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Registered number: 12213965
Geothermal Leasing Ltd
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 12213965
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,398,038 9,219,121
9,398,038 9,219,121
CURRENT ASSETS
Debtors 5 8,323,915 9,109,476
Investments 6 2,817 2,817
Cash at bank and in hand 773,395 1,009,710
9,100,127 10,122,003
Creditors: Amounts Falling Due Within One Year 7 (1,541,074 ) (1,475,471 )
NET CURRENT ASSETS (LIABILITIES) 7,559,053 8,646,532
TOTAL ASSETS LESS CURRENT LIABILITIES 16,957,091 17,865,653
Creditors: Amounts Falling Due After More Than One Year 8 (15,341,217 ) (16,691,075 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (191,384 ) (80,457 )
NET ASSETS 1,424,490 1,094,121
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 1,096,109 1,143,618
Profit and Loss Account 328,281 (49,597 )
SHAREHOLDERS' FUNDS 1,424,490 1,094,121
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thibault Chevallier
Director
30 June 2025
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Fair value reserve Profit and Loss Account Total
£ £ £ £
As at 1 January 2023 100 1,690,081 (182,854 ) 1,507,327
Loss for the year and total comprehensive income - - (413,206 ) (413,206)
Transfer to/from Fair value reserve - - 546,463 546,463
Transfer to/from Profit & Loss Account - (546,463 ) - (546,463)
As at 31 December 2023 and 1 January 2024 100 1,143,618 (49,597 ) 1,094,121
Profit for the year and total comprehensive income - - 330,369 330,369
Transfer to/from Fair value reserve - - 47,509 47,509
Transfer to/from Profit & Loss Account - (47,509 ) - (47,509)
As at 31 December 2024 100 1,096,109 328,281 1,424,490
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Notes to the Financial Statements
1. General Information
Geothermal Leasing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12213965 . The registered office is C/O Cutts And Company, Eden Point, Three Acres Lane, Cheadle Hulme, Cheadle, SK8 6RL and there is no single principal place of business.
The presentational currency of these financial statements is Pound Sterling (£).
Accounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The company is the parent company of a small group and it is exempt from the requirement to prepare consolodated financial statements under section 399 of the Companies Act 2006. The group qualifies as small and has not prepared group accounts.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The company is reliant upon the continued support of Kyotherm SAS, the company's immediate parent company.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates  and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes might differ from those estimates.
The following judgements have been made by the directors in applying the company's accounting policies:
Property, plant and equipment
Property, plant and equipment is depreciated over the average lease term of the sites on which the assets are sited. This has been estimated by the directors to be 12.5 years (with effect from 1 January 2022) equating to 8.00% per annum.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. Turnover relates to remittances from Ofgem and other customers for energy produced by the company at its various sites. Turnover is reduced for estimated rebates and other similar allowances.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 8.00% per annum on a straight line basis
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Borrowing costs
All borrowing costs are recognised in the profit and loss account in the year in which they are incurred.
2.9. Financial instruments
The company only has basic financial instruments which are recognised at amortised cost.
Debtors
Short term debtors are measured at transaction price less any impairment. 
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured at amortised cost.
Derivatives
Interest rate SWAPs are valued at mark to market. Changes in the valuation are taken to the profit and loss account.
Investments
Investments in subsidairies are valued at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2024 11,489,123
Additions 1,059,700
As at 31 December 2024 12,548,823
Depreciation
As at 1 January 2024 2,270,002
Provided during the period 880,783
As at 31 December 2024 3,150,785
...CONTINUED
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Net Book Value
As at 31 December 2024 9,398,038
As at 1 January 2024 9,219,121
Plant and machinery includes assets under construction of £260,000. No depreciation has been provided on these assets.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 98,609 221,951
Prepayments and accrued income 992,435 994,539
Other debtors 1,225 621
1,092,269 1,217,111
Due after more than one year
Derivative financial asset 1,096,109 1,143,618
Amounts owed by group undertakings 6,135,537 6,748,747
7,231,646 7,892,365
8,323,915 9,109,476
The derivative financial instrument compromises of two interest rate swaps with Virgin Money which are valued at their Mark to Market value at the year end. A corresponding debit of £47,509 (2023:£546,463) has been recorded in the fair value reserve. The swaps are due to mature on 31 December 2030.
6. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 2,817 2,817
The investment represents a 100% interest in the ordinary share capital of Blue Moon Farms Ltd, whose registered office is C/O Cutts and Co, Eden Point, Three Acres Lane, Cheadle, Cheadle Hulme, SK8 6RL and is a company registered in England & Wales.
At 31 December 2024 the net liabilities of the subsidary were £31,178 (2023: £18,209) and its result for the year was a loss of £12,969 (2023: £18,357).
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 41,119 6,890
Bank loans and overdrafts 1,267,676 1,034,066
VAT - 4,964
Accruals and deferred income 232,279 429,551
1,541,074 1,475,471
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,413,772 10,548,905
Amounts owed to group undertakings 4,927,445 6,142,170
15,341,217 16,691,075
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Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 2,528,994 4,270,587
9. Secured Creditors
The bank loans are secured by a fixed and floating charge over the assets of the company. The bank also holds a counter indemnity in respect of the loans.
Interest on the bank loans is payable at 3.5% and 2.95% above the Bank of England Base Rate.
2024 2023
£ £
Bank loans and overdrafts 11,681,448 11,582,971
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidaries within the group.
Long term loan balances with group companies are shown in notes 5 and 7. Trade debtors, trade creditors and accruals include related party balances of £nil (2023: £17,040), £37,633 (2023: £nil) and £nil (2023: £35,152) respectively owed to group companies.
12. Ultimate Parent Undertaking and Controlling Party
The company's ultimate parent undertaking is InfraVia Capital Partners SAS which, on 14 November 2024, acquired 75% of the shares of the company's previous ultimate (and new intermediate) parent company, Kyotherm SAS. The group accounts are not available for public access.
The ultimate controlling parties are not disclosed on the Paris Registre du Commerce et des Societes.
13. Audit Information
The auditor's report on the accounts of Geothermal Leasing Ltd for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor) for and on behalf of Ascendis Audit Limited , Statutory Auditor.
Ascendis Audit Limited
Unit 3 Building 2, The Colony
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
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