SMW LIMITED

1. SMW LIMITED 1996-08-12 → present
2. RANDOTTE (NO. 409) LIMITED 1996-05-31 → 1996-08-12

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

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have assessed the prospects of the Company over the 12-month period after the date that these financial statements were authorised for issue. The Directors have considered the forecast financial position of the Company, the Company's commitments and obligations, the Company's expected cashflows and other relevant financial forecasts. This assessment has considered the level of funding available to the Company, participation in the Group's cash pool arrangements and other forms of internal support, including a letter of support received from Drax Group Holdings Limited, where applicable, credit metrics and the current and future economic climate. In their assessment, the Directors have considered the principal risks faced by the Company including, climate change. The Company's financial performance in 2024 was strong, delivering improved profitability due to strong operational performance. The Company's financial position and liquidity remained strong also. At 31 December 2024 the Company had net current assets of £12.0 million (2023: £8.3 million) and is expected to generate positive cash flows from operations up to March 2026. This is when the assets will be transferred back to Scottish Water, after they triggered an option in the Private Finance Initiative Agreement. Following the transfer of assets back to Scottish Water, the Company will cease trading. The Company has access to various resources to manage its working capital such as supply chain financing facilities, deferred letters of credit, the Group's cash pool and intra-group term loans. These facilities help to ensure that the Company has adequate resources to meet its obligations as they fall due and to continue in operational existence for the foreseeable future. Therefore, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months after the date of signing. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.”

Significant events

• “Following the transfer of assets back to Scottish Water, the Company will cease trading.”

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

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

2

last 12 months

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

• Turnover

  +8.7%

  £25,300,000 → £27,500,000

• Cash

  —

  Not reported

• Net assets

  +14.1%

  £15,600,000 → £17,800,000

• Employees

  0%

  72 → 72

• Profit before tax

  +450%

  £400,000 → £2,200,000

• Wages

  +2.7%

  £3,700,000 → £3,800,000

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