performance obligations are satisfied over time, is recognised in the accounting period in which the services are rendered as this represents the way that control passes to customers. In case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule which has usually been set to be broadly aligned with the volume of work performed. If the services rendered exceed the payments, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.

Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Leasehold Property

over the life of the lease

Investments

Investments in securities are classified on initial recognition as available-for-sale and are carried at fair value, except where their fair value cannot be measured reliably, in which case they are carried at cost, less any impairment.

Unrealised holding gains and losses other than impairments are recognised in other comprehensive income. On maturity or disposal, net gains and losses previously deferred in accumulated other comprehensive income are recognised in income.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Leases

Definition

A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the company to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the company has the right to:

· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)

Initial recognition and measurement

The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments that depend on an index or rate.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.

Subsequent measurement

After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are [presented separately as non-operating /included in finance cost] in the income statement, unless the costs are included in the carrying amount of another asset applying other applicable standards. Variable lease payments not included in the measurement of the lease liability, are included in operating expenses in the period in which the event or condition that triggers them arises.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for Property, plant and equipment. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Short term and low value leases

The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the income statement.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Initial recognition

A financial asset or financial liability is measured initially at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue.

A financial asset is derecognised when the contractual rights to receive future cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

A financial liability is derecognised when its contractual obligations are discharged, cancelled or expired.

Impairment of financial assets

For trade receivables, the company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2022 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

1,566,309

1,065,641

4

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,225

5,294

Depreciation on right of use assets - property

18,190

15,135

5

Finance income and costs

2023
£

2022
£

Finance income

Interest income on bank deposits

247

37

Finance costs

Interest on bank overdrafts and borrowings

(1,001)

(1,130)

Interest on obligations under finance leases and hire purchase contracts

(5,123)

(709)

Other finance costs

-

(1,876)

Total finance costs

(6,124)

(3,715)

Net finance costs

(5,877)

(3,678)

6

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

4

4

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Income tax

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

-

(886)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(114,071)

(406,448)

Corporation tax at standard rate

(21,674)

(77,225)

Decrease in current tax from adjustment for prior periods

-

(886)

Increase/(decrease) from effect of capital allowances depreciation

443

(2,447)

Increase from effect of expenses not deductible in determining taxable profit (tax loss)

138

-

Increase from effect of unrelieved tax losses carried forward

21,093

79,672

Total tax credit

-

(886)

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Property, plant and equipment

Furniture, fittings and equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 January 2022

6,330

-

6,330

Additions

3,211

13,999

17,210

At 31 December 2022

9,541

13,999

23,540

At 1 January 2023

9,541

13,999

23,540

Additions

425

42,565

42,990

At 31 December 2023

9,966

56,564

66,530

Depreciation

At 1 January 2022

1,908

-

1,908

Charge for year

2,086

3,208

5,294

At 31 December 2022

3,994

3,208

7,202

At 1 January 2023

3,994

3,208

7,202

Charge for the year

2,438

6,787

9,225

At 31 December 2023

6,432

9,995

16,427

Carrying amount

At 31 December 2023

3,534

46,569

50,103

At 31 December 2022

5,547

10,791

16,338

At 1 January 2022

4,422

-

4,422

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Right of use assets

Property
£

Total
£

Cost or valuation

At 1 January 2022

45,405

45,405

At 31 December 2022

45,405

45,405

At 1 January 2023

45,405

45,405

Additions

82,061

82,061

Disposals

(45,405)

(45,405)

At 31 December 2023

82,061

82,061

Depreciation

At 1 January 2022

18,919

18,919

Charge for year

15,135

15,135

At 31 December 2022

34,054

34,054

At 1 January 2023

34,054

34,054

Charge for the year

18,190

18,190

Eliminated on disposal

(45,405)

(45,405)

At 31 December 2023

6,839

6,839

Carrying amount

At 31 December 2023

75,222

75,222

At 31 December 2022

11,351

11,351

10

Investments

Subsidiaries

£

Cost or valuation

At 1 January 2022

116

At 31 December 2022

116

At 1 January 2023

116

At 31 December 2023

116

Carrying amount

At 31 December 2023

116

At 1 January 2022

116

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of the subsidiaries as at 31 December 2023 are as follows:

Name of subsidiary
 

Principal activity
 

Registered office
 

Proportion of ownership interest and voting rights held
2023

2022

BioWatt Site Services Limited

Operation, management, development and funding of all things anaerobic digestion

2 Old Bath Road, Newbury, Berkshire, RG14 1QL

England and Wales

100%

100%

11

Trade and other receivables

Current

31 December
2023
£

31 December
2022
£

Trade receivables

1,313,272

1,012,814

Provision for impairment of trade receivables

(830,957)

(710,414)

Net trade receivables

482,315

302,400

Loans to related parties

314,878

226,928

Accrued income

75,473

207,567

Prepayments

2,627

1,664

Other receivables

15

15

 

875,308

738,574

12

Cash and cash equivalents

31 December
2023
£

31 December
2022
£

Cash at bank

199,463

144,213

13

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

11,765

1,177

11,765

1,177

         
 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

14

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

31,878

37,218

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

5,340

5,209

Finance lease liabilities

24,941

16,477

30,281

21,686

15

Trade and other payables

31 December
2023
£

31 December
2022
£

Trade payables

258,619

78,037

Accrued expenses

3,000

3,000

Social security and other taxes

247,502

112,860

509,121

193,897

 

Biowatt Facilities Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

16

Related party transactions

Summary of transactions with subsidiaries

During the year, the company purchased £572,797 (2022: £595,044) from BioWatt Site Services Ltd, a wholly owned subsidiary. As at the year end the toal due to BioWatt Facilities Management Ltd was £307,863 (2022: £219,913).

Summary of transactions with other related parties

During the year, the company made sales totaling £288,722 (2022: £213,878) to Katharos Organic Ltd, a related company by common control of a director. At the year end the total amount due £339,148 (2022: £289,603), included within trade receivables.The company made loans to the Katharos Organic Ltd. At the year end the total amount due was £450 (2022: £450), included within amounts due from related parties.

During the year, the company made sales totaling £212,877 (2022: £209,904) to Biomass Future Generation Ltd, a related company by common control of a director. The company made loans to the Biomass Future Generation Ltd. At the year end the total amount due was £208 (2022: £208), included within amounts due from related parties.

During the year, the company made sales totaling £107,250 (2022: £80,590) to Marsh Farm Biogas Ltd, a related company by common control of a director. At the year end the total amount due was £334,066 (2022: £304,602), included within trade receivables.

During the year, the company made sales totaling £2,400 (2022: £7,200) to Methanum Property Ltd, a related company by common control of a director. At the year end the total amount due was £46,800 (2022: £43,920), included within trade receivables.

During the year, the company made sales totaling £1,100 (2022: £3,300) to Methanum Thaxted Ltd, a related company by common control of a director. At the year end the total amount due was £21,450 (2022: £20,130), included within trade receivables.

During the year, the company had a loan with BioWatt Energy Ltd, a related company by common control of a director. At the year end the total amount included within amounts due from related parties was £4,357 (2022: £4,357).

During the year, the company had a loan with Biowatt Developments Ltd, a related company by common control of a director. At the year end the total amount included within amounts due from related parties was was £2,000 (2022: £2,000).

17

Parent and ultimate parent undertaking

The company's immediate parent is Orbis Industria Limited. These financial statements are available upon request from:

2 Old Bath Road
Newbury
Berkshire
England
RG14 1QL