Albion Water Limited 03102176 false 2023-07-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of water, sewerage, drainage and allied services to developers and primarily new housing Digita Accounts Production Advanced 6.30.9574.0 true true 03102176 2023-07-01 2024-03-31 03102176 2024-03-31 03102176 core:RetainedEarningsAccumulatedLosses 2024-03-31 03102176 core:ShareCapital 2024-03-31 03102176 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03102176 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03102176 core:OtherResidualIntangibleAssets 2024-03-31 03102176 core:FurnitureFittingsToolsEquipment 2024-03-31 03102176 core:LandBuildings 2024-03-31 03102176 core:MotorVehicles 2024-03-31 03102176 core:OtherPropertyPlantEquipment 2024-03-31 03102176 core:PlantMachinery 2024-03-31 03102176 bus:SmallEntities 2023-07-01 2024-03-31 03102176 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-03-31 03102176 bus:FullAccounts 2023-07-01 2024-03-31 03102176 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 03102176 bus:RegisteredOffice 2023-07-01 2024-03-31 03102176 bus:Director9 2023-07-01 2024-03-31 03102176 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-03-31 03102176 core:ComputerSoftware 2023-07-01 2024-03-31 03102176 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-03-31 03102176 core:OtherResidualIntangibleAssets 2023-07-01 2024-03-31 03102176 core:ConstructionInProgressAssetsUnderConstruction 2023-07-01 2024-03-31 03102176 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-03-31 03102176 core:LandBuildings 2023-07-01 2024-03-31 03102176 core:MotorVehicles 2023-07-01 2024-03-31 03102176 core:OfficeEquipment 2023-07-01 2024-03-31 03102176 core:OtherPropertyPlantEquipment 2023-07-01 2024-03-31 03102176 core:PlantMachinery 2023-07-01 2024-03-31 03102176 6 2023-07-01 2024-03-31 03102176 countries:England 2023-07-01 2024-03-31 03102176 2023-06-30 03102176 core:OtherResidualIntangibleAssets 2023-06-30 03102176 core:FurnitureFittingsToolsEquipment 2023-06-30 03102176 core:LandBuildings 2023-06-30 03102176 core:MotorVehicles 2023-06-30 03102176 core:OtherPropertyPlantEquipment 2023-06-30 03102176 core:PlantMachinery 2023-06-30 03102176 2022-07-01 2023-06-30 03102176 2023-06-30 03102176 core:RetainedEarningsAccumulatedLosses 2023-06-30 03102176 core:ShareCapital 2023-06-30 03102176 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03102176 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03102176 core:OtherResidualIntangibleAssets 2023-06-30 03102176 core:FurnitureFittingsToolsEquipment 2023-06-30 03102176 core:LandBuildings 2023-06-30 03102176 core:MotorVehicles 2023-06-30 03102176 core:OtherPropertyPlantEquipment 2023-06-30 03102176 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure

Company registration number: 03102176

Albion Water Limited

Filleted Annual Report and Unaudited Financial Statements

for the Period from 1 July 2023 to 31 March 2024

 

Albion Water Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Albion Water Limited

(Registration number: 03102176)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,496

24,493

Tangible assets

5

12,471,844

12,601,677

 

12,492,340

12,626,170

Current assets

 

Debtors

6

1,113,256

832,440

Cash at bank and in hand

 

190,458

274,552

 

1,303,714

1,106,992

Creditors: Amounts falling due within one year

7

(2,210,509)

(1,533,302)

Net current liabilities

 

(906,795)

(426,310)

Total assets less current liabilities

 

11,585,545

12,199,860

Non-current deferred income: (amortised over the useful economic life of the associated infrastructure asset)

7

(11,663,941)

(11,871,426)

Net (liabilities)/assets

 

(78,396)

328,434

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(78,397)

328,433

Total equity

 

(78,396)

328,434

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

 

Albion Water Limited

(Registration number: 03102176)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 


A Shore
Director

   
 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
TA1 2PX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. These financial statements are presented in Sterling (£).

Going concern

At the year end the company had net current and net liabilities, however it has assets and sufficient finance in place for the company to meet its liabilities as they fall due. Therefore the financial statements have been prepared on a going concern basis.

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

Turnover recognition

Supply of water and sewerage services:

The nature of the water industry in the UK is such that revenue recognition is subject to a degree of estimation. The assessment of water sales to customers is based on internal data where final settlement data is not yet available. At the end of each period, amounts of water delivered to customers are estimated and the corresponding billed and unbilled revenue is assessed and recorded in Revenue. For the purpose of the judgement various factors are considered such as seasonality, historic billing profiles, leakage data and general economic conditions.

The company, under the license granted by the Government, has the right to supply water and sewerage services to customers, together with an obligation to maintain and develop the network and ensure its continued availability. Revenue from contracts with customers is recognised when control of these goods or services are transferred to the customer at an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services.

For metered customers this amount is determined by the meter reading. For unmetered customers, the amount to which the Company has a right to receive is determined by the passage of time during which the customer occupies a property within the Company's licensed region. Revenue represents income receivable in the ordinary course of business, excluding VAT, for services provided. Revenue is recognised to the extent that it is probable that economic benefits will flow to the Company.

Variable Consideration:

Unbilled receivables are considered to be a variable consideration which is not constrained as the Company considers it to be highly probable that a significant amount will not be reversed after year end. Unbilled receivables and the variable consideration are estimated using the most likely outcome approach.

Developer Services:

These are services related to the obligation under statute to allow property developers to establish an authorised connection to the water and/or sewerage network. In obtaining the connection the developer may require the Company to undertake one or more of the of the following:
(i) Connections and meter installation in exchange for payment.
(ii) Adoptions of water and wastewater mains.

The developer is also required to pay infrastructure charges being a contribution to network reinforcement.

Period over which performance obligations are satisfied:

From the perspective of the Company these activities are not separable nor distinct and instead form a bundle of activities necessary to establish an authorised connection from which the network access can be obtained. Also, the Company has an additional obligation under statute to keep the connection in place for all current and future occupiers and facilitate ongoing access to the network for as long as the property requires service provision. Consequently, revenue from Developer Services will be deferred over the shorter of expected period of service provision or the need to replace the assets at the end of their useful life (typically in the range 60 to 125 years).

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

Deferred Grants and Contributions

Grants and contributions in respect of specific expenditure on non-infrastructure fixed assets are treated as contract liability and recognised in the profit and loss account over the expected useful economic lives of the related assets.

Grants and contributions relating to infrastructure assets are amortised over an average of between 60 and 125 years.

Under FRS102-1A sewers adopted at nil cost to the company are shown in contract liabilities at a fair value, equivalent to the estimated cost of construction, and amortised at the same rate as infrastructure assets are depreciated.

Tax

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as seperate items of property, plant and equipment.

Leases which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Where land and buildings are held under leases the accounting treatment of the land is considered seperately from that of the buildings. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and accumulated impairment losses.

Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. The estimated useful lives are as follows:

Asset class

Depreciation method and rate

Land and Buildings

10 - 125 years

Plant, equipment and vehicles

3 - 20 years

Office and IT equipment

3 - 15 years

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

Infrastructure assets

60 - 125 years

Intangible assets

Intangible assets that are acquired by the company are stated at cost less accumulated amortisation and less accumulated impairment losses

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Specialised computer software

10 years

In-house software develpoment

5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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.

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 11 (2023 - 10).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

98,384

98,384

At 31 March 2024

98,384

98,384

Amortisation

At 1 July 2023

73,891

73,891

Amortisation charge

3,997

3,997

At 31 March 2024

77,888

77,888

Carrying amount

At 31 March 2024

20,496

20,496

At 30 June 2023

24,493

24,493

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Infrastructure assets
£

Total
£

Cost or valuation

At 1 July 2023

1,058,952

46,634

-

1,817,817

11,977,126

14,900,529

Additions

-

-

10,652

97,314

-

107,966

At 31 March 2024

1,058,952

46,634

10,652

1,915,131

11,977,126

15,008,495

Depreciation

At 1 July 2023

137,619

22,908

-

392,671

1,745,654

2,298,852

Charge for the period

11,907

2,373

1,597

96,427

125,495

237,799

At 31 March 2024

149,526

25,281

1,597

489,098

1,871,149

2,536,651

Carrying amount

At 31 March 2024

909,426

21,353

9,055

1,426,033

10,105,977

12,471,844

At 30 June 2023

921,333

23,726

-

1,425,146

10,231,472

12,601,677

Included within the net book value of land and buildings above is £909,426 (2023 - £921,333) in respect of freehold land and buildings.
 

 

Albion Water Limited

Notes to the Unaudited Financial Statements
for the Period from 1 July 2023 to 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

494,070

412,443

Prepayments

48,858

20,815

Other debtors

570,328

399,182

 

1,113,256

832,440

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

997,498

616,381

Amounts owed to connected undertakings

709,220

657,214

Taxation and social security

4,692

18,309

Other creditors

499,099

241,398

2,210,509

1,533,302

Non-current deferred income

Deferred income and developer contributions

11,663,941

11,871,426

The amounts owed to connected undertakings are unsecured and interest is charged at a rate of 8%. The balance is repayable on demand.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,080 (2023 - £9,427).

9

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £5,959 (2023 - £7,542).

Contributions totalling £(854) (2023 - £1,547) were payable to the scheme at the end of the period and are included in creditors.