Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31falsetrue2021-01-01No description of principal activity6444trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08642051 2021-01-01 2021-12-31 08642051 2019-09-01 2020-12-31 08642051 2021-12-31 08642051 2020-12-31 08642051 c:Director2 2021-01-01 2021-12-31 08642051 d:Buildings d:LongLeaseholdAssets 2021-01-01 2021-12-31 08642051 d:Buildings d:LongLeaseholdAssets 2021-12-31 08642051 d:Buildings d:LongLeaseholdAssets 2020-12-31 08642051 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 08642051 d:Buildings d:ShortLeaseholdAssets 2021-12-31 08642051 d:Buildings d:ShortLeaseholdAssets 2020-12-31 08642051 d:LandBuildings 2021-12-31 08642051 d:LandBuildings 2020-12-31 08642051 d:PlantMachinery 2021-01-01 2021-12-31 08642051 d:FurnitureFittings 2021-01-01 2021-12-31 08642051 d:OfficeEquipment 2021-01-01 2021-12-31 08642051 d:ComputerEquipment 2021-01-01 2021-12-31 08642051 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 08642051 d:OtherPropertyPlantEquipment 2021-12-31 08642051 d:OtherPropertyPlantEquipment 2020-12-31 08642051 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08642051 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08642051 d:CurrentFinancialInstruments 2021-12-31 08642051 d:CurrentFinancialInstruments 2020-12-31 08642051 d:Non-currentFinancialInstruments 2021-12-31 08642051 d:Non-currentFinancialInstruments 2020-12-31 08642051 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08642051 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08642051 d:ShareCapital 2021-12-31 08642051 d:ShareCapital 2020-12-31 08642051 d:RetainedEarningsAccumulatedLosses 2021-12-31 08642051 d:RetainedEarningsAccumulatedLosses 2020-12-31 08642051 c:FRS102 2021-01-01 2021-12-31 08642051 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08642051 c:FullAccounts 2021-01-01 2021-12-31 08642051 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08642051 d:WithinOneYear 2021-12-31 08642051 d:WithinOneYear 2020-12-31 08642051 d:BetweenOneFiveYears 2021-12-31 08642051 d:BetweenOneFiveYears 2020-12-31 08642051 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 08642051









FIECON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
FIECON LIMITED
REGISTERED NUMBER: 08642051

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
412,827
443,310

  
412,827
443,310

Current assets
  

Stocks and Work in progress
 5 
143,154
104,195

Debtors: amounts falling due after more than one year
 6 
62,438
43,819

Debtors: amounts falling due within one year
 6 
4,876,805
1,644,889

Current asset investments
 7 
-
208,539

Cash at bank and in hand
 8 
2,161,012
3,255,352

  
7,243,409
5,256,794

Creditors: amounts falling due within one year
 9 
(1,054,449)
(1,349,012)

Net current assets
  
 
 
6,188,960
 
 
3,907,782

Total assets less current liabilities
  
6,601,787
4,351,092

Provisions for liabilities
  

Deferred tax
  
(22,840)
(21,727)

  
 
 
(22,840)
 
 
(21,727)

Net assets
  
6,578,947
4,329,365


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
6,578,847
4,329,265

  
6,578,947
4,329,365


Page 1

 
FIECON LIMITED
REGISTERED NUMBER: 08642051
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




M Fisher
Director

Date: 18 August 2022

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Fiecon Limited is a Company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the contents page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director has adopted the going concern basis of accounting in preparing the financial statements.

 
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.

Page 3

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable milestone.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.  

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

The Company contributes to 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.

Page 4

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 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.

 
2.10

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.

Land is not depreciated. Depreciation on other assets 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:

Long-term leasehold property
-
2%
Straight line
Short-term leasehold property
-
20%
Straight line
Plant and machinery
-
33%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line
Computer equipment
-
33%
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.

Page 5

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Work in progress

Work in progress is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, it includes labour and attributable overheads.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company 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.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Page 6

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.16
Financial instruments (continued)


 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


        2021
        2020
            No.
            No.







Employees and Directors
64
44


4.


Tangible fixed assets





Long-term leasehold property
Short-term leasehold property
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2021
351,832
55,537
170,460
577,829


Additions
-
-
36,400
36,400



At 31 December 2021

351,832
55,537
206,860
614,229



Depreciation


At 1 January 2021
22,874
17,473
94,172
134,519


Charge for the year on owned assets
7,036
11,107
48,740
66,883



At 31 December 2021

29,910
28,580
142,912
201,402



Net book value



At 31 December 2021
321,922
26,957
63,948
412,827



At 31 December 2020
328,958
38,064
76,288
443,310

Page 7

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Long leasehold
321,922
328,957

Short leasehold
26,957
38,065

348,879
367,022



5.


Work in progress

2021
2020
£
£

Long-term contract balances
143,154
104,195

143,154
104,195


Page 8

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£

Due after more than one year

Other debtors
62,438
43,819

62,438
43,819


2021
2020
£
£

Due within one year

Trade debtors
2,280,886
1,633,973

Amounts owed by group undertakings
2,595,853
9,959

Other debtors
66
381

Prepayments and accrued income
-
576

4,876,805
1,644,889



7.


Current asset investments

2021
2020
£
£

Listed investments
-
208,539

-
208,539



8.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
2,161,012
3,255,352

2,161,012
3,255,352


Page 9

 
FIECON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Corporation tax
318,578
752,938

Other taxation and social security
317,792
284,411

Other creditors
11,729
889

Accruals and deferred income
406,350
310,774

1,054,449
1,349,012



10.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £213,289 (2020: £217,202) . 


11.


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
126,520
126,520

Later than 1 year and not later than 5 years
162,730
289,250

289,250
415,770


12.


Related party transactions

Within debtors there are loans to a fellow subsidiaries of £2,595,853 (2020: £9,959) which are repayable on demand.


13.


Controlling party

The parent company Fiecon Group Limited. The registered office and trading address is 3 College Yard, Lower Dagnall Street, St Albans, AL3 4PA. 

 
Page 10