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Registered number: 13658207










ZEROWATER UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ZEROWATER UK LIMITED
 
 
COMPANY INFORMATION


Directors
D P Edwards 
D Kellam 
A J Macer 




Registered number
13658207



Registered office
Fourth Floor Abbots House
Abbey Street

Reading

Berkshire

RG1 3BD




Independent auditors
BW Audit Ltd
Chartered Accountants & Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY





 
ZEROWATER UK LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 9


 
ZEROWATER UK LIMITED
REGISTERED NUMBER: 13658207

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,251
13,004

  
9,251
13,004

Current assets
  

Stocks
  
780,786
1,325,887

Debtors: amounts falling due within one year
 5 
424,378
547,580

Cash at bank and in hand
 6 
184,989
797,382

  
1,390,153
2,670,849

Creditors: amounts falling due within one year
 7 
(1,504,021)
(2,615,718)

Net current (liabilities)/assets
  
 
 
(113,868)
 
 
55,131

Total assets less current liabilities
  
(104,617)
68,135

Provisions for liabilities
  

Deferred tax
 8 
(2,184)
(3,196)

  
 
 
(2,184)
 
 
(3,196)

Net (liabilities)/assets
  
(106,801)
64,939


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(107,801)
63,939

  
(106,801)
64,939


Page 1

 
ZEROWATER UK LIMITED
REGISTERED NUMBER: 13658207
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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: 




................................................
D P Edwards
Director

Date: 27 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Zerowater 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. 

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

Going concern

At the time of signing the financial statements, the Directors have considered the continued economic uncertainty and its impact on the company. They have prepared forecasts and considered the financial strength of the company and the wider group.
Based on this, the Directors have concluded that they have a reasonable expectation that the company will continue for the foreseeable future, and at least twelve months from the date of signing these accounts. They therefore believe it is appropriate to prepare the financial statements on a going concern basis.

 
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.

This is usually at the point that the customer has accepted delivery of the goods.

Page 3

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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

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.

 
2.6

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.

Exchange differences are taken into account in arriving at the operating result.

Page 4

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line

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.

Page 5

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.
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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts due to related parties.
These 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 3).

Page 6

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
15,014



At 31 December 2023

15,014



Depreciation


At 1 January 2023
2,010


Charge for the year on owned assets
3,753



At 31 December 2023

5,763



Net book value



At 31 December 2023
9,251



At 31 December 2022
13,004


5.


Debtors

2023
2022
£
£


Trade debtors
283,808
364,885

Amounts owed by group undertakings
132,564
-

Other debtors
2,970
120,992

Prepayments and accrued income
5,036
61,703

424,378
547,580


Page 7

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
184,989
797,382

184,989
797,382



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,501
266,078

Amounts owed to group undertakings
1,318,110
2,293,860

Corporation tax
6,652
15,589

Other taxation and social security
60,178
11,150

Other creditors
1,390
514

Accruals and deferred income
94,190
28,527

1,504,021
2,615,718



8.


Deferred taxation




2023


£






At beginning of year
3,196


Credited to profit or loss
(1,012)



At end of year
2,184

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
2,184
3,196

2,184
3,196

Page 8

 
ZEROWATER UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

The company had no commitments under non-cancellable operating leases at the balance sheet date.


10.


Related party transactions

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.


11.


Controlling party

The company is a wholly owned subsidiary of Culligan Shared Services (UK) Limited (formerly AI Aqua UK Limited). 
The ultimate parent company and controlling party is BDT Capital Partners. The smallest and largest group to consolidate these financial statements is Osmosis Holdings, LP, a company incorporated in the United States. Copies of Osmosis Holdings, LP consolidated financial statements can be obtained from Culligan International Company, 9399 W.Higgins Road, Suite 1100 Rosemont, IL 60018, USA.


12.


Auditors' information

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

The qualification in the audit report was as follows:

Basis for disclaimer of opinion
We attended a stocktake around 31 December 2023 but there were a number of errors noted which could not be explained. The stock was held by a third party who did not, themselves, carry out any stocktakes but were responsible for the maintenance of the stock records. The volume of errors meant it was not possible to rely on the stock system, or the records, to provide evidence over completeness of sales. Since the year end the stock has been moved and the records updated to reflect the stock held at that point, but it is not known what adjustments would be needed to 31 December 2023.
As a result of these matters, we were unable to determine, with any accuracy, the value of stock, which has an impact on cost of sales. We were also unable to determine whether sales were complete, which has an impact on determining completeness of debtors and therefore the elements making up the Statement of Income and Retained Earnings and the Balance Sheet.

The audit report was signed on 27 March 2025 by Joanne Fox BA FCA (Senior Statutory Auditor) on behalf of BW Audit Ltd.

 
Page 9