Company registration number 13956743 (England and Wales)
CLC UTILITY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Affinia
Lynwood House
Crofton Road
Orpington
BR6 8QE
CLC UTILITY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D B Northrop
Mr A England
Company number
13956743
Registered office
Lynwood House
Crofton Road
Orpington
BR6 8QE
Auditor
Affinia (Orpington)
Lynwood House
Crofton Road
Orpington
BR6 8QE
Business address
Codham Hall Lane
Great Warley
Brentwood
Essex
CM13 3JT
Bankers
National Westminster Bank Plc
P.O. Box 12
6 High Street
Chelmsford
Essex
CM1 1BL
CLC UTILITY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 36
CLC UTILITY HOLDINGS 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:

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.

Business performance review

The CLC Group delivered strong operational performance across its contract portfolio in 2024. Key highlights include:

Operationally, we:

 

CLC UTILITY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

CLC operates in a dynamic and regulated environment. Key risks include:

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.

Political

Economic

Social

CLC UTILITY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Technological

Legal

Environmental

 

CLC is actively aligning itself with this shift by:

 

CLC UTILITY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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.

Conclusion

We enter 2025 with a strong order book and growing presence in regulated utilities. Key priorities include:

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.

On behalf of the board

Mr A England
Director
25 July 2025
CLC UTILITY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group during the period was that of a holding company with the provision of management services to group entities and plant hire.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,200,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C A Jupp
(Resigned 28 April 2025)
Mr D B Northrop
Mr A J Jupp
(Resigned 31 December 2023)
Mr A England
Mr A Ritchie
(Appointed 1 May 2024 and resigned 31 July 2024)
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 auditor of the company 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 auditor of the company 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.

On behalf of the board
Mr A England
Director
25 July 2025
CLC UTILITY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CLC UTILITY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLC UTILITY HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of CLC Utility Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

Other information

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:

CLC UTILITY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLC UTILITY HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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 risk of non-compliance with the 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:

 

 

 

 

 

 

CLC UTILITY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLC UTILITY HOLDINGS LIMITED
- 9 -

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 rom 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.

Louise Hallsworth FCA (Senior Statutory Auditor)
For and on behalf of Affinia (Orpington), Statutory Auditor
Chartered Accountants
Lynwood House
Crofton Road
Orpington
BR6 8QE
29 July 2025
CLC UTILITY HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
3
37,031,062
28,947,532
Cost of sales
(26,810,069)
(21,514,509)
Gross profit
10,220,993
7,433,023
Administrative expenses
(6,279,151)
(3,203,895)
Operating profit
4
3,941,842
4,229,128
Interest receivable and similar income
7
97
2,955,077
Interest payable and similar expenses
8
(51,969)
(27,346)
Amounts written off investments
9
-
0
(112,612)
Profit before taxation
3,889,970
7,044,247
Tax on profit
10
(995,100)
(1,354,414)
Profit for the financial year
2,894,870
5,689,833
Profit for the financial year is all attributable to the owners of the parent company.
CLC UTILITY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Year
Period
ended
ended
30 June
30 June
2024
2023
£
£
Profit for the year
2,894,870
5,689,833
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
2,894,870
5,689,833
Total comprehensive income for the year is all attributable to the owners of the parent company.
CLC UTILITY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
13
1,733,564
2,355,679
1,733,564
2,355,679
Current assets
Stocks
17
86,321
62,797
Debtors
18
8,730,197
7,874,020
Cash at bank and in hand
5,818,383
4,945,087
14,634,901
12,881,904
Creditors: amounts falling due within one year
19
(7,393,582)
(6,812,823)
Net current assets
7,241,319
6,069,081
Total assets less current liabilities
8,974,883
8,424,760
Creditors: amounts falling due after more than one year
20
-
(163,420)
Provisions for liabilities
Provisions
22
334,353
191,791
Deferred tax liability
23
243,137
367,026
(577,490)
(558,817)
Net assets
8,397,393
7,702,523
Capital and reserves
Called up share capital
25
112,613
112,613
Profit and loss reserves
8,284,780
7,589,910
Total equity
8,397,393
7,702,523

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
Mr A England
Director
Company registration number 13956743 (England and Wales)
CLC UTILITY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,607,391
2,303,301
Investments
14
300,101
300,101
1,907,492
2,603,402
Current assets
Debtors
18
2,369,944
801,342
Cash at bank and in hand
2,346,791
1,157,577
4,716,735
1,958,919
Creditors: amounts falling due within one year
19
(1,710,358)
(1,339,472)
Net current assets
3,006,377
619,447
Total assets less current liabilities
4,913,869
3,222,849
Creditors: amounts falling due after more than one year
20
-
(163,420)
Provisions for liabilities
Deferred tax liability
23
238,466
367,026
(238,466)
(367,026)
Net assets
4,675,403
2,692,403
Capital and reserves
Called up share capital
25
112,613
112,613
Profit and loss reserves
4,562,790
2,579,790
Total equity
4,675,403
2,692,403

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,183,000 (2023 - £4,379,790 profit).

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 25 July 2025 and are signed on its behalf by:
25 July 2025
Mr A England
Director
Company registration number 13956743 (England and Wales)
CLC UTILITY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 5 March 2022
-
0
-
0
-
Period ended 30 June 2023:
Profit and total comprehensive income
-
5,689,833
5,689,833
Issue of share capital
25
112,613
-
112,613
Dividends
11
-
(1,800,000)
(1,800,000)
Release of negative goodwill
-
3,700,077
3,700,077
Balance at 30 June 2023
112,613
7,589,910
7,702,523
Year ended 30 June 2024:
Profit and total comprehensive income
-
2,894,870
2,894,870
Dividends
11
-
(2,200,000)
(2,200,000)
Balance at 30 June 2024
112,613
8,284,780
8,397,393
CLC UTILITY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 5 March 2022
-
0
-
0
-
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
4,379,790
4,379,790
Issue of share capital
25
112,613
-
112,613
Dividends
11
-
(1,800,000)
(1,800,000)
Balance at 30 June 2023
112,613
2,579,790
2,692,403
Year ended 30 June 2024:
Profit and total comprehensive income
-
4,183,000
4,183,000
Dividends
11
-
(2,200,000)
(2,200,000)
Balance at 30 June 2024
112,613
4,562,790
4,675,403
CLC UTILITY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
5,427,726
4,768,622
Interest paid
(51,969)
(27,346)
Income taxes paid
(1,773,325)
(397,416)
Net cash inflow from operating activities
3,602,432
4,343,860
Investing activities
Purchase of business
-
2,220,504
Purchase of tangible fixed assets
(128,423)
(2,781,253)
Proceeds from disposal of tangible fixed assets
38,213
20,112
Purchase of subsidiaries, net of cash acquired
-
(412,713)
Loans made to other entities
(33,907)
-
Repayment of loans
33,907
(222,600)
Interest received
97
3,943
Dividends received
-
0
2,951,134
Net cash (used in)/generated from investing activities
(90,113)
1,779,127
Financing activities
Payment of finance leases obligations
(439,023)
622,100
Dividends paid to equity shareholders
(2,200,000)
(1,800,000)
Net cash used in financing activities
(2,639,023)
(1,177,900)
Net increase in cash and cash equivalents
873,296
4,945,087
Cash and cash equivalents at beginning of year
4,945,087
-
0
Cash and cash equivalents at end of year
5,818,383
4,945,087
CLC UTILITY HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,299,027
1,783,569
Interest paid
(51,969)
(21,883)
Income taxes paid
(708,325)
(67,750)
Net cash inflow from operating activities
1,538,733
1,693,936
Investing activities
Purchase of tangible fixed assets
(6,000)
(2,736,893)
Proceeds from disposal of tangible fixed assets
38,213
-
0
Purchase of subsidiaries
-
0
(300,101)
Purchase of investments
-
0
(112,612)
Loans made
(33,907)
-
0
Repayment of loans
33,907
(222,600)
Dividends received
2,257,291
3,901,134
Net cash generated from investing activities
2,289,504
528,928
Financing activities
Proceeds from issue of shares
-
112,613
Payment of finance leases obligations
(439,023)
622,100
Dividends paid to equity shareholders
(2,200,000)
(1,800,000)
Net cash used in financing activities
(2,639,023)
(1,065,287)
Net increase in cash and cash equivalents
1,189,214
1,157,577
Cash and cash equivalents at beginning of year
1,157,577
-
0
Cash and cash equivalents at end of year
2,346,791
1,157,577
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
1
Accounting policies
Company information

CLC Utility Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Lynwood House, Crofton Road, Orpington, BR6 8QE.

 

The group consists of CLC Utility Holdings Limited and all of its subsidiaries.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CLC Utility Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.5
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 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.

1.6
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improv. to premises
Over their useful economic life
Plant and equipment
25% straight line
Fixtures and fittings
Over their useful economic life
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.9
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.

1.10
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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 group 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 group after deducting all of its liabilities.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
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.

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 group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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
2024
2023
£
£
Turnover analysed by class of business
Provision of services
37,031,062
28,947,532
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
37,031,062
28,947,532
2024
2023
£
£
Other revenue
Interest income
97
3,943
Dividends received
-
2,951,134
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
17,000
13,500
Depreciation of owned tangible fixed assets
364,678
195,699
Depreciation of tangible fixed assets held under finance leases
363,985
274,155
Profit on disposal of tangible fixed assets
(16,338)
-
0
Operating lease charges
175,937
92,250
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,000
13,500
Audit of the financial statements of the company's subsidiaries
25,000
23,500
42,000
37,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
7
3
4
3
Direct staff
11
10
-
-
Office staff and management
21
22
-
-
Total
39
35
4
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,824,180
1,140,414
-
0
-
0
Social security costs
302,183
105,750
-
0
-
0
Pension costs
35,188
119,115
-
0
-
0
2,161,551
1,365,279
-
0
-
0
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
97
3,943
Other income from investments
Dividends received
-
0
300,100
Total income excluding fixed asset investments
97
304,043
Income from fixed asset investments
Income from shares in group undertakings
-
0
2,651,034
Total income
97
2,955,077
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
97
3,943
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
51,969
27,346
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(112,612)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,108,396
981,676
Deferred tax
Origination and reversal of timing differences
(113,296)
372,738
Total tax charge
995,100
1,354,414
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 27 -

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
3,889,970
7,044,247
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
972,493
1,761,062
Tax effect of expenses that are not deductible in determining taxable profit
205,022
127,876
Tax effect of income not taxable in determining taxable profit
(4,085)
-
0
Gains not taxable
-
0
(839)
Effect of change in corporation tax rate
-
19,322
Permanent capital allowances in excess of depreciation
-
0
(52,479)
Effect of revaluations of investments
-
0
28,153
Dividend income
-
(975,283)
Deferred tax liability movement
(113,296)
367,026
Capital allowances
(65,034)
(185,172)
Deferred tax asset movement
-
0
(5,712)
Tax understated on pre-aquistion profits
-
270,460
Taxation charge
995,100
1,354,414
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
2,200,000
1,800,000
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
14
-
112,612
Recognised in:
Amounts written off investments
-
112,612

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
13
Tangible fixed assets
Group
Improv. to premises
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
2,640
577,180
59,076
2,186,637
2,825,533
Additions
71,577
26,201
23,070
7,575
128,423
Disposals
-
0
(25,000)
-
0
-
0
(25,000)
At 30 June 2024
74,217
578,381
82,146
2,194,212
2,928,956
Depreciation and impairment
At 1 July 2023
-
0
82,444
25,797
361,613
469,854
Depreciation charged in the year
3,020
147,717
31,050
546,876
728,663
Eliminated in respect of disposals
-
0
(3,125)
-
0
-
0
(3,125)
At 30 June 2024
3,020
227,036
56,847
908,489
1,195,392
Carrying amount
At 30 June 2024
71,197
351,345
25,299
1,285,723
1,733,564
At 30 June 2023
2,640
494,736
33,279
1,825,024
2,355,679
Company
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
550,446
2,186,447
2,736,893
Additions
-
0
6,000
6,000
Disposals
(25,000)
-
0
(25,000)
At 30 June 2024
525,446
2,192,447
2,717,893
Depreciation and impairment
At 1 July 2023
72,015
361,577
433,592
Depreciation charged in the year
133,433
546,602
680,035
Eliminated in respect of disposals
(3,125)
-
0
(3,125)
At 30 June 2024
202,323
908,179
1,110,502
Carrying amount
At 30 June 2024
323,123
1,284,268
1,607,391
At 30 June 2023
478,431
1,824,870
2,303,301
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Tangible fixed assets
(Continued)
- 29 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
132,897
206,250
132,897
206,250
Motor vehicles
781,214
1,128,420
781,214
1,128,420
914,111
1,334,670
914,111
1,334,670
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
300,101
300,101
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
300,101
Carrying amount
At 30 June 2024
300,101
At 30 June 2023
300,101
15
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
CLC Utility Services Limited
Codham hall lane, Great Warley, Brentwood, Essex CM13 3JT
Ordinary
100.00
CLC Utilities Holdings Limited
c/o Valentine & Co, Galley House Moon Lane, Barnet EN5 5YL
Ordinary
100.00
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
-
4,887,150
2,224,847
636,245
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
-
4,067,052
(1,247,335)
1,236,743
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
86,321
62,797
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
266,001
344,557
40,797
55,867
Corporation tax recoverable
230,283
230,283
165,097
165,097
Amounts owed by group undertakings
-
-
-
44,790
Other debtors
2,537,426
789,108
2,164,050
535,588
Prepayments and accrued income
5,602,709
6,334,771
-
0
-
0
8,636,419
7,698,719
2,369,944
801,342
Deferred tax asset (note 23)
-
0
10,593
-
0
-
0
8,636,419
7,709,312
2,369,944
801,342
Amounts falling due after more than one year:
Trade debtors
93,778
164,708
-
0
-
0
Total debtors
8,730,197
7,874,020
2,369,944
801,342
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
183,077
458,680
183,077
458,680
Trade creditors
2,634,486
2,786,954
473
1,435
Amounts owed to group undertakings
-
0
-
0
884,785
40,011
Corporation tax payable
231,925
896,854
299,714
237,576
Other taxation and social security
1,123,854
884,469
163,309
28,573
Deferred income
-
0
393,871
-
0
-
0
Other creditors
525,099
1,144,119
16,000
560,697
Accruals and deferred income
2,695,141
247,876
163,000
12,500
7,393,582
6,812,823
1,710,358
1,339,472
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
-
0
163,420
-
0
163,420
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
183,077
458,680
183,077
458,680
In two to five years
-
0
163,420
-
0
163,420
183,077
622,100
183,077
622,100

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
334,353
191,791
-
-
Movements on provisions:
Group
£
At 1 July 2023
191,791
Additional provisions in the year
142,562
At 30 June 2024
334,353
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
243,137
367,026
-
10,593
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
238,466
367,026
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
356,433
367,026
Credit to profit or loss
(113,296)
(128,560)
Liability at 30 June 2024
243,137
238,466

The deferred tax liability set out above is expected to reverse and relates to the accelerated capital allowances that are expected to mature in the future.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,188
119,115

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
73,125
73,125
73,125
73,125
Ordinary B Shares of £1 each
33,750
33,750
33,750
33,750
Ordinary C Shares of 0.1p each
113,000
113,000
113
113
Ordinary D Shares of £1 each
5,625
5,625
5,625
5,625
225,500
225,500
112,613
112,613
26
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
-
544,697
Company
Other related parties
-
544,697

Included in creditors due within one year is a balance owed to CNJ Management Limited of £nil (2023: £544,697), a company related by virtue of common control.

 

A loan of £524,575 (2023: £651,200) was outstanding to CNJ Management Limited from CLC Utility Holdings Limited, with an amount of £524,575 (2023: £126,625) being repaid, the balance was brought to nil.

 

Sale of assets and invoiced plant hire from CNJ Management Limited amounted to £504,000 (2023: £1,870,945) during the period. A finance lease of £177,385 was also transferred from CNJ Management Limited during the prior period in respect of an asset included above., balance remaining at the period end is £nil.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
26
Related party transactions
(Continued)
- 34 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
1,594,555
272,688
Company
Other related parties
1,594,555
272,688

Included in debtors is a balance owed from CNJ Management Limited of £1,594,555 (2023: £nil), a company related by virtue of common control.

 

Included within other debtors are loans made to directors of CLC Utility Services Limited, a subsidiary company, of £nil (2023: £272,688).

27
Directors' transactions

A dividend amount of £100,000 each (2023: £90,000) was paid to A England, D Northrop and C Hall.

Description
% Rate
Opening balance
Closing balance
£
£
Mr A England
-
218,600
218,600
Mr D B Northrop
-
4,000
4,000
222,600
222,600
28
Controlling party

The ultimate controlling party is A. Jupp by virtue of holding shares with the majority of voting rights attached.

CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
2,894,870
5,689,834
Adjustments for:
Taxation charged
995,100
1,354,414
Finance costs
51,969
27,346
Investment income
(97)
(2,955,077)
Gain on disposal of tangible fixed assets
(16,338)
-
Depreciation and impairment of tangible fixed assets
728,663
469,854
Other gains and losses
-
112,612
Increase in provisions
142,562
191,791
Movements in working capital:
Increase in stocks
(23,524)
(62,797)
Increase in debtors
(866,770)
(677,942)
Increase in creditors
1,915,162
224,716
(Decrease)/increase in deferred income
(393,871)
393,871
Cash generated from operations
5,427,726
4,768,622
30
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
4,183,000
4,379,790
Adjustments for:
Taxation charged
641,903
507,255
Finance costs
51,969
21,883
Investment income
(2,257,291)
(3,901,134)
Gain on disposal of tangible fixed assets
(16,338)
-
Depreciation and impairment of tangible fixed assets
680,035
433,592
Other gains and losses
-
112,612
Movements in working capital:
Increase in debtors
(1,568,602)
(413,645)
Increase in creditors
584,351
643,216
Cash generated from operations
2,299,027
1,783,569
CLC UTILITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
31
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
4,945,087
873,296
5,818,383
Obligations under finance leases
(622,100)
439,023
(183,077)
4,322,987
1,312,319
5,635,306
32
Analysis of changes in net funds - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,157,577
1,189,214
2,346,791
Obligations under finance leases
(622,100)
439,023
(183,077)
535,477
1,628,237
2,163,714
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