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Registered number: 05072220










THE WCD GROUP LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE WCD GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
S E Campbell 
P Smith 




Registered number
05072220



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





 
THE WCD GROUP LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 12


 
THE WCD GROUP LIMITED
REGISTERED NUMBER: 05072220

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1,687

Tangible assets
 5 
-
204,541

Investments
 6 
3,231,947
7

  
3,231,947
206,235

Current assets
  

Stocks
  
-
626,629

Debtors: amounts falling due within one year
 7 
2,141,686
2,446,670

Cash at bank and in hand
 8 
-
227,627

  
2,141,686
3,300,926

Creditors: amounts falling due within one year
 9 
(3,231,947)
(2,252,285)

Net current (liabilities)/assets
  
 
 
(1,090,261)
 
 
1,048,641

Total assets less current liabilities
  
2,141,686
1,254,876

Provisions for liabilities
  

Deferred tax
  
-
(4,756)

  
 
 
-
 
 
(4,756)

Net assets
  
2,141,686
1,250,120


Capital and reserves
  

Called up share capital 
  
1
2,500

Share premium account
  
-
4,500

Profit and loss account
  
2,141,685
1,243,120

  
2,141,686
1,250,120


Page 1

 
THE WCD GROUP LIMITED
REGISTERED NUMBER: 05072220
    
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 comprehensive income 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: 




P Smith
Director

Date: 7 August 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
THE WCD GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,500
4,500
618,097
625,097


Comprehensive income for the year

Profit for the year
-
-
625,023
625,023



At 1 January 2023
2,500
4,500
1,243,120
1,250,120


Comprehensive income for the year

Profit for the year
-
-
891,566
891,566

Shares cancelled during the year
(2,499)
-
-
(2,499)

Share premium cancelled during the year
-
(4,500)
-
(4,500)

Transfer from share capital and share premium
-
-
6,999
6,999


At 31 December 2023
1
-
2,141,685
2,141,686


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The WCD Group Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Fourth Floor Abbots House, Abbey Street, Reading, Berkshire, RG1 3BD.

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

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

During the year the trade and assets of this company have been transferred to another company within the group and the directors have taken the decision to liquidate this company. For this reason, the directors do not consider the company to be a going concern. The financial statements have therefore been drawn up to include all assets at the amounts expected to be recoverable and to make provision for all liabilities expected to arise.

 
2.4

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:

Revenue from the sale of goods is recognised when the amount can be measured reliably along with the associated costs, future economic benefits are probable and the risks and rewards of ownership have been transferred to the customer. This is on shipment. 
Revenue from a contract to provide services is recognised in the period in which the services are provided on a straight line basis over the term of the contract. 
Revenue from operating lease arrangements is recognised on a straight line basis over the term of the lease.

 
2.5

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 4

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Interest income

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

Page 5

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents
-
10%
straight line
Development expenditure
-
33%
straight line
Goodwill
-
10%
straight line

 
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.

Page 6

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
reducing balance
Rental assets
-
20%
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

Debtors

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

 
2.15

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.

 
2.16

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.

Page 7

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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 loans from and to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 -51).


4.


Intangible assets




Patents
Development expenditure
Goodwill
Total

£
£
£
£





At 1 January 2023
6,425
70,717
-
77,142


Additions
-
-
2,865,596
2,865,596


Disposals
(6,425)
(70,717)
(2,865,596)
(2,942,738)



At 31 December 2023

-
-
-
-





At 1 January 2023
4,738
70,717
-
75,455


Charge for the year on owned assets
450
-
-
450


On disposals
(5,188)
(70,717)
-
(75,905)



At 31 December 2023

-
-
-
-



Net book value



At 31 December 2023
-
-
-
-



At 31 December 2022
1,687
-
-
1,687

Additions relates to goodwill brought in on hive up from the subsidiary. Disposals relate to assets transferred out on hive up to parent.



Page 8

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Assets in the course of construction
Total

£
£
£
£
£
£





At 1 January 2023
226,257
-
67,494
88,189
-
381,940


Additions
103,763
-
6,935
-
-
110,698


Transfers intra group
872,931
3,256
2,077
2,407
85,814
966,485


Disposals
(1,202,951)
(3,256)
(76,506)
(90,596)
(85,814)
(1,459,123)



At 31 December 2023

-
-
-
-
-
-





At 1 January 2023
92,783
-
20,004
64,612
-
177,399


Charge for the year on owned assets
128,710
1,395
5,800
6,500
-
142,405


Disposals
(221,493)
(1,395)
(25,804)
(71,112)
-
(319,804)



At 31 December 2023

-
-
-
-
-
-



Net book value



At 31 December 2023
-
-
-
-
-
-



At 31 December 2022
133,474
-
47,490
23,577
-
204,541

Transfers intra group relate to assets brought in on hive up from the subsidiary. Disposals relate to assets transferred out on hive up to parent.

Page 9

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
7


Additions
3,231,947


Transfers intra group
(7)



At 31 December 2023
3,231,947





7.


Debtors

2023
2022
£
£


Trade debtors
-
1,241,052

Amounts owed by group undertakings
1,986,154
1,131,782

Other debtors
155,532
34,774

Prepayments and accrued income
-
39,062

2,141,686
2,446,670



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
227,627

-
227,627


Page 10

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
582,687

Amounts owed to group undertakings
3,231,947
-

Corporation tax
-
140,505

Other taxation and social security
-
179,351

Other creditors
-
238,111

Accruals and deferred income
-
1,111,631

3,231,947
2,252,285



10.


Deferred taxation




2023


£






At beginning of year
4,756


Utilised in year
(4,756)



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
4,756

-
4,756


11.Other financial commitments

A legal charge was created on 28 March 2023 in favour of Morgan Stanley Senior Funding, Inc. via a debenture that creates a fixed and floating charge over the intellectual property.


12.


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.

Page 11

 
THE WCD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Post balance sheet events

On 19 March 2024 the company received a dividend from the subsidiary company amounting to £3,231,946. Following this, the investment in that company was impaired to £1.


14.


Controlling party

The immediate parent company is Culligan (UK) Limited (previously known as Waterlogic GB Limited until 31 March 2023), a company incorporated in England and Wales. Culligan (UK) Limited has its registered office at Fourth Floor Abbotts House, Abbey Street, Reading, Berkshire, RG1 3BD.
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.


15.


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:

Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 2.3 in the financial statements, which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.

The audit report was signed on 8 August 2025 by Joanne Fox BA FCA (Senior Statutory Auditor) on behalf of BW Audit Ltd.

 
Page 12