Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2021-01-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10802065 2021-01-01 2021-12-31 10802065 2020-01-01 2020-12-31 10802065 2021-12-31 10802065 2020-12-31 10802065 c:Director1 2021-01-01 2021-12-31 10802065 d:ComputerEquipment 2021-01-01 2021-12-31 10802065 d:ComputerEquipment 2021-12-31 10802065 d:ComputerEquipment 2020-12-31 10802065 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 10802065 d:ComputerSoftware 2021-12-31 10802065 d:ComputerSoftware 2020-12-31 10802065 d:CurrentFinancialInstruments 2021-12-31 10802065 d:CurrentFinancialInstruments 2020-12-31 10802065 d:Non-currentFinancialInstruments 2021-12-31 10802065 d:Non-currentFinancialInstruments 2020-12-31 10802065 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10802065 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 10802065 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 10802065 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 10802065 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 10802065 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 10802065 d:ShareCapital 2021-12-31 10802065 d:ShareCapital 2020-12-31 10802065 d:RetainedEarningsAccumulatedLosses 2021-12-31 10802065 d:RetainedEarningsAccumulatedLosses 2020-12-31 10802065 c:FRS102 2021-01-01 2021-12-31 10802065 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 10802065 c:FullAccounts 2021-01-01 2021-12-31 10802065 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 10802065 2 2021-01-01 2021-12-31 10802065 d:ComputerSoftware d:OwnedIntangibleAssets 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 10802065









F1-GENERATION (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2021

 
F1-GENERATION (UK) LIMITED
REGISTERED NUMBER: 10802065

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,310
24,413

Tangible assets
 5 
438
584

  
18,748
24,997

Current assets
  

Stocks
  
39,550
7,124

Debtors: amounts falling due within one year
 6 
600
998

Cash at bank and in hand
 7 
11,618
45,436

  
51,768
53,558

Creditors: amounts falling due within one year
 8 
(62,786)
(55,730)

Net current liabilities
  
 
 
(11,018)
 
 
(2,172)

Total assets less current liabilities
  
7,730
22,825

Creditors: amounts falling due after more than one year
 9 
(36,565)
(37,084)

  

Net liabilities
  
(28,835)
(14,259)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(28,836)
(14,260)

  
(28,835)
(14,259)


Page 1

 
F1-GENERATION (UK) LIMITED
REGISTERED NUMBER: 10802065
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 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 on 7 September 2022.




Andreas Maria Huttenholscher
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

1.


General information

F1-Generation (UK) Limited is a private company limited by shares and incorporated in England and Wales (registered number 10802065). The registered office is 64 New Cavendish Street, London, W1G 8TB.
The financial statements are presented in Sterling, which is the functional currency of the Company.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. Given that the company is in a net deficit position, the company relies on the support of its related company in order to meet its debts as they fall due. The director is confident that this support will continue for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
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.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.9

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.

Page 4

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%
Reducing balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2020 - 2).

Page 5

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

4.


Intangible assets




Computer software

£



Cost


At 1 January 2021
30,516



At 31 December 2021

30,516



Amortisation


At 1 January 2021
6,103


Charge for the period on owned assets
6,103



At 31 December 2021

12,206



Net book value



At 31 December 2021
18,310



At 31 December 2020
24,413



Page 6

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2021
1,061



At 31 December 2021

1,061



Depreciation


At 1 January 2021
477


Charge for the period on owned assets
146



At 31 December 2021

623



Net book value



At 31 December 2021
438



At 31 December 2020
584

Page 7

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Other debtors
600
998

600
998



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
11,618
45,436

11,618
45,436



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
2,197
4,898

Trade creditors
3,188
786

Amounts owed to other participating interests
45,333
36,423

Other creditors (incl directors loans)
7,941
10,623

Accruals and deferred income
3,000
3,000

Other taxation and social security
1,127
-

62,786
55,730



9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
36,565
37,084

36,565
37,084


Page 8

 
F1-GENERATION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
2,197
4,898


2,197
4,898


Amounts falling due 2-5 years

Bank loans
36,565
37,084


36,565
37,084


38,762
41,982


 
Page 9