Caseware UK (AP4) 2021.0.152 2021.0.152 2022-04-302022-04-30false8The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-05-01falseNo description of principal activity8true 05059307 2021-05-01 2022-04-30 05059307 2020-05-01 2021-04-30 05059307 2022-04-30 05059307 2021-04-30 05059307 c:Director1 2021-05-01 2022-04-30 05059307 d:PlantMachinery 2021-05-01 2022-04-30 05059307 d:PlantMachinery 2022-04-30 05059307 d:PlantMachinery 2021-04-30 05059307 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 05059307 d:MotorVehicles 2021-05-01 2022-04-30 05059307 d:MotorVehicles 2022-04-30 05059307 d:MotorVehicles 2021-04-30 05059307 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 05059307 d:FurnitureFittings 2021-05-01 2022-04-30 05059307 d:FurnitureFittings 2022-04-30 05059307 d:FurnitureFittings 2021-04-30 05059307 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 05059307 d:OfficeEquipment 2021-05-01 2022-04-30 05059307 d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 05059307 d:Goodwill 2022-04-30 05059307 d:Goodwill 2021-04-30 05059307 d:CurrentFinancialInstruments 2022-04-30 05059307 d:CurrentFinancialInstruments 2021-04-30 05059307 d:Non-currentFinancialInstruments 2022-04-30 05059307 d:Non-currentFinancialInstruments 2021-04-30 05059307 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 05059307 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 05059307 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 05059307 d:Non-currentFinancialInstruments d:AfterOneYear 2021-04-30 05059307 d:ShareCapital 2022-04-30 05059307 d:ShareCapital 2021-04-30 05059307 d:RetainedEarningsAccumulatedLosses 2022-04-30 05059307 d:RetainedEarningsAccumulatedLosses 2021-04-30 05059307 c:FRS102 2021-05-01 2022-04-30 05059307 c:AuditExempt-NoAccountantsReport 2021-05-01 2022-04-30 05059307 c:FullAccounts 2021-05-01 2022-04-30 05059307 c:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 05059307 6 2021-05-01 2022-04-30 05059307 d:Goodwill d:OwnedIntangibleAssets 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure

Registered number: 05059307









NORFOLK WATER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

 
NORFOLK WATER LIMITED
REGISTERED NUMBER: 05059307

BALANCE SHEET
AS AT 30 APRIL 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
50,000
80,000

Tangible assets
 5 
61,755
82,483

Investments
 6 
489,406
489,406

  
601,161
651,889

Current assets
  

Stocks
  
30,278
19,741

Debtors: amounts falling due within one year
 7 
141,951
113,514

Cash at bank and in hand
  
278,681
202,078

  
450,910
335,333

Creditors: amounts falling due within one year
 8 
(193,739)
(135,791)

Net current assets
  
 
 
257,171
 
 
199,542

Total assets less current liabilities
  
858,332
851,431

Creditors: amounts falling due after more than one year
 9 
(221,346)
(238,852)

Provisions for liabilities
  

Deferred tax
  
(11,733)
(15,672)

  
 
 
(11,733)
 
 
(15,672)

Net assets
  
625,253
596,907


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
615,253
586,907

  
625,253
596,907


Page 1

 
NORFOLK WATER LIMITED
REGISTERED NUMBER: 05059307
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2022.




C A Sexton
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address of the company is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The principal activity of the company is the sale of bottled water and hire of office water coolers. Its principal place of business is East Harling, Norfolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year.

 
2.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance basis and straight line method.

Depreciation is provided on the following basis:

Plant & equipment
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Water bottling plant
-
4%
straight line
Water coolers
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 5

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 6

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2021 - 8).

Page 7

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2021
517,750



At 30 April 2022

517,750



Amortisation


At 1 May 2021
437,750


Charge for the year on owned assets
30,000



At 30 April 2022

467,750



Net book value



At 30 April 2022
50,000



At 30 April 2021
80,000



Page 8

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

5.


Tangible fixed assets





Water coolers
Motor vehicles
Plant & equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2021
171,358
146,297
135,542
453,197


Additions
1,929
-
1,592
3,521



At 30 April 2022

173,287
146,297
137,134
456,718



Depreciation


At 1 May 2021
152,987
96,482
121,244
370,713


Charge for the year on owned assets
9,278
12,454
2,518
24,250



At 30 April 2022

162,265
108,936
123,762
394,963



Net book value



At 30 April 2022
11,022
37,361
13,372
61,755



At 30 April 2021
18,370
49,815
14,298
82,483


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2021
489,406



At 30 April 2022
489,406




Page 9

 
NORFOLK WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

7.


Debtors

2022
2021
£
£


Trade debtors
139,654
111,731

Other debtors
514
-

Prepayments and accrued income
1,783
1,783

141,951
113,514



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
47,423
26,071

Amounts owed to group undertakings
634
730

Other taxation and social security
62,817
51,762

Other creditors
82,865
57,228

193,739
135,791



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other creditors
221,346
238,852

221,346
238,852



10.


Related party transactions

Included in other creditors is a loan from a director of £24,000 (2021: £24,000). The company paid interest on the loan of £Nil (2021: £328).

 
Page 10