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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The year ended 31 December 2024 marked a period of stability and strategic progress for the Company. We continued to build on our strong foundations, enhancing our operational capabilities and deepening our presence across both industrial and municipal water treatment markets.
A significant milestone this year was our achievement of B Corp Certification, reflecting our deep commitment to social and environmental performance, transparency, and accountability. This recognition reinforces our purpose-driven approach and aligns with our long-term sustainability goals. Our Customer for Life strategy remains at the heart of our operations. By engaging early, we design and deliver optimal solutions using best-in-class technologies. We operate, maintain, and service our assets with a focus on continuous improvement and long-term value creation. This approach enables our customers to maximise the value of their water and wastewater resources, helping them close the water loop and meet their financial and sustainability objectives. Achieving B Corp status has further shaped our strategic priorities by embedding sustainability, equity, and stakeholder engagement more deeply into our decision-making processes. It has strengthened our commitment to responsible growth, guided our innovation efforts toward more sustainable technologies, and reinforced our focus on creating long-term value not only for our customers and shareholders, but also for our employees, communities, and the environment. These efforts have driven strong financial performance and strengthened long-term customer relationships, further solidifying our position as a trusted leader in the water treatment industry.
The Company’s principal risks and uncertainties primarily relate to health and safety, particularly due to the handling of hazardous chemicals and operations within industrial environments. We maintain stringent safety protocols, and we are pleased to report that no incidents occurred during the year.
Financial risks also remain a key consideration, particularly those associated with managing long-term projects, including revenue recognition and work-in-progress (WIP) accounting. These risks are actively managed through robust internal controls and close oversight from our parent company, Nijhuis Saur Industries. While the Company has historically relied on a small number of key clients, we have made significant progress in diversifying our customer base, thereby reducing dependency on any single revenue stream. Ongoing regulatory compliance, particularly in light of evolving environmental standards, remains a strategic focus area.
The key performance indicators (KPIs) for the year reflect the Company’s strong financial health:
∙Revenues: 2024 revenue decreased to £46 million from £51 million.
∙Gross margin: The gross margin reduced from 2023, primarily driven by the cost of sales remaining in line with last year despite the reduction in revenue.
∙Cash flow: The Company maintained a healthy cash position, supported by the group’s cash pooling arrangements, ensuring continued financial stability.
These indicators reflect the success of our operational strategy and our ability to deliver sustained growth.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors who served during the year were:
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
value for the industrial and municipal sectors and providing consultancy, design, construction and maintenance services for water, waste and environmental engineering projects throughout the UK.
The loss for the year, after taxation, amounted to £2,794,225 (2023 - profit £2,545,619).
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report covers NSI Water & Wastewater Solutions Ltd, which is the reporting entity for SECR purposes and is responsible for including the required disclosures within its Directors Report.
The reported energy consumption and greenhouse gas emissions have been determined using an operational control approach consistent with the Greenhouse Gas Protocol. Under this approach, emissions are reported for operations over which NSI Water & Wastewater Solutions Ltd has the authority to introduce and implement operating policies. This reporting boundary therefore includes activities undertaken by NSI Commercial Building Solutions Ltd, NSI Engineering Solutions Ltd, NSI Manufacturing UK Ltd and NSI Industrial O&M Solutions Ltd, which are managed and directed by NSI Water & Wastewater Solutions Ltd. This report therefore includes energy consumption and greenhouse gas emissions arising from operations over which the company has operational control during the reporting period. Energy Consumption The company’s total UK energy consumption during the reporting period was 3,503.93 MWh. Energy Source Energy Consumption (MWh) Purchased Electricity 463.32 Natural Gas 485.78 Gas Oil 14.80 Diesel 1,816.52 Petrol 375.52 Purchased Steam 347.99 Total Energy consumption 3,503.93 Greenhouse Gas Emissions Greenhouse gas emissions have been calculated in accordance with the UK Government Environmental Reporting Guidelines and the UK Government greenhouse gas conversion factors 2024. Total Scope 1 and 2 greenhouse gas emissions for the reporting period were 1,171.30 tCO?e. The largest source of emissions were company vehicle fuel consumption and purchased energy. Scope Emission Source Emissions (tCO2e) Scope 1 Stationary Combustion 92.65 Scope 1 Mobile Combustion 508.47 Scope 1 Fugitive Emissions 1.62 Scope 2 Purchased Electricity 218.51 Scope 2 Purchased Steam 350.05 Emissions (tCO2e) Total Scope 1 602.74 Total Scope 2 568.56 Total Scope 1 & Scope 2 1,171.30 Intensity Ratio The company has selected tonnes of carbon dioxide equivalent per £ million turnover (tCO2e / £m turnover) as its primary intensity ratio. This metric has been selected because it provides a meaningful measure of greenhouse gas emissions relative to business activity and is appropriate for the nature of the company's operations. This intensity ratio allows year-on-year comparison of emissions performance while taking account of changes in business activity and revenue during the reporting period. Turnover for the reporting period was £68.16 million, resulting in an emissions intensity ratio of 17.185 per £ million turnover. Metric Unit Value Intensity Ratio tCO2e / £M turnover 17.185
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Energy Efficiency Actions
During the reporting period, the company undertook a number of initiatives aimed at reducing energy consumption and greenhouse gas emissions, including:
∙Ongoing monitoring of office energy consumption and established energy reduction targets across the business.
∙Ongoing monitoring and management of company vehicle fuel consumption to identify opportunities for efficiency improvements and establish fleet emissions baselines.
∙Development of carbon reporting processes to improve visibility of energy consumption and greenhouse gas emissions across the business.
∙Introduction of an Environmentally Preferable Purchasing Policy (EPP) to encourage the procurement of products and services with reduced environmental impact.
∙Completion of supplier sustainability surveys to improve understanding of environmental performance within the supply chain and support future emission reduction initiatives.
∙Expansion of carbon management activities, including commencing data collection for reporting year 2023 to produce a full carbon footprint assessment including scope 3 emissions.
∙In 2024, the parent company, Nijhuis Saur Industries UK & Ireland Ltd, became a certified B Corp, demonstrating high social and environmental performance across the UK group.
∙Launch of the WAVES sustainability engagement platform to promote employee awareness and encourage sustainable behaviours across the organisation, including energy savings.
∙Presented our sustainability performance and carbon reduction strategy to all employees.
Methodology
Greenhouse gas emissions and energy consumption were calculated by Future Leap, a carbon consultancy, as part of the Nijhuis Saur Industries UK & Ireland 2024 Scope 1 and 2 carbon footprint assessment. This report included the following companies within the Nijhuis Saur Industries UK &Ireland Group: NSI Water & Wastewater Ltd, NSI Commercial Building Solutions Ltd, NSI Engineering Solutions Ltd, NSI Manufacturing UK Ltd and NSI Industrial O&M Solutions Ltd. The assessment was completed in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and utilised the UK Government GHG Conversion Factors for Company Reporting 2024. The reporting period covered 1 January 2024 to 31 December 2024. Scope 2 emissions were calculated using the location-based method. The carbon assessment was independently prepared and quality-reviewed by Future Leap and was based on available consumption data, including utility records, meter readings, fuel card data and equipment records. Where complete data was unavailable, reasonable estimation techniques were applied. For the purpose of SECR reporting, the assessment was subsequently reviewed internally to align the reporting boundary with the activities under the operational control of NSI Water & Wastewater Ltd. The reporting boundary includes relevant activities undertaken by other NSI UK group entities where operational control is exercised by NSI Water & Wastewater Ltd. The original assessment also included emissions associated with client-owned water and wastewater treatment facilities operated under contract. These client-owned facilities have been excluded from the SECR disclosure as NSI Water & Wastewater does not own the assets, procure the energy, hold the environmental permits or have authority over capital investment decisions. The associated energy consumption and greenhouse gas emissions are therefore considered to fall within the reporting boundary of the asset owner in the case of SECR reporting in order to avoid double counting and to better reflect the reporting requirements of this scheme. For the purpose of SECR reporting, the carbon assessment was therefore reviewed internally and adjusted to reflect this reporting boundary. Emissions and energy consumption relating to the operation of client assets has therefore been excluded from this report. This disclosure therefore uses the Future Leap carbon assessment as its primary calculation methodology while applying internal adjustments to ensure the reported energy consumption and greenhouse gas emissions are representative of the activities of NSI Water & Wastewater.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, James Cowper Kreston Audit, 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI WATER AND WASTEWATER SOLUTIONS LTD
We have audited the financial statements of NSI Water and Wastewater Solutions Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI WATER AND WASTEWATER SOLUTIONS LTD (CONTINUED)
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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NSI WATER AND WASTEWATER SOLUTIONS LTD (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.
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 regardig irregularities occurring due to fraud rather than error as fraud involves intentional concealment, foregery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactios outside the normal course of business and reviewing accounting estimates for evidence of bias.
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
The White Building
4 Cumberland Place
SO15 2NP
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NSI Water and Wastewater Solutions Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is Nanjerrick Court, Allet, Truro, Cornwall, TR4 9DJ.
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 judgement in applying the Company's accounting policies (see note 3).
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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Holding D'Infrastructures des Metiers de L'Environnement as at 31 December 2024 and these financial statements may be obtained from 11 Cemin de Bretagne, 92130 Issy-Les-Moulineaux, France.
The Directors anticipate that the Company will continue to operate as usual and that it can tolerate a reasonable level of unforeseen circumstances for a period of at least 12 months from the date of the financial statements. A group company, Saur SAS has issued a formal letter of support giving directors assurance that they will provide additional cash flow support if necessary for a period of at least one year from the date of the signed audit report. Based on this, the financial statements have been prepared on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Development costs - 5 years Computer Software - 5 years Intangible assets arising from development are capitalised based on the following conditions being met: 1. There is technical feasibility of completing the intangible asset so that it will be available for use or sale 2. The Company has the intention to complete the intangible asset and use or sell it 3. The Company has the ability to use or sell the intangible asset 4. The Company can demonstrate that the asset will generate probable future economic benefits 5. The Company can demonstrate the availability adequate resources to complete the development and to use of sell the intangible asset 6. The expenditure attributable to the intangible asset can be measured reliably during its development.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revenue and profits on contracts are recognised by reference to the proportion of work carried out and the contract value which involves management judgement. Consideration is also given to whether any costs incurred are not recoverable. Research and development expenditure Expenditure on research and development is considered by the Directors in each reporting period for whether it qualifies as research or development expenditure in accordance with FRS 102. Judgement is required by the Directors for whether R&D costs qualify as development expenditure that should be capitalised as an intangible asset.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
A prior year adjustment has been made to correctly account for the fixture and fittings and other fixed assets within the prior year. The effect of this adjustment is to increase the tangible fixed asset cost by £165,475 and increase the tangible fixed asset depreciation by £165,475.
The Company opertes a defined contributions pension scheme. The assets of the scheme are held seperately 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 £136,762 (2023: £125,535). The amount owed to the fund at the year end amounted to £27,855 (2023: £29,163).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is
Nanjerrick Court, Allet, Truro, England, TR4 9DJ. The ultimate parent Company is Saur SAS is the largest and smallest Group which prepares consolidated financial statements in which the results of the Company and the Group are included. The financial statements of Saur SAS are available to the public and may be obtained from 11 Chemin de Bretagne, 92130 Issy-les-Moulineaux, France.
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