Company registration number 15007945 (England and Wales)
UIM SERVICES UK LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UIM SERVICES UK LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
UIM SERVICES UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
4
37,703,002
Current assets
Debtors
5
19,461
Cash at bank and in hand
71,701
91,162
Creditors: amounts falling due within one year
6
(22,439,678)
Net current liabilities
(22,348,516)
Net assets
15,354,486
Capital and reserves
Called up share capital
17,500,000
Profit and loss reserves
(2,145,514)
Total equity
15,354,486

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered 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 30 April 2025 and are signed on its behalf by:
Mr J Kelly
Director
Company Registration No. 15007945
UIM SERVICES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

UIM Services UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Innovation House, Cray Road, Sidcup, Kent, DA14 5DP.

1.1
Reporting period

The company was incorporated on 17 July 2023. These financial statements cover the long period from incorporation to 31 December 2024 and have no comparative period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

UIM SERVICES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
4
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
37,703,002
UIM SERVICES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 17 July 2023
-
Additions
37,703,002
At 31 December 2024
37,703,002
Carrying amount
At 31 December 2024
37,703,002
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
19,461
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
59,839
Amounts owed to group undertakings
22,370,839
Other creditors
9,000
22,439,678
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Toby Mason
Statutory Auditor:
Azets Audit Services
UIM SERVICES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
8
Related party transactions

Kanal Service Holding AG

 

At the year end, the company owed £16,335,262 to Kanalservice Holding AG, the immediate parent of the company. For the years 2023 and 2024, the interest rate is 9% per annum. Interest is payable at end of each quarter. The loan is payable fully no later than 31 December 2028.

 

During the year, the company paid interest of £1,574,547 on the loan. During the year, the company also paid management fee of £171,853.

 

 

Defluo Plumbing and Drainage Limited

 

At the year end, the company owed £6,073,753 to Defluo Plumbing and Drainage Limited, the wholly owned subsidiary of the company. For the years 2023 and 2024, the interest rate is 9% per annum. Interest is payable at end of each quarter. The loan is payable fully no later than December 31,2028.

 

During the year, the company paid interest of £384,493 on the loan. During the year, the company received management fee of £163,854.

9
Parent company

The ultimate controlling party of the company is UIM Services HoldCo AG, a company incorporated in Switzerland.

 

The immediate parent company is Kanalservice Holding AG, a company incorporated in Switzerland.

 

The largest and smallest groups in which the results of the company are consolidated are those headed by UIM Services HoldCo AG, a company incorporated in Switzerland.

 

Copies of the group financial statements of UIM Services HoldCo AG are available from the company's registered office address Huobstrasse 3, 8808 Pfaffikon SZ, Aktiengesellschaft (Neueintragung).

10
Contingent Liability

As part of the acquisition of Defluo Plumbing and Drainage Limited, the share purchase agreement includes contingent consideration of up to £7,500,000, payable in three equal instalments of £2,500,000 over the financial years 2023, 2024, and 2025.

 

The contingent consideration is subject to the acquired business achieving minimum adjusted EBITDA targets for FY23, FY24, and FY25.

 

The EBITDA target for FY23 was met, and the first instalment of £2,500,000 has been paid. However, based on the latest financial performance, the estimated adjusted EBITDA for FY24 falls below the required threshold. As a result, it is currently considered unlikely that the contingent consideration for FY24 and FY25 will become payable.

 

In accordance with FRS 102, Section 19, no liability has been recognised for the remaining contingent consideration in the financial statements. The arrangement will be reassessed at each reporting date, and if future performance indicates that further payments become probable, a liability will be recognised at that point.

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