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Registered number:  09764528














PURE UTILITY SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


 
PURE UTILITY SOLUTIONS LIMITED
 
 
COMPANY INFORMATION


Director
I W Lawson 




Registered number
09764528



Registered office
701 Clock Face Road

Widnes

WA8 3XX




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

Merseyside

L3 9QJ





 
PURE UTILITY SOLUTIONS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10 - 11
Statement of cash flows
 
12 - 13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 29


 
PURE UTILITY SOLUTIONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Business review
 
Pure Utility Solutions Limited is a leading provider of specialist drainage solutions in the UK. The company offers a comprehensive range of services, including drain unblocking, CCTV surveys, drain repairs, and preventative maintenance, serving both residential and commercial clients.
In 2024, the company continued to expand its operations, investing in advanced technology and strengthening its workforce to meet increasing demand. Despite ongoing economic challenges, the company has maintained a strong market position, driven by its commitment to service excellence, innovation, and customer satisfaction.
Financial Performance
For the year ended 30 September 2024, the company reported revenue of £10,568,735, representing a 2.2% increase compared to £10,345,061 in 2023. This growth was primarily attributed to increased customer demand, new contracts and adverse weather conditions. 
Gross profit for the year was £2,531,248, with a gross profit margin of 24% (2023: 28.2%). The decline in gross margin was due to changes in market conditions and increased labour costs.
Operating profit stood at £842,187 (2023: £1,560,508), reflecting the current year investment in new equipment.
Net profit after tax amounted to £585,574, compared to £1,124,550 in 2023. The company's financial position remains strong, with a closing cash balance of £2,164,707 and net assets of £5,394,691.
Future Outlook
Looking ahead, the company is committed to strengthening its market position through:
• Continued investment in innovative drainage solutions.
• Expansion into new regional markets.
• Enhancing workforce skills through targeted training programs.
• Further improving sustainability practices.
The Board remains confident in the company's ability to deliver sustained growth and profitability in 2025 and beyond.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to the normal commercial risks of our market sector.
The key business risks affecting the company are considered to relate to health and safety, contractual liability and non payment. The company actively manages these risks through strategic planning, supplier diversification, and adherence to industry best practices.

Financial key performance indicators
 
The company uses a range of industry specific, tailored KPIs to monitor the company's profitability and working capital requirements. 

Page 1

 
PURE UTILITY SOLUTIONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


This report was approved by the board on 11 April 2025 and signed on its behalf.



I W Lawson
Director

Page 2

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £585,574 (2023 - £1,124,550).

No dividends were paid in the year (2023 - nil).

Director

The director who served during the year was:

I W Lawson 

Future developments

The directors are satisfied with the result for the year and are positive for the future, based on the ongoing improvement initiatives within the business.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





I W Lawson
Director

Date: 11 April 2025

Page 4

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE UTILITY SOLUTIONS LIMITED
 

Opinion


We have audited the financial statements of Pure Utility Solutions Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE UTILITY SOLUTIONS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE UTILITY SOLUTIONS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with those frameworks by making enquiries of management.
 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• Enquiries of management; and
• Journal entry testing, with a focus on journals indicating large or unusual transactions based on our 
          understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. 
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. 
Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of
Page 7

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE UTILITY SOLUTIONS LIMITED (CONTINUED)


material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants & Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
Merseyside
L3 9QJ

11 April 2025
Page 8

 
PURE UTILITY SOLUTIONS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

  

Turnover
 4 
10,568,735
10,345,061

Cost of sales
  
(8,037,486)
(7,426,039)

Gross profit
  
2,531,249
2,919,022

Administrative expenses
  
(1,689,062)
(1,358,513)

Operating profit
  
842,187
1,560,509

Interest receivable and similar income
 9 
48,620
16,486

Interest payable and similar expenses
 10 
(111,943)
(91,849)

Profit before tax
  
778,864
1,485,146

Tax on profit
 11 
(193,290)
(360,596)

Profit after tax
  
585,574
1,124,550

  

  

Retained earnings at the beginning of the year
  
4,809,017
3,684,467

  
4,809,017
3,684,467

Profit for the year
  
585,574
1,124,550

Retained earnings at the end of the year
  
5,394,591
4,809,017
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 15 to 29 form part of these financial statements.

Page 9

 
PURE UTILITY SOLUTIONS LIMITED
REGISTERED NUMBER: 09764528

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,792,532
3,482,030

  
3,792,532
3,482,030

Current assets
  

Stocks
 13 
332,129
358,687

Debtors: amounts falling due within one year
 14 
2,791,878
3,212,600

Cash at bank and in hand
 15 
2,164,707
1,456,228

  
5,288,714
5,027,515

Creditors: amounts falling due within one year
 16 
(1,269,477)
(1,301,635)

Net current assets
  
 
 
4,019,237
 
 
3,725,880

Total assets less current liabilities
  
7,811,769
7,207,910

Creditors: amounts falling due after more than one year
 17 
(1,514,602)
(1,571,032)

Provisions for liabilities
  

Deferred tax
 21 
(902,476)
(827,761)

  
 
 
(902,476)
 
 
(827,761)

Net assets
  
5,394,691
4,809,117


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
5,394,591
4,809,017

  
5,394,691
4,809,117

Page 10

 
PURE UTILITY SOLUTIONS LIMITED
REGISTERED NUMBER: 09764528
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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



I W Lawson
Director

Date: 11 April 2025

The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
PURE UTILITY SOLUTIONS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
585,574
1,124,550

Adjustments for:

Depreciation of tangible assets
779,650
704,690

Loss on disposal of tangible assets
138,114
(5,317)

Interest paid
111,943
91,849

Interest received
(48,620)
(16,486)

Taxation charge
193,290
360,596

Decrease/(increase) in stocks
26,558
(173,303)

Decrease/(increase) in debtors
1,271,473
(971,023)

(Increase)/decrease in amounts owed by groups
(862,752)
-

Decrease/(increase) in amounts owed by participating ints
12,000
(12,000)

(Decrease)/increase in creditors
(23,095)
63,869

Increase/(decrease)) in amounts owed to participating ints
20,823
(11,268)

Corporation tax (paid)
(161,937)
(85,047)

Net cash generated from operating activities

2,043,021
1,071,110


Cash flows from investing activities

Purchase of tangible fixed assets
(1,352,035)
(1,668,627)

Sale of tangible fixed assets
123,773
18,850

Interest received
48,620
16,486

HP interest paid
(111,943)
(79,117)

Net cash from investing activities

(1,291,585)
(1,712,408)

Cash flows from financing activities

Repayment of loans
(137,500)
(50,000)

Repayment of/new finance leases
94,542
537,805

Interest paid
-
(12,732)

Net cash used in financing activities
(42,958)
475,073

Net increase/(decrease) in cash and cash equivalents
708,478
(166,225)

Cash and cash equivalents at beginning of year
1,456,229
1,622,453

Cash and cash equivalents at the end of year
2,164,707
1,456,228


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,164,707
1,456,228
Page 12

 
PURE UTILITY SOLUTIONS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£


2,164,707
1,456,228


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
PURE UTILITY SOLUTIONS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024





At 1 October 2023
Cash flows
New finance leases
At 30 September 2024
£

£

£

£

Cash at bank and in hand

1,456,228

708,479

-

2,164,707

Debt due after 1 year

(87,500)

87,500

-

-

Debt due within 1 year

(50,000)

1,174

-

(48,826)

Finance leases

(2,091,625)

596,298

(690,842)

(2,186,169)


(772,897)
1,393,451
(690,842)
(70,288)

The notes on pages 15 to 29 form part of these financial statements.
Page 14

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.09764528). The address of the registered office is 701 Clock Face Road, Widnes, Cheshire, WA8 3XX.
These financial statements present the results of Pure Utility Solutions Limited as an individual entity. The principal activity of the company is that of drain and sewage specialists. Copies of the parent company group accounts may be obtained from Companies House, Cardiff, CF14 3UZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The presentation currency of these financial statements is pound sterling; the financial statements
are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 16

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures & fittings
-
20%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 18

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 19

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets and the value of bad debts.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
32,376
30,826

Page 20

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,500
12,000


7.


Employees

2024
2023
£
£

Wages and salaries
4,423,496
3,546,346

Social security costs
408,047
333,073

Cost of defined contribution scheme
58,218
42,851

4,889,761
3,922,270


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Direct Staff
89
78



Indirect Staff
22
19

111
97


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
65,500
65,679

Company contributions to defined contribution pension schemes
1,331
1,321

66,831
67,000


During the year retirement benefits were accruing to one director (2023 - NIL) in respect of defined contribution pension schemes.

Page 21

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
48,620
16,486

48,620
16,486


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
12,732

Finance leases and hire purchase contracts
111,943
79,117

111,943
91,849


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
118,575
112,505


118,575
112,505


Total current tax
118,575
112,505

Deferred tax


Origination and reversal of timing differences
74,715
248,091

Total deferred tax
74,715
248,091


Tax on profit
193,290
360,596
Page 22

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
778,864
1,485,146


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
194,716
369,046

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,646
633

Other differences leading to an increase (decrease) in the tax charge
(4,072)
(9,083)

Total tax charge for the year
193,290
360,596

Page 23

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
376,400
4,875,455
9,909
64,420
5,326,184


Additions
228,919
1,110,496
3,269
9,354
1,352,038


Disposals
(1,674)
(707,746)
-
-
(709,420)



At 30 September 2024

603,645
5,278,205
13,178
73,774
5,968,802



Depreciation


At 1 October 2023
112,756
1,695,189
1,134
35,074
1,844,153


Charge for the year on owned assets
61,823
127,914
1,627
11,657
203,021


Charge for the year on financed assets
-
576,629
-
-
576,629


Disposals
(28)
(447,505)
-
-
(447,533)



At 30 September 2024

174,551
1,952,227
2,761
46,731
2,176,270



Net book value



At 30 September 2024
429,094
3,325,978
10,417
27,043
3,792,532



At 30 September 2023
263,644
3,180,266
8,775
29,345
3,482,030

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
2,839,491
2,666,612

2,839,491
2,666,612

Page 24

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Stocks

2024
2023
£
£

Work in progress
332,129
358,687

332,129
358,687



14.


Debtors

2024
2023
£
£


Trade debtors
1,851,085
2,396,986

Amounts owed by group undertakings
862,752
-

Amounts owed from other participating interests
-
12,000

Other debtors
2,971
726,090

Prepayments and accrued income
27,138
21,880

Tax recoverable
47,932
55,644

2,791,878
3,212,600



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,164,707
1,456,228

2,164,707
1,456,228


Page 25

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
50,000

Trade creditors
208,036
286,790

Amounts owed to other participating interests
20,823
-

Corporation tax
69,143
112,505

Other taxation and social security
69,575
95,748

Obligations under finance lease and hire purchase contracts
671,567
608,093

Other creditors
114,954
58,807

Accruals and deferred income
115,379
89,692

1,269,477
1,301,635



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
87,500

Net obligations under finance leases and hire purchase contracts
1,514,602
1,483,532

1,514,602
1,571,032


The following liabilities were secured:

2024
2023
£
£



Net obligations under finance leases and hire purchase contracts
2,186,169
2,091,625

2,186,169
2,091,625

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

Page 26

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
50,000

Amounts falling due 1-2 years

Bank loans
-
50,000

Amounts falling due 2-5 years

Bank loans
-
37,500


-
137,500



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
671,567
683,850

Between 1-5 years
1,813,882
1,731,384

2,485,449
2,415,234


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,164,707
1,456,228




Financial assets measured at fair value through profit or loss comprise of cash at bank.
Page 27

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
(827,761)


Charged to profit or loss
(74,715)



At end of year
(902,476)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(906,991)
(835,903)

Short term timing differences
4,515
8,142

(902,476)
(827,761)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Profit & loss account

The profit and loss account represents all accumulated profits.


24.


Pension commitments

The Company operates a defined contributions pension scheme. 
The assets of the scheme are held separately from those of the Company  in an independently administered fund. 
The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,361 (2023: £42,851). 
Contributions totalling £13,395 (2023: £9,035) were payable to the fund at the balance sheet date and are included in creditors.

Page 28

 
PURE UTILITY SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Related party transactions

Included in other creditors is an amount of £48,826 due to (2023: £588,619 due from) I W Lawson, a director.
Included in other creditors is an amount of £20,823 (2023: £12,000 due from) due to North West Envirotruck Ltd (previously Bold Heath Commercials Limited), a company under common control.
 
Included in other debtors is an amount of £862,752 (2023: £nil) due from Pure Engineering Holdings Ltd, the ultimate parent company. 
Included in other debtors is an amount of £130 (2023: £13) due from Pure Environmental Solutions Ltd (previously Pure Pump Services Ltd), a company under common control.


26.


Controlling party

Pure Engineering Holdings Limited is regarded by the directors as being the company's ultimate parent company. 
Copies of the accounts of Pure Engineering Holdings Limited may be obtained from Companies House, Cardiff, CH14 3UZ.
The ultimate controlling party is I W Lawson, by virtue of his shareholding in the company's parent undertaking. 

 
Page 29