Ultricularia menziesii is a very common plant from Israelite Bay east of Esperance to the north of Perth in Western Australia, on or near coastal moss covered granite outcrops, or on the edge of drainage channels carrying flood water from one swamp to another. They don't actually grow in water, but in waterlogged soils, particularly those that are slow moving or draining, which probably carry living organisms their way.
The beaming red flowers are between 2-3 cm (1") in length and despite their fragile appearance, will bloom over several weeks providing the moisture does not dry up. When conditions do become too dry they will die back to the corm, where it will remain dormant until the following growing season. The flowers themselves do not trap insects, but are functional and serve only to attract suitable pollinators. The flowers are produced from June to September.
There were a couple of other "U" plants but this was the more spectacular and well worth sharing.