REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
INNOVATIVE UTILITIES (UK) LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
INNOVATIVE UTILITIES (UK) LIMITED |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
INNOVATIVE UTILITIES (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Level One |
211 Dumbarton Road |
Mansfield Park |
Glasgow |
G11 6AA |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents her report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
Innovative Utilities (UK) Limited is utility and civil engineering company operating in Scotland. |
The principal activity of the company in the year under review was that of Gas Rehabilitation on SGN's Mains Replacement Program within Scotland. |
The effects of COVID-19 continued to impact the company's revenue in the first few months of this year, however a strong recovery can be seen throughout the rest financial year. |
REVIEW OF BUSINESS |
The Director confirms the business has a strong forward order book within its principal work areas of the Water and Gas Rehabilitation Industry. |
The company will continue to build long term relationships with our reputation built upon consistently delivering high quality projects and providing value for money for our clients. |
The Company has a strong sustainable business model and we are well positioned to move forward to capitalise on the compelling growth opportunities that exist across our utility and civil engineering markets by leveraging our unique low risk, high quality operating model. |
The company remains committed to building its reputation within the utility and civil engineering industry. |
The company will continue its forecasted growth within the financial year ahead in 2023/24. |
DIRECTOR |
INVESTMENT |
Within this financial year there has been no investment as we are still feeling the aftermath of the impact of COVID. The company has reduced all our liabilities in terms of loans and hire purchases agreements. |
The company has confirmed it will make substantial investments into vehicles, plant and equipment within the 2023/24 financial year ahead. |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
HEALTH SAFETY ENVIRONMENT AND QUALITY |
The company continues to maintain and build on its excellent HSEQ. |
We continue to hold the ISO 9001 (Quality) and ISO 14001 (Environmental). The company is certified to UKAS ISO 45001. |
The company continues to hold and maintain a number of other accreditations and are members of Achilles, Utility Vendor Database (UVDB), Scottish Water Utility Connection Provider (UCP) , Lloyds Register Water Industry Registration Scheme (WIRS). |
The company is also registered as a caring employer for mental health. |
These accreditations and standards continue to make Innovative Utilities (UK) Limited a preferred contractor within the utility industry. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
277,302 | 497,230 |
444,733 | (376,600 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest payable and similar expenses |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
BALANCE SHEET |
31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
BALANCE SHEET - continued |
31 MARCH 2023 |
The financial statements were approved by the director and authorised for issue on |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Innovative Utilities (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
31/3/23 | 31/3/22 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2017 | 107,688 | 1,372,554 | 1,480,242 |
Valuation in 2018 | 387,312 | 508,108 | 895,420 |
Valuation in 2019 | (495,000 | ) | 103,262 | (391,738 | ) |
Valuation in 2020 | - | 856,984 | 856,984 |
- | 2,840,908 | 2,840,908 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
Hire purchase contracts |
INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31/3/23 | 31/3/22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 245,234 |