Filtec Holdings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC803157 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

FILTEC HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

G Mills

REGISTERED OFFICE:

5 Portland Road

Irvine

Ayrshire

KA12 8JE

REGISTERED NUMBER:

SC803157 (Scotland)

ACCOUNTANTS:

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

FIXED ASSETS

Investments

4

4,044,505

CURRENT ASSETS

Cash at bank

32,622

45,138

CREDITORS

Amounts falling due within one year

5

180,770

351,944

NET CURRENT LIABILITIES

(148,148

)

(306,806

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,896,357

3,737,699

CREDITORS

Amounts falling due after more than one
year

6

1,958,295

2,201,439

NET ASSETS

1,938,062

1,536,260

CAPITAL AND RESERVES

Called up share capital

9

597,500

Retained earnings

1,340,562

938,760

SHAREHOLDERS' FUNDS

1,938,062

1,536,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 31 May 2026 and were signed by:

G Mills - Director

1.	STATUTORY INFORMATION

Filtec Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in pounds sterling which is the functional currency of the company, rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

Based on the company's forecasted income and expected cash outflows for a period of twelve months form the date of approval of the financial statements, the director is confident that the company will have sufficient resources to continue as a going concern for the foreseeable future and the accounts have therefore been prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Filtec Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Investments in subsidiaries

Investments in subsidiaries are stated at cost, including, where appropriate, the fair (discounted) value of any deferred consideration and redeemable preference shares given and acquisition costs, less accumulated impairments.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2025

and 31 March 2026

4,044,505

NET BOOK VALUE

At 31 March 2026

4,044,505

At 31 March 2025

4,044,505

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Other loans (see note 7)

130,584

301,684

Amounts owed to group undertakings

-

75

Accrued expenses

50,186

50,185

180,770

351,944

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2026

2025

£

Other loans (see note 7)

1,958,295

2,201,439

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Non-redeemable preference shares

352,500

Repayable by instalments

Redeemable preference shares

1,365,997

1,315,507

7.

LOANS

An analysis of the maturity of loans is given below:

2026

2025

£

Amounts falling due within one year or on demand:

Deferred consideration

130,584

301,684

Amounts falling due between one and two years:

Deferred consideration

239,798

49,100

Amounts falling due between two and five years:

Deferred consideration

-

484,332

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Non-redeemable preference shares

352,500

Repayable by instalments

Redeemable preference shares

1,365,997

1,315,507

Following the acquisition of Filtec Group Ltd the company is liable to pay deferred consideration in various instalments up to 31 October 2028. The value of the deferred consideration has been discounted to its net present value in the financial statements using a discount rate of 8%, being the estimated market interest rate.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

Deferred consideration

370,382

835,116

Redeemable preference shares

1,365,997

1,315,507

1,736,379

2,150,623

The company has granted security by way of a bond and floating charge to the Bank of Scotland in connection with an overdraft facility (unused at 31 March 2026) made available to its subsidiary, Filtec Water Services Limited. A similar security has been granted to the former shareholders of Filtec Group Ltd in connection with sums due to them via deferred consideration and redeemable preference shares. A ranking agreement exists between the bank and former shareholders.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

10,000

Ordinary

1

10,000

587,500

Non-redeemable preference

1

587,500

597,500

The company has issued 1,825,000 3% Redeemable Preference shares of £1. These have been discounted and recognised as a liability in the financial statements.

940,000 3% Non-redeemable Preference shares of £1 have also been issued. The present value of the dividend cash flows arising from the Non-redeemable Preference shares (£352,500) has been recognised as a liability in the financial statements and the remaining £587,500 as share capital within equity. A discount rate of 8% was applied, being the estimated market rate of interest.