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REGISTERED NUMBER: 07196381 (England and Wales)


















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: Mrs A Mason





REGISTERED OFFICE: Dept 107
601 International House
223 Regent Street
London
W1B 2QD





REGISTERED NUMBER: 07196381 (England and Wales)





ACCOUNTANTS: Independent Accountants in Scotland Limited
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
Mrs A Mason held office during the whole of the period from 1 April 2022 to the date of this report.

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:





Mrs A Mason - Director


23 November 2023

INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   

TURNOVER 2,598,349 2,134,925

Cost of sales 1,876,314 2,014,295
GROSS PROFIT 722,035 120,630

Distribution costs 546 1,227
Administrative expenses 276,756 496,003
277,302 497,230
444,733 (376,600 )

Other operating income - 106,791
OPERATING PROFIT/(LOSS) 4 444,733 (269,809 )


Interest payable and similar expenses 15,867 26,128
PROFIT/(LOSS) BEFORE TAXATION 428,866 (295,937 )

Tax on profit/(loss) - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

428,866

(295,937

)

INNOVATIVE UTILITIES (UK) LIMITED (REGISTERED NUMBER: 07196381)

BALANCE SHEET
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 312,316 659,321

CURRENT ASSETS
Stocks 973,060 361,412
Debtors 6 20,453 291,784
Cash at bank and in hand 34,662 32
1,028,175 653,228
CREDITORS
Amounts falling due within one year 7 920,906 1,098,759
NET CURRENT ASSETS/(LIABILITIES) 107,269 (445,531 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

419,585

213,790

CREDITORS
Amounts falling due after more than one
year

8

(122,358

)

(345,429

)

PROVISIONS FOR LIABILITIES (268,159 ) (268,159 )
NET ASSETS/(LIABILITIES) 29,068 (399,798 )

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 28,967 (399,899 )
SHAREHOLDERS' FUNDS 29,068 (399,798 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 November 2023 and were signed by:





Mrs A Mason - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 9 (2022 - 9 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

31/3/23 31/3/22
£    £   
Depreciation - owned assets 103,917 219,691

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2022 1,923,248
Disposals (874,707 )
At 31 March 2023 1,048,541
DEPRECIATION
At 1 April 2022 1,263,927
Charge for year 103,917
Eliminated on disposal (631,619 )
At 31 March 2023 736,225
NET BOOK VALUE
At 31 March 2023 312,316
At 31 March 2022 659,321

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 - 147,750
Other debtors 20,453 144,034
20,453 291,784

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 50,000 68,011
Hire purchase contracts 27,782 76,162
Trade creditors 108,146 142,018
Taxation and social security 585,240 613,974
Other creditors 149,738 198,594
920,906 1,098,759

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans 104,167 287,362
Hire purchase contracts 18,191 58,067
122,358 345,429

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