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Registered number: 13066961









EXELOT UK LTD.









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

 
EXELOT UK LTD.
REGISTERED NUMBER: 13066961

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

31 December
2021
Note
£

Fixed assets
  

Tangible assets
 5 
1,305

  
1,305

Current assets
  

Debtors: amounts falling due within one year
 6 
62,442

Cash at bank and in hand
  
62,075

  
124,517

Creditors: amounts falling due within one year
 7 
(294,237)

Net current (liabilities)/assets
  
 
 
(169,720)

Total assets less current liabilities
  
(168,415)

  

Net (liabilities)/assets
  
(168,415)


Capital and reserves
  

Called up share capital 
 8 
1

Profit and loss account
 9 
(168,416)

  
(168,415)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 

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 statement of comprehensive income 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: 




J Dickinson
Director

Date: 7 September 2022

The notes on pages 4 to 10 form part of these financial statements.
Page 1

 
EXELOT UK LTD.
REGISTERED NUMBER: 13066961
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021


Page 2

 
EXELOT UK LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the 13 month period

Loss for the 13 month period

-
(168,416)
(168,416)
Total comprehensive income for the 13 month period
-
(168,416)
(168,416)

Shares issued during the 13 month period
1
-
1


Total transactions with owners
1
-
1


At 31 December 2021
1
(168,416)
(168,415)


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

1.


General information

The principal activity of Exelot UK Ltd. ("the Company") is that of transportation logistic activities.
The Company was incorporated on 7 December 2020.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is 20-22 Wenlock Road, London, N1 7GU.

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 ("FRS 102") 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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

As at 31 December 2021, the Company had net liabilities of £168,415. Included within creditors is an amount of £234,604 owed to the parent company and the Company is dependent on the continued support of the parent company to allow it to meet its financial obligations as they fall due and also not seeking repayment of existing loans made to the Company.

The directors have reviewed group forecasts and budgets and are confident that the support from the parent company will continue for at least the next 12 months from the date of signature of these financial statements and believe that this support will be sufficient to cover all ongoing cash requirements.

Based on all of the above, the directors believe that the Company has access to adequate resources to continue being in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements

Page 4

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling..

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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised when the Company receives shipment due for export. At this point the Company has arranged all the delivery logistics and the risks and rewards of the goods in transit have been passed on to the delivery service providers.

Page 5

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates 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.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in the Statement of Comprehensive Income 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 reporting date in the countries where the Company operates and generates income.

 
2.7

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.

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:

Computer equipment
-
33%

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 the Statement of Comprehensive Income.

 
2.8

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.

Page 6

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Page 7

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

3.


Employees

The average monthly number of employees, including the directors, during the 13 month period was as follows:


2021
£



Employees
3


4.


Directors' remuneration

2021
£

Directors' emoluments
60,000

Company contributions to defined contribution pension schemes
3,200

63,200


During the year, there were retirement benefits of £400 accruing to directors in respect of defined contribution pension schemes.


5.


Tangible fixed assets







Computer equipment

£



Cost or valuation


Additions
1,612



At 31 December 2021

1,612



Depreciation


Charge for the 13 month period on owned assets
307



At 31 December 2021

307



Net book value



At 31 December 2021
1,305

Page 8

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

6.


Debtors

31 December
2021
£


Trade debtors
35,772

Other debtors
25,000

Prepayments and accrued income
1,670

62,442



7.


Creditors: Amounts falling due within one year

31 December
2021
£

Trade creditors
34,195

Amounts owed to group undertakings
234,604

Other taxation and social security
10,527

Other creditors
2,166

Accruals and deferred income
12,745

294,237


Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand. 


8.


Share capital

31 December
2021
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


During the period, 1 Ordinary share of £1 was issued at par.

Page 9

 
EXELOT UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 31 DECEMBER 2021

9.


Reserves

Profit and loss account

This includes all current period retained profits and losses.


10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £2,166 were payable to the fund at the Statement of Financial Position date.


11.


Related party transactions

The Company has taken advantage of the exemption conferred by section 33.1A of FRS102 from the requirement to disclose transactions with other wholly owned group undertakings.
Key management renumeration is detailed in note 4 above.


12.


Controlling party

The ultimate parent undertaking is Exelot Ltd., a company incorporated in Israel. The Registered Office and principal place of business is Hativa 8 Road, Ben Gurion Airport, Lod, 7010000, Israel.
Consolidated financial statements are prepared by the parent undertaking.


13.


Auditors' information

The auditors' report on the financial statements for the 13 month period ended 31 December 2021 was unqualified.

The audit report was signed on 7 September 2022 by David Landau FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 10