Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31IT servicestrue2022-05-20false4falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14120124 2022-05-19 14120124 2022-05-20 2022-12-31 14120124 2021-05-20 2022-05-19 14120124 2022-12-31 14120124 c:Director1 2022-05-20 2022-12-31 14120124 d:CurrentFinancialInstruments 2022-12-31 14120124 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 14120124 d:ShareCapital 2022-12-31 14120124 d:RetainedEarningsAccumulatedLosses 2022-12-31 14120124 c:FRS102 2022-05-20 2022-12-31 14120124 c:AuditExempt-NoAccountantsReport 2022-05-20 2022-12-31 14120124 c:FullAccounts 2022-05-20 2022-12-31 14120124 c:PrivateLimitedCompanyLtd 2022-05-20 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 14120124










CLEARSPEED UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
CLEARSPEED UK LIMITED
REGISTERED NUMBER: 14120124

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
9,980

Creditors: amounts falling due within one year
 5 
(7,971)

Net current assets
  
 
 
2,009

  

Net assets
  
2,009


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
2,008

  
2,009


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 19 October 2023.




J Zaal
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
CLEARSPEED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Clearspeed UK Limited is a private company limited by shares, incorporated in England and Wales (registered number: 14120124). The registered office is 5 New Street Square, London, EC4A 3TW. The principal activity of the Company throughout the period was that of providing IT Services.
The company was incorporated and commenced trade on 20 May 2022.

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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency
The Company's functional and presentation 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 Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

Page 2

 
CLEARSPEED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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:

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.

 
2.4

Taxation

Tax is recognised in the Statement of Income & Retained Earnings. 
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.

 
2.5

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.

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.

Page 3

 
CLEARSPEED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including directors, during the period was 4.


4.


Debtors

2022
£


Amounts owed by group undertakings
9,980

9,980



5.


Creditors: Amounts falling due within one year

2022
£

Corporation tax
471

Accruals and deferred income
7,500

7,971



6.


Controlling party

The immediate controlling party is Clearspeed Inc, a company incorporated in USA, by virtue of share ownership.

 
Page 4