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Registered number: 04625594
Waterline Group Plc
Unaudited
Annual report and financial statements
For the year ended 31 March 2025
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Waterline Group Plc
Company Information
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Waterline Group Plc
Contents
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Statement of changes in equity
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Notes to the financial statements
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Waterline Group Plc
Strategic report
For the year ended 31 March 2025
The directors present their Strategic report on the affairs of Waterline Group Plc ('the company'), together with the unaudited financial statements.
The company is a subsidiary of Crown Products (Kent) Limited.
During the year, the company remained dormant as defined in section 1169 of the Companies Act 2006.
Further information in respect of the performance of the company's investments are held in those investments' relevant financial statements.
Principal risks and uncertainties
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The principal risks and uncertainties associated with the company’s business activities stem from the ongoing and underlying investment in group’s infrastructure.
The group operates in a competitive marketplace where price and stock availability can influence sales turnover. In many cases the product ranges distributed by the company are also offered by their respective manufacturers through alternative sales channels. Manufactures can change their views on the most appropriate sales channels for their products and this creates a degree of uncertainty in the outlook for the company.
Financial key performance indicators
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As the company is only a holding company and not a trading company, the board do not rely on any financial key performance indicators.
The company is expected to continue being dormant for future years.
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Waterline Group Plc
Strategic report (continued)
For the year ended 31 March 2025
Directors' statement of compliance with duty to promote the success of the company
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The directors of the Waterline Group Plc have acted in accordance with their duties which include their duty to act in the way in which they consider to be in good faith and to promote the success of the group for the benefit of its members as a whole having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
The group produces a strategic plan that contains financial projections for the next 3 years. The directors of the group review this and in doing so have regard to a variety of matters including the interests of stakeholders, reputation of the group and consequences of their decisions in the long term.
Waterline Group Plc is a dormant company within the Crown Products (Kent) Limited Group and as a non trading company sections b-f of S172(1) are not relevant.
This report was approved by the board and signed on its behalf.
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Waterline Group Plc
Directors' report
For the year ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
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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 2006. They 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.
The directors who served during the year were:
This report was approved by the board and signed on its behalf.
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Waterline Group Plc
Profit and loss account
For the year ended 31 March 2025
The company has not traded during the year or the preceding financial year. During these periods, the company received no income and incurred no expenditure and therefore made neither profit or loss.
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The notes on pages 7 to 10 form part of these financial statements.
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Page 4
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Waterline Group Plc
Registered number: 04625594
Balance sheet
As at 31 March 2025
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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For the year ended 31 March 2025 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 7 to 10 form part of these financial statements.
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Waterline Group Plc
Statement of changes in equity
For the year ended 31 March 2025
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Total comprehensive income for the year
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Total transactions with owners
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Statement of changes in equity
For the year ended 31 March 2024
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Total comprehensive income for the year
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The notes on pages 7 to 10 form part of these financial statements.
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Page 6
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Waterline Group Plc
Notes to the financial statements
For the year ended 31 March 2025
Waterline Group plc acts as a holding company and does not trade.
The company is a privately owned Plc (registered number 04625594) which is incorporated and domiciled in England and Wales. The address of the registered office is:
Crown House
North Crawley Road
Newport Pagnell
Buckinghamshire
MK16 9TG
2.Accounting policies
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Basis of preparation of financial statements
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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.
The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The company's functional and presentation currency is Pounds Sterling.
The company's financial statements are presented to the nearest Pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Crown Products (Kent) Limited as at 31 March 2025 and these financial statements may be obtained from Companies House in due course.
Page 7
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Waterline Group Plc
Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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The average monthly number of employees, including the directors, during the year was as follows:
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Investments in subsidiary companies
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Page 8
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Waterline Group Plc
Notes to the financial statements
For the year ended 31 March 2025
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The following were subsidiary undertakings of the company:
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Distribution of kitchen furniture, appliances, sinks and taps
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Waterline Limited and Waterline Group Plc share the same registered address.
The registered address of Coolectric Limited is:
Eddington Works
Eddington Lane
Herne Bay
Kent
CT6 5TR
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Amounts owed by group undertakings
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Cash and cash equivalents
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Page 9
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Waterline Group Plc
Notes to the financial statements
For the year ended 31 March 2025
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Allotted, called up and fully paid
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13,113,752 (2024 - 13,113,752) Ordinary shares shares of £0.005 each
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This represents the nominal value of shares that have been issued by the company.
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Share premium account
The share premium account includes the premium on issue of equity shares, net of any issue costs.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
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Related party transactions
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Amounts owed from Crown Products (Kent) Limited
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B J Head, a Director, has ultimate control of the company as he has control of the ultimate parent company, Crown Products (Kent) Limited.
Waterline Group Plc is included within the Crown Products (Kent) Limited group accounts which is the largest and smallest group to which group accounts are drawn up. Copies of these accounts can be obtained from:
Eddington Works, Eddington Lane, Herne Bay, Kent, CT6 5TR.
Page 10
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