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Registered number: 01855235









FIFTY EIGHT UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FIFTY EIGHT UK LIMITED
REGISTERED NUMBER:01855235

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
                                                                     Note
£
£

Fixed assets
  

Investments
 5 
5,852
5,852

  
5,852
5,852

Current assets
  

Debtors
  
10,004
11,097

Cash at bank and in hand
  
432
1,792

  
10,436
12,889

Creditors: amounts falling due within one year
 6 
(9,973,233)
(9,974,218)

Net current liabilities
  
 
 
(9,962,797)
 
 
(9,961,329)

Total assets less current liabilities
  
(9,956,945)
(9,955,477)

  

Net liabilities
  
(9,956,945)
(9,955,477)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(9,956,947)
(9,955,479)

  
(9,956,945)
(9,955,477)


Page 1

 
FIFTY EIGHT UK LIMITED
REGISTERED NUMBER:01855235
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 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 by: 




J A N Prenn
Director

Date: 12 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
FIFTY EIGHT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Fifty Eight UK Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is Unit 3 Crewkerne Business Park, Cropmead, Crewkerne, Somerset, England, TA18 7HJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.  


The following principal accounting policies have been applied:

  
2.2

Consolidation

The company is exempt from preparing consolidated financial statements on the grounds that, taken together with its subsidiaries, it qualifies as a small sized group. These financial statements therefore present information about the company as an individual undertaking and not about its group.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which contemplates the
realisation of assets and settlement of liabilities in the ordinary course of the business. At 31
December 2022, the company has net liabilities of £9,956,945 (2021 - £9,955.477). The company is reliant on the continuous support of its parent company, who have given a commitment to provide sufficient funds to enable the company to continue as a going concern. The directors have also given their assurance to continue to support the company and the accounts have been prepared on this basis.

Page 3

 
FIFTY EIGHT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Taxation

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.

 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Website Development costs
-
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 4

 
FIFTY EIGHT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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 year was 3 (2021 - 3).

Page 5

 
FIFTY EIGHT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Website Development costs

£



Cost or valuation


At 1 January 2022
170,228



At 31 December 2022

170,228



Depreciation


At 1 January 2022
170,228



At 31 December 2022

170,228



Net book value



At 31 December 2022
-



At 31 December 2021
-


5.


Fixed asset investments





Shares in subsidiaries
Shares in unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2022
5,201
651
5,852



At 31 December 2022
5,201
651
5,852




Page 6

 
FIFTY EIGHT UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Amounts owed to group companies
9,964,350
9,960,000

Accruals and deferred income
8,883
14,218

9,973,233
9,974,218


At year end, the Company owed £9,964,350 (2021 - £9,960,000) to its parent company. This loan is interest free and repayable on demand.


7.Guarantees and other financial commitments

The company has given a guarantee to a subsidiary undertaking ensuring that they will be able to continue as a going concern until, at the earliest 31 December 2023.


8.


Related party transactions

The company has taken advantage of the exemption available under FRS102 and not disclosed
transactions with any wholly owned group companies.


9.


Post balance sheet events

On 21 August 2023, the entire share capital of the company was purchased by New Fifty Eight UK Holdings Limited. The ultimate beneficial owner of the company remained unchanged. 

Page 7