Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-31 2023-12-31 2022-08-02 false No description of principal activity 11 false true false 14270612 2022-08-01 14270612 2022-08-02 2023-12-31 14270612 2021-08-02 2022-08-01 14270612 2023-12-31 14270612 1 2022-08-02 2023-12-31 14270612 d:Director2 2022-08-02 2023-12-31 14270612 c:PlantMachinery 2022-08-02 2023-12-31 14270612 c:PlantMachinery 2023-12-31 14270612 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-08-02 2023-12-31 14270612 c:FurnitureFittings 2022-08-02 2023-12-31 14270612 c:FurnitureFittings 2023-12-31 14270612 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-08-02 2023-12-31 14270612 c:OfficeEquipment 2022-08-02 2023-12-31 14270612 c:OfficeEquipment 2023-12-31 14270612 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-08-02 2023-12-31 14270612 c:OwnedOrFreeholdAssets 2022-08-02 2023-12-31 14270612 c:Goodwill 2022-08-02 2023-12-31 14270612 c:Goodwill 2023-12-31 14270612 c:CurrentFinancialInstruments 2023-12-31 14270612 c:Non-currentFinancialInstruments 2023-12-31 14270612 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 14270612 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 14270612 c:ShareCapital 2022-08-02 2023-12-31 14270612 c:ShareCapital 2023-12-31 14270612 c:RetainedEarningsAccumulatedLosses 2022-08-02 2023-12-31 14270612 c:RetainedEarningsAccumulatedLosses 2023-12-31 14270612 d:OrdinaryShareClass1 2022-08-02 2023-12-31 14270612 d:OrdinaryShareClass1 2023-12-31 14270612 d:FRS102 2022-08-02 2023-12-31 14270612 d:Audited 2022-08-02 2023-12-31 14270612 d:FullAccounts 2022-08-02 2023-12-31 14270612 d:PrivateLimitedCompanyLtd 2022-08-02 2023-12-31 14270612 d:SmallCompaniesRegimeForAccounts 2022-08-02 2023-12-31 14270612 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2022-08-02 2023-12-31 14270612 4 2022-08-02 2023-12-31 14270612 c:Goodwill c:OwnedIntangibleAssets 2022-08-02 2023-12-31 14270612 e:PoundSterling 2022-08-02 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14270612 NSI MANUFACTURING UK LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2023
NSI MANUFACTURING UK LIMITED REGISTERED NUMBER: 14270612 BALANCE SHEET AS AT 31 DECEMBER 2023
|  | 2023
Note |  | £
Fixed assets |  |  |
Intangible assets | 4 |  | 3,829,262
Tangible assets | 5 |  | 14,742
|  |  | 3,844,004
Current assets |  |  |
Stocks | 6 | 1,119,958 |
Debtors: amounts falling due within one year | 7 | 1,131,852 |
Cash at bank and in hand | 8 | 226,942 |
|  | 2,478,752 |
Creditors: amounts falling due within one year | 9 | (5,246,744) |
Net current (liabilities)/assets |  |  | (2,767,992)
Total assets less current liabilities |  |  | 1,076,012
Creditors: amounts falling due after more than one year | 10 |  | (1,731,588)
Net (liabilities)/assets |  |  | (655,576)
Capital and reserves |  |  |
Called up share capital | 12 |  | 1
Profit and loss account |  |  | (655,577)
|  |  | (655,576)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 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:
A Ruijtenberg
Director
Date: 6 October 2025
The notes on pages 3 to 10 form part of these financial statements. Page 1
NSI MANUFACTURING UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Comprehensive income for the period |  |  |
Loss for the period | - | (655,577) | (655,577)
Shares issued during the period | 1 | - | 1
At 31 December 2023 | 1 | (655,577) | (655,576)
| The notes on pages 3 to 10 form part of these financial statements.
Page 2
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
1. | General information
NSI Manufacturing UK Limited is a private limited company incorporated and domiciled in England with registered number 14270612. The Company's registered office is Global Engineering Works, Whittle Road, Stoke On Trent, United Kingdom, ST3 7QD. 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 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 financial statements cover the period from date of incorporation 2 August 2022 until 31 December 2023. These accounts therefore are for a 17 month period. The following principal accounting policies have been applied:
| 2.2 | Going concern
Having considered the Company's funding position and financial projections, and the availability of financial resources, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation throughout the going concern period for twelve months from the date of signing. The group has provided directors with assurance that they will provide additional cash flow support if necessary. Existing utilised financial resources include a long-term loan of £1,809,954 from a intermediate controlling party, Saur Relais.
| 2.3 | 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 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: 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.
| 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 | 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 4
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.8 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life. Other 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.
| 2.9 | 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, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% |
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Office equipment | - | 20% |
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.
| 2.10 | 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. Work in progress and finished goods include labour and attributable overheads. At each balance sheet 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. Page 5
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 2.Accounting policies (continued)
| 2.11 | Debtors
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.
| 2.12 | 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.
| 2.13 | 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.
3. | Employees
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Period ended 31 December
|  |  | 2023
|  |  | No.
|  | Employees | 11
Page 6
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
4. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| Additions | 4,294,500
| At 31 December 2023 | 4,294,500
| Amortisation |
| Charge for the period | 465,238
| At 31 December 2023 | 465,238
| Net book value |
| At 31 December 2023 | 3,829,262
5. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| Additions | 14,498 | 1,460 | 1,312 | 17,270
| At 31 December 2023 | 14,498 | 1,460 | 1,312 | 17,270
| Depreciation |  |  |  |
| Charge for the period | 2,198 | 243 | 87 | 2,528
| At 31 December 2023 | 2,198 | 243 | 87 | 2,528
| Net book value |  |  |  |
| At 31 December 2023 | 12,300 | 1,217 | 1,225 | 14,742
Page 7
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
6. | Stocks
|  |  |  |  | 2023
|  |  |  |  | £
| Raw materials and consumables | 43,881
| Work in progress | 1,076,077
|  | 1,119,958
7. | Debtors
|  |  |  |  | 2023
|  |  |  |  | £
| Amounts owed by group undertakings | 1,115,104
| Other debtors | 15,474
| Prepayments and accrued income | 1,274
|  | 1,131,852
| Amounts owed from group undertakings are interest free and repayable on demand.
8. | Cash and cash equivalents
|  |  |  |  | 2023
|  |  |  |  | £
| Cash at bank and in hand | 226,942
|  | 226,942
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2023
|  |  |  |  | £
| Trade creditors | 56,327
| Amounts owed to group undertakings | 5,080,048
| Other taxation and social security | 2,422
| Other creditors | 51,670
| Accruals and deferred income | 56,277
|  | 5,246,744
| Amounts owed to group undertakings includes a £2,541,467 balance which is not interest bearing and repayable on demand. This balance relates to the funding of the business combination.
Page 8
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2023
|  |  |  |  | £
| Amounts owed to group undertakings | 1,694,312
| Other creditors | 37,276
|  | 1,731,588
| Amounts owed to group undertakings consists of a £1,694,312 loan at a Sterling Overnight Index Average (SONIA) plus 3.37% margin repayable in full on 30th November 2027.
11. | Acquisition
| On 30 November 2022 the company acquired the mobile water unit manufacturing business of VWS (UK) Limited. A summary of the acquisition is as followed:
|  |  |  |  | 2023
|  |  |  |  | £
| Consideration paid | 4,235,779
| Social security and other liabilities | 58,721
| Goodwill | 4,294,500
12. | Share capital
|  |  |  |  | 2023
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 1 Ordinary share of £1.00 | 1
During the period, Ordinary shares with a nominal value of £1 were allotted upon the incorporation of the Company.
13. | Post balance sheet events
On 1 August 2025 there were 2,544,722 Ordinary shares issued at £1 nominal value to Nijhuis Saur Industries UK & Ireland Limited as part of the acquisition agreement.
14. | Controlling party
The immediate parent undertaking of the Company is Nijhuis Saur Industries UK & Ireland Ltd, registered in Netherlands, by virtue of their 100% shareholding. The ultimate parent undertaking is Sucre AcquisitionCo SARL, a Company registered in Luxembourg. Page 9
NSI MANUFACTURING UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
15. | Auditors' information
The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified. The audit report was signed on 6 October 2025 by Michael Bath BSc FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.
Page 10