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REGISTERED NUMBER: 14306708 (England and Wales)



















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: P E Rawson
B B Kalar





REGISTERED OFFICE: CPK House
2 Horizon Place
Mellors Way
Nottingham
Nottinghamshire
NG8 6PY





REGISTERED NUMBER: 14306708 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
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.

P E Rawson
B B Kalar

ON BEHALF OF THE BOARD:





P E Rawson - Director


19 June 2024

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 77 -

Administrative expenses 89 4
OPERATING LOSS (12 ) (4 )

Interest payable and similar expenses 4 (4 ) -
LOSS BEFORE TAXATION 5 (16 ) (4 )

Tax on loss 6 144 -
LOSS FOR THE FINANCIAL YEAR (160 ) (4 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(160

)

(4

)

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 6 -
Tangible assets 8 1,155 53
1,161 53

CURRENT ASSETS
Trade and other receivables 9 82 1
Cash at bank 108 -
190 1
LIABILITIES
Amounts falling due within one year 10 1,019 58
NET CURRENT LIABILITIES (829 ) (57 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

332

(4

)

LIABILITIES
Amounts falling due after more than one
year

11

(352

)

-

PROVISIONS FOR LIABILITIES 13 (144 ) -
NET LIABILITIES (164 ) (4 )

CAPITAL AND RESERVES
Called up share capital 14 - -
Retained earnings 15 (164 ) (4 )
SHAREHOLDERS' FUNDS (164 ) (4 )

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

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 and were signed on its behalf by:





P E Rawson - Director


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 - (4 ) (4 )
Balance at 31 December 2022 - (4 ) (4 )

Changes in equity
Total comprehensive income - (160 ) (160 )
Balance at 31 December 2023 - (164 ) (164 )

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 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 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 29 -
Computer software amortisation 2 -
Auditors' remuneration 10 -

6. TAXATION

Analysis of tax expense
Period
19.8.22
Year Ended to
31.12.23 31.12.22
£'000 £'000
Deferred tax 144 -
Total tax expense in statement of comprehensive income 144 -

7. INTANGIBLE FIXED ASSETS
Computer
software
£'000
COST
Additions 8
At 31 December 2023 8
AMORTISATION
Amortisation for year 2
At 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 6

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 53
Additions 1,131
At 31 December 2023 1,184
DEPRECIATION
Charge for year 29
At 31 December 2023 29
NET BOOK VALUE
At 31 December 2023 1,155
At 31 December 2022 53

9. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Other receivables 82 1

10. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Other loans (see note 12) 3 -
Trade payables 143 5
Amounts owed to group undertakings 862 53
Accruals 11 -
1,019 58

11. LIABILITIES: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£'000 £'000
Other loans (see note 12) 352 -

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 144 -

Deferred
tax
£'000
Provided during year 144
Balance at 31 December 2023 144

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Retained
earnings
£'000

At 1 January 2023 (4 )
Deficit for the year (160 )
At 31 December 2023 (164 )

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.