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REGISTERED NUMBER: 08470022 (England and Wales)













FINANCIAL STATEMENTS

FOR THE PERIOD

29 JANUARY 2023 TO 3 FEBRUARY 2024

FOR

WATERWORKS OPERATING COMPANY UK LTD

WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 29 January 2023 to 3 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WATERWORKS OPERATING COMPANY UK LTD

COMPANY INFORMATION
for the Period 29 January 2023 to 3 February 2024







DIRECTORS: A P Sallick
R E Bennett
G Friedman
E Lee
J Preston
C Hargarten





REGISTERED OFFICE: 10 John Street
London
United Kingdom
WC1N 2EB





REGISTERED NUMBER: 08470022 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)

BALANCE SHEET
3 February 2024

3.2.24 28.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 73,297 393,092

CURRENT ASSETS
Stocks 629,655 927,754
Debtors 5 179,438 453,266
Cash at bank 5,601,138 3,499,849
6,410,231 4,880,869
CREDITORS
Amounts falling due within one year 6 14,475,855 13,024,189
NET CURRENT LIABILITIES (8,065,624 ) (8,143,320 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,992,327

)

(7,750,228

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Other reserves 69,286 69,286
Retained earnings (8,061,614 ) (7,819,515 )
SHAREHOLDERS' FUNDS (7,992,327 ) (7,750,228 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





R E Bennett - Director


WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 29 January 2023 to 3 February 2024

1. STATUTORY INFORMATION

Waterworks Operating Company UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Waterworks Operating Company UK Ltd's trading address is 579-581 Kings Road, London, SW6 2EH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as Waterworks Holdings, Inc., an intermediate parent company, will continue to support the Company for a period of at least twelve months and one day from the date the audit report attached to these financial statements is signed.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Turnover is recognised upon delivery, once the company has transferred to the buyer the significant risks and rewards of the ownership of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - over remaining term of lease
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

All showroom display stock are goods for resale, stated at the lower of cost and net realisable value.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 29 January 2023 to 3 February 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
Basic financial instruments as covered by Section 11 of FRS 102 (Section 1A) are measured at amortised cost. The company does not have any other financial instrument as covered by Section 12 of FRS 102 (Section 1A).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2023 - 11 ) .

WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 29 January 2023 to 3 February 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 29 January 2023 1,470,206 227,760 1,697,966
Additions - 20,716 20,716
Disposals (4,882 ) - (4,882 )
Reclassification/transfer 20,936 - 20,936
At 3 February 2024 1,486,260 248,476 1,734,736
DEPRECIATION
At 29 January 2023 1,225,771 79,103 1,304,874
Charge for period 260,489 96,076 356,565
At 3 February 2024 1,486,260 175,179 1,661,439
NET BOOK VALUE
At 3 February 2024 - 73,297 73,297
At 28 January 2023 244,435 148,657 393,092

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
3.2.24 28.1.23
£    £   
Trade debtors 44,583 292,471
Other debtors 134,855 160,795
179,438 453,266

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
3.2.24 28.1.23
£    £   
Trade creditors 72,166 85,247
Amounts owed to group undertakings 12,788,282 11,033,097
Taxation and social security 287,259 63,686
Other creditors & accruals 1,328,148 1,842,159
14,475,855 13,024,189

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 3.2.24 28.1.23
value: £    £   
1 Ordinary £1 1 1

WATERWORKS OPERATING COMPANY UK LTD (REGISTERED NUMBER: 08470022)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 29 January 2023 to 3 February 2024

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Amy Enslin (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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 a Report of the Auditors 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."

9. ULTIMATE PARENT COMPANY

RH, formerly known as Restoration Hardware Holdings Inc (incorporated in USA), is regarded by the directors as being the company's ultimate parent company. This the largest and smallest group for which consolidated accounts are produced. These consolidated accounts are publicly available, and can be found at ir.rh.com.

Waterworks Holdings, Inc is regarded as the company's immediate parent company, incorporated in the USA, with its registered office at 60 Backus Avenue, Danbury, CT 06810, USA.

10. SECURITY

The company's bank holds a fixed charge with negative pledge over all the assets of the company in relation to any debts due to the bank, including the balance in a collateral account of £230,726 at the year end (2023: £224,861) which is shown within Cash at bank. At the year end, there are no amounts owed to the bank.