SOUTHERN WATER CAPITAL LIMITED

• ⚠

  Material uncertainty over going concern

  The directors believe, after due and careful enquiry, that the company has sufficient resources for its present requirements and, therefore, consider it appropriate to adopt the going concern basis in preparing the financial statements to 31 March 2025, notwithstanding the material uncertainty discussed below. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

1. SOUTHERN WATER CAPITAL LIMITED 2003-02-03 → present
2. HACKREMCO (NO. 2023) LIMITED 2002-12-04 → 2003-02-03

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors believe, after due and careful enquiry, that the company has sufficient resources for its present requirements and, therefore, consider it appropriate to adopt the going concern basis in preparing the financial statements to 31 March 2025, notwithstanding the material uncertainty discussed below. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.”

Group structure

1. SOUTHERN WATER CAPITAL LIMITED · parent
   1. Southern Water Investments Limited 100% · UK · Holding company
   2. Southern Water Services Limited 100% · UK · Water company
   3. Southern Water Services Group Limited · UK · Holding company
   4. SWS Group Holdings Limited · UK · Holding company
   5. SWS Holdings Limited · UK · Holding company
   6. Southern Water Services Limited · UK · Supply of Water and Wastewater Services
   7. Southern Water Services Finance Limited · Grand Cayman · To raise debt finance
   8. SW (Finance) I PLC · UK · To raise debt finance
   9. SW (Finance) II Limited · UK · To raise debt finance
   10. Southern Water Executive Pension Scheme Trustees Limited · UK · Dormant
   11. Southern Water Pension Trustees Limited · UK · Dormant
   12. Southern Water Retail Services Limited · UK · Dormant
   13. Southern Water (NR) Holdings Limited · UK · Holding company
   14. Southern Water (NR) Limited · UK · Holding company
   15. Southern Water Limited · UK · Holding company
   16. Bowsprit Holdings Limited · UK · Dormant
   17. Bowsprit Property Development Limited · UK · To hold property rights
   18. Monk Rawling Limited · UK · Dormant
   19. Southern Water Industries Limited · UK · Dormant
   20. EcoClear Limited · UK · Dormant

Significant events

• “On 7 July 2023, Fitch announced its decision to downgrade the Class A Unwrapped Debt of SW (Finance) I to BBB (negative outlook) from BBB+ (negative outlook). As a consequence of the Fitch credit rating action, a credit rating downgrade Trigger Event has occurred. The consequence of the Trigger Event is that Southern Water Services Limited is not permitted to make distributions to parent companies.”
• “On 4 July 2025, Sandstone Bidco Limited acquired the issued share capital of Greensands Junior Finance Limited and Southern Water (Greensands) Financing plc from Greensands (UK) Limited (in administration), becoming the new indirect UK holding company of Southern Water, replacing Greensands Holdings Limited, the previous UK holding company.”
• “In addition to the acquisition, certain holding company creditors have agreed to new terms as part of a refinancing that will reduce 'Holdco' company debt levels, extend maturities at 'Midco' and remove cash interest payments. These amendments to the terms of the loans mitigate the fact that Southern Water Services is currently not permitted to make distributions to parent companies.”
• “On the 1 April 2025 Southern Water made changes to some of its financial derivatives. The break clause in a swap with a notional value of £92.1 million was extended from November 2025 to June 2026 and accretion payments due in March 2026 associated with various swaps were extended to June 2026. On the same date Southern Water agreed an £800.0 million committed facility, providing additional liquidity.”
• “On 1 July 2025, Southern Water announced that it had secured an offer of equity support from a consortium led by funds managed by Macquarie Asset Management to support its AMP8 investment programme, comprising a legally binding equity commitment of £655 million (the "Initial AMP8 Equity Commitment") provided on the terms of an equity commitment letter and confirmation of intent to provide further equity commitments of up to a further £545 million - and with a minimum of £245 million - by December 2025.”
• “On 8 July 2025, SWS announced that it had entered into a lock-up agreement with financing creditors of the SWS group representing more than 72% by value of the Class A indebtedness in support of certain proposals, including the ratings event of default amendment, (being one of the key conditionalities of the Initial AMP8 Equity commitment). In addition, on 8 July 2025 Southern Water confirmed that it had arranged a further £675.0 million of committed liquidity.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  0%

  £100,000 → £100,000

• Net assets

  +0.6%

  £761,700,000 → £766,200,000

• Employees

  —

  Not reported

• Profit before tax

  0%

  £4,500,000 → £4,500,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers