REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Kensington Meter Assets Ltd |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Kensington Meter Assets Ltd |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Statement of Comprehensive Income | 3 |
Statement of Financial Position | 4 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Kensington Meter Assets Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
The directors do not recommend the payment of a dividend. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
ON BEHALF OF THE BOARD: |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
Period |
19.8.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £'000 | £'000 |
TURNOVER |
Administrative expenses |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses | 4 | ( |
) |
LOSS BEFORE TAXATION | 5 | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £'000 | £'000 | £'000 | £'000 |
NON CURRENT ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Trade and other receivables | 9 |
Cash at bank |
LIABILITIES |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
LIABILITIES |
Amounts falling due after more than one year |
11 |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Statement of Financial Position - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Kensington Meter Assets Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101"), under the historical cost convention. |
In preparing these financial statements, the Company applies the recognition and measurement requirements of International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs"), but makes amendments where necessary in order to comply with Companies Act 2006. |
The financial statements are presented in British pounds sterling (£). |
The Company's ultimate parent undertaking, Yü Group PLC, includes the Company in its consolidated financial statements. The consolidated financial statements of Yü Group PLC are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from CPK House, 2 Horizon Place, Nottingham Business Park, Mellors Way, Nottingham, NG8 6PY. |
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements and, where relevant, equivalent disclosures have been made in the Group accounts of the parent, in accordance with FRS101: |
- | Presentation of a Cash Flow Statement and related notes; |
- | Disclosures in respect of transactions with the parent or wholly owned subsidiaries; |
- | IFRS 7, Financial Instruments: Disclosures; |
- | Disclosures in respect of capital management; |
- | Disclosures in respect of the compensation of Key Management Personnel; |
- | Comparative period reconciliations for share capital; |
- | Disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date. |
There are no amendments to accounting standards or IFRIC interpretations that are effective for the period ended 31 December 2022 that have had a material impact on the Company's financial statements. |
Turnover |
Turnover represents the invoiced value of installed meter assets rental income, excluding value added tax. Rental income receivable is accounted for in the year in which the meter is rented. |
Intangible assets |
Intangible assets that are acquired separately by the company are stated at cost less accumulated amortisation and accumulated impairment losses. |
Software and system assets are recognised at cost, including those internal costs attributable to the development and implementation of the asset in order to bring it into use. Cost comprises all directly attributable costs, including costs of employee benefits arising directly from the development and implementation of software and system assets. |
Amortisation is charged to the statement of profit and loss on a straight-line basis over the estimated useful life of the intangible assets from the date they are available for use. The estimated useful lives are as follows: |
Computer software | - | Straight line over 4 years |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets relate to assets under the course of construction which include smart metering, or other metering, assets which are acquired by the Group on the basis that they will be installed on customer premises. |
Assets under construction are not depreciated until the period they are brought into use. |
Taxation |
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. |
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. |
Going concern |
The financial statements are prepared on a going concern basis. |
At 31 December 2022 the Group had net assets of £14.8m (2021: £9.3m) and cash of £19.0m (2021: £7.0m). |
Management prepares detailed budgets and forecasts of financial performance and cash flow (including capital commitments) over the coming 12 to 36 months. The Board has confidence in achieving such targets and forecasts and has performed comprehensive analysis of various risks and sensitivities in relation to performance, the energy market, and the wider economy. |
The group has demonstrated significant progress in its results. |
Summary |
Following extensive review of the Group's forward business plan and associated risks and sensitivities to these base forecasts, the Board concludes that it is appropriate to prepare the financial statements on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the period ended 31 December 2022. |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
Period |
19.8.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
19.8.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£'000 | £'000 |
Interest Payable | 4 | - |
5. | LOSS BEFORE TAXATION |
The loss before taxation is stated after charging: |
Period |
19.8.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£'000 | £'000 |
Depreciation - owned assets |
Computer software amortisation |
Auditors' remuneration |
6. | TAXATION |
Analysis of tax expense |
Period |
19.8.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£'000 | £'000 |
Deferred tax |
Total tax expense in statement of comprehensive income |
7. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£'000 |
COST |
Additions |
At 31 December 2023 |
AMORTISATION |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Installed |
meters |
£'000 |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Other receivables |
10. | LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Other loans (see note 12) |
Trade payables |
Amounts owed to group undertakings |
Accruals |
11. | LIABILITIES: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£'000 | £'000 |
Other loans (see note 12) |
12. | FINANCIAL LIABILITIES - BORROWINGS |
2023 | 2022 |
£'000 | £'000 |
Current: |
Other loans | 3 | - |
Non-current: |
Other loans more than one year | 352 | - |
Other loan balances are secured against the assets to which the agreement relates. |
Kensington Meter Assets Ltd (Registered number: 14306708) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£'000 | £'000 |
Deferred tax |
Deferred |
tax |
£'000 |
Provided during year | 144 |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
15. | RESERVES |
Retained |
earnings |
£'000 |
At 1 January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
16. | ULTIMATE PARENT COMPANY |
The immediate parent undertaking is Yü Services Limited. The Company's ultimate parent undertaking is Yü Group PLC, a company incorporated in the United Kingdom. |
The largest and smallest group in which the results of the Company are consolidated is that headed by Yü Group PLC. No other group financial statements include the results of the Company. Copies of Group accounts can be obtained from the parent company at CPK House, 2 Horizon Place, Mellors Way, Nottingham, NG8 6PY. |
17. | EVENTS AFTER THE REPORTING PERIOD |
There are no significant or disclosable post balance sheet events. |
18. | AUDIT EXEMPTION |
The Company has taken advantage of audit exemption for the year as its parent undertaking, Yü Group PLC has guaranteed the debts of the Company at the balance sheet date which has been given under Section 479C of the Companies Act 2006. |