Kanadevia Inova Biogas St Boswells Limited

Registered number

09072369

Filleted Accounts

31 March 2025

Kanadevia Inova Biogas St Boswells Limited
Registered number:		09072369
Statement of financial position
as at 31 March 2025

Notes			2025			2023
£			£	£		£
Fixed assets
Tangible assets	5		8,104,228			8,866,153
Investments	6		3,501			3,501
			8,107,729			8,869,654

Current assets
Stocks		320,332			655,869
Debtors	8	1,878,774			1,929,672
Cash at bank and in hand		277,137			291,223
		2,476,243			2,876,764

Creditors: amounts falling due within one year	9	(2,663,477)			(1,811,371)

Net current (liabilities)/assets			(187,234)			1,065,393

Total assets less current liabilities			7,920,495			9,935,047

Creditors: amounts falling due after more than one year	10		(33,023,141)			(30,421,508)



Net liabilities			(25,102,646)			(20,486,461)

Capital and reserves
Called up share capital	11		1,000			1,000
Share premium			49,250			49,250
Profit and loss account			(25,152,896)			(20,536,711)

Shareholders' funds			(25,102,646)			(20,486,461)

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

The profit and loss account has not been delivered to the Registrar of Companies.

The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by:



Nicholas Ross
Director
Approved by the board on 14 October 2025

Kanadevia Inova Biogas St Boswells Limited
Notes to the Accounts
for the period from 1 January 2024 to 31 March 2025


1	Accounting policies

	Accounting convention
	These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. The year end was extended during the year therefore these accounts span a period of 15 months to 31 March 2025.

	Going concern
	At the date of approval of the financial statements, the company has prepared and approved up-to date management accounts, budgets and cash flow projections which include key revenue and cost assumptions that the directors consider reasonable and prudent. Additionally, the shareholders have stated that they will not recall the loans to the company whilst it would damage the interests of external creditors. Having considered the matters above, the company is of the view that it will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. In making this assessment, the directors, mindful of the equity and debt funding structure of the company have satisfied themselves on the ongoing support from the shareholders and the compliance with all funding covenants and overall funding continuity for a period of not less than 12 months from the date of approval of the financial statements.

	Turnover
	Turnover represents amounts receivable from the generation of gas (biomethane) and electricity through anaerobic digestion, net of VAT. Turnover from the sale of biomethane is recognised when gas is exported to the grid, that being the point at which the significant risks and rewards of ownership have passed to the buyer.
	Renewable Heat Incentive (RHI) income and Green Gas Certificate Income is accrued in line with energy outputs.

	Tangible fixed assets
	Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Tangible fixed assets other than freehold land are stated at cost less depreciation. Where a substantial period of time is required to bring an asset into use, attributable finance costs are capitalised and included in the cost of the relevant asset. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

	Land			Land is not depreciated
	Plant and machinery			10 - 20% straight line
	Motor Vehicles			14 - 33% straight line

	The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

	Impairment of fixed assets
	At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
	Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
	If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
	Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

	Cash at bank and in hand
	Cash at bank and in hand 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.

	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

	Financial instruments
	The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Basic financial assets
	Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

	Basic financial liabilities
	Basic financial liabilities, including creditors and parent loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
	Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
	Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

	Equity instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

	Parent loan notes
	All interest bearing loans are initially recognised at net proceeds. After initial recognition debt is increased by the financial cost in respect of the reporting period and reduced by repayment made in the period. Interest is recognised on an accruals basis.

	Tax
	The tax expense represents the sum of the tax currently payable and deferred tax.

	Current Tax
	The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

	Deferred tax
	Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
	The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

	Foreign exchange
	Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

2	Critical accounting judgements and key sources of estimation uncertainty

	In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

	Critical judgements
	The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

	Impairment of Fixed Assets
	At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). There are inherent uncertainties in any fair value estimation, particularly in relation to valuations determined using long term discounted cash flows. Due to inherent uncertainties in any valuation technique, especially under volatile economic, political and environmental conditions (including the Covid-19 outbreak), the eventual realised recoverable amount could materially differ from the estimated recoverable amount. The most critical estimates are considered to be the discount rate which is based on the directors’ historical experience and their view of rates within the sector, the directors’ estimates of future maintainable EBITDA based on sustainable operating performance of the operating plant and the directors’ assessment of the economic period of the leasehold asset available under the lease terms including the tenant right to extend the lease term under option.

	Deferred Tax
	The carrying amount of deferred tax assets is reviewed at each reporting end date 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.


3	Operating loss					2025		2023
£							£
	Operating loss for the period is stated after charging:

	Fees payable to the company's auditor for the audit of the company's financial statements					9,500		7,500

						9,500		7,500


4	Employees					2025		2023
Number							Number

	Average number of persons employed by the company					-		-


5	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2024	612,928		12,749,394		314,221		13,676,543
	Additions	-		194,576		-		194,576
	At 31 March 2025	612,928		12,943,970		314,221		13,871,119

	Depreciation
	At 1 January 2024	-		4,616,210		194,180		4,810,390
	Charge for the period	-		893,852		62,649		956,501
	At 31 March 2025	-		5,510,062		256,829		5,766,891

	Net book value
	At 31 March 2025	612,928		7,433,908		57,392		8,104,228
	At 31 December 2023	612,928		8,133,184		120,041		8,866,153

	Included within the carrying amount of plant and machinery is loan interest totalling £1,235,599 (2023: £1,367,045 ).


6	Investments
Investments in
subsidiary					Other
undertakings					investments		Total
£					£		£
	Cost
	At 1 January 2024			1		3,500		3,501

	At 31 March 2025			1		3,500		3,501


7	Subsidiary
	Details of the company's subsidiary at 31 March 2025 are as follows:

	Name of undertaking	Registered office		Nature of business		Class of shares held		% Held
	Kanadevia Inova Waverley Farm Contracts Limited	Scotland		Production of crops, cereals and seeds.		Ordinary shares		100

	The aggregate capital and reserves and the result for the period to 31 March 2025 of the subsidiary noted above was as follows:
						Profit		Capital and Reserves
£							£

	Kanadevia Inova Waverley Farm Contracts Limited					-		1,575


8	Debtors					2025		2023
£							£

	Trade debtors					8,680		23,463
	Amounts due from group undertakings					439,354		331,524
	Other debtors					1,430,740		1,574,685
						1,878,774		1,929,672


9	Creditors: amounts falling due within one year					2025		2023
£							£

	Loan notes within 1 year					2,004,559		1,265,793
	Obligations under finance lease and hire purchase contracts					31,195		28,129
	Trade creditors					409,909		298,042
	Other creditors					217,814		219,407
						2,663,477		1,811,371


10	Creditors: amounts falling due after one year					2025		2023
£							£

	Obligations under finance lease and hire purchase contracts					5,455		44,054
	Loan notes due 1 - 5 years					3,321,894		2,745,997
	Loan notes due after 5 years					29,695,792		27,631,457
						33,023,141		30,421,508

	Interest of 12% per annum is payable on loans of £35,022,245 (2023: £31,643,247). During the period, £4,920,108 (2023: £3,609,753) was charged to the profit and loss account. The loan is secured by way of fixed and floating charge over the assets of the company.


11	Called up share capital					2025		2023
£							£
	Ordinary share capital Issued and fully paid

	250 A Ordinary shares of £1 each					250		250
	750 B Ordinary shares of £1 each					750		750
						1,000		1,000

12	Related party transactions

	At the period end, £35,022,245 (2023: £31,643,247) was due to Kanadevia Inova Biogas Holdco Limited and is included in note 10. Interest of £4,920,108 (2023: £3,609,753) was charged, of which £3,378,998 (2023: £2,105,361) was capitalised and £11,514 (2023: £10,403) was accrued and included in "Other creditors" in note 9. Kanadevia Inova Biogas Holdco Limited is the majority shareholder in the company.

	Transactions with related parties					2025		2023
£							£
	Sales made to entities with common control or common significant influence:					1,628,104		1,070,237

	Purchases made from entities with common control or common significant influence:
	Feedstock					3,107,105		1,737,871
	Services					970,746		753,904

	In addition to the disclosures above, further trading balances due from related parties are set out below:
	Amounts due to related parties					315,418		165,841

13	Change of Name

	Effective 25th April 2025, the company changed its name from St Boswells Biogas Limited to Kanadevia Inova Biogas St Boswells Limited.

14	Parent Entity

	At the period end the immediate controlling entity is Kanadevia Inova Biogas HoldCo Limited, a company registered in England, due to its majority shareholding in the company. The ultimate controlling party is Kanadevia Corporation, a company registered in Japan.

15	Other information

	Kanadevia Inova Biogas St Boswells Limited is a private company limited by shares and incorporated in England. Its registered office is:
	123 Pall Mall
	London
	SW1Y 5EA

16	Audit report information
	As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

	The auditor's report was unqualified.
	The senior statutory auditor was Kenneth McDowell.
	The auditor was Saffery Champness LLP.
	The audit report was signed on	21 October 2025