Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-312025-05-212025-05-222023-01-01falseNo description of principal activity117truetruefalse SC580653 2023-01-01 2023-12-31 SC580653 2022-02-01 2022-12-31 SC580653 2023-12-31 SC580653 2022-12-31 SC580653 c:Director2 2023-01-01 2023-12-31 SC580653 c:Director4 2023-01-01 2023-12-31 SC580653 c:RegisteredOffice 2023-01-01 2023-12-31 SC580653 d:PlantMachinery 2023-01-01 2023-12-31 SC580653 d:PlantMachinery 2023-12-31 SC580653 d:PlantMachinery 2022-12-31 SC580653 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC580653 d:OfficeEquipment 2023-01-01 2023-12-31 SC580653 d:OfficeEquipment 2023-12-31 SC580653 d:OfficeEquipment 2022-12-31 SC580653 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC580653 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC580653 d:CurrentFinancialInstruments 2023-12-31 SC580653 d:CurrentFinancialInstruments 2022-12-31 SC580653 d:Non-currentFinancialInstruments 2023-12-31 SC580653 d:Non-currentFinancialInstruments 2022-12-31 SC580653 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC580653 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC580653 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC580653 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC580653 d:ShareCapital 2023-12-31 SC580653 d:ShareCapital 2022-12-31 SC580653 d:SharePremium 2023-12-31 SC580653 d:SharePremium 2022-12-31 SC580653 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC580653 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC580653 c:FRS102 2023-01-01 2023-12-31 SC580653 c:Audited 2023-01-01 2023-12-31 SC580653 c:FullAccounts 2023-01-01 2023-12-31 SC580653 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC580653 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC580653 2 2023-01-01 2023-12-31 SC580653 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: SC580653










PHOX WATER LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PHOX WATER LIMITED
 
 
COMPANY INFORMATION


Directors
D P Edwards 
A J Macer 




Registered number
SC580653



Registered office
C/O Kingshill Mineral Water Ltd
Dura Road

Allanton

Wishaw

Lanarkshire

ML2 9PJ




Independent auditors
BW Audit Ltd
Chartered Accountants & Statutory Auditors

Berry & Warren

54 Thorpe Road

Norwich

NR1 1RY





 
PHOX WATER LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 10


 
PHOX WATER LIMITED
REGISTERED NUMBER: SC580653

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
131,950
114,769

  
131,950
114,769

Current assets
  

Stocks
  
446,445
204,277

Debtors: amounts falling due within one year
 5 
439,488
63,395

Cash at bank and in hand
 6 
219,473
392,922

  
1,105,406
660,594

Creditors: amounts falling due within one year
 7 
(607,228)
(344,183)

Net current assets
  
 
 
498,178
 
 
316,411

Total assets less current liabilities
  
630,128
431,180

Creditors: amounts falling due after more than one year
 8 
-
(34,401)

Provisions for liabilities
  

Deferred tax
  
(32,987)
-

  
 
 
(32,987)
 
 
-

Net assets
  
597,141
396,779


Capital and reserves
  

Called up share capital 
  
111
111

Share premium account
  
14,890
14,890

Profit and loss account
  
582,140
381,778

  
597,141
396,779


Page 1

 
PHOX WATER LIMITED
REGISTERED NUMBER: SC580653
    
STATEMENT OF FINANCIAL POSITION (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: 21 May 2025

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

Page 2

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Phox Water Ltd is a private company, limited by shares, registered and incorporated in Scotland. The registered office is c/o Kingshill Mineral Water Ltd, Dura Road, Allanton, Wishaw, Lanarkshire ML2 9PJ.

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

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 reporting 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 reporting 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 reporting date.


Page 4

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

Research and development

Research and development costs on internal projects are recognised as an expense when incurred where it is not possible to demonstrate the project will generate future economic benefits and where it is not possible to distinguish between the research phase and the development phase of an internal project.

 
2.11

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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 reporting 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.

 
2.13

Debtors

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

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

Basic financial assets, which include trade and other debtors are initially measured at their transaction price and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment. 
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into rather than the legal form. Basic financial liabilities, which include trade and other creditors, bank loans and other group loans are initially measured at their transaction price and subsequently held at amortised cost. 

Page 6

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 -7).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
150,782
14,052
164,834


Additions
51,109
2,105
53,214


Disposals
(5,339)
(1,987)
(7,326)



At 31 December 2023

196,552
14,170
210,722



Depreciation


At 1 January 2023
48,143
1,922
50,065


Charge for the year on owned assets
29,548
2,752
32,300


Disposals
(2,599)
(994)
(3,593)



At 31 December 2023

75,092
3,680
78,772



Net book value



At 31 December 2023
121,460
10,490
131,950



At 31 December 2022
102,639
12,130
114,769

Page 7

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
17,755
9,461

Amounts owed by group undertakings
350,000
-

Other debtors
51,448
52,135

Prepayments and accrued income
20,285
1,799

439,488
63,395



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
219,473
392,922

219,473
392,922



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
13,232

Trade creditors
205,008
220,701

Amounts owed to group undertakings
81,051
-

Corporation tax
140,827
67,710

Other taxation and social security
86,561
29,830

Other creditors
1,426
12,710

Accruals and deferred income
92,355
-

607,228
344,183


Page 8

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
34,401

-
34,401



9.


Capital commitments


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
12,100
-

12,100
-


10.


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. Contributions totalling £1,615 (2022 - £74) were payable to the fund at the reporting date and are included in creditors.


11.


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.


12.


Controlling party

The immediate parent company is Osmosis Buyer Limited.
The ultimate parent company and controlling party is BDT & MSD Partners. The parent undertaking of the largest and smallest group to consolidate these financial statements is Osmosis Holdings, LP, a company incorporated in the United States. Copies of the Osmosis Holdings, LP accounts can be obtained from Culligan International Company, 9399 W.Higgins Rd, Suite 1100 Rosemont, IL60018, USA.

Page 9

 
PHOX WATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


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 qualified opinion
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the stocktake at the end of that year. In addition, by 31 December 2023 the stock had been moved to a third party warehouse but records from this third party were not requested and are not now available. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2022 and 31 December 2023 which are included in the balance sheet at £204,277 and £446,445 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustments to these amounts were necessary.
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 qualified opinion.

The audit report was signed on 22 May 2025 by Joanne Fox BA FCA (Senior Statutory Auditor) on behalf of BW Audit Ltd.

 
Page 10