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Registered number: 05437466
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FOR THE YEAR ENDED
31 DECEMBER 2025
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COMPANY INFORMATION
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James Towner (resigned 30 June 2025)
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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MUJV LIMITED
REGISTERED NUMBER:05437466
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
MUJV Limited is private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.
2.Accounting policies
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Basis of preparation of financial statements
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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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover, which is stated net of value added tax, represents the fair value of consideration receivable for the company's activities, less amounts deferred against future obligations.
Long Term Service Contract Turnover
Long Term Service contract turnover is recognised by reference to the completion to date of the Company's obligation to provide utility outputs over the period of the contract on a proportional basis. Where it is not practical to determine the stage of completion of the contract, turnover is recognised to the extent costs have been incurred.
Short Term Change Works Turnover
Short term change works turnover is recognised in relation to measured work completed under the contract. Payments received in advance of the completion of work are deferred in the balance sheet and released on an asset-by-asset basis as completion obligations are fulfilled.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The Company did not directly employ any staff during the year. Instead, staff were seconded from the shareholder group companies. Staff costs comprise charges from those companies for the seconded employees, including all direct employment costs and an agreed fixed margin.
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The average monthly number of seconded staff, including the seconded executive directors, during the year was as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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Accruals and deferred income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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During the year, the company paid £41,100 (2024 - £43,959) in respect of cancellable operating lease commitments.
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Related party transactions
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MUJV Limited is a joint venture company under the joint control of UK Power Networks Services (Asset
Management) Limited and Veolia Water Outsourcing Limited.
The Company’s shares are held in the following ratio:
UK Power Networks Services (Asset Management) Limited 49.999%
Veolia Water Outsourcing Limited 49.999%
Other Shareholders 0.002%
A shareholders’ agreement further allows Veolia Water Outsourcing Limited and UK Power Networks Services
(Asset Management) Limited to appoint two directors each to the Board of MUJV Limited. These companies
therefore hold significant influence over the Company.
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Amounts owed to related parties at the balance sheet date were:
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UK Power Networks Services Limited
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Amounts payable on contract
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Veolia Water Outsourcing Limited
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Amounts payable on contract
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 18 September 2026 by Stephanie Hawkins FCA (Senior statutory auditor) on behalf of Menzies LLP.
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