Company registration number 10485079 (England and Wales)
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr F Navjord
Mrs S Strom
(Appointed 2 February 2024)
Company number
10485079
Registered office
Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The company's principal activity is that of a holding company for its subsidiary, Water Treatment Products Limited.

 

The company's results for the year and financial position of the company are as shown in the annexed financial statements.

 

The directors are satisfied with the performance of the company's subsidiary, Water Treatment Products Limited in a market that remains challenging.

Principal risks and uncertainties

The water treatment sector remains very competitive, and the directors believe that the market will remain this way in the foreseeable future. The company and its subsidiary's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial instruments is monitored by the directors. The company and its subsidiary's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The company does not use derivative financial instruments for speculative purposes.

 

Cash flow risk

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

 

Credit risk

The company and its subsidiary's principal financial assets are bank balances and cash, trade and other receivables. The company and its subsidiary's credit risk is primarily attributable to its trade and other receivables. The company and its subsidiary manages credit risk in respect of trade debtors by regularly monitoring credit limits and balances outstanding. The company and its subsidiary has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

 

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company and its subsidiary maintains a large amount of cash within its bank accounts. The company and its subsidiary manages the liquidity risk by monitoring working capital and ensuring there are sufficient funds to meet payments. The company and its subsidiary manages the balance outstanding as part of its overall working capital management. The company and its subsidiary obtains the majority of fixed assets through outright direct payments. The board is cognisant of the company and its subsidiary's working capital requirements and has concluded the facilities currently in place are appropriate to the size and complexity of operations.

 

Price risk

The company and its subsidiary is exposed to price risk particularly chemical prices but manages this risk by giving due consideration to the chemical market place ensuring they are in contact with various suppliers who can offer the company competitive prices.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future prospects

The company and its subsidiary are focused on maintaining its Industrial Business, while always looking for new opportunities. 2023 has been another exceptional year with controlling costs.

Cost Control challenges have been maintaining our supply lines for raw materials and packaging, while trying to minimise the cost implications. There have been further cost increases although not as many as the previous year. However some raw material costs have continued to increase.

Energy costs have also remained high.

Also with the current inflation situation there has been the added costs of maintaining our work force through wage increases.

Despite all of these hurdles we are confident we will continue to be able to supply our customers through 2024 and beyond

On behalf of the board

Mr F Navjord
Director
25 September 2024
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £4,200,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr F Navjord
Mr S E W Gilsdorf
(Resigned 2 February 2024)
Mrs S Strom
(Appointed 2 February 2024)
Auditor

In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr F Navjord
Director
25 September 2024
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATER TREATMENT PRODUCTS HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Water Treatment Products Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATER TREATMENT PRODUCTS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATER TREATMENT PRODUCTS HOLDINGS LIMITED
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
25 September 2024
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
73,133
91,133
Administrative expenses
(37,083)
(37,451)
Operating profit
4
36,050
53,682
Interest receivable and similar income
5
4,200,000
-
0
Profit before taxation
4,236,050
53,682
Tax on profit
6
(14,672)
(15,053)
Profit for the financial year
4,221,378
38,629

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
4,221,378
38,629
Other comprehensive income
-
-
Total comprehensive income for the year
4,221,378
38,629
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
8
75,833
101,833
Tangible assets
9
16,693
17,593
Investments
10
4,860
4,860
97,386
124,286
Current assets
Debtors
12
152,888
1,029
Cash at bank and in hand
26,958
302,007
179,846
303,036
Creditors: amounts falling due within one year
13
(1,871)
(173,339)
Net current assets
177,975
129,697
Net assets
275,361
253,983
Capital and reserves
Called up share capital
15
5,365
5,365
Share premium account
19,175
19,175
Profit and loss reserves
250,821
229,443
Total equity
275,361
253,983

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr F  Navjord
Director
Company registration number 10485079 (England and Wales)
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
5,365
19,175
190,814
215,354
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
38,629
38,629
Balance at 31 December 2022
5,365
19,175
229,443
253,983
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
4,221,378
4,221,378
Dividends
7
-
-
(4,200,000)
(4,200,000)
Balance at 31 December 2023
5,365
19,175
250,821
275,361
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Water Treatment Products Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

Sdiptech AB (Publ) is the parent of the largest group of which the company is a member for which consolidated accounts will be prepared. Copies of Sdiptech AB (Publ) accounts are available from its website at: http//sdiptech.se/investor-relations/financial-information.

1.2
Going concern

Despite the difficult climate as a result of high material and energy costs, the company has remained profitable, achieving excellent results in 2023. The board has prepared forecasts and therefore is confident that the company will be able to meet its debts as they fall due for the foreseeable future and hence they are satisfied that it is appropriate to adopt the going concern basis of accounting.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property
10% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of intellectual property

The Group considers whether intellectual property is impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
United Kingdom
73,133
91,133
2023
2022
£
£
Other revenue
Dividends received
4,200,000
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
696
550
Depreciation of owned tangible fixed assets
10,014
10,654
Amortisation of intangible assets
26,000
26,000
5
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
4,200,000
-
0
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
13,941
14,864
Adjustments in respect of prior periods
(21)
(296)
Total current tax
13,920
14,568
Deferred tax
Origination and reversal of timing differences
752
(62)
Changes in tax rates
-
0
(232)
Adjustment in respect of prior periods
-
0
779
Total deferred tax
752
485
Total tax charge
14,672
15,053

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,236,050
53,682
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
996,319
10,200
Tax effect of expenses that are not deductible in determining taxable profit
6,170
4,940
Tax effect of income not taxable in determining taxable profit
(987,863)
-
0
Adjustments in respect of prior years
(21)
482
Effect of change in corporation tax rate
67
(233)
Permanent capital allowances in excess of depreciation
-
0
(336)
Taxation charge for the year
14,672
15,053
7
Dividends
2023
2022
£
£
Final paid
4,200,000
-
0
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
8
Intangible fixed assets
Intellectual property
£
Cost
At 1 January 2023 and 31 December 2023
260,000
Amortisation and impairment
At 1 January 2023
158,167
Amortisation charged for the year
26,000
At 31 December 2023
184,167
Carrying amount
At 31 December 2023
75,833
At 31 December 2022
101,833
9
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023
97,797
Additions
9,114
At 31 December 2023
106,911
Depreciation and impairment
At 1 January 2023
80,204
Depreciation charged in the year
10,014
At 31 December 2023
90,218
Carrying amount
At 31 December 2023
16,693
At 31 December 2022
17,593
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
4,860
4,860
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
4,860
Carrying amount
At 31 December 2023
4,860
At 31 December 2022
4,860
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Indirect
Water Treatment Products Limited
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Water Treatment Products Limited
9,541,154
3,003,271

The registered office is: Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
3,059
-
0
Amounts owed by group undertakings
149,506
-
0
Other debtors
46
-
0
152,611
-
Deferred tax asset (note 14)
277
1,029
152,888
1,029
WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
156,085
Corporation tax
-
0
14,864
Accruals and deferred income
1,871
2,390
1,871
173,339
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
277
1,029
2023
Movements in the year:
£
Asset at 1 January 2023
(1,029)
Charge to profit or loss
752
Asset at 31 December 2023
(277)
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,365
5,365
5,365
5,365

 

WATER TREATMENT PRODUCTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
Related party transactions

During the year the company made sales of £73,133 (2022: £91,133) to its subsidiary company Water Treatment Products Limited.

 

At the year end, the company was owed £149,506 (2022: £156,085 owed to) by Water Treatment Products Limited. This amount is included in debtors due within one year.

 

The company received dividends of £4,200,000 (2022: £nil) from Water Treatment Products Limited, and paid dividends of £4,200,000 (2022: £nil) to Sdip Kimra Limited, its parent company.

17
Ultimate controlling party

The company is 100% owned by Sdip Kimra Limited which is 100% owned by Sdip Holdings AB, company registered in Sweden, which in turn is owned by Sdiptech AB (Publ) a company registered in Sweden and has shares listed on Nasdaq First North Premier in Stockholm. Therefore the Ultimate Parent Company at 31 December 2021 was Sdiptech AB (Publ).

 

Sdiptech AB (Publ) is the parent of the smallest and largest group of which the company is a member for which consolidated accounts will be prepared. Copies of the Sdiptech AB (Publ) accounts are available from its website at: http://www.sdiptech.se/investor-relations/financial-information.

There is no ultimate controlling party.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr F NavjordMr S E W GilsdorfMrs S Stromfalsefalse0104850792023-01-012023-12-3110485079bus:Director12023-01-012023-12-3110485079bus:Director32023-01-012023-12-3110485079bus:Director22023-01-012023-12-3110485079bus:RegisteredOffice2023-01-012023-12-31104850792023-12-31104850792022-01-012022-12-3110485079core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110485079core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110485079core:OtherResidualIntangibleAssets2023-12-3110485079core:OtherResidualIntangibleAssets2022-12-3110485079core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3110485079core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-31104850792022-12-3110485079core:FurnitureFittings2023-12-3110485079core:FurnitureFittings2022-12-3110485079core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110485079core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110485079core:CurrentFinancialInstruments2023-12-3110485079core:CurrentFinancialInstruments2022-12-3110485079core:ShareCapital2023-12-3110485079core:ShareCapital2022-12-3110485079core:SharePremium2023-12-3110485079core:SharePremium2022-12-3110485079core:RetainedEarningsAccumulatedLosses2023-12-3110485079core:RetainedEarningsAccumulatedLosses2022-12-3110485079core:ShareCapital2021-12-3110485079core:SharePremium2021-12-3110485079core:RetainedEarningsAccumulatedLosses2021-12-3110485079core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110485079core:FurnitureFittings2023-01-012023-12-3110485079core:UKTax2023-01-012023-12-3110485079core:UKTax2022-01-012022-12-311048507912023-01-012023-12-311048507912022-01-012022-12-3110485079core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3110485079core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110485079core:FurnitureFittings2022-12-3110485079core:Non-currentFinancialInstruments2023-12-3110485079core:Non-currentFinancialInstruments2022-12-3110485079core:Subsidiary12023-01-012023-12-3110485079core:Subsidiary112023-01-012023-12-3110485079bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110485079bus:FRS1022023-01-012023-12-3110485079bus:Audited2023-01-012023-12-3110485079bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP