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Registered number: 13596201









WELL PACK LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WELL PACK LTD
REGISTERED NUMBER: 13596201

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
22,386
4,620

Cash at bank and in hand
 5 
70
923

  
22,456
5,543

Creditors: amounts falling due within one year
 6 
(49,753)
(7,842)

Net current liabilities
  
 
 
(27,297)
 
 
(2,299)

Total assets less current liabilities
  
(27,297)
(2,299)

Creditors: amounts falling due after more than one year
 7 
(32,145)
(11,600)

  

Net liabilities
  
(59,442)
(13,899)


Capital and reserves
  

Called up share capital 
  
5,000
5,000

Profit and loss account
  
(64,442)
(18,899)

  
(59,442)
(13,899)


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 19 March 2024.




................................................
Milan Peffek
Director

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

Page 1

 
WELL PACK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by share capital, incorporated in England & Wales. The address of its registered office is: 63-66 Hatton Garden, Fifth Floor, Suite 23, London, England, EC1N 8LE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss for the period and at the reporting date has net liabilities. The director has
obtained assurance from the parent company that funds will be made available to the company so
that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared on a going concern basis on this assumption.

 
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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
WELL PACK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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 3

 
WELL PACK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
£
£


Other debtors
905
-

Deferred taxation
21,481
4,620

22,386
4,620



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
70
923

Less: bank overdrafts
-
(467)

70
456


Page 4

 
WELL PACK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
467

Trade creditors
-
3,000

Amounts owed to group undertakings
44,882
288

Accruals and deferred income
4,871
4,087

49,753
7,842



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
32,145
11,600

32,145
11,600



8.


Deferred taxation




2023


£






At beginning of year
4,620


Charged to profit or loss
16,861



At end of year
21,481

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
21,481
4,620

21,481
4,620

Page 5

 
WELL PACK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Stardard 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related
party transactions with wholly owned subsidiaries or parent within the group.


10.


Controlling party

The company's immediate and ultimate parent undertaking is Well Pack S.R.O, a company incorporated in the Czech Republic. Copies of its group accounts can be obtained from Well Pack S.R.O, Za Sedmidomky, 15, 10100, Prague 10, Czech Republic.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 March 2024 by Mr Ashvinkumar Shonchhatra FCA (Senior statutory auditor) on behalf of Ashon Limited.

 
Page 6