MUTUAL ENERGY LIMITED
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Cash
£2.4m
-54.4% lowest in 3 filed years
Net assets
-£2.3m
+3.7% vs 2025
Employees
50
+16.3% highest in 3 filed years
Profit before tax
—
Period ending 2026-03-31
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Utilities median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Total income | £116,613,000 | £147,152,000 | — | — | |
| Operating profit | £83,243,000 | £110,926,000 | — | — | |
| Profit before tax | £15,428,000 | £100,863,000 | — | — | |
| Net profit | £12,121,000 | — | £90,000 | — | |
| Cash | £152,652,000 | £5,162,000 | £2,352,000 | -54.4% | |
| Total assets less current liabilities | £680,059,000 | — | — | — | |
| Net assets | £62,370,000 | -£2,438,000 | -£2,348,000 | +3.7% | |
| Equity | £62,370,000 | -£2,438,000 | -£2,348,000 | +3.7% | |
| Average employees | 42 | 43 | 50 | +16.3% | |
| Wages | £3,369,000 | £3,544,000 | £3,900,000 | +10% | |
| Directors' remuneration | £990,000 | £921,000 | £825,000 | -10.4% | |
| Directors' pension contributions | £50,000 | £37,000 | £32,000 | -13.5% | |
| Highest paid director | £365,000 | £411,000 | £410,000 | -0.2% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 71.4% | 75.4% | — | |
| Net margin | 10.4% | — | — | |
| Return on capital employed | 12.2% | — | — | |
| Gearing (liabilities / total assets) | 91.5% | 131.6% | 129.6% | |
| Current ratio | 4.54x | 0.50x | 0.66x | |
| Interest cover | 2.13x | 3.80x | — |
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.
Name history
Renamed 1 time since incorporation
- MUTUAL ENERGY LIMITED 2010-01-13 → present
- NORTHERN IRELAND ENERGY HOLDINGS LIMITED 2005-01-31 → 2010-01-13
Audit & accounting basis
- Accounting basis
- UK-adopted IAS
- Reporting scope
- Consolidated group
- Auditor
- Grant Thornton (NI) LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors have a reasonable expectation that the Group has adequate resources for a period of at least 12 months from the date of approval of the financial statements and have therefore assessed that the going concern basis of accounting is appropriate in preparing the financial statements and that there are no material uncertainties to disclose.”
Group structure
- MUTUAL ENERGY LIMITED · parent
- Moyle Holdings Limited 100%
- Moyle Holdings No. 2 Limited 100%
- Moyle Interconnector (Financing) plc 100%
- Moyle Interconnector Limited 100%
- Premier Transmission Holdings Limited 100%
- Premier Transmission Financing plc 100%
- Premier Transmission Limited 100%
- Interconnector Services (NI) Limited 100%
- Northern Ireland Gas Transmission Holdings Limited 100%
- Belfast Gas Transmission Holdings Limited 100%
- Belfast Gas Transmission Financing plc 100%
- Belfast Gas Transmission Limited 100%
- WTL Holdings Limited 100%
- West Transmission Financing plc 100%
- West Transmission Limited 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
9 active · 22 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ARMSTRONG, Emma Jayne | Secretary | 2025-07-01 | — | — |
| GRAY, David Middleton | Director | 2019-01-01 | May 1952 | British |
| LARKIN, Patrick | Director | 2007-09-26 | Oct 1968 | Irish |
| LEWIS, Alexandra Morton | Director | 2026-01-01 | Jan 1972 | British |
| MCCRACKEN, Harold | Director | 2021-09-01 | Jun 1949 | British |
| MCILROY, Gerard Myles | Director | 2010-01-01 | Feb 1969 | British |
| MCKEOWN, Norman | Director | 2023-11-20 | Jun 1957 | British |
| O'REILLY, Maureen | Director | 2024-11-20 | Jan 1968 | Irish |
| RICHARDS, Ceri | Director | 2020-03-01 | Dec 1958 | British |
Show 22 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| MCILROY, Gerard Myles | Secretary | 2009-02-27 | 2025-06-30 |
| NORTHERN IRELAND, Arthur Cox | Secretary | 2005-02-02 | 2009-10-01 |
| MD SECRETARIES LIMITED | Corporate Secretary | 2005-01-31 | 2005-02-02 |
| ANDERSON, Patrick Michael | Director | 2016-10-01 | 2024-09-25 |
| BLACK, Clarke | Director | 2011-01-01 | 2017-09-30 |
| CARGO, William | Director | 2007-09-26 | 2010-01-01 |
| FINN, Regina | Director | 2008-11-01 | 2018-12-31 |
| HUSTON, Felicity Victoria | Director | 2005-02-02 | 2010-09-21 |
| KIRKPATRICK, Stephen | Director | 2010-04-01 | 2016-09-29 |
| LOCKE, Alasdair James Dougall | Director | 2005-02-02 | 2008-12-31 |
| MCATEER, Damian Gerard | Director | 2005-02-02 | 2009-09-29 |
| MCCLURE, Alan David | Director | 2005-02-02 | 2009-09-29 |
| MCKERNAN, Michael James | Director | 2018-01-01 | 2024-09-25 |
| MINGAY, Katherine Jane | Director | 2014-05-01 | 2021-09-23 |
| MONTGOMERY, David John | Director | 2005-02-02 | 2008-03-31 |
| MURRAY, Christopher John | Director | 2014-05-01 | 2022-09-29 |
| RAINEY, Alan | Director | 2005-10-12 | 2007-06-21 |
| SHEERAN, Nuala | Director | 2005-08-03 | 2007-08-31 |
| WALSH, Gerry | Director | 2008-10-01 | 2013-12-31 |
| WARRY, Peter Thomas | Director | 2008-09-23 | 2013-11-30 |
| MD DIRECTORS LIMITED | Corporate Director | 2005-01-31 | 2005-02-02 |
| MD SECRETARIES LIMITED | Corporate Director | 2005-01-31 | 2005-02-12 |
Ownership
Persons with significant control
Filing timeline
Last 20 of 118 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-20 | AA | accounts | Accounts with accounts type group | |
| 2026-07-06 | AP01 | officers | Appoint person director company with name date | |
| 2026-01-30 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-01-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-17 | AA | accounts | Accounts with accounts type group | |
| 2025-07-01 | TM02 | officers | Termination secretary company with name termination date | |
| 2025-07-01 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-01-31 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-11-25 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-22 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-22 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-02 | AA | accounts | Accounts with accounts type group | |
| 2024-02-02 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-22 | AP01 | officers | Appoint person director company with name date | |
| 2023-09-14 | AA | accounts | Accounts with accounts type group | |
| 2023-02-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-12-01 | TM01 | officers | Termination director company with name termination date | |
| 2022-10-04 | AUD | auditors | Auditors resignation company | |
| 2022-10-04 | AUD | auditors | Auditors resignation company | |
| 2022-09-28 | AA | accounts | Accounts with accounts type group |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.