Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

MVE Bartlett
A M Wood
R M Pallett

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 September 2025

And signed on behalf of the board by:
Name: A M Wood
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

	2024	16 months to 31 December 2023
	£	£
Turnover:	9,600,000	9,432,000
Cost of sales:	( 3,533,000 )	( 3,162,000 )
Gross profit(or loss):	6,067,000	6,270,000
Administrative expenses:	( 3,937,000 )	( 4,258,000 )
Operating profit(or loss):	2,130,000	2,012,000
Interest payable and similar charges:	( 453,000 )	( 412,000 )
Profit(or loss) before tax:	1,677,000	1,600,000
Tax:	( 368,000 )	( 359,000 )
Profit(or loss) for the financial year:	1,309,000	1,241,000

Balance sheet

As at 31 December 2024

	Notes	2024	16 months to 31 December 2023
		£	£
Called up share capital not paid:		0	0
Fixed assets
Intangible assets:	3	334,000	292,000
Tangible assets:	4	2,053,000	2,077,000
Total fixed assets:		2,387,000	2,369,000
Current assets
Stocks:	5	1,745,000	1,951,000
Debtors:	6	1,596,000	2,578,000
Cash at bank and in hand:		1,169,000	430,000
Total current assets:		4,510,000	4,959,000
Creditors: amounts falling due within one year:	7	( 7,117,000 )	( 4,785,000 )
Net current assets (liabilities):		(2,607,000)	174,000
Total assets less current liabilities:		(220,000)	2,543,000
Creditors: amounts falling due after more than one year:	8	( 826,000 )	( 4,898,000 )
Total net assets (liabilities):		(1,046,000)	(2,355,000)
Capital and reserves
Called up share capital:		1	1
Other reserves:		(3,596,001)	(3,596,001 )
Profit and loss account:		2,550,000	1,241,000
Total Shareholders' funds:		( 1,046,000 )	(2,355,000)

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  The Company recognises revenue from the following major categories of revenue streams under premium water filtration systems: Sale of tap systems, consumable products and spare parts Revenue from the sale of taps systems and consumables including spare parts is recognised once control of the goods has been transferred to the customer. Payment terms are 1 month from the invoice date and amounts due are recorded within trade receivables until payment is received. Rental of tap systems Rental income is made up of revenue from the supply of tap systems where the Company is lessor in an operating lease. Payment for rental income is in advance of the rental period and the rental income is recognised over time, with the transaction price allocated to this service released on a straight-line basis over the period of the lease. Included in the transaction price for the rental of tap systems, in some contracts, is the installation of those tap systems. The supply and installation elements of the contract are one deliverable, as they are highly interrelated, and therefore there is no allocation of a portion of the transaction price to the installation. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease (except where immaterial) are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Rental agreements run for a minimum period of twelve months and typically for three to five years. Some rental agreements have no fixed end date and may be cancelled by either party. The average useful economic life for a Point-of-use (POU) water device is approximately four to ten years whilst refurbishment can extend the life of some devices to eleven years or more. For this reason, existing rental agreements are not judged to transfer substantially all of the risks and rewards of ownership to the lessee. Revenue is recognised for the rental of tap systems from when the taps have been installed as this is the point in time that the consideration is unconditional from this point. A refund liability would be recognised in trade and other creditors recognised for the products expected to be returned. The Company retains no provision to repair or replace faulty products under the standard warranty terms as any claim in passed through to Billi Australia Pty Ltd who manufacturer the goods and are a fellow subsidiary of Strix Group Plc. Servicing of tap systems The Company has taken advantage of IFRS 15, para 4 whereby they have grouped contracts for the servicing of taps into a portfolio, on the basis that applying IFRS 15 to each individual contract would not result in a material difference. This is on the basis that the underlying contracts are relatively homogenous and that under the contracts, each unit covered would be serviced twice per annum and the completion of the performance obligation, being the completion of the service, would be evenly spread throughout the period over the various contracts. Therefore the sale of services are recognised proportionally over the duration of the service period, provided a right to consideration has been established subject to a minimum notice period or early termination penalty. Whilst payment terms are in advance of the service period, revenue is recognised for the servicing of tap systems from when the contracts have been entered into as this is the point in time that the consideration is unconditional from this point.

  Tangible fixed assets depreciation policy

  Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for intended use, dismantling and restoration costs. Depreciation is calculated using the straight line method to write off the cost less estimated residual value of each asset over its expected useful life

  Intangible fixed assets amortisation policy

  Computer software is only capitalised when it is probable that future economic benefits associated with the software will flow to the Company, and the cost of the software can be measured reliably. Computer software that is integral to an item of property, plant and equipment is included as part of the cost of the asset recognised in property, plant and equipment. Capitalised costs that are recorded as intangible assets are amortised from the point at which the asset is ready for use.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	16 months to 31 December 2023
  Average number of employees during the period	56	47