ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the period ended
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Soris Acquisition Ltd
Company Information
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Soris Acquisition Ltd
Contents
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Soris Acquisition Ltd
Group strategic report
For the period ended 30 April 2022
The Directors present the strategic report for the period ended 30 April 2022.
On 4 March 2022 Soris Acquisition Limited acquired Water Direct Limited. Trading for the period followed long-term trends and the Directors are optimistic for the future of the Group.
During the year the Group reported revenue of £1.8m and EBITDA of £431k.
The Group views wholesaler water utility companies and a broad range of commercial customers as its two primary markets. Both market sectors outperformed the previous year. An increase in planned and reactive alternative water supply requirements, alongside a key new customer win, underpinned our wholesale water utility growth. Meanwhile, continued high levels of activity in the construction sector, combined with a return of festival and events work after the lifting of COVID-19 related restrictions, buoyed commercial business.
The Group will seek to nurture deeper partnerships with new and existing customers to further the development of our products and services. We seek to be the primary alternative water supply partner for every wholesale water utility company and the leader in the commercial market for temporary supply. We will also continue to be a leading voice in education and awareness of water supply resilience and alternative water supply.
Market and competition risk
The Group is exposed to the risk that customers may seek to obtain alternative water supplies from elsewhere. However, services offered by the business are diversified and the Directors are confident that the Group is innovating and adjusting to challenges to ensure its operations adapt. Staff retention and recruitment To recruit and retain staff, pay rates and benefits are periodically reviewed and adjusted to be market-leading. The Group simultaneously drives the implementation of cultural and training initiatives. Macro-economic pressures The Group is exposed to inflationary pressures in its cost base. To retain margins and attract customers, the business continues to innovate, review pricing and optimise processes and procedures. Financial risk management The Group’s activities expose it to financial risks that include liquidity and cash flow risk. The Directors monitor these on a regular basis through cash flow modelling and forecasting. Reputational and compliance risk The supply of drinking water requires the Group to maintain the highest quality standards and comply with regulations and best practice operating procedures. The Group has unique monitoring, control and assurance systems and ensures all its technicians are appropriately trained. More detail can be found at water-direct.co.uk/quality-assurance/drinking-water-quality/ Contract risk The Group has a number of guaranteed response contracts with customers. The Group regularly reviews staff and asset availability to ensure we have sufficient resources to meet our contractual obligations.
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Soris Acquisition Ltd
Group strategic report (continued)
For the period ended 30 April 2022
The management team have developed a wide range of metrics - both financial and non-financial - to monitor the performance of the business. The principal financial KPIs are sales, gross profit margin and EBITDA.
This report was approved by the board on 31 January 2023 and signed on its behalf.
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Soris Acquisition Ltd
Directors' report
For the period ended 30 April 2022
The directors present their report and the financial statements for the period ended 30 April 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £533,563.
The directors who served during the period were:
Please refer to the Strategic report for future developments.
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Soris Acquisition Ltd
Directors' report (continued)
For the period ended 30 April 2022
There have been no significant events affecting the Group since the year end.
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Soris Acquisition Ltd
Independent auditors' report to the members of Soris Acquisition Ltd
We have audited the financial statements of Soris Acquisition Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Soris Acquisition Ltd
Independent auditors' report to the members of Soris Acquisition Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Soris Acquisition Ltd
Independent auditors' report to the members of Soris Acquisition Ltd (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override. Audit procedures performed by the engagement team: • Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; • Assessment of identified fraud risk factors; • Challenging assumptions and judgments made by management in its significant accounting estimates; • Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and • Physical inspection of tangible fixed assets susceptible to fraud or irregularity; and • Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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Soris Acquisition Ltd
Independent auditors' report to the members of Soris Acquisition Ltd (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Canterbury
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Soris Acquisition Ltd
Consolidated statement of comprehensive income
For the period ended 30 April 2022
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Soris Acquisition Ltd
Registered number: 13729878
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2023.
The notes on pages 16 to 34 form part of these financial statements.
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Soris Acquisition Ltd
Registered number: 13729878
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 34 form part of these financial statements.
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Soris Acquisition Ltd
Consolidated statement of changes in equity
For the period ended 30 April 2022
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Soris Acquisition Ltd
Company statement of changes in equity
For the period ended 30 April 2022
Page 13
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Soris Acquisition Ltd
Consolidated statement of cash flows
For the period ended 30 April 2022
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Soris Acquisition Ltd
Consolidated Analysis of Net Debt
For the period ended 30 April 2022
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
Soris Acquisition Ltd is a private company limited by shares and is incorporated in England and Wales with the registration number 13729878. The address of the registered office is The Victor Building, Earls Colne Business Park, Earls Colne, Colchester, CO6 2NS.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
2.Accounting policies (continued)
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
2.Accounting policies (continued)
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
The estimated useful lives range as follows:
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:
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.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
2.Accounting policies (continued)
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
The following judgments have had the most significant impact on amounts recognised in the financial statements: Lease commitments The Group has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the Group has acquired the risks and rewards associated with the ownership of the underlying assets Goodwill and intangible assets The group has recognised goodwill and other intangible assets arising from business combinations with a carrying value of £16,866,268 at the reporting date (see note 13). On acquisition the group determines a reliable estimate of the useful life of goodwill and intangible assets based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets. Investment in subsidiaries The company has recognised investments in subsidiaries with a carrying value of £19,248,329 at the reporting date (see note 15). These assets are stated at their cost less provision for impairment. The company considers whether these investments are impaired. Where an indication of impairment is identified the estimation of recoverable value requires the estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows. Tangible fixed assets The Group has recognised tangible fixed assets with a carrying value of £1,368,490 at the reporting date (see note 14). These assets are stated at their cost less provision for depreciation and impairment. The group’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the group undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the group’s forecasts for the foreseeable future which do not include any restructuring activities that the group is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
3.Judgments in applying accounting policies (continued)
Taxation Provision has been made in the financial statements for deferred tax amounting to £144,345 at the reporting date. This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
The whole of the turnover is attributable to the principal activity of the company.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
The main rate of corporation tax is due to increase on 1 April 2023 to 25%, for companies with taxable profits above £250,000. Companies with taxable profits below £50,000 will continue to pay at 19%, and marginal relief will apply between these thresholds. This change formed part of The Finance Bill 2021, which was substantively enacted on 24 May 2021, and is applicable at the reporting date.
Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the period was £
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
ii) Within other creditors is an amount of £2,000,000 is repayable within two years and has an interest rate of 6%. It secured by way of a fixed and floating charge over all assets of the group.
ii) The bank loans of £8,294,257, is split into two facilities. The first facility amounts to £4,550,000 repayable over five years and has an interest rate of 5.75%. The second facility amounts to £3,975,000 repayable over five years and has an interest rate of £6.6%. Both facilities are secured by way of a fixed and floating charge over the assets of the company.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
Share premium account
Profit and loss account
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
Page 32
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
26.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £10,181. Contributions totaling £10,387 were payable to the fund at the balance sheet date and are included in creditors.
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Soris Acquisition Ltd
Notes to the financial statements
For the period ended 30 April 2022
In the opinion of the directors there is no ultimate controlling party.
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