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Registered number: 03894635










WYCOMBE WATER LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WYCOMBE WATER LIMITED
REGISTERED NUMBER: 03894635

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
189,795
194,780

Investments
 5 
100
100

  
189,895
194,880

Current assets
  

Stocks
 6 
1,022,341
1,165,229

Debtors: amounts falling due within one year
 7 
1,194,102
1,058,867

Cash at bank and in hand
 8 
1,831,276
1,669,511

  
4,047,719
3,893,607

Creditors: amounts falling due within one year
 9 
(1,047,038)
(2,406,626)

Net current assets
  
 
 
3,000,681
 
 
1,486,981

Total assets less current liabilities
  
3,190,576
1,681,861

Provisions for liabilities
  

Deferred tax
 10 
(34,840)
-

Net assets
  
 
 
3,155,736
 
 
1,681,861


Capital and reserves
  

Called up share capital 
 11 
50,100
50,100

Profit and loss account
  
3,105,636
1,631,761

  
3,155,736
1,681,861


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: 


S V Pollet
Director

Date: 30 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
WYCOMBE 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
1,631,623
1,681,623



Profit for the year
-
500,138
500,138
Total comprehensive income for the year
-
500,138
500,138

Dividends: Equity capital
-
(500,000)
(500,000)

Shares issued during the year
100
-
100



At 1 January 2023
50,100
1,631,761
1,681,861



Profit for the year
-
1,973,875
1,973,875
Total comprehensive income for the year
-
1,973,875
1,973,875

Dividends: Equity capital
-
(500,000)
(500,000)


At 31 December 2023
50,100
3,105,636
3,155,736


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WYCOMBE 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 03894635. The registered office and principal place of business is 6 Premus, Coldharbour Way, Aylesbury, Buckinghamshire, HP19 8AP.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

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.

 
2.5

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

 
WYCOMBE WATER LIMITED
 

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

2.Accounting policies (continued)


2.5
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 the following basis:.


Long-term leasehold property
-
10%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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.

 
2.6

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

 
WYCOMBE WATER LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
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.

Page 5

 
WYCOMBE WATER LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

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.

 
2.14

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.

 
2.15

Interest income

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

Page 6

 
WYCOMBE WATER LIMITED
 

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2022 - 16).

Page 7

 


 
WYCOMBE WATER LIMITED


 

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


4.


Tangible fixed assets






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
230,368
26,441
124,082
37,935
29,965
23,731
472,522


Additions
6,204
20,096
49,872
359
-
-
76,531


Disposals
-
-
(27,000)
-
-
-
(27,000)


Transfers between classes
23,731
29,965
-
-
(29,965)
(23,731)
-



At 31 December 2023

260,303
76,502
146,954
38,294
-
-
522,053



Depreciation


At 1 January 2023
203,310
11,312
38,483
24,637
-
-
277,742


Charge for the year
13,696
21,849
33,776
3,415
-
-
72,736


Disposals
-
-
(18,220)
-
-
-
(18,220)



At 31 December 2023

217,006
33,161
54,039
28,052
-
-
332,258



Net book value



At 31 December 2023
43,297
43,341
92,915
10,242
-
-
189,795



At 31 December 2022
27,058
15,129
85,599
13,298
29,965
23,731
194,780

Page 8

 
WYCOMBE WATER LIMITED
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 31 December 2023
100





6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,022,341
1,165,229



7.


Debtors

2023
2022
£
£


Trade debtors
1,130,484
1,018,638

Amounts owed by group undertakings
15,194
-

Other debtors
36,687
-

Prepayments and accrued income
11,737
30,074

Deferred taxation
-
10,155

1,194,102
1,058,867



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,831,276
1,669,511


Page 9

 
WYCOMBE WATER LIMITED
 

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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
265,313
198,894

Amounts owed to group undertakings
432,301
1,837,246

Corporation tax
-
33,859

Other taxation and social security
262,852
161,324

Accruals and deferred income
86,572
175,303

1,047,038
2,406,626



10.


Deferred taxation




2023


£






At beginning of year
10,155


Charged to profit or loss
(44,995)



At end of year
(34,840)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(35,523)
(1,550)

Short term timing differences
683
11,705

(34,840)
10,155


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,100 (2022 - 50,100) Ordinary shares of £1.00 each
50,100
50,100


Page 10

 
WYCOMBE WATER LIMITED
 

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


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independenty administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £60,541 (2022: £62,369). Contributions totalling £4,352 (2022: £1,741) were payable to the fund at the balance sheet date and are included in creditors.


13.


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
156,600
156,600

Later than 1 year and not later than 5 years
201,450
358,050

358,050
514,650


14.


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.


15.


Controlling party

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


16.


Auditors' information

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

The audit report was signed on 2 September 2024 by Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 11