Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312022-05-052022-05-052021-12-312022-05-05truetruefalsefalse2021-01-01Computer facilities management activities2018false 09643838 2021-01-01 2021-12-31 09643838 2020-01-01 2020-12-31 09643838 2021-12-31 09643838 2020-12-31 09643838 2020-01-01 09643838 1 2021-01-01 2021-12-31 09643838 1 2020-01-01 2020-12-31 09643838 5 2021-01-01 2021-12-31 09643838 5 2020-01-01 2020-12-31 09643838 d:Director1 2021-01-01 2021-12-31 09643838 d:Director2 2021-01-01 2021-12-31 09643838 d:RegisteredOffice 2021-01-01 2021-12-31 09643838 e:Buildings e:LongLeaseholdAssets 2021-01-01 2021-12-31 09643838 e:Buildings e:LongLeaseholdAssets 2021-12-31 09643838 e:Buildings e:LongLeaseholdAssets 2020-12-31 09643838 e:PlantMachinery 2021-01-01 2021-12-31 09643838 e:PlantMachinery 2021-12-31 09643838 e:PlantMachinery 2020-12-31 09643838 e:PlantMachinery e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09643838 e:FurnitureFittings 2021-01-01 2021-12-31 09643838 e:OfficeEquipment 2021-01-01 2021-12-31 09643838 e:OfficeEquipment 2021-12-31 09643838 e:OfficeEquipment 2020-12-31 09643838 e:OfficeEquipment e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09643838 e:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 09643838 e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09643838 e:CurrentFinancialInstruments 2021-12-31 09643838 e:CurrentFinancialInstruments 2020-12-31 09643838 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 09643838 e:CurrentFinancialInstruments e:WithinOneYear 2020-12-31 09643838 e:ReportableOperatingSegment1 2021-01-01 2021-12-31 09643838 e:ReportableOperatingSegment1 2020-01-01 2020-12-31 09643838 f:UnitedKingdom 2021-01-01 2021-12-31 09643838 f:UnitedKingdom 2020-01-01 2020-12-31 09643838 e:UKTax 2021-01-01 2021-12-31 09643838 e:UKTax 2020-01-01 2020-12-31 09643838 e:ShareCapital 2021-12-31 09643838 e:ShareCapital 2020-12-31 09643838 e:ShareCapital 2020-01-01 09643838 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 09643838 e:RetainedEarningsAccumulatedLosses 2021-12-31 09643838 e:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 09643838 e:RetainedEarningsAccumulatedLosses 2020-12-31 09643838 e:RetainedEarningsAccumulatedLosses 2020-01-01 09643838 d:OrdinaryShareClass1 2021-01-01 2021-12-31 09643838 d:OrdinaryShareClass1 2020-12-31 09643838 d:FRS102 2021-01-01 2021-12-31 09643838 d:Audited 2021-01-01 2021-12-31 09643838 d:FullAccounts 2021-01-01 2021-12-31 09643838 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09643838 e:WithinOneYear 2021-12-31 09643838 e:WithinOneYear 2020-12-31 09643838 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 09643838 e:AcceleratedTaxDepreciationDeferredTax 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 09643838












EWM-UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


EWM-UK LTD

CONTENTS



Page
Company information
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditor's report
 
4 - 7
Profit and loss account
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Statement of cash flows
 
11
Notes to the financial statements
 
12 - 21



EWM-UK LTD
 
COMPANY INFORMATION


Directors
W H Schroter 
S A Shipgood 




Registered number
09643838



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





- 1 -



EWM-UK LTD
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors

The directors who served during the year were:

W H Schroter 
S A Shipgood 

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





W H Schroter
Director

Date: 5 May 2022


- 2 -



EWM-UK LTD
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors are responsible for preparing the directors' report and the 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


- 3 -



EWM-UK LTD
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD
FOR THE YEAR ENDED 31 DECEMBER 2021 

Opinion


We have audited the financial statements of EWM-UK LTD (the 'company') for the year ended 31 December 2021, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.


Conclusions relating to going concern


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 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.



- 4 -



EWM-UK LTD
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our auditor's 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.





Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.



- 5 -



EWM-UK LTD
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Auditor's responsibilities for the audit of the financial statements
 

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 auditor's 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 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:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

 

- 6 -



EWM-UK LTD
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EWM-UK LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 auditor's report.


Use of our report
 

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 2006Our 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 auditor's 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.





Alexander Macpherson (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

5 May 2022

- 7 -



EWM-UK LTD
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
2,215,419
2,621,723

Gross profit
  
2,215,419
2,621,723

Administrative expenses
  
(2,076,306)
(2,496,880)

Operating profit
 5 
139,113
124,843

Interest receivable and similar income
 9 
-
249

Profit before tax
  
139,113
125,092

Tax on profit
 10 
(26,101)
(19,157)

Profit for the financial year
  
113,012
105,935

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.


- 8 -


        
EWM-UK LTD

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 11 
45,950
42,478

  
45,950
42,478

Current assets
  

Debtors: amounts falling due within one year
 12 
579,781
449,016

Cash at bank and in hand
 13 
164,924
164,924

  
744,705
613,940

Creditors: amounts falling due within one year
 14 
(379,153)
(357,928)

Net current assets
  
 
 
365,552
 
 
256,012

Total assets less current liabilities
  
411,502
298,490

Provisions for liabilities
  

Deferred tax
 15 
(7,205)
(7,205)

  
 
 
(7,205)
 
 
(7,205)

Net assets
  
404,297
291,285


Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
404,296
291,284

  
404,297
291,285


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




W H Schroter
Director

Date: 5 May 2022


- 9 -



EWM-UK LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2020
1
185,349
185,350


Comprehensive income for the year

Profit and total comprehensive income  for the year
-
105,935
105,935



At 1 January 2021
1
291,284
291,285


Comprehensive income for the year

Profit and total comprehensive income  for the year
-
113,012
113,012


At 31 December 2021
1
404,296
404,297



- 10 -



EWM-UK LTD

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
113,012
105,935

Adjustments for:

Depreciation of tangible assets
12,243
14,295

Interest received
-
(249)

Taxation charge
-
19,157

(Increase) in debtors
(49,346)
(18,522)

(Increase) in amounts owed by groups
(87,947)
(287,332)

(Decrease)/increase in creditors
(14,945)
12,425

Increase in amounts owed to groups
42,698
146,316

Corporation tax received/(paid)
-
(17,228)

Net cash generated from operating activities

15,715
(25,203)


Cash flows from investing activities

Purchase of tangible fixed assets
(15,715)
(25,221)

Interest received
-
249

Net cash from investing activities

(15,715)
(24,972)


Net increase/(decrease) in cash and cash equivalents
-
(50,175)

Cash and cash equivalents at beginning of year
164,924
215,099

Cash and cash equivalents at the end of year
164,924
164,924


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
164,924
164,924

164,924
164,924



- 11 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

EWM-UK Ltd is a private company limited by shares incorporated in England and Wales. The company number is 09643838 and the registered office is 16 Great Queen Street, Covent Garden, London WC2B 5AH. The company's principal place of business is Sixth Floor, Caroline House, 55-57 High Holborn, London, WC1V 6DX.
The principal activity of the company was that of the design, implementation and administraton of compensation programmes for large, complex, multinational institutions.

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 functional and presentational currency is the Great British Pound (£).

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the parent company has adequate resources to continue to support EWM-UK Ltd in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved, and the parent company has confirmed its ability and intention to provide support. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

 
2.3

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:

 
2.4

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.


- 12 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, SELECT OR ENTER METHOD.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on a reducing balance basis
Office equipment
-
25%
on a reducing balance basis
Leasehold improvements
-
25%
straight line

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.

 
2.5

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.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 

- 13 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


Financial instruments (continued)




Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


- 14 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.8

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

  
2.9

Retirement benefits

The company operates a defined contribution scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.

  
2.10

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.


- 15 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors do not believe that there are any significant judgements made in applying the accounting policies described above, nor are there any key sources of estimation uncertainity.
 


4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Sales
2,215,419
2,621,723

2,215,419
2,621,723


Analysis of turnover by country of destination:

2021
2020
£
£

Switzerland
2,215,419
2,621,723

2,215,419
2,621,723



5.


Operating profit

The operating profit is stated after charging:

2021
2020
£
£

Other operating lease rentals
123,567
124,945


- 16 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Auditor's remuneration

2021
2020
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements
8,000
7,500


Fees payable to the company's auditor and its associates in respect of:


All other non-audit services
11,351
11,420

11,351
11,420


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2021
2020
£
£

Wages and salaries
1,429,645
1,877,919

Social security costs
180,374
245,025

Cost of defined contribution scheme
63,794
25,282

1,673,813
2,148,226


The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Management and administration
3
3



Operating staff
17
15

20
18


8.


Directors' remuneration

2021
2020
£
£
Directors' emoluments

130,000

138,420
 
Director pension costs

6,000

4,289
 
136,000

142,709
 


- 17 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Interest receivable

2021
2020
£
£


Other interest receivable
-
249

-
249


10.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
26,101
19,157


26,101
19,157


Total current tax
26,101
19,157

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 lower than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
139,113
125,092


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
26,431
23,767

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
329
221

Capital allowances for year in excess of depreciation
2,326
(2,076)

Non-taxable income
(2,985)
(2,755)

Total tax charge for the year
26,101
19,157



There were no factors that may affect future tax charges.


- 18 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
34,175
36,947
29,275
100,397


Additions
-
15,715
-
15,715



At 31 December 2021

34,175
52,662
29,275
116,112



Depreciation


At 1 January 2021
34,175
6,354
17,390
57,919


Charge for the year on owned assets
-
9,272
2,971
12,243



At 31 December 2021

34,175
15,626
20,361
70,162



Net book value



At 31 December 2021
-
37,036
8,914
45,950



At 31 December 2020
-
30,593
11,885
42,478


12.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
374,019
292,600

Other debtors
153,364
100,981

Prepayments and accrued income
52,398
55,435

579,781
449,016



13.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
164,924
164,924

164,924
164,924



- 19 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
8,129
24,037

Amounts owed to group undertakings
276,392
240,222

Corporation tax
26,101
19,157

Other taxation and social security
45,272
47,770

Other creditors
11,787
-

Accruals and deferred income
11,472
26,742

379,153
357,928



15.


Deferred taxation




2021


£






At beginning of year
(7,205)



At end of year
(7,205)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(7,205)
(7,205)

(7,205)
(7,205)


16.


Defined contribution schemes

2021
2020
£
£



Charge to profit or loss in respect of defined contribution schemes
63,794
25,282

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the company in an independently administered fund.


- 20 -



EWM-UK LTD
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

17.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



Enter number (2020 - 1) Ordinary share of £1 each
1
1


18.


Analysis of net debt



At 1 January 2021
At 31 December 2021
£

£

Cash at bank and in hand

164,924

164,924


164,924
164,924


19.


Commitments under operating leases

At 31 December 2021 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
71,053
123,808

71,053
123,808


20.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. The directors are the only key management personnel.


21.


Controlling party

The ultimate parent company is Executive Wealth Management Limited, a company registered in Switzerland. This is the largest and smallest group which includes the company and for which consolidated financial statements are prepared. The consolidated financial statements are not publicly available.
The ultimate controlling party is G A Gottlieb, a director and majority shareholder of the parent company.G A Gottlieb

 

- 21 -