FULCRUM UTILITY SERVICES LIMITED

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

IFRS

Reporting scope

Consolidated group

Audit opinion

Unaudited (audit-exempt)

Going concern

Affirmed

“These financial statements are prepared on the basis that the Group is a going concern. In forming its opinion as to going concern, the Board has prepared cash flow forecasts based upon its assumptions with particular consideration of the key risks and uncertainties, as well as taking into account available borrowing facilities. The going concern period assessed is until 31 December 2026 which has been selected as it can be projected with a good degree of expected accuracy.”

Group structure

1. FULCRUM UTILITY SERVICES LIMITED · parent
   1. Fulcrum Pipelines Limited · Independent Gas Transporter
   2. Fulcrum Electricity Assets Limited · Independent Distribution Network Operator
   3. Fulcrum Smart Metering Limited · Meter Asset Provider
   4. Fulcrum Metering Services Limited · Meter Operator
   5. Fulcrum Infrastructure Services Limited · Utility Infrastructure Providers
   6. The Dunamis Group Limited · Independent Connection Providers
   7. Dunamis Infrastructure Services Limited · Independent Connection Providers
   8. Maintech Power Services Limited · Maintenance Services Provider

Significant events

• “On 1 August 2025, the Group completed the transfer of an eleventh tranche of its domestic customer gas connection assets to a third-party for a total consideration of £1.0 million, which was received on 31 July 2025.”
• “On 10 October 2025 the Group's major shareholders agreed to extend the Facility Agreement that previously ran to 31 December 2026 out further to 30 September 2027. The conversion price remains fixed at 0.5p per share.”
• “From 25 April 2025, under the Revolving Credit Facility (the "RCF") Agreement, any revolving loans outstanding, inclusive of accrued interest, can be converted into ordinary shares of Fulcrum Utility Services Limited at 0.5p per share, at the discretion of the lenders. On this same date, the interest rate on the RCF became 20% as per the terms of the RCF Agreement.”
• “To further support the Group's liquidity, on 10 October 2025 the Group's major shareholders agreed to amend the RCF Agreement, under which the provision of funding has been increased to £9 million and extended out to 30 September 2027.”
• “Subsequent to year end, it was identified that there were certain technical errors regarding distributions made by other Group undertakings, which meant that those Group undertakings had insufficient distributable reserves to validly make the deemed distributions. To rectify this, subsequent to the reporting date, various steps are being taken to create additional and sufficient distributable reserves in those Group undertakings. The Company will waive an intercompany balance of £7,746k that it is owed by an indirect subsidiary, Fulcrum Utility Assets Limited, and also waive an intercompany balance of £25,715k that it is owed by a direct subsidiary, Fulcrum Utility Investments Limited.”

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

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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

• Turnover

  -12.4%

  £53,376,000 → £46,749,000

• Cash

  +481.6%

  £501,000 → £2,914,000

• Net assets

  -23.5%

  £21,675,000 → £16,576,000

• Employees

  -8.1%

  272 → 250

• Operating profit

  -790.4%

  £522,000 → -£3,604,000

• Profit before tax

  -894.9%

  -£1,605,000 → -£15,968,000

• Wages

  -2.6%

  £13,073,000 → £12,738,000

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