Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseConsultancy47truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03936157 2022-01-01 2022-12-31 03936157 2021-01-01 2021-12-31 03936157 2022-12-31 03936157 2021-12-31 03936157 2021-01-01 03936157 4 2021-01-01 2021-12-31 03936157 d:Director2 2022-01-01 2022-12-31 03936157 e:OfficeEquipment 2022-01-01 2022-12-31 03936157 e:OfficeEquipment 2022-12-31 03936157 e:OfficeEquipment 2021-12-31 03936157 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03936157 e:ComputerEquipment 2022-01-01 2022-12-31 03936157 e:OtherPropertyPlantEquipment 2022-12-31 03936157 e:OtherPropertyPlantEquipment 2021-12-31 03936157 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03936157 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 03936157 e:CurrentFinancialInstruments 2022-12-31 03936157 e:CurrentFinancialInstruments 2021-12-31 03936157 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03936157 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 03936157 e:ShareCapital 2022-01-01 2022-12-31 03936157 e:ShareCapital 2022-12-31 03936157 e:ShareCapital 2021-01-01 2021-12-31 03936157 e:ShareCapital 2021-12-31 03936157 e:ShareCapital 2021-01-01 03936157 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 03936157 e:OtherMiscellaneousReserve 2022-12-31 03936157 e:OtherMiscellaneousReserve 2021-01-01 2021-12-31 03936157 e:OtherMiscellaneousReserve 2021-12-31 03936157 e:OtherMiscellaneousReserve 2021-01-01 03936157 e:OtherMiscellaneousReserve 4 2021-01-01 2021-12-31 03936157 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03936157 e:RetainedEarningsAccumulatedLosses 2022-12-31 03936157 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 03936157 e:RetainedEarningsAccumulatedLosses 2021-12-31 03936157 e:RetainedEarningsAccumulatedLosses 2021-01-01 03936157 e:RetainedEarningsAccumulatedLosses 4 2021-01-01 2021-12-31 03936157 d:OrdinaryShareClass1 2022-01-01 2022-12-31 03936157 d:OrdinaryShareClass1 2022-12-31 03936157 d:OrdinaryShareClass1 2021-12-31 03936157 d:FRS102 2022-01-01 2022-12-31 03936157 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03936157 d:FullAccounts 2022-01-01 2022-12-31 03936157 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03936157 e:WithinOneYear 2022-12-31 03936157 e:WithinOneYear 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03936157











________________________________________________________________________________________


FIPRA INTERNATIONAL LIMITED

________________________________________________________________________________________



UNAUDITED

ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
31 DECEMBER 2022

 
FIPRA INTERNATIONAL LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 11


 
FIPRA INTERNATIONAL LIMITED
REGISTERED NUMBER:03936157

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note

Fixed assets
  

Tangible assets
 4 
4,871
11,578

Investments
 5 
10,000
10,000

  
14,871
21,578

Current assets
  

Debtors: amounts falling due within one year
 6 
2,609,782
3,015,936

Cash at bank and in hand
  
2,450,929
2,274,670

  
5,060,711
5,290,606

Creditors: amounts falling due within one year
 7 
(2,929,765)
(2,630,153)

Net current assets
  
 
 
2,130,946
 
 
2,660,453

Total assets less current liabilities
  
2,145,817
2,682,031

  

Net assets
  
2,145,817
2,682,031


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
 9 
2,145,815
2,682,029

  
2,145,817
2,682,031


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 year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her 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 on pages 1 to 11 were approved and authorised for issue by the board on 8 November 2023 and were signed on its behalf by:


L. Batchelor
Director

Page 1

 
FIPRA INTERNATIONAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital contribution
Profit and loss account
Total equity



At 1 January 2021
2
8,941
2,500,509
2,509,452


Comprehensive income for the year

Profit for the year
-
-
281,520
281,520
Total comprehensive income for the year
-
-
281,520
281,520

Dividends: Equity capital
-
-
(100,000)
(100,000)

Capital contribution
-
(8,941)
-
(8,941)


Total transactions with owners
-
(8,941)
(100,000)
(108,941)



At 1 January 2022
2
-
2,682,029
2,682,031


Comprehensive income for the year

Profit for the year
-
-
63,786
63,786
Total comprehensive income for the year
-
-
63,786
63,786

Dividends: Equity capital
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
(600,000)
(600,000)


At 31 December 2022
2
-
2,145,815
2,145,817


Page 2

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies

  
1.1

Statement of compliance

The Company’s principal activities are the provision of consultancy, advisory, public and government relations and other services.
FIPRA International Limited is a private company limited by shares and is incorporated and domiciled in England and Wales.  The address of its registered office and principal place of business is 201 Borough High Street, London, SE1 1JA.

  
1.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A Small Entities 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 is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group. 
The preparation of financial statements requires the use of certain critical accounting estimates.  It also requires management to exercise its judgement in the process of applying the Company's accounting policies.  The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Turnover

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.  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.


Page 3

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

  
1.4

Foreign currency translation

Functional and presentation currency
The functional and presentational currency of the Company is the euro.
 
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.  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 Profit and Loss Account.
Foreign exchange gains and losses are presented in the Profit and Loss Account in ‘administrative expenses’.

  
1.5

Pensions

The Company contributes to defined contribution pension schemes on behalf of 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 when they are due.  Amounts not paid are shown in accruals in the balance sheet.  The assets of the plan are held separately from the Company in independently administered funds.

  
1.6

Operating leases

At inception the Company assesses agreements that transfer the right to use assets.  The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.  Lease incentives are recognised over the lease term on a straight line basis.

Page 4

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

  
1.7

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period.  Tax is recognised in the Profit and Loss Account.  Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years.  Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation.  It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements.  These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.  Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

  
1.8

Distributions to equity holders

Final dividends to the Company’s shareholder are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholder and recognised in the Statement of Changes in Equity.  Interim dividends are recognised in the Statement of Changes in Equity as paid.

Page 5

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

  
1.9

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
 Computer equipment – over 3 years, straight line
 Office equipment       – over 4 years, straight line
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.10

Investments

Investments in subsidiaries are measured at cost less provision for impairment.

  
1.11

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Debtors and Creditors
Debtors and creditors with no stated interest rate and receiveable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in 'administrative expenses'.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

  
1.12

Share capital

Ordinary shares are classified as equity.

Page 6

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

  
1.13

Group issued equity settled share based payments

The cost of equity-settled transactions, issued by the Company's parent company, with employees and consultants is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees and consultants become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the Company's parent company (market conditions) and non vesting conditions. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non vesting condition, which are treated as vesting irrespective of whether or not the market or non vesting condition is satisfied, provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in profit and loss, with a corresponding entry as a capital contribution in equity. Where options are cancelled, the total fair value charge not previously reflected is charged to profit and loss immediately. Where options are considered to be forfeited, the cumulative share option charge is reversed.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.  However, the nature of estimation means that actual outcomes could differ from these estimates.  Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 7).

Page 7

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Office equipment
Computer equipment
Total




Cost 


At 1 January 2022
3,750
45,570
49,320



At 31 December 2022

3,750
45,570
49,320



Depreciation


At 1 January 2022
3,750
33,992
37,742


Charge for the year on owned assets
-
6,707
6,707



At 31 December 2022

3,750
40,699
44,449



Net book value



At 31 December 2022
-
4,871
4,871



At 31 December 2021
-
11,578
11,578

Page 8

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investment in subsidiary companies




Cost


At 1 January 2022
10,000



At 31 December 2022
10,000




The Company owns 100% of the ordinary shares of FIPRA Brussels s.p.r.l (incorporated in Belgium). The principal activity of that company is the provision of consultancy, advisory, public and government relations and other services. The company's registered office address is Rue de la Loi 227, 1040 Brussels, Belgium.


6.


Debtors

2022
2021


Trade debtors
1,284,206
1,384,083

Amounts owed by group undertakings
737,533
952,669

Other debtors
11,741
1,932

Prepayments and accrued income
576,302
677,252

2,609,782
3,015,936


Included within other debtors is a deferred tax asset of €3,655 (2021: €nil) in respect of short term timing differences.


7.


Creditors: Amounts falling due within one year

2022
2021

Trade creditors
1,033,040
1,158,395

Amounts owed to group undertakings
32,450
-

Corporation tax
33,836
78,936

Other taxation and social security
46,316
29,201

Other creditors
15,728
9,344

Accruals and deferred income
1,768,395
1,354,277

2,929,765
2,630,153


Page 9

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
Allotted, called up and fully paid



1 (2021 - 1) ordinary share of £1.00
2
2



9.


Reserves

Capital contribution
The capital contribution relates to contributions made by the parent company in respect of share options granted to employees and consultants of the Company which will vest in the parent company. The capital contribution is not distributable.
 
Profit & loss account
The profit and loss account is a wholly distributable reserve.


10.


Group issued equity settled share based payments

On 8 January 2021, the entire share capital of the Company's parent company was acquired by FIPRA International SRL, an entity incorporated in Belgium. As a result, the holders of all the 49,150 options in the scheme in FIPRA International (Holdings) Limited which were outstanding at 31 December 2020 released or surrendered their options in that scheme. The Director of the parent company considered that the options had been forfeited and therefore in 2021 the cumulative fair value charge to date of €8,941 was reversed to the profit and loss account with a corresponding debit to the capital contribution reserve. 
The balance on the related capital contribution reserve at the balance sheet date was €nil (2021: €nil).


11.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021


Not later than 1 year
5,187
2,947

5,187
2,947


12.


Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions and balances with members of the same wholly owned group.

Page 10

 
FIPRA INTERNATIONAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Ultimate controlling party

The Company's ultimate controlling party is L. Batchelor.
The immediate parent undertaking is FIRPA International (Holdings) Limited, a company registered in England and Wales whose registered office is at 201 Borough High Street, London, SE1 1JA.
The ultimate parent undertaking is FIPRA International SRL, an entity incorporated in Belgium.

 
Page 11