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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
COMPANY INFORMATION
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KLT UTILITIES LIMITED
CONTENTS
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KLT UTILITIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their strategic report for the Company, the strategy and business model for KLT Utilities Limited is as below.
The strategy of the business is to provide services to the Gas Distribution Networks and Independent Gas Transporters. These services include the replacement of gas mains and services, the installation of new gas mains and services, and individual connections to both domestic and non-domestic customers. We provide these services to our clients ensuring that our core values in safety, customer care, profitability and sustainability are delivered. The principal activity of the company was the replacement of gas pipes and the installation of new gas pipes and apparatus.
Revenue reported in 2025 of £34,953,756 fell by 10% compared to £38,613,869 reported in 2024. Despite the fall in revenue the business reported a positive operating profit of £2,049,437 and an reported EBITDA of £2,103,328 from £2,391,929 in 2024.This was achieved by reviewing cost base and operating cost efficiencies. In reaction to this challenge, the wider group committed to capital investments in Plant and Transport by purchasing an additional vacuum excavator, and renewing some vehicles to support client contract requirements and our health and safety commitments. This led to a fall in our external hire costs.
Additional revenue streams have also been looked at for future growth. Gross margin in the period decreased by 0.5% from 16.1% in 2024 to 15.6% in 2025. Net assets have increased by £1,504,605 in 2025. The Directors are confident that the business remains in a steady position to maintain the improved profit margins thus providing a solid platform to build additional growth in the coming years.
The principal risks faced by the group would be as follows:
Health & Safety – Managing the safety of all our employees and sub-contractors remains our first priority and the business continues to focus on improving skills through training and experience, providing regular communications on incidents within the sector and providing assurance that our plant, transport, and equipment meet all industry requirements. Carrying out works in the public highway continues to be more onerous as Local Authorities become more stringent in their approach to permit conditions and works durations, therefore increasing the risk of NRSWA fines and risk to the business. The risk around the management of our plant & transport business including that of driver risk, plant operation and plant and transport maintenance are all recognised as continued risks to the Group. The commercial expectations from clients to procure contracts on tighter margins continues to presents a risk to the Group. The Group controls and manages its risks including those above using a comprehensive risk register and scheduled governance meetings both internally and externally.
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KLT UTILITIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group's key performance indicators are its turnover, gross profit, EBITDA and net profit. These are as follows for the last two years:
2025 2024 Turnover £34,953,756 £38,613,869 Gross Profit £5,446,819 £6,211,366 EBITDA £2,103,328 £2,391,929 Net Profit £1,504,605 £1,898,893
This report was approved by the board and signed on its behalf..
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KLT UTILITIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The 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 to 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.
The profit for the year, after taxation, amounted to £1,504,605 (2024 - £1,898,893).
Dividends of £Nil (2024 - £Nil) were declared in the year.
The directors who served during the year were:
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KLT UTILITIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The trading prospects for the company are positive after being successful in the award of a number of contracts with both Cadent Gas Limited and Scotia Gas Networks Limited. With the GIRs Accreditation we are also receiving small work orders and currently working on the HS2 Project.
The directors have decided to focus more on controlling costs and improving gross margin than higher revenues due to additional competitors, nature of contract awards and availability of skilled resources. The Directors continue to monitor the performance of the company by using its key performance indicators in health and safety, customer care and profitability. We consider that these indicators show improved efficiency, cost control and profitability. the company against actions brought against them in their personal capacities. Cover is not provided where the individual has acted fraudulently or dishonestly.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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KLT UTILITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT UTILITIES LIMITED
We have audited the financial statements of KLT Utilities Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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KLT UTILITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT UTILITIES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
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.
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KLT UTILITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT UTILITIES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Obtaining an understanding of the legal and regulatory frameworks that the company operates in.
∙Reviewing key correspondence with regulatory authorities.
∙Enquiry of management to identify any instances of non-compliance with laws and regulations.
∙Enquiry of management around actual and potential litigation and claims.
∙Enquiry of management to identify any instances of known or suspected instances of fraud.
∙Discussing and reviewing among the engagement team regarding how and where fraud might occur.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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KLT UTILITIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KLT UTILITIES LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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KLT UTILITIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
REGISTERED NUMBER: 03329074
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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KLT UTILITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The entity is a private company, limited by shares, incorporated in England and Wales in the UK. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The nature of the company's operations is excavation of land and pipe laying.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of KLT Group of Companies Limited as at 31 March 2025 and these financial statements may be obtained from the registered office of the holding company.
The directors have considered the going concern assumption in preparing these financial statements. The directors' assesment has considered the company's forecasts, current financial resources and taking account of the reasons for possible sensitivities in light of current economic uncertainty.
On this basis, the directors have continued to prepare the financial statements under the going concern basis of accounting.
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £44,592 (2024 - £33,827).
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KLT UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
During the year the company made advances totalling £225,278 (2024 - £646,210) to Mr R Taylor, the director, and received credits of £225,278 (2024 - £708,916). Interest of £55,752 (2024 - £50,073) has been charged at commercial rates on overdrawn balances. As at 31 March 2025, Mr R Taylor owed the company £2,285,850 (2024 - £2,230,098). The loan is unsecured and repayable on demand.
During the year the company made advances totalling £1,497,108 (2024 - £2,132,907) to Mrs J Taylor, a director, and received credits of £1,481,548 (2024 - £1,253,523). Interest of £24,201 (2024 - £24,399) has been charged at commercial rates on overdrawn balances. As at 31 March 2025, Mrs J Taylor owed the company £1,094,000 (2024 - £1,054,239). The loan is unsecured and repayable on demand. During the year the company made advances totalling £195,000 (2024 - £255,000) to Mr J Gilbert, a director, and received credits of £15,000 (2024 - £Nil). Interest of £8,020 (2024 - £3,882) has been charged at commercial rates on overdrawn balances. As at 31 March 2025, Mr J Gilbert owed the company £446,902 (2024 - £258,882). The loan is unsecured and repayable on demand. During the year the company made advances totalling £180,000 (2024 - £255,000) to Mr M Harmer, a director, and received credits of £Nil (2024 - £Nil). Interest of £8,020 (2024 - £3,882) has been charged at commercial rates on overdrawn balances. As at 31 March 2025, Mr M Harmer owed the company £446,902 (2024 - £258,882). The loan is unsecured and repayable on demand. During the year, the company made advances of £1,085,781 (2024 - £Nil) to JT Chartering LLP, a limited liability partnership of which the directors, Mr R Taylor and Mrs J Taylor, are designated members. Interest of £4,163 (2024 - £Nil) has been charged at commercial rates on the balance. As at 31 March 2025, JT Chartering LLP owed the company £1,089,944 (2024- £Nil). The loan is unsecured and repayable on demand.
The parent company is KLT Group of Companies Limited with a registered office of 6th Floor, 2 London Wall Place, London, United Kingdom, EC2Y 5AU. The company was under the control of the director, Mrs J Taylor, as at 31 March 2025 as a result of her control of the parent company, KLT Group of Companies Limited, a company incorporated in England and Wales.
The largest and smallest groups in which the results of the company are consolidated are those headed by KLT Group of Companies Limited.
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