Directors Report 1

Directors report for the year ended 30 June 2007 2

Directors Report 2

Directors' report for the year ended 30th June 2006 Error! Bookmark not defined.

Directors Report 3

Directors' report for the year ended 31 December 2005 Error! Bookmark not defined.

Directors Report 4

Directors' report for the year ended 30 June 2004 2 Independent auditors' report to the members of Water Waiter Limited 4 Profit and loss account for the year ended 30 June 2004 5

Directors Report 5

Directors' report for the period ended 30 June 2003 2 Independent auditors' report to the members of Water Waiter Limited 4 Profit and loss account for the period ended 30 June 2003 5

Directors Report 6

REPORT OF THE DIRECTORS

The directors present their report together with financial statements for the year ended 28 February 2002. Principal activities
The company is principally engaged in the rental of water coolers and the provision of supplies and services for water coolers.

Directors
The present membership of the Board is set out below. Both directors served throughout the year.
The interests of the directors in the shares of the company as at 1 March 2001 and 28 February 2002, were as follows:
2002 2001 Number Number
G A Donaldson 49,500 49,500 P F Baker 33,000 33,000

Directors' responsibilities for the financial statements
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for maintaining proper accounting records, for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors
Grant Thornton offer themselves for reappointment as auditors in accordance with Section 385 of the Companies Act 1985.

Page 1

WATER WAITER LIMITED REPORT OF THE DIRECTORS

Small company exemption
This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.

ON BEHALF OF THE BOARD

P F Baker Director _ ,

Page 2

Grant Thornton

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF' WATER WAITER LIMITED

We have audited the financial statements of Water Waiter Limited for the year ended 28 February 2002 which comprise the principal accounting policies, the profit and loss account, the balance sheet, the statement of total recognised gains and losses and notes 1 to 17. These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective March 2000) and under the accounting policies set out therein.
Respective responsibilities of the directors and auditors
The directors' responsibilities for preparing the directors' report and the financial statements in accordance with applicable law and United Kingdom accounting standards are set out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom auditing standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the directors' report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read other information contained in the directors' report, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of opinion
We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Page 3

Grant Thornton fr;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WATER WAITER LIMITED

Opinion
In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 28 February 2002 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

GRANT THORNTON REGISTERED AUDITORS CHARTERED ACCOUNTANTS KETTERING

Page 4 WATER WAITER LIMITED
PRINCIPAL ACCOUNTING POLICIES

BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention.
The principal accounting policies of the company are set out below. The policies have remained unchanged from the previous year apart from the depreciation period on water coolers has been changed from 3 to 6 years. This was amended in order to bring the policy in line with the industry average. The effect of the change is shown in note 5 to the financial statements.

TURNOVER
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are stated at cost net of depreciation. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful lives. The periods generally applicable are:
Water coolers 6 years Fixtures and fittings 3 years Motor vehicles 4 years
The effect of the change in the depreciation period disclosed in the accounting policies has been to decrease the depreciation charge for the year by ?45,852.

STOCKS
Stacks are stated at the lower of cost and net realisable value.

DEFERRED TAXATION
Deferred tax is provided for using the tax rates estimated to arise when the timing differences reverse and is accounted for to the extent that it is probable that a liability or asset will crystallise..Unprovided deferred tax is disclosed as a contingent liability.

LEASED ASSETS
Fixed assets include assets leased to customers by way of leases which are treated as hire contacts. The total receipts arising from such leases are credited to the profit and loss account on a straight line basis over the lease term.

Page 5

WATER WAITER LIMITED

Directors Report 7

REPORT OF THE DIRECTORS

The directors present their report together with financial statements for the year ended 28 February 2001.

Principal activities
The company is principally engaged in the rental of water coolers and the provision of supplies and services for water coolers.

Business review
Turnover and gross profit have increased in the period under review by 44% and 50% respectively as a result of a further substantial increase in the number of coolers placed with customers. The directors anticipate continued growth in the current financial year.
There was a loss for the year after taxation amounting to ?3,569 (2000: ?404). The directors do not recommend payment of a dividend and the loss has therefore been added to the accumulated deficit.

Directors
The present membership of the Board is set out below. Both directors served throughout the year.
The interests of the directors in the shares of the company as at 1 March 2000 and 28 February 2001, were as follows:
2001 2000 Number Number
G A Donaldson 49,500 49,500 P F Baker 33,000 33,000

Directors' responsibilities for the financial statements
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for maintaining proper accounting records, for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

WATER WAITER LIMITED REPORT OF THE DIRECTORS

Auditors
Grant Thornton offer themselves for reappointment as auditors in accordance with Section 385 of the Companies Act 1985.
ON BEHALF OF THE BOARD

P F Baker Director a 2- -Sore 2r--rN 1

Page 2

Grant Thornton 8

REPORT OF THE AUDITORS TO THE MEMBERS OF WATER WAITER LIMITED

We have audited the financial statements on pages 4 to 11 which have been prepared under the accounting policies set out on page 4.
Respective responsibilities of the directors and auditors
As described on page 1 the company's directors are responsible for the preparation of the financial statements in accordance with applicable United Kingdom law and accounting standards. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the company's affairs at 28 February 2001 and of its loss for the year then ended and have been properly prepared in accordance with the Companies Act 1985.

RANT THORNTON REGISTERED AUDITORS CHARTERED ACCOUNTANTS KETTERING

Page 3 WATER WAITER LIMITED
PRINCIPAL ACCOUNTING POLICIES

BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention.
The principal accounting policies of the company have remained unchanged from the previous year and are set out below.

TURNOVER
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

TANGIBLE FIXED ASSETS AND DEPRECIATION
Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful lives. The periods generally applicable are:
Water coolers 3 years Fixtures and fittings 3 years Motor vehicles 4 years

STOCKS Stocks are stated at the lower of cost and net realisable value. DEFERRED TAXATION
Deferred tax is provided for using the tax rates estimated to arise when the timing differences reverse and is accounted for to the extent that it is probable that a liability or asset will crystallise. Unprovided deferred tax is disclosed as a contingent liability.
CONTRIBUTIONS TO PENSION SCHEMES Defined contribution scheme
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.

LEASED ASSETS
Fixed assets include assets leased to customers by way of leases which are treated as hire contracts. The total receipts arising from such leases are credited to the profit and loss account on a straight line basis over the lease term.

Page 4

WATER WAITER LIMITED

Directors Report 8

REPORT OF THE DIRECTORS

The directors present their report together with financial statements for the year ended 29 February 2000.

Principal activities
The company is principally engaged in the rental of water coolers and the provision of supplies and services for water coolers.

Business review
These financial statements reflect a very satisfactory year's trading with turnover showing an increase in excess of 120%. This increase resulted from more than double the number of coolers being placed with customers. The marketing costs related to this substantial increase in coolers curtailed profitability in the year but with a strong