Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3102023-01-01No description of principal activitytruefalse2217truetrue 06301875 2023-01-01 2023-12-31 06301875 2022-01-01 2022-12-31 06301875 2023-12-31 06301875 2022-12-31 06301875 c:Director2 2023-01-01 2023-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2023-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2022-12-31 06301875 d:OfficeEquipment 2023-01-01 2023-12-31 06301875 d:OfficeEquipment 2023-12-31 06301875 d:OfficeEquipment 2022-12-31 06301875 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06301875 d:ComputerEquipment 2023-01-01 2023-12-31 06301875 d:ComputerEquipment 2023-12-31 06301875 d:ComputerEquipment 2022-12-31 06301875 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06301875 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06301875 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06301875 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06301875 d:ShareCapital 2023-12-31 06301875 d:ShareCapital 2022-12-31 06301875 d:OtherMiscellaneousReserve 2023-12-31 06301875 d:OtherMiscellaneousReserve 2022-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2023-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2022-12-31 06301875 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 06301875 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 06301875 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 06301875 c:FRS102 2023-01-01 2023-12-31 06301875 c:Audited 2023-01-01 2023-12-31 06301875 c:FullAccounts 2023-01-01 2023-12-31 06301875 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06301875 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06301875 2 2023-01-01 2023-12-31 06301875 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06301875
















ULTRAFABRICS EUROPE LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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ULTRAFABRICS EUROPE LIMITED
REGISTERED NUMBER:06301875
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
277,020
265,442

  
277,020
265,442

Current assets
  

Stocks
 5 
1,432,738
1,070,207

Debtors
  
881,730
685,297

Cash at bank and in hand
 6 
1,166,710
1,139,831

  
3,481,178
2,895,335

Creditors: amounts falling due within one year
  
(4,938,548)
(3,406,540)

Net current liabilities
  
 
 
(1,457,370)
 
 
(511,205)

Total assets less current liabilities
  
(1,180,350)
(245,763)

Provisions for liabilities
  

Other provisions
 7 
-
(193,301)

  
 
 
-
 
 
(193,301)

Net liabilities
  
(1,180,350)
(439,064)


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Other reserves
 8 
24,813
-

Profit and loss account
 8 
(1,230,163)
(464,064)

  
(1,180,350)
(439,064)


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: 

C L Orton
Director
Date: 8 March 2024

The notes on pages 2 to 8 form part of these financial statements.
Page 1


ULTRAFABRICS EUROPE LIMITED

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

1.


GENERAL INFORMATION

Ultrafabrics Europe Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The address of the registered office is Unit 21 Ashton Close, Leicester, Leicestershire, United Kingdom, LE4 2BQ.
 
These financial statements cover the individual entity only.

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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have prepared budgets and cash flow forecasts for a period of at least 12 months following the date of approval of the financial statements. Considering these forecasts show an expected net profit, the Directors are of the opinion that the company will continue in operational existence for the foreseeable future. The company has net liabilites at 31 December 2023 of £1,180,350 (2022: net liabilities of £439,064). At the year end the company has net amounts due to group undertakings of £4,439,746 (2022: £2,898,709).
The Directors have also obtained written confirmation from the intermediate parent company, Ultrafabrics Inc (a company registered in USA), that they will continue to provide ongoing financial support to the company. Ultrafabrics Inc have sufficient working capital facilities in order to provide the necessary support. In addition Ultrafabrics Inc. will not demand repayment of the outstanding intercompany balance if to do so would jeapordise the Company's ability to operate.
On this basis the financial statements have been prepared on a going concern basis. The financial statements do not reflect the adjustments that would be necessary should the ability of the company to trade be jeopardised due to a material issue with the availability of its work force, the level of demand for its products or its ability to supply product to its customers.

Page 2


ULTRAFABRICS EUROPE LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP. The financial statements are rounded to the nearest 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 within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

REVENUE

Revenue is recognised on despatch. 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. 

 
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.

 
2.6

INTEREST INCOME

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

 
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 3


ULTRAFABRICS EUROPE LIMITED

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

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

SHARE-BASED PAYMENTS

Company employees participate in a group share-based payment scheme whereby options are granted to employees of the company but the obligation to settle rests with the ultimate parent company. The company therefore recognises these as equity-settled share based payments in its own accounts.
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 reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.
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.

 
2.10

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 reporting date in the countries where the company operates and generates income.

 
2.11

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 4


ULTRAFABRICS EUROPE LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.11
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:

Leasehold improvements
-
20% straight line
Office equipment
-
20% straight line
Computer equipment
-
33.3% 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.

 
2.12

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. 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 5


ULTRAFABRICS EUROPE LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.17

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 22 (2022: 17).


4.


TANGIBLE FIXED ASSETS





Leasehold Improvements
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 January 2023
227,055
68,918
75,662
371,635


Additions
-
20,562
66,930
87,492



At 31 December 2023

227,055
89,480
142,592
459,127



DEPRECIATION


At 1 January 2023
64,540
30,145
11,508
106,193


Charge for the year on owned assets
38,357
18,643
18,914
75,914



At 31 December 2023

102,897
48,788
30,422
182,107



NET BOOK VALUE



At 31 December 2023
124,158
40,692
112,170
277,020



At 31 December 2022
162,515
38,773
64,154
265,442


5.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
1,432,738
1,070,207

1,432,738
1,070,207


Page 6


ULTRAFABRICS EUROPE LIMITED

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

6.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,166,710
1,139,831

1,166,710
1,139,831



7.


PROVISIONS





Other provision

£





At 1 January 2023
193,301


Released in year
(193,301)



AT 31 DECEMBER 2023
-

The entity was involved in a legal dispute which was settled in the prior year. The entity had recognised a provision for its best estimate of the obligation which was released in the current year.


8.


RESERVES

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 


9.


PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately 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 £20,124 (2022: £21,143). As at 31 December 2023  the company had outstanding pension contributions of £NIL(2022: £72).


10.


RELATED PARTY TRANSACTIONS

The company has taken the exemption under Section 33 of FRS 102 as a wholly owned subsidary. 


11.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is a wholly owned subsidiary of Ultrafabrics Inc, a company incorporated in the USA. The ultimate parent company is Ultrafabrics Holdings Co Ltd, a company listed on the Tokyo Stock Exchange in Japan.

Page 7


ULTRAFABRICS EUROPE LIMITED

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

12.


AUDITORS' INFORMATION

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

The audit report was signed on 8 March 2024 by Gary Woodhall ACA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 8