REGISTERED NUMBER: 07116500 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Washing Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Michael Patrick Higgins

John Paul Walroth

REGISTERED OFFICE:

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

REGISTERED NUMBER:

07116500 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Chatten

AUDITORS:

Royce Peeling Green Limited

Statutory Auditor

The Copper Room

Deva City Office Park

Trinity Way

Manchester

M3 7BG

FIXED ASSETS

Tangible assets

4

254,927

268,296

CURRENT ASSETS

Stocks

21,020

11,987

Debtors

5

296,649

312,628

Cash at bank

207,875

379,720

525,544

704,335

CREDITORS

Amounts falling due within one year

6

(2,682,973

)

(2,486,680

)

NET CURRENT LIABILITIES

(2,157,429

)

(1,782,345

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,902,502

)

(1,514,049

)

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

(1,902,522

)

(1,514,069

)

SHAREHOLDERS' FUNDS

(1,902,502

)

(1,514,049

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Michael Patrick Higgins - Director

1.	STATUTORY INFORMATION

Washing Systems Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

After reviewing the Washing Systems group's forecasts and projections, and obtaining assurances of continuing support from the the group company, Washing Systems LLC registered in the USA, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.

Related party exemption

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.

Turnover

Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:

- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the entity 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 economic benefits associated with the transaction will flow to the entity;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of goods is generally recognised when they are handed over to the transport firms which, under the terms of current contracts, mark the time when the above risks and rewards are transferred.

Revenue is not recognised if its recoverability is considered to be uncertain.

Revenue is stated net of discounts, allowances, rebates and returns, and does not include the proceeds from the disposal of raw materials and scrap.

Revenue includes also minor cost connected with the sales process, such as certification, recoveries of cost of transport, packaging, insurances etc

Revenue for services rendered is recorded in the profit & loss when the service has been provided to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery - Straight Line over 6 to 9 years.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Washing Systems LLC, USA parent company, retains first claim to the stock under a third party stock agreement.

Financial instruments

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

461,506

Additions

159,474

Disposals

(251,166

)

At 31 December 2024

369,814

DEPRECIATION

At 1 January 2024

193,210

Charge for year

54,406

Eliminated on disposal

(132,729

)

At 31 December 2024

114,887

NET BOOK VALUE

At 31 December 2024

254,927

At 31 December 2023

268,296

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

296,649

312,628

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

68,349

55,838

Amounts owed to group undertakings

2,568,695

2,358,326

Social security and other taxes

3,868

33,038

Accrued expenses

42,061

39,478

2,682,973

2,486,680

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Chatten (Senior Statutory Auditor)

for and on behalf of Royce Peeling Green Limited

8.	ULTIMATE CONTROLLING PARTY

Kao Corporation (incorporated in Japan) is regarded by the directors as being the company's ultimate parent company.

Washing Systems LLC is owned 100% by Kao Corporation, a listed company registered in Japan. Kao Corporation produce consolidated accounts which are available from its registered office.

The company is a 100% subsidiary of Washing Systems LLC, a company registered in Cincinnati, Ohio, United States of America.

9.	GOING CONCERN

The Holding company has confirmed that they will continue to give financial support to the company until such time as its position improves. In addition, the Holding company directors have confirmed that they will not recall their loans within 12 months. The directors of the company consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.