Company registration number 02889625 (England and Wales)
CLC UTILITY SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CLC UTILITY SERVICES LIMITED
COMPANY INFORMATION
Directors
A England
D Northrop
D Pearce
E Body
C Hall
Company number
02889625
Registered office
Codham Hall Lane
Great Warley
Brentwood
Essex
CM13 3JT
Auditor
Affinia (Orpington)
Lynwood House
Crofton Road
Orpington
BR6 8QE
Bankers
National Westminster Bank Plc
P.O. Box 12
6 High Street
Chelmsford
Essex
CM1 1BL
Solicitors
Clarkson, Wright & Jakes
Valiant House
12 Knoll Rise
Orpington
Kent
BR6 0PG
CLC UTILITY SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 29
CLC UTILITY SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
CLC is a leading service provider in the utilities and civil engineering sector, specialising in the delivery of planned and reactive works for water & Power infrastructure. We operate across London, East & Southeast of the UK, supporting regulated utility clients through a mix of capital programmes and long-term high-volume contracts such as repair and maintenance, reinstatement & smart metering.
The business continues to build on a reputation for high standards, safety-first delivery, and collaborative working with clients and supply chain partners.
Objectives and Strategy
CLC’s strategic vision is to be the trusted delivery partner of choice for critical infrastructure in the UK. Our key strategic objectives are:
Sustainable growth through expansion into complementary services and new geographic regions.
Operational excellence via investment in people, systems, and innovation.
Customer experience, measured through client feedback, quality scores, and repeat work.
Resilient delivery, underpinned by strong SHEQ performance and commercial control.
In 2024, we focused on strengthening our operational delivery capability, mobilising a new smart metering contract, and enhancing our leadership capacity to support future growth.
Principal risks and uncertainties
CLC operates in a dynamic and regulated environment. Key risks include:
Workforce availability: mitigated through strong training and recruitment partnerships.
Regulatory changes: particularly in water sector investment cycles (AMP8 readiness). This is mitigated through continuous engagement with clients, monitoring of sector developments, and maintaining internal compliance functions.
Sector specific wage inflation: reduced through solid commercial understanding of the current environment and increasing people retention.
High interest and inflation rates: the company actively monitors input costs and maintains flexible commercial arrangements with clients and suppliers to manage exposure.
Supply and demand pressure : CLC mitigates this through long-term supplier relationships, investment in training, and strategic workforce planning.
Data breach and cyber attacks: CLC have strengthened its cybersecurity framework through regular vulnerability testing, updated protocols, and staff awareness training.
Health, Safety and Environment: mitigated through robust controls and continuous improvement culture.
Our risk register is regularly reviewed by the senior leadership team and Board, with mitigation plans owned by individual directors.
Understanding the external environment is also key to positioning CLC for sustainable growth whilst managing risk. Below is a summary of the key Political, Economic, Social, Technological, Legal, and Environmental (PESTLE) factors currently shaping the UK utility sector and influencing our strategy.
CLC UTILITY SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Political
OFWAT's AMP8 programme and similar regulatory cycles across other utilities are driving a substantial increase in infrastructure investment.
Government policy continues to support the modernisation of ageing assets, Net Zero objectives, and improved service standards, all of which are fuelling demand for skilled delivery partners.
Public scrutiny over utility performance (e.g. water leakage, pollution incidents) is increasing pressure on end clients to deliver outcomes quickly and visibly—creating opportunity for agile contractors like CLC.
Economic
Wage inflation and the rising cost of materials remain key pressures, particularly in high-demand trades.
Contract-linked indexation mechanisms (RPI, CPI, CPIH) are lagging behind real-world cost increases, placing strain on contractor margins—particularly on long-term framework commitments—while elevated interest rates further exacerbate financial pressure by increasing the cost of financing working capital and investment in delivery capacity.
Contractors that lack agility risk under-recovery and prolonged exposure to cost increases.
CLC’s lean structure and responsive commercial model allow us to manage cost shifts quickly and protect profitability – this will enable us sustain high delivery standards for our clients without compromising profit or breaking budgetary constraints.
Social
Increasing public awareness around environmental sustainability, water conservation, and climate resilience is influencing infrastructure priorities.
Clients are placing greater emphasis on local employment, social value, and visible community impact—creating opportunities for SMEs with a local presence and longstanding reputation in the area.
The government’s plans to accelerate housebuilding, alongside the growing national demand for housing, will significantly increase pressure on existing infrastructure networks—driving the need for reinforcement, upgrades, and expanded capacity across utilities and public services.
Technological
There is a growing expectation for digital reporting, real-time data capture, and better visibility of field activities. The utility sector has historically lagged in digital adoption, but advances in AI and automation are accelerating modernisation across project delivery.
CLC has taken a proactive approach by investing in our proprietary platform, JMSx, which enables comprehensive information capture from the front end through to project completion. This data is compiled into automated reporting, driving more informed, real-time decision-making and continuous improvement.
We have also integrated AI into our risk assessment and mitigation processes through a long-term partnership with FYLD, tailoring the platform to meet our specific operational needs.
These investments not only enhance service quality, efficiency, and safety, but also reduce commercial risk by ensuring that critical data required for payment and compliance is captured accurately and consistently.
Legal
The legal and compliance landscape in the utility sector continues to tighten, with increasing scrutiny around safety, environmental standards, and Streetworks governance.
A key regulatory framework is the New Roads and Street Works Act (NRSWA), which places significant obligations on contractors undertaking works on the public highway. These include strict controls around permit compliance, reinstatement standards, site safety, and timely notification and completion.
Non-compliance with NRSWA can lead to fines, poor performance scoring, and strained client relationships. With the shift towards turnkey delivery, contractors are now exposed to greater risk, as the responsibility for compliance across all phases of work sits with the principal contractor.
CLC mitigates these risks through tight operational control, workforce training, and system-led compliance monitoring. Our digital platforms, JMSx & FYLD, track key NRSWA metrics in real-time, enabling proactive intervention to avoid breaches.
Strong goodwill with local authorities, developed over 31 years of consistent, compliant delivery, gives CLC an added level of operational flexibility and collaboration when managing permits and resolving issues.
CLC UTILITY SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Environmental
Environmental sustainability is now a central pillar of infrastructure investment, with utility clients under increasing pressure to meet Net Zero targets, reduce emissions, and improve resilience to climate change.
The water sector, in particular, faces mounting scrutiny over pollution, leakage, and environmental stewardship, which is driving investment not only in physical assets but in greener delivery methods and materials.
End clients are now integrating environmental KPIs into contract performance, including measures such as carbon footprint per job, recycled material usage, spoil reduction, and air quality impact. Contractors who cannot support these aims risk falling behind in competitive procurement.
CLC is actively aligning itself with this shift by:
Self-delivering reinstatement, giving us full control over materials, techniques, and waste management. This enables us to explore and deploy low-carbon alternatives, optimise reinstatement design, and reduce landfill dependency.
Reducing transport-related emissions through improved job planning, route optimisation, and potential investment in cleaner fleet options.
Using JMSx to capture environmental data at every stage of the job, supporting accurate carbon tracking, reporting, and client audit requirements.
Collaborating with clients to trial and roll out environmentally conscious materials and methods, positioning CLC as a proactive partner in sustainability innovation.
Development and performance
Business Performance Review
CLC delivered strong operational performance across its contract portfolio in 2024. Key highlights include:
Revenue of £34,917,410 for the 12-month period (2023: £49,212,290 for the extended 18-month period). This represents a 6.4% increase in average revenue per month, which was driven by new contract wins and increased scope on existing frameworks.
Gross profit margin increased by 2% to 21.2% (2023: 19.2%), reflecting effective commercial management and efficiency gains operationally.
Operationally, we:
Mobilised a major new smart metering installation programme for Essex & Suffolk Water.
Extended our 8+ year partnership with Affinity Water to 2029.
Recognised opportunity in a supply chain shortage for MoD related projects and now support numerous clients across numerous sites and disciplines.
Continue to invest in our in-house job management and CRM system to further its capability to enable data-based decision making.
Other information and explanations
Environmental, Social and Governance (ESG) Matters
Environmental: We are aiming to reduce our operational carbon footprint to 0% by 2030 as part of our mission for net 0. In 2024, we invested in electric vehicles and began trialling electric powered plant as part of our journey towards this. CLC have also maintained our UKAS accredited IS0 45001 which displays the correct management systems, processes and protocols are in place to protect the environment during our work.
Social: We maintained a directly employed, diverse workforce, and invested in and delivered ongoing training. Our apprenticeship programme was borne out of its design phase and we have started to create new entrants into the market – focusing on providing opportunities to our local communities through school leaver programmes and participating in college open days. We have also continued our CTP programme with the armed forces.
Governance: We continue to strengthen governance, particularly in health and safety, financial controls, and data management. A new Board structure was introduced in Q1 to support future scale.
CLC UTILITY SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Conclusion
We enter 2025 with a strong order book and growing presence in regulated utilities. Key priorities include:
Continuing our aim for zero harm delivery
Further investment in our Net 0 target.
Successfully mobilising Year 1 of our smart metering contract.
Continuous service improvement for current client base and expanded service offering to assist new demand.
Enhancing systems to support better data-driven decision-making.
Exploring targeted expansion in new geographies and complimentary services.
The management team remains confident in the resilience and opportunity within the utility sector and is committed to long-term value creation for all stakeholders.
A England
Director
20 June 2025
CLC UTILITY SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
The directors present their report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activities of the company during the year were that of the reinstatement of footways and carriageways and civil engineering work.
Results and dividends
The results for the year are set out on page 13.
Ordinary dividends were paid amounting to £2,257,291. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J Jupp
(Resigned 31 December 2023)
A England
D Northrop
D Pearce
E Body
C Hall
Auditor
In accordance with the company's articles, a resolution proposing that Affinia (Orpington) be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
CLC are pleased to see our gross carbon emissions reduce to 2,548.91 tCO2e (2023: 2,591.58 tCO2e), as shown in the table below.
| | | |
Emissions of CO2 equivalent | | | |
Scope 1 - direct emissions | | | |
| | | |
- Fuel consumed for owned transport | | | |
| | | |
Scope 2 - indirect emissions | | | |
| | | |
Scope 3 - other indirect emissions | | | |
| | | |
| | | |
| | | |
Tonnes of CO2e per employee | | | |
CLC UTILITY SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Quantification and reporting methodology
The Carbon Footprint Appraisal is derived from a combination of client data collection and data computation by Carbon Footprint’s analysts. Carbon Footprint’s analysts have calculated the emissions using the conversion factors developed by the UK Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS) for the year of reporting. These factors are multiplied with the company’s GHG activity data. Carbon Footprint has selected this preferred method of calculation as a government recognised approach and uses data which is realistically available from the client, particularly when direct monitoring is either unavailable or prohibitively expensive.
Carbon Footprint confirms that the methodology used to quantify the carbon footprint meets the following principles:
a) The subject and its boundaries have been clearly identified and documented.
b) The carbon footprint has been based on primary activity data unless the entity could not demonstrate that it was not practicable to do so, in which case an authoritative source of secondary data relevant to the subject was used.
c) The methodology employed minimised uncertainty and yielded accurate, consistent and reproducible results.
d) Emission factors used are germane to the activity concerned and current at the time of quantification.
e) Conversion of non-CO2 greenhouse gases to CO2e has been based upon the 100-year Global Warming Potential figures published by the IPCC or national (Government) publication.
f) Carbon footprint calculations have been made exclusive of any purchases of carbon offsets.
g) All carbon footprints have been expressed as an absolute amount in tCO2e. Any CO2 emissions from the combustion of biomass or business processes resulting in the reduction of greenhouse gases from the atmosphere will be detailed in the main report if relevant.
For SECR reporting, Scope 1 (Direct) emissions are those arising from natural gas heating and company vehicles. Scope 2 (Energy Indirect) emissions are from on-site consumption of purchased electricity, heat steaming and cooling. Scope 3 (Other Indirect) emissions come from the below:
*For the 2023 figures shown in the above table CLC has used similar methods to those described above.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
CLC UTILITY SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
On behalf of the board
A England
Director
20 June 2025
CLC UTILITY SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
CLC UTILITY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CLC UTILITY SERVICES LIMITED
- 9 -
Opinion
We have audited the financial statements of CLC Utility Services Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 June 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.
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 Auditor's 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 UK, including the FRC’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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CLC UTILITY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CLC UTILITY SERVICES LIMITED (CONTINUED)
- 10 -
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 directors' 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 directors' 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 directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
CLC UTILITY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CLC UTILITY SERVICES LIMITED (CONTINUED)
- 11 -
Auditor's 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 auditor’s 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.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of financial statements such as the Companies Act 2006, tax legislation regarding payroll, VAT and corporation tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users, or with unusual descriptions;
There are inherent limitations in the audit procedures detailed above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.
CLC UTILITY SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CLC UTILITY SERVICES LIMITED (CONTINUED)
- 12 -
Louise Hallsworth FCA
Senior Statutory Auditor
For and on behalf of Affinia (Orpington)
23 June 2025
Chartered Accountants
Statutory Auditor
Lynwood House
Crofton Road
Orpington
BR6 8QE
CLC UTILITY SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
3
34,917,410
49,212,290
Cost of sales
(27,491,015)
(39,757,578)
Gross profit
7,426,395
9,454,712
Administrative expenses
(6,104,133)
(4,112,955)
Operating profit
4
1,322,262
5,341,757
Interest receivable and similar income
7
97
5,515
Interest payable and similar expenses
8
(8,229)
Profit before taxation
1,322,359
5,339,043
Tax on profit
9
(353,197)
(1,076,182)
Profit for the financial year
969,162
4,262,861
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
CLC UTILITY SERVICES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
126,173
52,378
Current assets
Stocks
13
86,321
62,797
Debtors falling due after more than one year
14
93,778
164,708
Debtors falling due within one year
14
7,151,260
6,992,770
Cash at bank and in hand
3,471,592
3,787,510
10,802,951
11,007,785
Creditors: amounts falling due within one year
15
(6,568,009)
(5,558,152)
Net current assets
4,234,942
5,449,633
Total assets less current liabilities
4,361,115
5,502,011
Provisions for liabilities
Provisions
16
334,353
191,791
Deferred tax liability
17
4,671
(339,024)
(191,791)
Net assets
4,022,091
5,310,220
Capital and reserves
Called up share capital
20
18,500
18,500
Profit and loss reserves
4,003,591
5,291,720
Total equity
4,022,091
5,310,220
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
A England
Director
Company registration number 02889625 (England and Wales)
CLC UTILITY SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
18,500
2,978,859
2,997,359
Period ended 30 June 2023:
Profit and total comprehensive income
-
4,262,861
4,262,861
Dividends
10
-
(1,950,000)
(1,950,000)
Balance at 30 June 2023
18,500
5,291,720
5,310,220
Year ended 30 June 2024:
Profit and total comprehensive income
-
969,162
969,162
Dividends
10
-
(2,257,291)
(2,257,291)
Balance at 30 June 2024
18,500
4,003,591
4,022,091
CLC UTILITY SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,128,699
4,854,634
Interest paid
(8,229)
Income taxes paid
(1,065,000)
(988,919)
Net cash inflow from operating activities
2,063,699
3,857,486
Investing activities
Purchase of tangible fixed assets
(122,423)
(64,979)
Proceeds from disposal of tangible fixed assets
23,612
Interest received
97
5,515
Net cash used in investing activities
(122,326)
(35,852)
Financing activities
Dividends paid
(2,257,291)
(1,950,000)
Net cash used in financing activities
(2,257,291)
(1,950,000)
Net (decrease)/increase in cash and cash equivalents
(315,918)
1,871,634
Cash and cash equivalents at beginning of year
3,787,510
1,915,876
Cash and cash equivalents at end of year
3,471,592
3,787,510
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information
CLC Utility Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Codham Hall Lane, Great Warley, Brentwood, Essex, CM13 3JT.
1.1
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.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. Assets are considered on an item by item basis, bearing in mind their intended usage, as follows:
Improv. to premises
Over their useful economic life
Plant and machinery
25% straight line
Fixtures, fittings & equipment
Over their useful economic life
Motor vehicles
25% straight line
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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.
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.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets are recognised to the extent that their recovery is suffciently certain.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Trade Debtors
Trade debtors are amounts due from customers (including retentions) for services provided in the normal course of the business, less any provisions for bad debts.
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
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Provision of services
34,917,410
49,212,290
2024
2023
£
£
Other revenue
Interest income
97
5,515
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
23,500
Depreciation of owned tangible fixed assets
48,628
59,616
Profit on disposal of tangible fixed assets
-
(3,357)
Operating lease charges
175,937
184,500
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Direct staff
11
10
Office staff and management
26
22
Total
37
32
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,824,180
2,178,620
Social security costs
302,183
216,639
Pension costs
35,188
133,122
2,161,551
2,528,381
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
567,926
491,343
Company pension contributions to defined contribution schemes
13,804
115,905
581,730
607,248
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
230,700
110,600
Company pension contributions to defined contribution schemes
8,520
110,181
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
97
5,515
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
97
5,515
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
8,229
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
337,933
1,070,470
Deferred tax
Origination and reversal of timing differences
15,264
5,712
Total tax charge
353,197
1,076,182
The corporation tax rate increased from 19% to 25% on 1 April 2023.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,322,359
5,339,043
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
330,590
1,334,761
Tax effect of expenses that are not deductible in determining taxable profit
35,013
16,978
Gains not taxable
(839)
Effect of change in corporation tax rate
(250,003)
Permanent capital allowances in excess of depreciation
(27,670)
(52,479)
Tax payable under s455 CTA 2009
15,264
33,476
Deferred tax movement
(5,712)
Taxation charge for the year
353,197
1,076,182
10
Dividends
2024
2023
£
£
Interim paid
2,257,291
1,950,000
11
Tangible fixed assets
Improv. to premises
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
34,249
95,345
212,174
75,885
417,653
Additions
71,577
26,201
23,070
1,575
122,423
At 30 June 2024
105,826
121,546
235,244
77,460
540,076
Depreciation and impairment
At 1 July 2023
31,609
79,040
178,895
75,731
365,275
Depreciation charged in the year
3,020
14,284
31,050
274
48,628
At 30 June 2024
34,629
93,324
209,945
76,005
413,903
Carrying amount
At 30 June 2024
71,197
28,222
25,299
1,455
126,173
At 30 June 2023
2,640
16,305
33,279
154
52,378
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,509,406
6,517,955
Carrying amount of financial liabilities
Measured at amortised cost
5,675,253
3,649,107
13
Stocks
2024
2023
£
£
Raw materials and consumables
86,321
62,797
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
225,204
288,690
Corporation tax recoverable
65,186
65,186
Amounts owed by group undertakings
884,785
40,011
Other debtors
373,376
253,519
Prepayments and accrued income
5,602,709
6,334,771
7,151,260
6,982,177
Deferred tax asset (note 17)
10,593
7,151,260
6,992,770
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
93,778
164,708
Total debtors
7,245,038
7,157,478
Other Debtors above of £294,206 (2023: £253,519) represents Directors Loan Account balances.
Debtors falling due after more than one year represent retentions recoverable.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
2,634,013
2,785,519
Amounts owed to group undertakings
44,790
Corporation tax
(67,789)
659,278
Other taxation and social security
960,545
855,896
Deferred income
18
393,871
Other creditors
509,099
583,422
Accruals
2,532,141
235,376
6,568,009
5,558,152
16
Provisions for liabilities
2024
2023
£
£
Provision
334,353
191,791
Movements on provisions:
Provision
£
At 1 July 2023
191,791
Additional provisions in the year
142,562
At 30 June 2024
334,353
17
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated Capital Allowances
4,671
-
-
10,593
2024
Movements in the year:
£
Asset at 1 July 2023
(10,593)
Charge to profit or loss
15,264
Liability at 30 June 2024
4,671
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
18
Deferred income
2024
2023
£
£
Other deferred income
-
393,871
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,188
133,122
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
18,500
18,500
18,500
18,500
21
Operating lease commitments
Lessee
The company rents the property that it occupies at Codham Hall on an informal basis. There is therefore no lease commitment at the balance sheet date for the property.
The company leases many of the vehicles it uses on a month by month basis. The company is therefore able to terminate these agreements at short notice, and as such no lease commitment exists at the balance sheet date for these vehicles.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
70,600
Between two and five years
141,200
211,800
22
Related party transactions
Transactions with related parties
No guarantees have been given or received.
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
22
Related party transactions
(Continued)
- 28 -
Transactions with other related parties relates to the provision of services by entities associated to the directors of the company
CNJ Management Limited is a company registered in England and Wales (company number 07500943). CNJ Management Limited is a related party by virtue of the fact that A England and C Jupp were directors of this company during the period.
During the year purchases totalling £2,000,000 (2023: £nil) were made from CNJ Management Limited. Amounts due to CNJ Management Limited at year end were £2,000,000 (2023: £nil) and are included within creditors: amounts falling due within one year.
23
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
During the period A England had a loan of £232,906 (2023: £117,907); D Northrop had a loan of £36,300 (2023: £36,300) and D Pearce £25,000 (2023: £25,000). These amounts are outstanding at the year end and included in debtors due within 1 year.
24
Ultimate controlling party
CLC Utility Services Limited is controlled by its parent company CLC Utility Holdings Limited, a company registered in England and Wales (company number 13956743) by virtue of its 100% holding of the ordinary share capital.
25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
969,162
4,262,861
Adjustments for:
Taxation charged
353,197
1,076,182
Finance costs
8,229
Investment income
(97)
(5,515)
Gain on disposal of tangible fixed assets
-
(3,357)
Depreciation and impairment of tangible fixed assets
48,628
59,616
Increase in provisions
142,562
191,791
Movements in working capital:
(Increase)/decrease in stocks
(23,524)
35,490
Increase in debtors
(98,153)
(2,298,058)
Increase in creditors
2,130,795
2,259,574
Decrease in deferred income
(393,871)
(732,179)
Cash generated from operations
3,128,699
4,854,634
CLC UTILITY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
26
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
3,787,510
(315,918)
3,471,592
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