Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetrue2023-01-01trueNo description of principal activity00truefalsefalse 09745689 2023-01-01 2023-12-31 09745689 2023-12-31 09745689 2022-01-01 2022-12-31 09745689 2022-12-31 09745689 c:Director2 2023-01-01 2023-12-31 09745689 c:Director4 2023-01-01 2023-12-31 09745689 c:Director4 2023-12-31 09745689 c:Director5 2023-01-01 2023-12-31 09745689 c:RegisteredOffice 2023-01-01 2023-12-31 09745689 d:CurrentFinancialInstruments 2023-12-31 09745689 d:CurrentFinancialInstruments 2022-12-31 09745689 d:ShareCapital 2023-12-31 09745689 d:ShareCapital 2022-12-31 09745689 d:SharePremium 2023-01-01 2023-12-31 09745689 d:SharePremium 2023-12-31 09745689 d:SharePremium 2022-12-31 09745689 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09745689 d:RetainedEarningsAccumulatedLosses 2023-12-31 09745689 d:RetainedEarningsAccumulatedLosses 2022-12-31 09745689 d:RetainedEarningsAccumulatedLosses 2022-01-01 09745689 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09745689 c:OrdinaryShareClass1 2023-12-31 09745689 c:OrdinaryShareClass1 2022-12-31 09745689 c:EntityHasNeverTraded 2023-01-01 2023-12-31 09745689 c:FRS102 2023-01-01 2023-12-31 09745689 c:Audited 2023-01-01 2023-12-31 09745689 c:FullAccounts 2023-01-01 2023-12-31 09745689 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09745689 d:Subsidiary1 2023-01-01 2023-12-31 09745689 d:Subsidiary1 1 2023-01-01 2023-12-31 09745689 d:Subsidiary2 2023-01-01 2023-12-31 09745689 d:Subsidiary2 1 2023-01-01 2023-12-31 09745689 d:Subsidiary3 2023-01-01 2023-12-31 09745689 d:Subsidiary3 1 2023-01-01 2023-12-31 09745689 d:Subsidiary4 2023-01-01 2023-12-31 09745689 d:Subsidiary4 1 2023-01-01 2023-12-31 09745689 d:Subsidiary5 2023-01-01 2023-12-31 09745689 d:Subsidiary5 1 2023-01-01 2023-12-31 09745689 d:Subsidiary6 2023-01-01 2023-12-31 09745689 d:Subsidiary6 1 2023-01-01 2023-12-31 09745689 6 2023-01-01 2023-12-31 09745689 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 09745689







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HWS HOLDINGS LIMITED






































img7cee.png                        

 


HWS HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
A D Jones 
J C Kent 




Registered number
09745689



Registered office
Fourth Floor Abbots House
Abbey Street

Reading

Berkshire

RG1 3BD




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


HWS HOLDINGS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11
Notes to the Financial Statements
12 - 15


 


HWS HOLDINGS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The company is a wholly owned subsidiary of Culligan Shared Services (UK) Limited. The principal activity of the company during the year was that of a holding company for the investment in Harvey Water Softeners Limited.
During the year Harvey Water Softeners continued to grow, with sales increasing to £48,347,725 (2022: £41,885,342) in context of strong macro economic headwinds. In spite of the challenging market conditions the company has been able to grow whilst maintaining gross profit margin at 30.28% (2022: 24.08%), however the acquisitions and continued investment in customer services, products and the company support functions have suppressed the overall financial performance resulting in a loss before tax of £288,196 (2022: a loss of £2,430,671). The directors however consider that the expenses incurred through improving customer services, customer experience and the company’s support functions are essential in ensuring the long-term profitability of the company.

Principal risks and uncertainties
 
The company’s performance is predominantly linked with its subsidiary company, Harvey Water Softeners. The company has no other investments and is reliant on the performance and operations of its subsidiary.

Financial key performance indicators
 
The are no other meaningful KPI’s considered by management to applicable to the company.

Section 172(1) Statement
 
During 2023 the Board of Directors (‘The Board’) made a number of key strategic decisions to the improve the performance of the company and its subsidiaries in both the near and long term. The principal decision of the Board is set out below under “Principal Decision”.
In compliance with section 172 of the Companies Act, the background to the above decisions is set out below.

The board is fully aware of its duty to promote the success of the company pursuant to Section 172 of the Companies Act 2016. Consequently, each director must act in a way that is considered, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

The likely consequences of any decision in the long term;
The interests of the Company’s employees;
The needs to fosters the Company’s business relationships with suppliers, customers and others and the impact of the Company’s operations on the community and the environment.
The desirability of the Company maintaining a reputation for high standards of business conduct and through this the requirement of all employees to conduct businesses honestly, fairly, legally and ethically.
The need to act fairly as between members of the company.

a) Stakeholder Engagement

Investors

The ultimate parent is BDT & MSD Partners (BDT). The company is a subsidiary of the Culligan Group (‘Culligan’), within BDT’s diverse portfolio, which will only continue to remain attractive to investors if we demonstrate consistent and robust growth with profitable performance.

Strategic alignment is discussed on a monthly basis with regional and global Culligan leadership, with a clear mandate and set of values cascaded from the group.
 
Page 1

 


HWS HOLDINGS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Employees

The company’s continued success is predicated by a committed, dynamic, and importantly safe workforce that are driven by success and adherence to our Culligan values. Overall employee numbers increased in the year, reflecting the increased reach and operations of the company. Operational and sales employees continued to increase supporting the growth in sales and operations of the company.

Workforce engagement is managed through several initiatives, including a structured personal performance review cycle, online learning and skills management, and feedback inputs from employee questionnaires and ENPS (employee net promotor score) tracking.

Furthermore, health and safety are core to our working practices with recordable injury frequency rates, and near misses, highlighted within company KPI dashboards and seen as a priority agenda point in wider company communications.

Customers

The company is a premium brand in the sector in which it operates, with it needing to demonstrate this in the continued high quality of products and aftersales services it provides. Customer engagement, the value derived from the water solutions the company provides, and the ability to be receptive and adapt to changing customer needs and trends, are fundamental to the continued success of the business.
 
NPS (net promotor score) is continuously tracked through automated requests for customer feedback, reviewed and actioned upon with a clear strategy and focus on the customer experience and how this can be continuously improved. We continue to invest in both technology and training (in both our office and field-based teams) to improve the customer journey, both in terms of quality and efficiency.
 
Suppliers
 
The company buys from a range of both international suppliers and local UK businesses - the compliance, quality, speed of supply, continuous innovation, and environmental credentials, of which are key to us being able to meet the needs of our customers and operate a lean working capital position.
 
The company’s supply chain works closely with suppliers, specifically our larger product manufacturers, on supply planning, product development, and any other ongoing considerations as they arise. This secures robust, timely supply and mutually beneficial alignment of product innovation.
 
Community and Environment
 
The company operates throughout the United Kingdom and has several bases of operations within the country. The directors, where possible, review all development plans and current operations in order to promote the welfare of local communities, through the provision of local training and employment opportunities and minimise any disruption created through the business activities of the company. Local engagement is encouraged for all development plans and careful consideration is taken of any local recommendations made.
 
Promotion of the success of the company
 
Through decisions and actions taken in the year, the directors have actively sought to promote the success of the company  and ensure their obligations to all stakeholders are met. The directors have acted in a manner and made decisions that upholds the integrity, reputation and values of the company and have considered, with due care, the long term consequences of the key decisions being made. The directors have had regard to the requirements and expectations of all stakeholders and have sought to ensure that all decisions being made reflect the needs and benefits of the stakeholders as a whole, through acting in fairness to all stakeholders.
 
Page 2

 


HWS HOLDINGS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

b) Principal Decision
 
During the year Harvey Water Softeners continued and expanded on the policy of the acquisition of water softener dealers. The policy has allowed the company to directly expand into new geographical regions. The direct acquisition and control has also allowed the company to streamline customer support and experience ensuring that all customers are provided with a consistent high level of service. In addition, through reducing the reliance on a secondary sales market the company has been able to prevent significant price rises for end customers even whilst input prices have increased sharply and offers a greater value to the end customer. The directors believe that increasing direct sales, standardising customer experience and streamlining the customer interactive experience provides the company with the necessary quality, market reach and level of service needed to ensure longer term growth and a strong customer base.


This report was approved by the board and signed on its behalf.



................................................
J C Kent
Director

Date: 7 January 2025

Page 3

 


HWS HOLDINGS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors

The directors who served during the year were:

A D Jones 
S A Williams (resigned 25 October 2024)
J C Kent 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Engagement with suppliers, customers and others

As a holding company, HWS Holdings Limited does not have direct engagement with suppliers or customers. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information in the strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors‘ Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 4

 


HWS HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
J C Kent
Director

Date: 7 January 2025

Page 5

 


HWS HOLDINGS LIMITED
 

img16de.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HWS HOLDINGS LIMITED

Opinion


We have audited the financial statements of HWS Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 course of 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.


Page 6

 


HWS HOLDINGS LIMITED


img02b5.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HWS HOLDINGS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 


HWS HOLDINGS LIMITED


img376a.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HWS HOLDINGS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation
UK health and safety legislation; and
General Data Protection Regulations

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud in the following areas:
The use of management override of controls to manipulate results.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 


HWS HOLDINGS LIMITED


img010e.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HWS HOLDINGS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Tom Woods FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

7 January 2025
Page 9

 


HWS HOLDINGS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Profit after tax
  
-
-

  

  

Retained earnings at the beginning of the year
  
159,398
159,398

  
159,398
159,398

Retained earnings at the end of the year
  
159,398
159,398
The notes on pages 12 to 15 form part of these financial statements.

Page 10

 


HWS HOLDINGS LIMITED
REGISTERED NUMBER:09745689



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed Asset Investments
 6 
9,385,071
9,385,071

  
9,385,071
9,385,071

Current assets
  

Debtors: amounts falling due within one year
 7 
159,514
159,514

  
159,514
159,514

Total assets less current liabilities
  
 
 
9,544,585
 
 
9,544,585

  

  

Net assets
  
9,544,585
9,544,585


Capital and reserves
  

Called up share capital 
 8 
216
216

Share premium account
 9 
9,384,971
9,384,971

Profit and loss account
 9 
159,398
159,398

  
9,544,585
9,544,585


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
J C Kent
Director

Date: 7 January 2025


The notes on pages 12 to 15 form part of these financial statements.

Page 11

 


HWS HOLDINGS LIMITED
 


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

1.


Company information

HWS Holdings Limited is a private company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business are shown on the Company Information page. 


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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Osmosis Holdings, LP as at 31 December 2023 and these financial statements have been filed at Companies House under Culligan Shared Services (UK) Limited, company number: 11540567.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 


HWS HOLDINGS LIMITED
 


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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors do not believe that any critical judgements are required in relation to the Company's accounting policies.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL) from the Company.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
2,100
1,900


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
9,385,071



At 31 December 2023
9,385,071




Page 13

 


HWS HOLDINGS LIMITED
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Harvey Water Softeners Limited
Fourth Floor Abbots House, Abbey Street, Reading, Berkshire, RG1 3BD
Ordinary
100%
Harvey's Finance Limited (indirect)
Fourth Floor Abbots House, Abbey Street, Reading, Berkshire, RG1 3BD
Ordinary
100%
Heat-a-Home Limited (indirect) (dissolved 6 February 2024)
Fourth Floor Abbots House, Abbey Street, Reading, Berkshire, RG1 3BD
Ordinary
100%
Tide Brazil Holdings LLC (indirect)
1209 Orange Street,Wilmington, Delaware,19801, USA
Ordinary
100%
Culligan LATAM EIRELI (indirect)
Rodovia Waldomiro, Correa de Camargo, km 52,5, Vila Martins, Itu –SP, CEP 13.308-200
Ordinary
100%
PMS Coffee Solutions Comercio Para Escritorios Ltda. (indirect)
D. Maria Nogueira Garcez, nº40,Pinheiros, CEP 05422-020, Sao Paulo - SP.
Ordinary
100%

Page 14

 


HWS HOLDINGS LIMITED
 


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

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
159,398
159,398

Other debtors
116
116

159,514
159,514



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



216,804 (2022 - 216,804) Ordinary shares of £0.0010 each
216
216

Each ordinary share carries voting rightes and there are no restrictions on the distributions of dividends.



9.


Reserves

Share premium account

This reserve records the consideration received on shares in excess of the nominal value. 

Profit and loss account

This reserve records the sum of retained earnings and accumulated losses. 


10.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with wholly owned subsidiaries.


11.


Controlling party

The Company's immediate parent company is  Culligan Shared Services (UK) Limited (formerly AI Aqua UK Ltd). The parent company of the largest and smallest group in which the Company's results are consolidated is Osmosis Holdings LP. The registered office is 103 South Church Steet, PO Box 10240, Grand Cayman, KY1-1002, Cayman Islands. The consolidated accounts are available from Companies House under Culligan Shared Services (UK) Limited.
The ultimate parent company and controlling party is BDT Capital Partners LLC, which is incorporated in the United States.

Page 15