Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseThe principal activity of the Company in the year under review was that of services and marketing for the parent entity.98truetrue 11284563 2022-01-01 2022-12-31 11284563 2021-01-01 2021-12-31 11284563 2022-12-31 11284563 2021-12-31 11284563 c:Director3 2022-01-01 2022-12-31 11284563 d:ComputerEquipment 2022-01-01 2022-12-31 11284563 d:ComputerEquipment 2022-12-31 11284563 d:ComputerEquipment 2021-12-31 11284563 d:CurrentFinancialInstruments 2022-12-31 11284563 d:CurrentFinancialInstruments 2021-12-31 11284563 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11284563 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11284563 d:ShareCapital 2022-12-31 11284563 d:ShareCapital 2021-12-31 11284563 d:RetainedEarningsAccumulatedLosses 2022-12-31 11284563 d:RetainedEarningsAccumulatedLosses 2021-12-31 11284563 c:FRS102 2022-01-01 2022-12-31 11284563 c:Audited 2022-01-01 2022-12-31 11284563 c:FullAccounts 2022-01-01 2022-12-31 11284563 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11284563 d:WithinOneYear 2022-12-31 11284563 d:WithinOneYear 2021-12-31 11284563 d:BetweenOneFiveYears 2022-12-31 11284563 d:BetweenOneFiveYears 2021-12-31 11284563 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 11284563









FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
REGISTERED NUMBER: 11284563

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
721,102
474,131

Cash at bank and in hand
 6 
66,203
128,856

  
787,305
602,987

Creditors: amounts falling due within one year
 7 
(402,003)
(329,038)

Net current assets
  
 
 
385,302
 
 
273,949

Net assets
  
385,302
273,949


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
375,302
263,949

  
385,302
273,949


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: 


................................................
S Wolk
Director
Date: 5 March 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Financial Recovery Technologies UK Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and registered in England and Wales. The registered office is Suite 4, 7th Floor 50 Broadway, London, SW1H 0DB.
The principal activity of the Company in the period under review was that of services and marketing for the parent entity.

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

The directors have received confirmation of continued financial support from the parent company, Financial Recovery Technologies LLC. The directors of the parent company have prepared forecasts which demonstrate that the group has sufficient funds to enable them to meet their obligations as they fall due for payment for the foreseeable future.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Turnover represents amounts charged to the parent company under a services and marketing agreement, excluding value added taxation. Turnover is recognised when costs are incurred.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

The Company operates a defined contribution plan for 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 in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. 

Page 2

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.7

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

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.

 
2.8

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.

Page 3

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2021 - 8).

Page 4

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2022
4,277



At 31 December 2022

4,277



Depreciation


At 1 January 2022
4,277



At 31 December 2022

4,277



Net book value



At 31 December 2022
-



At 31 December 2021
-

Page 5

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
694,855
456,856

Other debtors
18,977
14,491

Prepayments and accrued income
6,679
2,193

Deferred taxation
591
591

721,102
474,131



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
66,203
128,856



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
325
11,257

Corporation tax
26,219
23,476

Other taxation and social security
36,270
60,002

Other creditors
5,926
4,725

Accruals and deferred income
333,263
229,578

402,003
329,038



8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,374 (2021: £26,943). Contributions totalling £5,926 (2021: £4,725) were payable to the fund at the balance sheet date and are included in creditors.

Page 6

 
FINANCIAL RECOVERY TECHNOLOGIES UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


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
5,880
72,459

Later than 1 year and not later than 5 years
-
5,880

5,880
78,339


10.


Controlling party

The parent company is Financial Recovery Technologies LLC. The parent company is, based in the USA. Financial Recovery Technologies LLC is the parent company of the smallest and largest group to consolidate these accounts and holds 100% of the share capital of Financial Recovery Technologies UK Limited. The consolidated accounts of this company can be obtained from Financial Recovery Technologies LLC400 Rivers Edge Drive, 4th Floor, Medford, MA 02155.
The directors do not believe there is any one controlling party.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 5 March 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7