Biowatt Site Services Limited 09835337 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the operation, management, development and funding of all things anaerobic digestion. Digita Accounts Production Advanced 6.30.9574.0 true 09835337 2023-01-01 2023-12-31 09835337 2023-12-31 09835337 bus:Director5 2023-12-31 09835337 bus:Director6 2023-12-31 09835337 bus:Director7 2023-12-31 09835337 bus:Director8 2023-12-31 09835337 bus:Director9 2023-12-31 09835337 bus:OrdinaryShareClass1 2023-12-31 09835337 core:RetainedEarningsAccumulatedLosses 2023-12-31 09835337 core:ShareCapital 2023-12-31 09835337 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 09835337 core:CurrentFinancialInstruments 2023-12-31 09835337 core:CurrentFinancialInstruments core:AllowanceForImpairmentLoss core:WithinOneYear 2023-12-31 09835337 core:CurrentFinancialInstruments core:ValueBeforeAllowanceForImpairmentLoss core:WithinOneYear 2023-12-31 09835337 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09835337 core:Non-currentFinancialInstruments 2023-12-31 09835337 core:BetweenOneTwoYears 2023-12-31 09835337 core:BetweenTwoThreeYears 2023-12-31 09835337 core:WithinOneYear 2023-12-31 09835337 core:OwnedOrFreeholdAssets 2023-12-31 09835337 core:Right-of-useAssets 2023-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2023-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2023-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2023-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 09835337 bus:FullIFRS 2023-01-01 2023-12-31 09835337 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09835337 bus:FullAccounts 2023-01-01 2023-12-31 09835337 bus:RegisteredOffice 2023-01-01 2023-12-31 09835337 bus:Director1 2023-01-01 2023-12-31 09835337 bus:Director3 2023-01-01 2023-12-31 09835337 bus:Director5 2023-01-01 2023-12-31 09835337 bus:Director6 2023-01-01 2023-12-31 09835337 bus:Director7 2023-01-01 2023-12-31 09835337 bus:Director8 2023-01-01 2023-12-31 09835337 bus:Director9 2023-01-01 2023-12-31 09835337 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09835337 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09835337 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09835337 core:ShareCapital 2023-01-01 2023-12-31 09835337 core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09835337 core:Right-of-useAssets 2023-01-01 2023-12-31 09835337 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09835337 core:MotorCars 2023-01-01 2023-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2023-01-01 2023-12-31 09835337 core:PlantMachinery 2023-01-01 2023-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2023-01-01 2023-12-31 09835337 core:KeyManagementPersonnel 2023-01-01 2023-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 09835337 core:UKTax 2023-01-01 2023-12-31 09835337 countries:EnglandWales 2023-01-01 2023-12-31 09835337 2022-12-31 09835337 core:RetainedEarningsAccumulatedLosses 2022-12-31 09835337 core:ShareCapital 2022-12-31 09835337 core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:Right-of-useAssets 2022-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2022-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2022-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 09835337 2022-01-01 2022-12-31 09835337 2022-12-31 09835337 bus:OrdinaryShareClass1 2022-12-31 09835337 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 09835337 core:CurrentFinancialInstruments 2022-12-31 09835337 core:CurrentFinancialInstruments core:AllowanceForImpairmentLoss core:WithinOneYear 2022-12-31 09835337 core:CurrentFinancialInstruments core:ValueBeforeAllowanceForImpairmentLoss core:WithinOneYear 2022-12-31 09835337 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09835337 core:Non-currentFinancialInstruments 2022-12-31 09835337 core:BetweenOneTwoYears 2022-12-31 09835337 core:BetweenTwoThreeYears 2022-12-31 09835337 core:WithinOneYear 2022-12-31 09835337 core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:Right-of-useAssets 2022-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2022-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2022-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2022-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 09835337 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09835337 core:ShareCapital 2022-01-01 2022-12-31 09835337 core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09835337 core:Right-of-useAssets 2022-01-01 2022-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2022-01-01 2022-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2022-01-01 2022-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-01 2022-12-31 09835337 core:UKTax 2022-01-01 2022-12-31 09835337 2021-12-31 09835337 core:RetainedEarningsAccumulatedLosses 2021-12-31 09835337 core:ShareCapital 2021-12-31 09835337 core:OwnedOrFreeholdAssets 2021-12-31 09835337 core:Right-of-useAssets 2021-12-31 09835337 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2021-12-31 09835337 core:MotorVehicles core:OwnedOrFreeholdAssets 2021-12-31 09835337 core:OtherPropertyPlantEquipment core:Right-of-useAssets 2021-12-31 09835337 core:PlantMachinery core:Right-of-useAssets 2021-12-31 09835337 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09835337

Biowatt Site Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Biowatt Site Services 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 22

 

Biowatt Site Services Limited

Company Information

Directors

J R Lloyd

G G Zlatev

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 Site Services 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:

J R Lloyd

G G Zlatev

K Ando (resigned 31 March 2023)

S Kanomata (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 Site Services 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 Site Services Limited for the year ended 31 December 2023 set out on pages 4 to 22 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 Site Services 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 Site Services 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 Site Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Biowatt Site Services 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 Site Services Limited. You consider that Biowatt Site Services 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 Site Services 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 Site Services Limited

Income Statement for the Year Ended 31 December 2023

Note

2023
£

2022
£

Revenue

3

667,291

608,834

Cost of sales

 

(98,193)

(56,844)

Gross profit

 

569,098

551,990

Administrative expenses

 

(626,726)

(520,339)

Operating (loss)/profit

4

(57,628)

31,651

Finance income

 

1,753

4

Finance costs

 

(1,759)

(1,259)

Net finance cost

5

(6)

(1,255)

(Loss)/profit before tax

 

(57,634)

30,396

Income tax receipt

8

177

-

(Loss)/profit for the year

 

(57,457)

30,396

The above results were derived from continuing operations.

 

Biowatt Site Services Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

(Loss)/profit for the year

(57,457)

30,396

Total comprehensive income for the year

(57,457)

30,396

 

Biowatt Site Services Limited

(Registration number: 09835337)
Statement of Financial Position as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Assets

Non-current assets

 

Property, plant and equipment

9

9,525

5,476

Right of use assets

10

3,470

13,876

 

12,995

19,352

Current assets

 

Trade and other receivables

11

10,744

25,484

Cash and cash equivalents

12

21,118

3,958

 

31,862

29,442

Total assets

 

44,857

48,794

Equity and liabilities

Equity

 

Share capital

13

(116)

(116)

Retained earnings

 

398,133

340,676

Total equity

 

398,017

340,560

Non-current liabilities

 

Long term lease liabilities

 

-

(2,931)

Loans and borrowings

14

(32,329)

(37,658)

 

(32,329)

(40,589)

Current liabilities

 

Trade and other payables

16

(401,795)

(332,670)

Loans and borrowings

14

(8,750)

(14,518)

Income tax liability

 

-

(1,577)

 

(410,545)

(348,765)

Total liabilities

 

(442,874)

(389,354)

Total equity and liabilities

 

(44,857)

(48,794)

 

Biowatt Site Services Limited

(Registration number: 09835337)
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

.........................................
A M Vernau
Director

 

Biowatt Site Services Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

116

(371,072)

(370,956)

Profit for the year

-

30,396

30,396

Total comprehensive income

-

30,396

30,396

At 31 December 2022

116

(340,676)

(340,560)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

116

(340,676)

(340,560)

Loss for the year

-

(57,457)

(57,457)

Total comprehensive income

-

(57,457)

(57,457)

At 31 December 2023

116

(398,133)

(398,017)

 

Biowatt Site Services Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(57,457)

30,396

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

2,247

1,831

Depreciation on right of use assets

 

10,406

15,029

Profit on disposal of property plant and equipment

-

(19,678)

Finance income

5

(1,753)

(4)

Finance costs

5

1,759

1,259

Income tax expense

8

(177)

-

 

(44,975)

28,833

Working capital adjustments

 

Decrease in trade and other receivables

11

14,740

20,232

Increase/(decrease) in trade and other payables

16

69,125

(64,852)

Cash generated from operations

 

38,890

(15,787)

Income taxes (paid)/received

8

(1,400)

1,400

Net cash flow from operating activities

 

37,490

(14,387)

Cash flows from investing activities

 

Interest received

5

1,753

4

Acquisitions of property plant and equipment

(6,296)

(857)

Payments made on leased assets during the year

 

(7,382)

(33,372)

Receipt on sales of leased assets during the year

 

-

30,000

Net cash flows from investing activities

 

(11,925)

(4,225)

Cash flows from financing activities

 

Interest paid

5

(1,678)

(3,353)

Repayment of bank borrowing

 

(6,727)

(6,210)

Net cash flows from financing activities

 

(8,405)

(9,563)

Net increase/(decrease) in cash and cash equivalents

 

17,160

(28,175)

Cash and cash equivalents at 1 January

 

3,958

32,133

Cash and cash equivalents at 31 December

 

21,118

3,958

 

Biowatt Site Services 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 Site Services 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 Site Services 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.

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.

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.

 

Biowatt Site Services Limited

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

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

4 years

Motor Vehicles

over the life of the lease

Leasehold property

over the life of the lease

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.

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.

 

Biowatt Site Services Limited

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

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.

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.

 

Biowatt Site Services Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

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.

3

Revenue

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

2023
£

2022
£

Rendering of services

667,291

608,834

4

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,247

1,831

Depreciation on right of use assets - machinery

10,406

15,029

Profit on disposal of property, plant and equipment

-

(19,678)

 

Biowatt Site Services Limited

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

5

Finance income and costs

2023
£

2022
£

Finance income

Interest income on bank deposits

11

4

Other finance income

1,742

-

Total finance income

1,753

4

Finance costs

Interest on bank overdrafts and borrowings

(1,012)

(1,140)

Interest on obligations under finance leases and hire purchase contracts

(666)

(119)

Other finance costs

(81)

-

Total finance costs

(1,759)

(1,259)

Net finance costs

(6)

(1,255)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

473,660

420,898

Social security costs

45,132

38,233

Pension costs, defined contribution scheme

6,525

4,768

Other employee expense

2,064

3,621

527,381

467,520

 

Biowatt Site Services Limited

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

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

15

14

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

106,547

97,402

8

Income tax

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

(177)

-

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 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(57,634)

30,396

Corporation tax at standard rate

(10,950)

5,775

Decrease in current tax from adjustment for prior periods

(177)

-

(Decrease)/increase from effect of capital allowances depreciation

(769)

136

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

1,519

2,668

Tax decrease from utilisation of tax losses

-

(8,579)

Increase from effect of unrelieved tax losses carried forward

10,200

-

Total tax credit

(177)

-

 

Biowatt Site Services Limited

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

9

Property, plant and equipment

Furniture, fittings and equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 January 2022

6,845

10,230

17,075

Additions

857

-

857

At 31 December 2022

7,702

10,230

17,932

At 1 January 2023

7,702

10,230

17,932

Additions

6,296

-

6,296

At 31 December 2023

13,998

10,230

24,228

Depreciation

At 1 January 2022

395

10,230

10,625

Charge for year

1,831

-

1,831

At 31 December 2022

2,226

10,230

12,456

At 1 January 2023

2,226

10,230

12,456

Charge for the year

2,247

-

2,247

At 31 December 2023

4,473

10,230

14,703

Carrying amount

At 31 December 2023

9,525

-

9,525

At 31 December 2022

5,476

-

5,476

At 1 January 2022

6,450

-

6,450

 

Biowatt Site Services Limited

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

10

Right of use assets

Machinery
£

Other
£

Total
£

Cost or valuation

At 1 January 2022

99,444

20,822

120,266

Disposals

(67,093)

-

(67,093)

At 31 December 2022

32,351

20,822

53,173

At 1 January 2023

32,351

20,822

53,173

At 31 December 2023

32,351

20,822

53,173

Depreciation

At 1 January 2022

76,990

4,049

81,039

Charge for year

8,088

6,941

15,029

Eliminated on disposal

(56,771)

-

(56,771)

At 31 December 2022

28,307

10,990

39,297

At 1 January 2023

28,307

10,990

39,297

Charge for the year

4,044

6,362

10,406

At 31 December 2023

32,351

17,352

49,703

Carrying amount

At 31 December 2023

-

3,470

3,470

At 31 December 2022

4,044

9,832

13,876

11

Trade and other receivables

Current

31 December
2023
£

31 December
2022
£

Trade receivables

17,988

67,024

Provision for impairment of trade receivables

(14,990)

(56,148)

Net trade receivables

2,998

10,876

Loans to related parties

7,546

11,165

Other receivables

200

3,443

 

10,744

25,484

12

Cash and cash equivalents

31 December
2023
£

31 December
2022
£

Cash on hand

16

16

Cash at bank

21,102

3,942

21,118

3,958

 

Biowatt Site Services Limited

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

13

Share capital

Allotted, called up and fully paid shares

 

31 December
2023

31 December
2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

1,155

116

1,155

116

         

14

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

32,329

37,658

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

5,329

5,198

Hire purchase contracts

3,421

9,320

8,750

14,518

15

Leases

Lease liabilities maturity analysis

A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:

31 December
2023
£

31 December
2022
£

Less than one year

3,421

11,485

2 years

-

8,856

3 years

-

2,398

Total lease liabilities (undiscounted)

3,421

22,739

Total cash outflows related to leases

Total cash outflows related to leases are presented in the table below:

Payment

31 December
2023
£

31 December
2022
£

Right of use assets

9,495

17,953

Interest

666

2,212

Total cash outflow

10,161

20,165

 

Biowatt Site Services Limited

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

16

Trade and other payables

31 December
2023
£

31 December
2022
£

Trade payables

27,055

5,959

Accrued expenses

3,841

13,000

Amounts due to related parties

311,775

223,825

Social security and other taxes

55,501

85,953

Outstanding defined contribution pension costs

3,375

3,685

Other payables

248

248

401,795

332,670

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £6,525 (2022 - £4,768).

Contributions totalling £3,375 (2022 - £3,685) were payable to the scheme at the end of the year and are included in creditors.

18

Related party transactions

Summary of transactions with parent entities

During the year, the company made sales totaling £572,797 (2022: £595,044) to BioWatt Facilities Management Ltd.
The company has a loan with BioWatt Facilities Management Ltd. As at the year end the total due to BioWatt Facilities Management Ltd was £307,863 (2022: £219,913).

 

Biowatt Site Services Limited

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

Summary of transactions with other related parties

During the year, the company made sales totalling £nil (2022: (£12,255)) to Marubeni Corporation, a related company by common control. At the year end the total amount due of £nil (2021: £12,255) was included within trade receivables.

During the year, the company made sales totalling £1,750 (2022: £4,374) to Katharos Organic Ltd, a related company by common control of a director. At the year end the total amount due of £nil (2022: £18,284) was included within trade receivables.The company received a loan from Katharos Organic Ltd. At the year end the total amount due of £3,912 (2021: £3,912) was included within amounts due to related parties.

During the year, the company made sales totalling £(3,430) (2022: £nil) to Biowatt Developments Ltd, a related company by common control of a director. At the year end the total amount due of £6,888 (2022: £6,888) was included within other receivables.

During the year, the company made sales totalling £448 (2022: £5,498) to Marsh Farm Biogas Ltd, a related company by common control of a director. At the year end the total amount due of £2,370 (2022: £4,025) was included within trade receivables.

During the year, the company made sales totalling (£1,500) (2022: £nil) to Methanum Thaxted Ltd, a related company by common control of a director. At the year end the total amount due of £nil (2022: £1,500) was included within trade receivables.

During the year, the company made sales totalling (£10) (2022: £nil) to Methanum Buntingford Ltd, a related company by common control of a director. At the year end the total amount due of £nil (2022: £11) was included within trade receivables.

During the year, the company made sales totalling (£18,873) (2022: £nil) to Methanum Ltd, a related company by common control of a director. At the year end the total amount due of £nil (2022: £22,647) was included within trade receivables.

During the year, the company made sales totalling (£6,695) (2022: £nil) to Biomass Future Generation Ltd, a related company by common control of a director. At the year end the total amount due of £655 (2022: £11,253) was included within trade receivables.


Loans to key management

 

Key management

31 December
2023
£

31 December
2022
£

At start of period

8,167

13,900

Repaid

(9,251)

(5,733)

Interest received

1,742

-

At end of period

658

8,167

 

Biowatt Site Services Limited

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

Terms of loans to related parties

At the balance sheet date the directors had a loan with the company. The loan is repayble on demand.
 

19

Parent and ultimate parent undertaking

The company's immediate parent is Biowatt Facilities Management Ltd.

The ultimate parent is Orbis Industria Ltd. These financial statements are available upon request from:

2 Old Bath Road
Newbury
Berkshire
England
RG14 1QL