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Registered number: 04922056














GSE WATERBROOK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GSE WATERBROOK LIMITED
REGISTERED NUMBER: 04922056

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
8,977
15,554

Current assets
  

Stocks
 6 
6,500,034
6,442,051

Debtors: amounts falling due within one year
 7 
40,355,864
35,298,331

Cash at bank and in hand
 8 
88,935
9,007

  
46,944,833
41,749,389

Creditors: amounts falling due within one year
 9 
(54,657,078)
(43,567,474)

Net current liabilities
  
 
 
(7,712,245)
 
 
(1,818,085)

Total assets less current liabilities
  
(7,703,268)
(1,802,531)

Net liabilities
  
£(7,703,268)
£(1,802,531)


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
(7,703,270)
(1,802,533)

  
£(7,703,268)
£(1,802,531)


Page 1

 
GSE WATERBROOK LIMITED
REGISTERED NUMBER: 04922056

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 on 7 May 2025.



___________________________
Mr D M Healey
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GSE WATERBROOK LIMITED
 

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

1.


General information

GSE Waterbrook Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 04922056.
The registered office is Henwood House, Henwood, Ashford, Kent TN24 8DH.
The principal place of business is GSE House, Paper Lane, Willesborough, Ashford, Kent, TN24 0TS.

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

An entity is a going concern unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so. This must be at least, but is not limited to, twelve months from the date on which the financial statements are authorised for issue.
Management’s intention from 12 months from approval date is to sell its assets and therefore cease its trading activity.
The financial statements have been prepared on a basis other than that of going concern. This basis includes, where applicable, writing the company's assets down to net realisable value, and making provisions in respect of contracts which have become onerous at the balance sheet date. There have been no significant alterations to the existing accounting policies as these are considered to give a true and fair view.

Page 3

 
GSE WATERBROOK LIMITED
 

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

2.Accounting policies (continued)

 
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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GSE WATERBROOK LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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, as follows.

Depreciation is provided on the following basis:

Freehold property
-
Nil and 33% straight line
Plant and machinery
-
10% straight line
Office equipment
-
10% and 33% 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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. Work in progress and finished goods include labour and attributable overheads.

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.

Page 5

 
GSE WATERBROOK LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

 
2.13

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 7).

Page 6

 
GSE WATERBROOK LIMITED
 

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Total



Cost or valuation


At 1 January 2023
449,700
9,920
123,065
582,685


Additions
-
-
1,139
1,139



At 31 December 2023

449,700
9,920
124,204
583,824



Depreciation


At 1 January 2023
449,700
9,920
107,511
567,131


Charge for the year on owned assets
-
-
7,716
7,716



At 31 December 2023

449,700
9,920
115,227
574,847



Net book value



At 31 December 2023
£-
£-
£8,977
£8,977



At 31 December 2022
£-
£-
£15,554
£15,554


5.


Fixed asset investments





Investments in associates



Cost or valuation


At 1 January 2023
90



At 31 December 2023

90



Impairment


At 1 January 2023
90



At 31 December 2023

90



Net book value



At 31 December 2023
£-



At 31 December 2022
£-

Page 7

 
GSE WATERBROOK LIMITED
 

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

6.


Stocks

2023
2022

Land for development
£6,500,034
£6,442,051



7.


Debtors

2023
2022


Trade debtors
91,785
79,634

Other debtors
35,994,375
31,876,018

Prepayments and accrued income
2,095,825
1,168,800

Tax recoverable
2,173,879
2,173,879

£40,355,864
£35,298,331



8.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£88,935
£9,007



9.


Creditors: Amounts falling due within one year

2023
2022

Other loans
22,040,736
20,909,111

Trade creditors
86,527
65,947

Corporation tax
423,195
582,589

Other taxation and social security
195,799
118,713

Other creditors
30,477,291
20,448,994

Accruals and deferred income
1,433,530
1,442,120

£54,657,078
£43,567,474


The following liabilities were secured:

2023
2022


Other loans
22,040,736
20,909,111

Details of security provided:

The others loans are secured by way of a fixed charge against all property of the company including freehold property (note 4) and land for development (note 5). The other loans are further secured, by a personal guarantee, limited to £5,250,000, from Mr D M Healey. Interest on these loans is payable at 9.9% (2022 - 9.9%).

Page 8

 
GSE WATERBROOK LIMITED
 

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

10.


Share capital

2023
2022
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
£2
£2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £26,534 (2022 - £1,135). Contributions totalling £5,706 (2022 - £587) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
2,252
2,252

Later than 1 year and not later than 5 years
2,252
4,504

£4,504
£6,756


13.


Transactions with directors

During the year, a director has been loaned £10,028,342 (2022 - £6,518,555) by the company. The loan is repayable on demand and interest free.


14.


Related party transactions

The Company has provided funds to companies under the control of the directors of the Company. At the balance sheet date £25,916,031 was due from these companies (2022 - £25,235,264). 
The Company has provided funds to companies under the control of the directors of the Company. At the balance sheet date £30,380,023 was due to these companies (2022 - £20,397,930).
All balances are interest free and repayable on demand.

Page 9

 
GSE WATERBROOK LIMITED
 

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

15.

Controlling party

The ultimate parent undertaking is GSE Waterbrook (Holdings) Limited, a company incorporated in England and Wales.
The ultimate controlling parties are Mr D M Healey and Mrs M C Healey by virtue of their shareholding in the ultimate parent undertaking.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking of a small group under section 383 of the Companies Act 2006.



16.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:
The financial statements have been prepared on a basis other than going concern. More details can be found in note 2.2.

The audit report was signed on 7 May 2025 by Andrew John Childs FCA (Senior statutory auditor) on behalf of Magee Gammon Corporate Limited.

Page 10