| Kanadevia Inova Biogas Westholme Farm Limited |
| Notes to the Accounts |
| for the period from 1 January 2024 to 31 March 2025 |
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| 1 |
Accounting policies |
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Accounting convention |
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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. |
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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 £. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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The financial period has been extended by three months. The financial statements report on a 15 month period to 31 March 2025 |
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Going concern |
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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 (2025: £205K v 2023: £100K). 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. |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
Between 5 and 20 Years |
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Stocks |
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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. |
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Cash and cash equivalents |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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| 2 |
Employees |
2025 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2024 |
4,183,726 |
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Additions |
46,617 |
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Disposals |
(37,481) |
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At 31 March 2025 |
4,192,862 |
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Depreciation |
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At 1 January 2024 |
1,812,784 |
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Charge for the period |
271,891 |
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Disposals |
(22,875) |
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At 31 March 2025 |
2,061,800 |
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Net book value |
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At 31 March 2025 |
2,131,062 |
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At 31 December 2023 |
2,370,942 |
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| 4 |
Debtors |
31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Trade debtors |
59,394 |
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102,665 |
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Other debtors |
275,434 |
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223,553 |
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334,828 |
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326,218 |
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| 5 |
Creditors: amounts falling due within one year |
31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Trade creditors |
724,528 |
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932,803 |
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Other creditors |
16,605 |
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33,445 |
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741,133 |
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966,248 |
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| 6 |
Creditors: amounts falling due after one year |
31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Other creditors |
9,165,863 |
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8,404,691 |
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During the period, as part of the funding package, Kanadevia Environmental Infrastructure Holdco Limited capitalised interest costs of £761,172 (2023: £549,221). No interest was repaid in the year. The amount outstanding at 31 March 2025 totalled £9,165,863 (2023: £8,404,691). The interest charged on the loan is 7% per annum. |
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| 7 |
Share Capital |
31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Ordinary share capital |
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Issued and fully paid up shares of £1 each |
200 |
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200 |
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| 8 |
Related party transactions |
| 31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Transactions with related parties |
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During the year the company entered into the following transactions with related parties: |
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Sales made by entities with common control or common significant influence |
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129,340 |
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64,970 |
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Purchases made from entities with common control or common significant influence |
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612,972 |
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466,987 |
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| 31-Mar-25 |
31-Dec-23 |
| £ |
£ |
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Amounts due from related parties |
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Entities with common control or common significant influence |
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121,077 |
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113,366 |
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Amounts due to related parties |
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Entities with common control or common significant influence |
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649,201 |
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769,992 |
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| 9 |
Other information |
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Kanadevia Inova Biogas Westholme Farm Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Marlborough House, |
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Westminster Place, Nether Poppleton, |
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York |
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North Yorkshire |
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YO26 6RW |
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The company's immediate holding company is Kanadevia Environmental Infrastructure Holdco Limited (formally Iona Environmental Infrastructure Holdco Limited). Its registered office is: |
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123 Pall Mall |
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London |
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SW1Y 5EA |
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The company's ultimate parent company is Kanadevia Inova AG. Its registered office is: |
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123 Pall Mall |
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London |
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SW1Y 5EA |
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| 10 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Graham Fitzgerald BA FCA DChA |
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Firm: |
Azets Audit Services |
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Date of audit report: |
1 October 2025 |