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Registered number: 13956155









PROGLOVE LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PROGLOVE LTD
 
 
COMPANY INFORMATION


Director
J S Lampa 




Registered number
13956155



Registered office
Coventry University Technology Park
Puma Way

Coventry

England

CV1 2TT




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
PROGLOVE LTD
 

CONTENTS



Page
Balance Sheet
1
Notes to the Financial Statements
2 - 8


 
PROGLOVE LTD
REGISTERED NUMBER: 13956155

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 5 
516,898
-

Debtors
 6 
675,268
4,049

Cash at bank and in hand
  
180,433
-

  
1,372,599
4,049

Creditors: amounts falling due within one year
 7 
(1,806,645)
(37,902)

Net current liabilities
  
 
 
(434,046)
 
 
(33,853)

Total assets less current liabilities
  
(434,046)
(33,853)

Creditors: amounts falling due after more than one year
 8 
(151,334)
-

  

Net liabilities
  
(585,380)
(33,853)


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
(585,381)
(33,854)

  
(585,380)
(33,853)


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 on 20 February 2024.




J S Lampa
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

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

1.


General information

Proglove Ltd is a private company limited by shares, incorporated in England and Wales, registration number 13956155. The registered office is Coventry University Technology Park, Puma Way, Coventry, England, CV1 2TT. 

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company started trading during the year and is currently in its start-up phase and, as such, anticipates incurring losses in the short term as it works towards establishing its operations and market presence. To navigate through this period, the company is heavily reliant on financial support from its partner company. The directors have received formal assurances from the partner company, confirming their commitment to provide the necessary financial support for the continued operation of the company for at least 12 months following the date of these financial statements. This support is critical in ensuring that the company remains a going concern, capable of meeting its obligations and sustaining its operations during this initial phase.

Page 2

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

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from separately sold warranty contracts is recognised over the period of the warranty coverage. The income is spread on a straight-line basis unless another method better reflects the timing of the services provided under the warranty. Unearned revenue is recorded as a liability and is recognised as income as the service obligations are fulfilled over the warranty period.





Page 3

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

2.Accounting policies (continued)

 
2.4

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.
Stock loaned to customers is recognised as an asset and measured at the lower of cost and net realisable value. At year-end, a provision equal to the carrying amount of the loaned stock is made, reflecting full provision for any expected non-return or impairment, with any impairment loss charged to the profit and loss account.

 
2.5

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. 
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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. 

Page 4

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

2.Accounting policies (continued)

 
2.6

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 Comprehensive Income.

 
2.7

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.

 
2.8

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 5

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Stock provision
Management are required to assess the valuation of stock and whether the valuation is appropriate. Where necessary, stock provisions are needed to accurately estimate the value of stock held. The stock
figure is reviewed annually and a provision included in the closing value of stock where necessary.
Management assesses the recoverability of loaned stock, determining the provision based on the stock's condition, customer agreements, and market conditions. Management have decided to fully provide for all loaned stock as at the year end.
Deferred tax asset 
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be deducted. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Company in which a deferred tax asset has been recognised. Management have not recognised a deferred tax asset.
Warranty provision 
A provision for warranty costs is recognised at the point of sale of a good for the estimated expenses of fulfilling warranty obligations, reflecting a prudent estimate of future costs. This provision is based on  relevant information available at the financial statements date. The warranty provision is reviewed regularly and adjusted as necessary to reflect the current best estimate of the liability. Management has determined, based on their assessment, that a warranty provision is not required as of the reporting date.


4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 0).


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
516,898
-

516,898
-


Page 6

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

6.


Debtors


2023
2022
£
£



Trade debtors
655,731
-

Other debtors
68
4,049

Prepayments and accrued income
19,469
-

675,268
4,049



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,719
-

Amounts owed to group undertakings
1,453,310
28,402

Other taxation and social security
165,165
-

Other creditors
542
-

Accruals and deferred income
180,909
9,500

1,806,645
37,902


Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
151,334
-

151,334
-



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Shares share of £1.00
1
1


Page 7

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

10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
5,883
5,883

5,883
5,883


11.


Related party transactions

ProGlove Ltd have taken the exemption under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions between two or more members of a group, provided that they are wholly owned.


12.


Controlling party

The immediate parent company is Workaround GmbH whose registered office address is Rupert-Mayer Str. 44, 81379 Munich, Germany.

There is no ultimate controlling party.
The smallest group in whose consolidated financial statements the Company's financial statements are consolidated is ProGlove Investment GmbH, a company incorporated in the Germany. Its registered address is Rupert-Mayer Str. 44, 81379 Munich, Germany from which the consolidated results can be obtained.


13.


Auditors' information

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

The audit report was signed on 20 February 2024 by Jessica Teague (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 8