Company No:
Contents
| DIRECTORS | Ian Paul Cain (Appointed 23 October 2025) |
| Laura Ann Flowerdew | |
| Ruth Esme Jefferson | |
| Richard Andrew Price (Resigned 23 October 2025) | |
| Andrew Fraser Pymer |
| SECRETARIES | Stephen Lavington |
| Quayseco Limited |
| REGISTERED OFFICE | 1 Clevedon Walk |
| Nailsea | |
| Bristol | |
| BS48 1WA | |
| United Kingdom |
| COMPANY NUMBER | 04143955 (England and Wales) |
| AUDITOR | Gravita Audit Western Limited |
| Statutory Auditor | |
| 2nd Floor, South | |
| One Castle Park | |
| Tower Hill | |
| Bristol | |
| BS2 0JA |
The directors present their Strategic Report for the financial year ended 31 March 2026.
For the purposes of this report, Bristol Wessex Billing Services will be referred to as Pelican Business Services (Pelican) which is the trading name of the business.
Pelican has continued to provide services in line with our principal activities. Bristol Water (BW) and Wessex Water (WW) still retain equal equity interests in the company.
PRINCIPAL RISKS AND UNCERTAINTIES
The business operates in a market where our customer base is pre-determined based on geography. As such, the customer activity is relatively predictable based on historic trends and the business is able to effectively plan around these.
Our IT systems are fundamental to the services that we provide to our customers, all of which are supported by SLAs with established partners. Pelican has also invested in an extensive business continuity plan; the outcome of which is that team members could be operational within two hours of the plan being invoked, with full systems within 24 hours.
Because of the nature of the Company's business, and more particularly arrangements for funding through BW and WW, it bears no direct financial risks and is fully supported by its parent companies. Letters of on-going support for the current financial year have been provided by both parent companies.
We are confident that the business will continue to trade normally for the foreseeable.
FUTURE DEVELOPMENTS
We will continue to invest in our people and systems to ensure that the business is well placed to meet and exceed our clients' expectations. We are continuing to implement a new billing system which will allow us to further improve on the already high service levels provided to our customers. Planned go-live for this new system is 2027.
REVIEW OF THE BUSINESS
OVERVIEW
Pelican has continued to provide services in line with our principal activities. Bristol Water (BW) and Wessex Water (WW) still retain equal equity interests in the company.
OPERATING COSTS
Overall operating costs increased by 8.3%, from £20.6m in 2025 to £22.3m in 2026, primarily reflecting inflation related pay increases and higher postage costs, with the latter rising faster than inflation.
COLLECTIONS
During the period, Pelican collected £682m in 2026 (2025 £580m) for BW and WW combined, representing a 18% increase. This is largely in line with the BW/WW bill increases, although the current cost of living challenges are having some impact on collections.
CUSTOMER MEASURE OF EXPERIENCE (C-MEX)
A key metric for both BW and WW is the water industry C-MeX score which directly impacts the future prices that BW and WW can charge.
The services that Pelican provides to BW and WW primarily impact the Customer Services Score (CSS) which is based on a random sample of customers that have contacted their water company during the survey period. WW ranked 3rd and BW ranked 5th for overall C-MeX. Pelican primarily contribute to the Billing element of C-MeX where WW ranked 5th and BW ranked 2nd.
These rankings were against a total of 17 water companies that are measured in this way.
OUR PEOPLE
Our employee survey scores continue to remain strong with 92.2% of our people rating Pelican as a good place to work (2025 96.2%). This was particularly pleasing as this was against the backdrop of an office refurbishment where the majority of people were working from temporary locations and a challenging year from a customer contact perspective.
We reported a 2024/25 mean gender pay gap of 8.2% and a median of 1.1%, which is largely consistent with the previous year (8.7% and 0.3%).
We are pleased that our median gap is below the national average of 6.9%, and our gender pay gap continues to be an area of focus.
A key factor of why we perform well in this area is our positive approach towards flexible working and our aim of attracting women into roles historically filled by men such as meter reading.
AWARDS
Over the past 12 months, Pelican has been awarded ‘Signatory Organisation of the Year’ by the Bristol Women in Business Awards and recognised for People Development and Diversity/Inclusion at the South West Contact Centre Awards.
OTHER KEY METRICS
The company continues to perform strongly against other key metrics used within the business. During the current financial year:
-Our contact centre received 551k calls (2025 498k) excluding our automated phone lines. This increase goes against the downward trend seen in previous years and can largely be attributed to the impact of higher bill increases compared to previous years.
-Email/form volumes increased to 447k (2025 383k) with form volumes increasing by 20% and emails by 11%
-99.7% of billing contacts were responded to within our five-day SLA. This was lower than previous years and was primarily due to an unprecedented spike in customers opting to switch to a metered supply at the start of the year
-Billing complaints comprised only 0.6% (2025 0.4%) of overall billing contacts
-Our average Trustpilot score for 2025/26 was 4.46 against a maximum score of 5 with 84% of customers rating us as Excellent
Approved by the Board of Directors and signed on its behalf by:
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Andrew Fraser Pymer
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 March 2026.
PRINCIPAL ACTIVITIES
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 23 October 2025) |
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(Resigned 23 October 2025) |
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DIRECTORS' INDEMNITIES
DISABLED EMPLOYEES
EMPLOYEE CONSULTATION
The plan considers four main areas - communication, working through change, culture & support and health, safety & wellbeing.
Our People Council continues to flourish with representation from all parts of the business. This council acts as a route for two-way communication and is complementary to our other communication channels such as the intranet and the Managing Director's weekly update.
We will continue to survey our people twice annually with the aim of monitoring the effectiveness of people initiatives and to also identify further opportunities to enhance engagement across the business.
DONATIONS
During the year, the following donations were made:
-Nailsea In Bloom £100
-Farms For City Children £252
-Brain Tumour Society £700
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
AUDITOR
Gravita Audit Western Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting, in accordance with section 485 of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
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Andrew Fraser Pymer
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* 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 enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.
We have audited the financial statements of Bristol Wessex Billing Services Limited for the financial year ended 31 March 2026, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, and the related notes 1 to 13, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Bristol Wessex Billing Services Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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 and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
· the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
· we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the post production industry;
· we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Ofwat regulations, GDPR, Consumer Rights Act 2015, and taxation legislation;
· we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
· identified non-compliance with laws and regulations were communicated within the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
· making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
· considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
· performed analytical procedures to identify any unusual or unexpected relationships;
· tested journal entries to identify unusual transactions;
· assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
· investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our 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 auditor’s 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
One Castle Park
Tower Hill
Bristol
BS2 0JA
| Note | 2026 | 2025 | ||
| £'000 | £'000 | |||
| Turnover | 2 |
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| Cost of sales | (
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| Administrative expenses | (
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| Profit before taxation | 3 |
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| Tax on profit | 5 | (
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| Profit for the financial year |
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| 2026 | 2025 | |||
| £'000 | £'000 | |||
| Profit for the financial year |
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive income |
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| Note | 2026 | 2025 | ||
| £'000 | £'000 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 4,050 | 3,727 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 102 | 67 | ||
| Total assets less current liabilities | 102 | 67 | ||
| Net assets | 102 | 67 | ||
| Capital and reserves | 10 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds | 102 | 67 |
The financial statements of Bristol Wessex Billing Services Limited (registered number:
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Andrew Fraser Pymer
Director |
| Called-up share capital | Profit and loss account | Total | |||
| £'000 | £'000 | £'000 | |||
| At 01 April 2024 |
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| At 31 March 2026 |
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| 2026 | 2025 | ||
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| Net cash flows from operating activities (note 12) | (
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| Interest received |
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| Reconciliation to cash at bank and in hand: | |||
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Bristol Wessex Billing Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Clevedon Walk, Nailsea, Bristol, BS48 1WA, United Kingdom.
The principal activities are set out in the Directors Report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £'000.
At the time of approving the financial statements, the directors have received confirmation from the parent companies that they will continue to provide support to the Company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Group accounts exemption s402
The Company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Bristol Wessex Billing Services Limited is the parent of a group of which all subsidiary undertakings are excluded from consolidation in Companies Act group accounts under section 405.
Turnover is recognised in the period in which the services are provided when all of the following conditions are satisfied: the amount of turnover can be measured reliably, it is probable that the company will receive the consideration due, and the costs incurred can be measured reliably.
Defined contribution schemes
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the plan are held separately from the company in independently administered funds.
Defined benefit schemes
Multi-employer pension plan:
The company is a member of two pension schemes, one operated by BW (Water Companies' Pension Scheme) and one operated by WW (Wessex Water Pension Scheme) that provide defined benefits based on final pensionable pay. Given that it has not been possible to identify the underlying assets and liabilities attributable to each participating company, multi-employer treatment is applied, which results in accounting for the schemes on a defined contribution basis, as explained above.
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. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
The directors do not consider there to be significant estimates or judgements made during the preparation of the financial statements.
The Company as lessee
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.
Breakdown by geographical market:
An analysis of the Company's turnover by geographical market is set out below.
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| United Kingdom | 20,937 | 19,652 |
Profit before taxation is stated after charging/(crediting):
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| £'000 | £'000 | ||
| Operating lease rentals |
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| Auditors' remuneration |
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| Defined contribution pension |
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| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Customer service |
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| Administration |
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Their aggregate remuneration comprised:
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| £'000 | £'000 | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 14,316 | 13,380 |
The directors of the company did not receive any remuneration from the company during the year (2025 - £NIL), as they were paid by the parent companies. Their activities are deemed to be wholly attributable to their services to the parent companies.
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Current tax on profit | |||
| UK corporation tax |
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| Total current tax |
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| Total tax on profit |
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The tax assessed for the year is lower than (2025: higher than) the standard rate of corporation tax in the UK:
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Profit before taxation | 45 | 10 | |
| Tax on profit at standard UK corporation tax rate of 25% (2025: 25%) |
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| Income not taxable in determining taxable profit |
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| Short-term timing differences leading to an increase / (decrease) in taxation | 0 | 2 | |
| Total tax charge for year | 11 | 4 |
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Trade debtors |
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| Amounts owed by Group undertakings (note 13) |
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| Other debtors |
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| Prepayments |
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| Deferred tax asset |
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| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Trade creditors |
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| Amounts owed to Group undertakings (note 13) |
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| Other taxation and social security |
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| VAT |
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| Accruals |
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| Other creditors |
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| 2026 | 2025 | ||
| £'000 | £'000 | ||
| At the beginning of financial year |
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| At the end of financial year |
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The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Financial assets | |||
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 6) |
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| Other debtors (note 6) |
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| Amounts owed by Group undertakings (note 6) |
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| Cash at bank and in hand | 1,275 | 1,704 | |
| 3,445 | 2,968 | ||
| Financial liabilities | |||
| Measured at undiscounted amount payable | |||
| Trade creditors (note 7) | (
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| Other payables (note 7) | (
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| Amounts owed to Group undertakings (note 7) | (
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| Accruals | (1,248) | (1,212) | |
| (3,147) | (2,934) |
| 2026 | 2025 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 200 | 200 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 200 | 200 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2026 | 2025 | ||
| £'000 | £'000 | ||
| Within one year |
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| Between one and five years |
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Pensions
The company operates a defined contribution pension scheme. Additionally, the company participates in two group pension schemes operated by BW (Water Companies' Pension Scheme) and WW (Wessex Water Pension Scheme). These pension schemes are defined benefit and assets are held in separate trustee administered funds.
BWBSL has no claim or liability associated with any surplus or deficits associated with the defined benefit pension schemes of BW and WW. For this reason, no information is provided regarding the latest valuations of each of the schemes. The total pension cost for the company for the year was £912,000 (2025 £870,000), with the defined benefit scheme comprising £49,000 (2025 £74,000), defined contribution scheme £801,000 (2025 £796,000) and life cover premiums £62,000 (2025 £78,000).
The actuarial valuation of the BW scheme was updated to 31 March 2026, by an independent qualified actuary, using revised assumptions that are consistent with the requirements of IAS19. The updated valuation indicated a surplus of assets compared to liabilities, after income tax restriction, of £9.2m (2025 £8.0m). This is not recognised in this company's financial statements.
The actuarial valuation of the WW scheme was updated to 31 March 2026, by an independent qualified actuary, using revised assumptions that are consistent with the requirements of IAS19. The updated valuation indicated a surplus of assets compared to liabilities, after income tax restriction, of £15.9m (2025 £25.3m deficit). This is not recognised in this company's financial statements.
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Net debt reconciliation
| Balance at 01 April 2025 | Cash flows | Balance at 31 March 2026 | |||
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| Cash at bank and in hand | 1,704 | ( 429) | 1,275 | ||
| 1,704 | ( 429) | 1,275 | |||
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( 429) |
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During the year, a total of key management personnel compensation of £820,000 (2025 - £818,000) was paid.
Transactions with related parties or connected persons
Bristol Water PLC
During the year, the company had the following transactions with Bristol Water PLC:
Sales of £3,983,000 (2025: £3,667,000)
Additional recharged cost of £249,000 (2025: £291,000)
At the balance sheet date, the company had net amounts due from Bristol Water PLC of £1,651,000 (2025: £1,201,000)
Water 2 Business Limited
During the year, the company had the following transactions with Water 2 Business Limited:
Sales of £1,845,000 (2025: £1,737,000)
Searchlight Collections Ltd
During the year, the company had the following transactions with Searchlight Collections Ltd:
Purchases of £198,000 (2025: £191,000)
Sales of £198,000 (2025: £191,000)
At the balance sheet date, the company had net amounts due to Searchlight Collections Ltd of £62,000 (2025: £69,000)
Wessex Water Services Ltd
During the year, the company had the following transactions with Wessex Water Services Ltd:
Purchases of £2,496,000 (2025: £2,210,000)
Sales of £14,823,000 (2025: £13,853,000)
Additional recharged cost of £470,000 (2025: £317,000)
At the balance sheet date, the company had net amounts due from Wessex Water Services Ltd of £279,000 (2025: £662,000)
South West Water Limited
During the year, the company had the following transactions with South West Water Limited:
Purchases of £440,000 (2025: £nil)
At the balance sheet date, the company had net amounts due from South West Water Limited of £4,000 (2025: £nil)
YTL Construction (UK) Ltd
During the year, the company had the following transactions with YTL Construction (UK) Ltd:
Purchases of £14,000 (2025: £nil)
YTL Plant & Fleet Solutions Ltd
During the year, the company had the following transactions with YTL Plant & Fleet Solutions Ltd:
Purchases of £114,000 (2025: £nil)
Pennon Water Services Ltd
At the balance sheet date, the company had net amounts due from Pennon Water Services Ltd of £2,000 (2025: £nil)
The directors regard Wessex Water Limited and Bristol Water Holdings Limited as the joint parent and controlling parties of the company. Each company holds 50% of the equity share capital and voting rights of the company.
There is no ultimate controlling party.
The financial statements of the two controlling parties may be obtained from the following addresses:
Bristol Water Holdings Limited
Bridgwater Road
Bristol
BS13 7AT
Wessex Water Limited
Claverton Down Road
Bath
BA2 7WW