Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31truetrue92022-08-15falseNo description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14295820 2022-08-14 14295820 2022-08-15 2024-01-31 14295820 2021-08-15 2022-08-14 14295820 2024-01-31 14295820 2 2022-08-15 2024-01-31 14295820 1 2022-08-15 2024-01-31 14295820 e:Director1 2022-08-15 2024-01-31 14295820 e:Director2 2022-08-15 2024-01-31 14295820 e:Director3 2022-08-15 2024-01-31 14295820 e:RegisteredOffice 2022-08-15 2024-01-31 14295820 d:CurrentFinancialInstruments 2024-01-31 14295820 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 14295820 d:ShareCapital 2022-08-15 2024-01-31 14295820 d:ShareCapital 2024-01-31 14295820 d:CapitalRedemptionReserve 2024-01-31 14295820 d:CapitalRedemptionReserve 2 2022-08-15 2024-01-31 14295820 d:RetainedEarningsAccumulatedLosses 2022-08-15 2024-01-31 14295820 d:RetainedEarningsAccumulatedLosses 2024-01-31 14295820 d:RetainedEarningsAccumulatedLosses 2 2022-08-15 2024-01-31 14295820 e:OrdinaryShareClass1 2022-08-15 2024-01-31 14295820 e:OrdinaryShareClass1 2024-01-31 14295820 e:FRS102 2022-08-15 2024-01-31 14295820 e:Audited 2022-08-15 2024-01-31 14295820 e:FullAccounts 2022-08-15 2024-01-31 14295820 e:PrivateLimitedCompanyLtd 2022-08-15 2024-01-31 14295820 e:SmallCompaniesRegimeForAccounts 2022-08-15 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14295820 (England and Wales)














EXPEL UK HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JANUARY 2024

 
EXPEL UK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
R E Hasselman 
P H Katz 
A A Rossi 




Registered number
14295820



Registered office
Birchin Court 5th Floor
19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Servces (UK) Limited





 
EXPEL UK HOLDINGS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 6


 
EXPEL UK HOLDINGS LIMITED
REGISTERED NUMBER:14295820

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,867,684

Bank and cash balances
  
214,510

  
2,082,194

Creditors: amounts falling due within one year
 5 
(1,747,242)

Net current assets
  
 
 
334,952

Total assets less current liabilities
  
334,952

  

Net assets
  
334,952


Capital and reserves
  

Called up share capital 
 6 
1

Capital contribution reserve
 7 
137,155

Profit and loss account
  
197,796

  
334,952


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 comprehensive income 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: 


R E Hasselman
Director

Date: 16 April 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
EXPEL UK HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024


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

£
£
£
£



Profit for the period
-
-
197,796
197,796

Shares issued during the period
1
-
-
1

Share based payment expense
-
137,155
-
137,155


At 31 January 2024
1
137,155
197,796
334,952

Page 2

 
EXPEL UK HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

Expel UK Holdings Limited is in a net asset position of £334,952 primarily supported by amounts owed by group undertakings. This is due to the Company's business model being solely a transfer pricing agreement with its parent company, Expel, Inc., and as such is reliant on the continuous support of that company in order to remain a going concern.
The directors have received written confirmation from its parent company, Expel, Inc., that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Futhermore, the directors have assessed the ability of the parent company to provide this support based upon their cash flow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For these reasons, the directors adopt the going concern basis in preparing the financial statements.

 
1.3

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.

Page 3

 
EXPEL UK HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.Accounting policies (continued)

  
1.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Rendering of services
Turnover is recognised on a cost plus 6% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement; and
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.5

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 4

 
EXPEL UK HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.7

Taxation

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.

 
1.8

Debtors

Short term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on the loan, which is repayable on demand. 

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 

 
1.10

Creditors

Short term creditors are measured at the transaction price.


2.


Auditors' information

The auditors' report on the financial statements for the period ended 31 January 2024 was unqualified.

The audit report was signed on 18 April 2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the period was 9.


4.


Debtors

2024
£


Amounts owed by group undertakings
1,775,251

Other debtors
16,279

Prepayments and accrued income
76,154

1,867,684


Page 5

 
EXPEL UK HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

5.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
50,904

Corporation tax
104,048

Other taxation and social security
71,696

Other creditors
8,055

Accruals and deferred income
1,512,539

1,747,242



6.


Share capital

2024
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1




7.


Capital contribution reserve

During the period, certain employees of the Company have been granted options over shares in Expel, Inc., the Company's parent. The options are granted at an independently determined fair value and 25% of the options are exercisable one year after the date of grant, vesting continues monthly thereafter. 
An expense equal to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve. 


8.


Controlling party

Expel, Inc., is the parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The registered office of the parent company is The Corporation Trust Company, I/C Expel, Inc., 1209 Orange Street, Corporation Trust Center, Wilmington, Delaware, 19801.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.

Page 6