BILLI UK LIMITED

Company Registration Number:
14350628 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 12 September 2022

End date: 31 December 2023

BILLI UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

BILLI UK LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the Company is the sale, service and rental of instant boiling, chilled and sparkling filtered drinking water systems. The Directors do not anticipate any changes to the activities of the Company in the foreseeable future

Political and charitable donations

The Company made no political donations or incurred any political expenditure during the period



Directors

The directors shown below have held office during the period of
26 November 2023 to 31 December 2023

RM Pallett
AM Wood


The director shown below has held office during the period of
30 November 2022 to 31 December 2023

MVE Bartlett


The director shown below has held office during the period of
30 November 2022 to 26 November 2023

RL Wong


The directors shown below have held office during the period of
12 September 2022 to 30 November 2022

HWH Jenkins
GP Pritchett
MJR Ryall


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 September 2024

And signed on behalf of the board by:
Name: RM Pallett
Status: Director

BILLI UK LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

16 months to 31 December 2023


£
Turnover: 9,432,000
Cost of sales: ( 2,793,000 )
Gross profit(or loss): 6,639,000
Administrative expenses: ( 4,627,000 )
Operating profit(or loss): 2,012,000
Interest payable and similar charges: ( 412,000 )
Profit(or loss) before tax: 1,600,000
Tax: ( 359,000 )
Profit(or loss) for the financial year: 1,241,000

BILLI UK LIMITED

Balance sheet

As at 31 December 2023

Notes 16 months to 31 December 2023


£
Called up share capital not paid: 0
Fixed assets
Intangible assets: 3 292,000
Tangible assets: 4 2,077,000
Total fixed assets: 2,369,000
Current assets
Stocks: 5 1,951,000
Debtors: 6 2,578,000
Cash at bank and in hand: 430,000
Total current assets: 4,959,000
Creditors: amounts falling due within one year: 7 ( 4,785,000 )
Net current assets (liabilities): 174,000
Total assets less current liabilities: 2,543,000
Creditors: amounts falling due after more than one year: 8 ( 4,898,000 )
Total net assets (liabilities): (2,355,000)
Capital and reserves
Called up share capital: 1
Other reserves: (3,596,000)
Profit and loss account: 1,240,999
Total Shareholders' funds: ( 2,355,000 )

The notes form part of these financial statements

BILLI UK LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 September 2024
and signed on behalf of the board by:

Name: RM Pallett
Status: Director

The notes form part of these financial statements

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    The Company recognises revenue from the following major categories of revenue streams under premium water filtration systems. Sale of tap systems, consumable products and spare parts Revenue from the sale of taps systems and consumables including spare parts is recognised once control of the goods has been transferred to the customer. Payment terms are 1 month from the invoice date and amounts due are recorded within trade receivables until payment is received. Rental of tap systems Rental income is made up of revenue from the supply of tap systems where the Company is lessor in an operating lease. Payment for rental income is in advance of the rental period and the rental income is recognised over time, with the transaction price allocated to this service released on a straight-line basis over the period of the lease. Included in the transaction price for the rental of tap systems, in some contracts, is the installation of those tap systems. The supply and installation elements of the contract are one deliverable, as they are highly interrelated, and therefore there is no allocation of a portion of the transaction price to the installation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease (except where immaterial) are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Rental agreements run for a minimum period of twelve months and typically for three to five years. Some rental agreements have no fixed end date and may be cancelled by either party. The average useful economic life for a Point-of-use (POU) water device is approximately four to ten years whilst refurbishment can extend the life of some devices to eleven years or more. For this reason, existing rental agreements are not judged to transfer substantially all of the risks and rewards of ownership to the lessee. Revenue is recognised for the rental of tap systems from when the taps have been installed as this is the point in time that the consideration is unconditional from this point. A refund liability would be recognised in trade and other creditors recognised for the products expected to be returned. The Company retains no provision to repair or replace faulty products under the standard warranty terms as any claim in passed through to Billi Australia Pty Ltd who manufacturer the goods and are a fellow subsidiary of Strix Group Plc. Servicing of tap systems The Company has taken advantage of IFRS 15, para 4 whereby they have grouped contracts for the servicing of taps into a portfolio, on the basis that applying IFRS 15 to each individual contract would not result in a material difference. This is on the basis that the underlying contracts are relatively homogenous and that under the contracts, each unit covered would be serviced twice per annum and the completion of the performance obligation, being the completion of the service, would be evenly spread throughout the period over the various contracts. Therefore the sale of services are recognised proportionally over the duration of the service period, provided a right to consideration has been established subject to a minimum notice period or early termination penalty. Whilst payment terms are in advance of the service period, revenue is recognised for the servicing of tap systems from when the contracts have been entered into as this is the point in time that the consideration is unconditional from this point

    Tangible fixed assets depreciation policy

    Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for intended use, dismantling and restoration costs. Depreciation is calculated using the straightline method to write off the cost less estimated residual value of each asset over its expected useful life, as follows Fixtures and fittings2to6 years Leasehold improvements 10 years Rental equipment6 years Right of use ROU assets10 years The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Assets are derecognised on disposal, or when no future economic benefits are expected from use or disposal. Any gain or loss arising from derecognition of an asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, is recognised in profit or loss when the asset is derecognised. Repairs and maintenance costs are expensed as incurred.

    Intangible fixed assets amortisation policy

    The Company’s intangible assets relate to computer software. Computer software is only capitalised when it is probable that future economic benefits associated with the software will flow to the Company, and the cost of the software can be measured reliably. Computer software that is integral to an item of property, plant and equipment is included as part of the cost of the asset recognised in property, plant and equipment. Capitalised costs that are recorded as intangible assets are amortised from the point at which the asset is ready for use. Computer software will be amortised over a period of 2 - 10 years and recorded in administrative expenses.

    Other accounting policies

    Refer attached audited FS

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    16 months to 31 December 2023
    Average number of employees during the period 47

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
Additions 292,000 292,000
Disposals
Revaluations
Transfers
At 31 December 2023 292,000 292,000
Amortisation
Charge for year
On disposals
Other adjustments
At 31 December 2023
Net book value
At 31 December 2023 292,000 292,000

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 1,181,000 1,240,000 79,000 2,500,000
Disposals
Revaluations
Transfers
At 31 December 2023 1,181,000 1,240,000 79,000 2,500,000
Depreciation
Charge for year 47,000 369,000 7,000 423,000
On disposals
Other adjustments
At 31 December 2023 47,000 369,000 7,000 423,000
Net book value
At 31 December 2023 1,134,000 871,000 72,000 2,077,000

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Stocks

16 months to 31 December 2023
£
Stocks 1,951,000
Total 1,951,000

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Debtors

16 months to 31 December 2023
£
Trade debtors 2,578,000
Total 2,578,000

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due within one year note

16 months to 31 December 2023
£
Bank loans and overdrafts 0
Amounts due under finance leases and hire purchase contracts 124,000
Trade creditors 2,294,000
Taxation and social security 359,000
Other creditors 2,008,000
Total 4,785,000

BILLI UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due after more than one year note

16 months to 31 December 2023
£
Amounts due under finance leases and hire purchase contracts 898,000
Other creditors 4,000,000
Total 4,898,000