SP POWER SYSTEMS LIMITED

1. SP POWER SYSTEMS LIMITED 2001-06-08 → present
2. ASPEN 1 LIMITED 2001-02-16 → 2001-06-08

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

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The principal activity of the Company is to provide asset management support services to the Energy Networks licensed businesses within the group headed by SPUK ("the SPUK Group"), the Company's intermediate parent company. The Company's cash flows are therefore dependent on the continuation, volume, and pricing of those operations and have been considered as part of the SPUK Group's cash flow forecasts, on which the directors of the SPUK Group have performed an assessment of reasonably possible downsides. Cash and liquidity are managed centrally by the ScottishPower Treasury function, with working capital requirements of the Company funded by SPL, the parent company of SPUK, who also operates a cash pooling arrangement, which the Company is party to. Centralised funding and cash management aligns with the Iberdrola Group model. The directors have performed a going concern assessment which indicates that the Company will require additional funds, through funding from SPUK, to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements, the going concern assessment period. SPUK has indicated its intention to continue to make available such funds as are needed by the Company during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.”

Group structure

1. SP POWER SYSTEMS LIMITED · parent
   1. Derryherk Limited 100% · Scotland · Provision of network software services

Significant events

• “SPENH acquired 88% of the share capital of North West Electricity Networks (Jersey) Limited ("NWEN") in October 2024. NWEN indirectly owns 100% of the share capital of Electricity North West Limited, the Distribution Network Operator for the North West of England.”

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

Filings

4

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

  +18.7%

  £229,700,000 → £272,600,000

• Cash

  —

  Not reported

• Net assets

  -19.1%

  £21,500,000 → £17,400,000

• Employees

  +11.7%

  1,370 → 1,530

• Operating profit

  +166.7%

  £300,000 → £800,000

• Profit before tax

  -363.6%

  -£1,100,000 → -£5,100,000

• Wages

  +22.1%

  £68,200,000 → £83,300,000

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