Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22022-01-01truetrue 09782139 2022-01-01 2022-12-31 09782139 2021-01-01 2021-12-31 09782139 2022-12-31 09782139 2021-12-31 09782139 c:Director1 2022-01-01 2022-12-31 09782139 c:Director2 2022-01-01 2022-12-31 09782139 c:RegisteredOffice 2022-01-01 2022-12-31 09782139 d:CurrentFinancialInstruments 2022-12-31 09782139 d:CurrentFinancialInstruments 2021-12-31 09782139 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09782139 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09782139 d:ShareCapital 2022-12-31 09782139 d:ShareCapital 2021-12-31 09782139 d:RetainedEarningsAccumulatedLosses 2022-12-31 09782139 d:RetainedEarningsAccumulatedLosses 2021-12-31 09782139 c:FRS102 2022-01-01 2022-12-31 09782139 c:Audited 2022-01-01 2022-12-31 09782139 c:FullAccounts 2022-01-01 2022-12-31 09782139 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09782139 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09782139 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: 09782139







PENN ELCOM IRELAND HOLDINGS LIMITED
 
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

COMPANY INFORMATION


DIRECTORS
R. P. Willems 
P. J. Stratford 




REGISTERED NUMBER
09782139



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN




INDEPENDENT AUDITORS
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BL





 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
PENN ELCOM IRELAND HOLDINGS LIMITED
REGISTERED NUMBER: 09782139

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

FIXED ASSETS
  

Investments
 4 
2,543,075
2,287,802

CURRENT ASSETS
  

Cash at bank and in hand
  
2,368
2,461

Creditors: amounts falling due within one year
 5 
(2,718,041)
(2,301,410)

NET CURRENT LIABILITIES
  
 
 
(2,715,673)
 
 
(2,298,949)

  

NET LIABILITIES
  
(172,598)
(11,147)


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
100
100

Profit and loss account
  
(172,698)
(11,247)

EQUITY SHAREHOLDERS' FUNDS
  
(172,598)
(11,147)


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 Directors’ Report and the Statement of Income and Retained Earnings in accordance with the provisions applicable to companies subject to the Small Companies' Regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 November 2023.




R. P. Willems
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


GENERAL INFORMATION

Penn Elcom Ireland Holdings Limited (registered number: 09782139), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. 
The principal place of business is  Philips House, Drury Lane, Pondswood Industrial Estate, St Leonards-on-Sea, TN38 9BA.

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

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company. 

 
2.3

GOING CONCERN

The Company made a loss for the year of £161,451 (2021: £100,845 as restated) and had net liabilities at the Balance Sheet date of 31 December 2022 of £172,598 (2021: £11,147 as restated).
However, the directors have prepared the financial statements on the going concern basis because the ultimate parent company has given written assurance it will provide any necessary funding to ensure the company can meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.
On this basis the Directors deems it appropriate to prepare these financial statements on the going concern basis.

 
2.4

INVESTMENTS

Investments in unlisted Company shares, whose market value cannot be reliably determined, are stated at historical cost less impairment.

 
2.5

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.

 
2.6

CREDITORS

Short-term creditors are measured at the transaction price.

Page 2

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.8

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (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 the Statement of Income and Retained Earnings.

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 3

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.

The current corporation 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 4

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


FIXED ASSET INVESTMENTS





Investments in associates

£



COST


At 1 January 2022 (as restated) and 31 December 2022
2,287,802


Additions
255,273



At 31 December 2022
2,543,075





5.


CREDITORS: Amounts falling due within one year

As restated
2022
2021
£
£

Amounts owed to group undertakings
2,713,241
2,297,390

Accruals and deferred income
4,800
4,020

2,718,041
2,301,410



6.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group.


7.


PRIOR YEAR ADJUSTMENT

The Directors consider that a prior year adjustment is necessary in order to accurately reflect the true financial position of the Company as at 31 December 2021.
The prior year adjustment, which relates to the re-translation of intercompany loan balances, in addition to omission of additional shares purchased in associates, has resulted in the profit of £103,161 being restated to a loss of £100,845 for the year, 
Fixed asset investments have increased from £1,365,980 to £2,287,802 and investment income decreased from £107,095 to £Nil.
The adjustments made have had no change to the tax charge for the year, which remains at £Nil
The net effect was a decrease in net assets from £192,859 to a net liabilities figure of £11,147.
In the opinion of the directors, failure to account for these adjustments as a prior period adjustment would impact the true and fair view of the performance for the current financial year.

Page 5

 
PENN ELCOM IRELAND HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking and immediate parent company as at 31 December 2022 and 31 December 2021 is Penn Elcom Corporation, a company incorporated in the British Virgin Islands. The ultimate controlling party is R. Willems by virtue of his shareholding in Penn Elcom Corporation.

9.


AUDITORS' INFORMATION

The Company was subject to an audit for the year ended 31 December 2022. The audit report issued with an unqualified opinion and signed on 20 November 2023 by Chris Gent BA FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 6