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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
COMPANY INFORMATION
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
CONTENTS
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present the Strategic Report of Advanced Water Infrastructure Networks Limited (“the Company”), trading as Leaf Water, for the year ended 31 March 2026, prepared in accordance with section 414C of the Companies Act 2006.
The Company's principal activity is the adoption, operation and maintenance of new water and wastewater network infrastructure, regulated by Ofwat. New housing and commercial developments connect to the network, which the Company then adopts, operates and maintains under long-term regulatory agreements.
Turnover for the year was £149k (2025: £1k). The increase reflects the growth of the adopted network, as new connections were brought into operational use during the year.
Gross profit was £39k, a gross margin of 26% (2025: £nil, n/a). This reflects the start of network operating and maintenance costs as the adopted asset base has grown. Administrative expenses rose to £852k (2025: £611k), reflecting the scale-up of operations, including additional headcount, needed to support the Company's growing adopted asset base. The loss for the year after taxation was £813k (2025: £611k loss). This is a planned trading loss arising from the Company's set-up and growth phase, and is consistent with management's strategic investment plans. The value of the Company's adopted assets increased significantly during the year, with the net book value of adopted assets rising to £2,899k at 31 March 2026 (2025: £33k), as new water network infrastructure was brought into operational use. In addition, assets in the course of construction, representing network infrastructure yet to be adopted, increased to £2,881k (2025: £854k).
The Company continued to receive capital support from its parent group during the year to fund network adoptions. In the year, the Company received £1,600k of capital, issuing £3 of ordinary shares and £1,600k of share premium. Since the year end, further shares have been issued for consideration of £500k (30 April 2026), and £1,000k (1 June 2026), and £250k (26 June 2026), reflecting the continuing capital investment required to fund the Company's growth plans.
The Company held cash at bank of £886k at 31 March 2026 (2025: £789k), together with a further £1,894k held as security in ringfenced accounts (2025: £3,310k). As operations continue to scale, the directors regard cash management and liquidity forecasting as central to delivering the Company's strategic objectives. This is supported by confirmed financial backing from the parent group and by the predictability of revenues under the Ofwat regulatory framework.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
In line with their duty under section 172 of the Companies Act 2006, the directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
During the year, the Board's principal considerations included the long-term consequences of decisions on network investment and funding; the interests of the Company's employees and those of shared service providers within the group; the fostering of business relationships with developers, contractors and Ofwat; the impact of network adoption activity on local communities and the environment; the maintenance of high standards of business conduct in a regulated industry; and fair treatment between the Company and its parent as sole shareholder. As a young business in its network build-out phase, the Company's principal stakeholder relationships are with its parent group, which provides funding and shared services, and with Ofwat, as economic regulator. The Board expects the range of stakeholder relationships to broaden as the adopted network and customer base grow.
The Company monitors a range of financial and non-financial key performance indicators to assess progress against its strategic objectives.
Revenue growth reflects the expansion of the adopted network. The increase in the loss before tax reflects continuing planned expenditure on future growth during the Company's set-up phase. The cash balance increased by £97k over the year. The net book value of adopted assets increased by £2,866k, reflecting the growth and maturing of the Company's regulated network. Of the £95,894k of total capital commitments, £88,137k falls due beyond five years, giving visibility of the Company's future investment programme.
The Company continues to pursue its environmental objectives, including workforce education, waste reduction, increased recycling, and reduced emissions and energy consumption. Health and safety remain a top priority, with a commitment to continuous improvement across all operations.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Credit risk
The Company seeks to minimise exposure to bad debts through regular reviews with its outsourced credit control function, to ensure collections are optimised and compliant with operating within a regulated industry. Competitive risk Operating in the industrial and commercial sectors, the Company faces competition from established providers and new market entrants. Maintaining a competitive position requires operational excellence, customer-focused delivery and clear strategic positioning. Macroeconomic risk The Company's performance is linked to the wider economic climate, and a downturn or prolonged uncertainty could affect growth prospects. Revenue and margin on connections already made are less exposed, given the routine nature of utility connection revenues. Talent risk The Company's success depends on its ability to attract, retain and motivate experienced senior management and skilled personnel. Failure to do so could affect operational effectiveness and strategic delivery. Regulatory risk Operating in a regulated environment, the Company must comply with a range of laws and industry standards. Non-compliance could lead to reputational damage, financial penalties or restrictions on operations, any of which could affect profitability and stakeholder confidence.
The directors remain confident in the Company's strategic direction. Continued investment in adopting new water network assets is expected to drive future revenue growth and to position the Company to deliver sustainable long-term value.
This report was approved by the board on 10 July 2026 and signed on its behalf.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The principal activity of the Company is to adopt, operate and maintain new water services.
The loss for the year, after taxation, amounted to £813k (2025: £611k).
During the year, three £1 ordinary shares were issued for a combined consideration £1,600k. During the year, no dividends were declared or paid (2025: £nil).
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make 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 who served during the year were:
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company has entered into direct indemnity agreements with each of the Directors who served during the financial year. These indemnities constitute qualifying indemnities for the purposes of the Companies Act 2006 and remain in force for all current serving Directors at the date of approval of this report without any payment having been made under them. The Company also maintains directors' and officers' liability insurance which gives appropriate cover for any legal action brought against its Directors.
On 30 April 2026, one £1 ordinary share was issued for consideration of £500k.
On 1 June 2026, one £1 ordinary share was issued for consideration of £1,000k. On 26 June 2026, one £1 ordinary share was issued for consideration of £250k.
Following consideration, the directors are confident that the company remains a going concern, and their assessment is set out in note 2.3. As the company will incur planned trading losses in its set-up phase and will require further funds from the parent group to grow its asset base, the directors have received assurances from the parent group that such funds will be provided when required.
The auditors, S&W Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
We have audited the financial statements of Advanced Water Infrastructure Networks Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 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.
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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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED (CONTINUED)
The other information comprises the information included in the Directors' Report and Financial Statements other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Directors' Report and Financial Statements. 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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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED (CONTINUED)
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED WATER INFRASTRUCTURE NETWORKS 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:
We obtained a general understanding of the company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company’s industry and regulation. We understand that the company complies with the framework through: • Outsourcing tax compliance to external experts; and • Subscribing to relevant updates from external experts and making changes to internal procedures and controls as necessary. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company: • The Companies Act 2006 and FRS 101 in respect of the preparation and presentation of the financial statements; and • Ofwat regulations in respect of the company’s activities. We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above: • Making enquiries of management regarding their processes for ensuring and monitoring compliance with relevant laws and regulations; • Reviewing minutes of board meetings; and • Inspecting any correspondence outside the normal course of activities with regulatory authorities and enquiring as to the outcome of any inspections. The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: • Manipulation of the financial statements via fraudulent journal entries; and • The risk that assets may be overstated through inappropriate capitalisation of payroll costs within tangible fixed assets. We rebutted the presumed inclusion of a fraud risk related to revenue as this area had not grown to a material balance in the year. These areas were communicated to the other members of the engagement team not present at the discussion.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED (CONTINUED)
The procedures we carried out to gain evidence in the above areas included:
• Testing journal entries, selected based on relevant risk criteria, to ensure they had a proper business purpose; and • Substantive testing of payroll costs capitalised in the year and challenging management regarding the assumptions used in estimating the proportion of staff time spent on asset adoption activities.
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
Statutory Auditor
Chartered Accountants
103 Colmore Row
B3 3AG
Date:
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
REGISTERED NUMBER: 14657764
BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Advanced Water Infrastructure Networks Limited (“the company”) is a private limited company (limited by shares) and incorporated, domiciled and registered in England in the United Kingdom, under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Company’s operations, and its principal activity are set out in the Directors’ Report.
2.Accounting policies
These financial statements are presented in Pound Sterling rounded to thousands (£'000) unless stated otherwise. The Pound Sterling is the currency of the primary economic environment in which the company operates.
The preparation of financial statements in compliance with FRS 101 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 following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of FWCP Spark (UK) Midco Limited as at 31 March 2026 and these financial statements may be obtained from Nexus Park, Avenue East, Skyline 120, Great Notley, Essex, CM77 7AL.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
At 31 March 2026, the Company held cash at bank and in hand of £886k (2025: £789k). In addition, a further £1,644k (2025: £3,060k) cash was held in Escrow. The Company reported net assets of £5,007k (2025: £4,220k), reflecting a significant strengthening of its balance sheet position. The loss for the year amounted to £813k (2025: £611k loss) which represents a planned trading loss incurred during the Company’s initial set-up phase, in line with management’s expectations and strategic investment plans. The Company continues to meet its day-to-day working capital requirements through its cash reserves.
The Directors have assessed the Company’s ability to continue as a going concern, taking into account current economic conditions, forecast trading performance, and the Company’s liquidity position. This assessment includes consideration of a capital commitment of £95.9 million, to be incurred over a period exceeding five years, as part of the Company’s long-term strategic investment programme. The Company’s financial forecasts, which incorporate reasonably possible downside scenarios, indicate that it will be able to meet its obligations as they fall due. These forecasts include assumptions regarding ongoing operating costs and the availability of financial support from the Company’s parent undertaking. The parent has formally confirmed its intention to provide financial support for at least 12 months from the date of approval of these financial statements. The Directors have also considered the regulatory framework within which the Company operates, including the stability of revenue streams under the price control mechanisms set by Ofwat. This provides a degree of predictability in future cash flows, supporting the Company’s ability to meet its financial obligations. Having considered all relevant factors, including the Company’s cash flow forecasts, capital commitments, and the confirmed support from its parent company, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. . Revenue primarily arises from the provision of water transportation services through the Company’s network infrastructure. These services are recognised over time based on actual usage, as measured by metering or other reliable estimation methods, reflecting the continuous transfer of service to the customer throughout the reporting period.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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.
The estimated useful lives range as follows:
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.
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the company’s cash management. Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The tax expense represents the sum of the tax currently payable and any deferred tax.
The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and the company intends to settle on a net basis.
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. Contributions to defined contribution pension schemes are charged to profit or loss as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors have exercised judgement in determining the useful economic lives of the Company's adopted assets. These estimates are based on factors such as the expected pattern of consumption of economic benefits, anticipated usage, technological developments, and historical experience. The estimated useful lives are reviewed periodically and revised where necessary. Changes in these estimates could have a material impact on the amount of depreciation recognised and the carrying value of adopted assets.
The whole of revenue is attributable to the supply of services to adopt new water services, and services to operate and maintain new water services.
All turnover arose within the United Kingdom.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The income tax charge is based on the UK statutory rate of corporation tax for the year of 25% (2025: 25%). Deferred tax has been calculated using the enacted tax rates that are expected to apply when the liability is settled, or the asset realised. Deferred tax has been calculated based on the rate applicable at the date timing differences are expected to reverse.
A net deferred tax asset has not been recognised in respect of tax losses carried forward amounting to £570k (2025: £377k). This is because, at the reporting date, there is insufficient certainty regarding the availability of future taxable profits against which these losses can be utilised. The deferred tax asset will be recognised when it becomes probable that future taxable profits will be available.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
During the prior year, the Company has provided a fixed and floating charge to a bank in connection with the Company’s cash and bank account balances.
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 £37k (2025: £27k). There were unpaid pension contributions at the reporting date of £6k (2025: £6k). This was paid following the year end.
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ADVANCED WATER INFRASTRUCTURE NETWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
On 30 April 2026, one £1 ordinary share was issued for consideration of £500k.
On 1 June 2026, one £1 ordinary share was issued for consideration of £1,000k. On 26 June 2026, one £1 ordinary share was issued for consideration of £250k.
The Company’s immediate parent undertaking is Advanced Utility Asset Networks Limited, a company registered in England and Wales.
FWCP Spark (UK) MidCo Limited, a company registered in England and Wales, is parent undertaking of Advanced Utility Asset Networks Limited. The largest group to consolidate these financial statements is that headed by FWCP Spark (UK) MidCo Limited. Copies of the FWCP Spark (UK) MidCo Limited consolidated financial statements can be obtained from the Company Secretary at Nexus Park, Avenue East, Skyline 120, Great Notley, Braintree, Essex, CM77 7AL. The consolidated financial statements of the immediate parent company, Advanced Utility Asset Networks, also includes the results of the Company. The ultimate parent undertaking is FWCP Spark TopCo Limited, a company registered in Jersey and controlled by FitzWalter Capital Partners 1, LP. Copies of the financial statements of the ultimate parent and of its group are not publicly available.
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