Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01true15falsefalseNo description of principal activity15false 03130759 2023-01-01 2023-12-31 03130759 2022-01-01 2022-12-31 03130759 2023-12-31 03130759 2022-12-31 03130759 2022-01-01 03130759 c:Director2 2023-01-01 2023-12-31 03130759 c:Director3 2023-01-01 2023-12-31 03130759 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03130759 d:PlantMachinery 2023-01-01 2023-12-31 03130759 d:PlantMachinery 2023-12-31 03130759 d:PlantMachinery 2022-12-31 03130759 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:MotorVehicles 2023-01-01 2023-12-31 03130759 d:MotorVehicles 2023-12-31 03130759 d:MotorVehicles 2022-12-31 03130759 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:FurnitureFittings 2023-01-01 2023-12-31 03130759 d:FurnitureFittings 2023-12-31 03130759 d:FurnitureFittings 2022-12-31 03130759 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:ComputerEquipment 2023-01-01 2023-12-31 03130759 d:ComputerEquipment 2023-12-31 03130759 d:ComputerEquipment 2022-12-31 03130759 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03130759 d:OtherPropertyPlantEquipment 2023-12-31 03130759 d:OtherPropertyPlantEquipment 2022-12-31 03130759 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03130759 d:CurrentFinancialInstruments 2023-12-31 03130759 d:CurrentFinancialInstruments 2022-12-31 03130759 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03130759 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03130759 d:ShareCapital 2023-12-31 03130759 d:ShareCapital 2022-12-31 03130759 d:ShareCapital 2022-01-01 03130759 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03130759 d:RetainedEarningsAccumulatedLosses 2023-12-31 03130759 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03130759 d:RetainedEarningsAccumulatedLosses 2022-12-31 03130759 d:RetainedEarningsAccumulatedLosses 2022-01-01 03130759 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03130759 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03130759 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03130759 d:RetirementBenefitObligationsDeferredTax 2022-12-31 03130759 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03130759 c:OrdinaryShareClass1 2023-12-31 03130759 c:OrdinaryShareClass1 2022-12-31 03130759 c:FRS102 2023-01-01 2023-12-31 03130759 c:Audited 2023-01-01 2023-12-31 03130759 c:FullAccounts 2023-01-01 2023-12-31 03130759 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03130759 d:WithinOneYear 2023-12-31 03130759 d:WithinOneYear 2022-12-31 03130759 d:BetweenOneFiveYears 2023-12-31 03130759 d:BetweenOneFiveYears 2022-12-31 03130759 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03130759 2 2023-01-01 2023-12-31 03130759 e:PoundSterling 2023-01-01 2023-12-31 03130759 f:Belgium 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03130759










KENNET WATER LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
KENNET WATER LIMITED
REGISTERED NUMBER: 03130759

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
91,345
82,268

Current Assets
  

Stocks
 5 
916,291
1,041,116

Debtors: amounts falling due within one year
 6 
780,917
614,935

Cash at bank and in hand
 7 
1,212,290
1,128,541

Current liablities
  
2,909,498
2,784,592

Creditors: amounts falling due within one year
 8 
(650,586)
(508,020)

Net current assets
  
 
 
2,258,912
 
 
2,276,572

Total assets less current liabilities
  
2,350,257
2,358,840

Provisions for liabilities
  

Deferred tax
 9 
(6,858)
(1,347)

  
 
 
(6,858)
 
 
(1,347)

Net assets
  
2,343,399
2,357,493


Capital and reserves
  

Called up share capital 
 10 
50,000
50,000

Profit and loss account
  
2,293,399
2,307,493

  
2,343,399
2,357,493


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 statement of comprehensive income 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 by: 




N Grant
S Pollet
Director
Director


Date: 23 July 2024
Date:23 July 2024

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

Page 1

 
KENNET WATER LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
50,000
2,337,045
2,387,045



Profit for the year
-
720,448
720,448

Dividends: Equity capital
-
(750,000)
(750,000)



At 1 January 2023
50,000
2,307,493
2,357,493



Profit for the year
-
685,906
685,906

Dividends: Equity capital
-
(700,000)
(700,000)


At 31 December 2023
50,000
2,293,399
2,343,399


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

Page 2

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by shares and domiciled in England and Wales, registration number 03130759. The registered office address and principal place of business is 41 Bone Lane, Newbury, Berkshire, RG14 5SH. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

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.

 
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

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
reducing balance
Computer equipment
-
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

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.

 
2.6

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.

 
2.7

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.

 
2.8

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, loans to related parties and investments in ordinary shares.

 
2.9

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.

Page 4

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.11

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.

 
2.12

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.

  
2.13

Provisions for Liablities

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.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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 15 (2022 - 15).

Page 6

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Leasehold improvements
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
1,075
65,931
46,527
-
179,138
292,671


Additions
27,801
-
-
4,642
10,897
43,340


Disposals
-
(20,642)
-
-
-
(20,642)



At 31 December 2023

28,876
45,289
46,527
4,642
190,035
315,369



Depreciation


At 1 January 2023
538
37,805
44,440
-
127,620
210,403


Charge for the year
3,777
5,807
466
564
18,751
29,365


Disposals
-
(15,744)
-
-
-
(15,744)



At 31 December 2023

4,315
27,868
44,906
564
146,371
224,024



Net book value



At 31 December 2023
24,561
17,421
1,621
4,078
43,664
91,345



At 31 December 2022
537
28,126
2,087
-
51,518
82,268

Page 7

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
916,291
1,041,116



6.


Debtors

2023
2022
£
£


Trade debtors
737,900
567,258

Amounts owed by group undertakings
42,565
41,664

Other debtors
-
5,458

Prepayments and accrued income
452
555

780,917
614,935


The amounts owed by group undertakings are repayable on demand and no interest is charged.


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,212,290
1,128,541



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
120,370
96,545

Amounts owed to group undertakings
237,068
106,084

Corporation tax
20,334
3,495

Other taxation and social security
206,887
215,065

Other creditors
-
250

Accruals and deferred income
65,927
86,581

650,586
508,020


The amounts owied to group undertakings are repayable on demand and no interest is charged.

Page 8

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(1,347)


Charged to profit or loss
(5,511)



At end of year
(6,858)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,742)
(1,347)

Short term timing differences
(1,116)
-

(6,858)
(1,347)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £47,642 (2022: £46,593). Contributions totalling £26,536 (2022: £1,456) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
107,520
107,520

Later than 1 year and not later than 5 years
304,640
412,160

412,160
519,680

Page 9

 
KENNET WATER LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the Group headed by under section 33.1A of FRS102.


14.


Controlling party

Kennet Water Limited is controlled by its immediate and ultimate parent company Pollet Water Group NV, a company incorporated in Belgium with registered office at 14 Brouwerijstraat, 8680 Koekelare, Belgium. 
 


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 July 2024 by Jonathan Baillie BA (Hons) FCCA ACA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 10