Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31142022-01-01falseNo description of principal activity17truetrue 11941329 2022-01-01 2022-12-31 11941329 2021-01-01 2021-12-31 11941329 2022-12-31 11941329 2021-12-31 11941329 c:Director1 2022-01-01 2022-12-31 11941329 c:Director2 2022-01-01 2022-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2022-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2021-12-31 11941329 d:FurnitureFittings 2022-01-01 2022-12-31 11941329 d:FurnitureFittings 2022-12-31 11941329 d:FurnitureFittings 2021-12-31 11941329 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11941329 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11941329 d:CurrentFinancialInstruments 2022-12-31 11941329 d:CurrentFinancialInstruments 2021-12-31 11941329 d:Non-currentFinancialInstruments 2022-12-31 11941329 d:Non-currentFinancialInstruments 2021-12-31 11941329 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11941329 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11941329 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11941329 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11941329 d:ShareCapital 2022-12-31 11941329 d:ShareCapital 2021-12-31 11941329 d:RetainedEarningsAccumulatedLosses 2022-12-31 11941329 d:RetainedEarningsAccumulatedLosses 2021-12-31 11941329 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11941329 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 11941329 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 11941329 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 11941329 d:OtherDeferredTax 2022-12-31 11941329 d:OtherDeferredTax 2021-12-31 11941329 c:OrdinaryShareClass1 2022-01-01 2022-12-31 11941329 c:OrdinaryShareClass1 2022-12-31 11941329 c:OrdinaryShareClass1 2021-12-31 11941329 c:FRS102 2022-01-01 2022-12-31 11941329 c:Audited 2022-01-01 2022-12-31 11941329 c:FullAccounts 2022-01-01 2022-12-31 11941329 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11941329 d:WithinOneYear 2022-12-31 11941329 d:WithinOneYear 2021-12-31 11941329 d:BetweenOneFiveYears 2022-12-31 11941329 d:BetweenOneFiveYears 2021-12-31 11941329 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2022-01-01 2022-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2021-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2021-01-01 2021-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11941329










UNTUCKIT UK LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
UNTUCKIT UK LTD
REGISTERED NUMBER: 11941329

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
100,512
219,831

  
100,512
219,831

Current assets
  

Stocks
  
1,323,256
714,254

Debtors: amounts falling due after more than one year
 6 
55,000
55,000

Debtors: amounts falling due within one year
 6 
148,866
931,076

Cash at bank and in hand
  
170,556
94,067

  
1,697,678
1,794,397

Creditors: amounts falling due within one year
 7 
(5,558,289)
(4,099,104)

Net current liabilities
  
 
 
(3,860,611)
 
 
(2,304,707)

Total assets less current liabilities
  
(3,760,099)
(2,084,876)

Creditors: amounts falling due after more than one year
 8 
(26,226)
(41,226)

Provisions for liabilities
  

Deferred tax
  
(17,758)
-

  
 
 
(17,758)
 
 
-

Net liabilities
  
(3,804,083)
(2,126,102)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(3,804,084)
(2,126,103)

  
(3,804,083)
(2,126,102)


Page 1

 
UNTUCKIT UK LTD
REGISTERED NUMBER: 11941329
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

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 statement of income and retained earnings 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 13 March 2024.






M P Barrett
J W Quintus
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Untuckit UK Ltd was incorporated in England and Wales (11941329) and its registerted office is 6th Floor, One London Wall, London, United Kingdom, EC2Y 5EB. 

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

As at 31 December 2022 the liabilities of the company exceeded its assets by £3,804,083 (2021 - £2,126,102). This is an indication that the company may not be able to continue to trade in the future. Included within creditors due within one year is £5,044,547 (2021 - £3,543,033) payable to the parent company, Untuckit LLC. The directors of Untuckit LLC have confirmed that they will continue to financially support the company for the forseeabel future. The directors therefore believe that on this basis it is appropriate for the financial statements to be prepared on a going concern basis,

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational 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 profit or loss within 'other operating income'.

Page 3

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

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.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

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 in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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 reporting 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 reporting 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 reporting date.

 
2.10

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.

Page 5

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
Over the terms of the respective leases
Fixtures and fittings
-
25%
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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. 
The company values its stock using the weighted average model. This value of stock under this basis is considered not materially different from a valuation under the first in first out basis. 


4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2021 - 14).

Page 7

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022
98,142
261,798
359,940


Additions
-
1,234
1,234


Disposals
(66,000)
(71,774)
(137,774)



At 31 December 2022

32,142
191,258
223,400



Depreciation


At 1 January 2022
45,263
94,847
140,110


Charge for the year on owned assets
6,428
38,252
44,680


Disposals
(30,800)
(31,102)
(61,902)



At 31 December 2022

20,891
101,997
122,888



Net book value



At 31 December 2022
11,251
89,261
100,512



At 31 December 2021
52,879
166,952
219,831

There is a security held over all assets of Untuckit UK Limited to provide cover of borrowings taken out by Untuckit LLC, the parent company. 

Page 8

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
55,000
55,000

55,000
55,000


2022
2021
£
£

Due within one year

Other debtors
5,956
2,583

Prepayments and accrued income
142,910
212,726

Deferred taxation
-
715,767

148,866
931,076



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
174,841
271,575

Amounts owed to group undertakings
5,044,547
3,543,033

Other taxation and social security
48,198
57,093

Other creditors
11,243
8,484

Accruals and deferred income
279,460
218,919

5,558,289
4,099,104



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Trade creditors
-
15,000

Accruals and deferred income
26,226
26,226

26,226
41,226


Page 9

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Deferred taxation




2022


£






At beginning of year
715,767


Charged to profit or loss
(733,525)



At end of year
(17,758)

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(18,688)
(37,084)

Tax losses carried forward
-
743,581

Short term differences
930
9,270

(17,758)
715,767


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares shares of £0.01 each
1
1



11.


Pension commitments

The Company operates a defined contributions 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 £12,292  (2021 - £9,393). Contibutions totalling £3,722 (2021 - £3,406) were payable to the fund at the reporting date and are included in creditors. 

Page 10

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


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
150,000
659,500

Later than 1 year and not later than 5 years
112,500
978,208

262,500
1,637,708


13.


Transactions with directors

During the year the directors repaid £2,583 (Borrowed £2,583). At the year end the directors owed £nil (2022 - £2,583) to the company. The advance was interest free but repayable on demand. 


14.


Related party transactions

The company has incurred transactions with the group company Untuckit LLC, a company based in the United States. During the year the company purchase stock of £957,561 (2021 - £441,863), in addition it receives funding to contribute to the overheads. At the year end the company owed Untuckit LLC £5,044,547 (2021 - £3,543,033).


15.


Controlling party

The ultimate controlling party is Untuckit LLC, a Delaware LLC based in the United States. Consolidated accounts are prepared by Untuckit LLC but are not publically available. Headquarters, Untuckit LLC, 110 Greene Street, Suite 400, Manhattan, New York, New York, 10012, USA. 


16.


Auditors' information

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

The audit report was signed on 13 March 2024 by Steve South (FCA) (Senior Statutory Auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 11