Caseware UK (AP4) 2023.0.135 2023.0.135 truefalse2022-09-01No description of principal activity1512false 04080305 2022-09-01 2023-08-31 04080305 2021-09-01 2022-08-31 04080305 2023-08-31 04080305 2022-08-31 04080305 2021-09-01 04080305 c:Director2 2022-09-01 2023-08-31 04080305 d:PlantMachinery 2022-09-01 2023-08-31 04080305 d:MotorVehicles 2022-09-01 2023-08-31 04080305 d:MotorVehicles 2023-08-31 04080305 d:MotorVehicles 2022-08-31 04080305 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04080305 d:FurnitureFittings 2022-09-01 2023-08-31 04080305 d:OfficeEquipment 2022-09-01 2023-08-31 04080305 d:OtherPropertyPlantEquipment 2023-08-31 04080305 d:OtherPropertyPlantEquipment 2022-08-31 04080305 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04080305 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 04080305 d:CurrentFinancialInstruments 2023-08-31 04080305 d:CurrentFinancialInstruments 2022-08-31 04080305 d:Non-currentFinancialInstruments 2023-08-31 04080305 d:Non-currentFinancialInstruments 2022-08-31 04080305 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04080305 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 04080305 d:ShareCapital 2022-09-01 2023-08-31 04080305 d:ShareCapital 2023-08-31 04080305 d:ShareCapital 2021-09-01 2022-08-31 04080305 d:ShareCapital 2022-08-31 04080305 d:ShareCapital 2021-09-01 04080305 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04080305 d:RetainedEarningsAccumulatedLosses 2023-08-31 04080305 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 04080305 d:RetainedEarningsAccumulatedLosses 2022-08-31 04080305 d:RetainedEarningsAccumulatedLosses 2021-09-01 04080305 c:FRS102 2022-09-01 2023-08-31 04080305 c:Audited 2022-09-01 2023-08-31 04080305 c:FullAccounts 2022-09-01 2023-08-31 04080305 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04080305 d:WithinOneYear 2023-08-31 04080305 d:WithinOneYear 2022-08-31 04080305 d:BetweenOneFiveYears 2023-08-31 04080305 d:BetweenOneFiveYears 2022-08-31 04080305 d:MoreThanFiveYears 2023-08-31 04080305 d:MoreThanFiveYears 2022-08-31 04080305 c:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 04080305 2 2022-09-01 2023-08-31 04080305 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 04080305 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 iso4217:GBP xbrli:pure

Registered number: 04080305










ScanCom UK Limited










Financial statements

For the year ended 31 August 2023





 
ScanCom UK Limited
Registered number: 04080305

Balance sheet
As at 31 August 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,579
43,036

  
20,579
43,036

Current assets
  

Stocks
 5 
1,721,368
2,432,719

Debtors: amounts falling due after more than one year
 6 
28,702
28,702

Debtors: amounts falling due within one year
 6 
671,982
1,142,824

Cash at bank and in hand
 7 
1,046,127
926,779

  
3,468,179
4,531,024

Creditors: amounts falling due within one year
 8 
(2,501,389)
(2,976,815)

Net current assets
  
 
 
966,790
 
 
1,554,209

Total assets less current liabilities
  
987,369
1,597,245

  

Net assets
  
987,369
1,597,245


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
 10 
887,369
1,497,245

  
987,369
1,597,245


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2024.




C Vohnsen
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 1

 
ScanCom UK Limited
 

Statement of changes in equity
For the year ended 31 August 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
100,000
1,359,611
1,459,611


Comprehensive income for the year

Profit for the year
-
137,634
137,634


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
137,634
137,634


Total transactions with owners
-
-
-



At 1 September 2022
100,000
1,497,245
1,597,245


Comprehensive income for the year

Loss for the year
-
(609,876)
(609,876)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(609,876)
(609,876)


Total transactions with owners
-
-
-


At 31 August 2023
100,000
887,369
987,369


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

1.


General information

ScanCom UK Limited is a limited liability company incorporated in England. The company's registered office is Montague Place, Quayside, Chatham, Kent, ME4 4QU. The principal activity of the company is the sale of garden furniture.

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 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.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 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.

 
2.4

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 comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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.

Page 4

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

2.Accounting policies (continued)

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

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.

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:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
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.

Page 5

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

2.Accounting policies (continued)

 
2.10

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.

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 balance sheet 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 Balance sheet.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 6

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
15
12

Page 8

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

4.


Tangible fixed assets





Motor vehicles
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 September 2022
123,883
72,488
196,371



At 31 August 2023

123,883
72,488
196,371



Depreciation


At 1 September 2022
98,489
54,846
153,335


Charge for the year on owned assets
12,937
9,520
22,457



At 31 August 2023

111,426
64,366
175,792



Net book value



At 31 August 2023
12,457
8,122
20,579



At 31 August 2022
25,394
17,642
43,036


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,721,368
2,432,719

1,721,368
2,432,719


Page 9

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
28,702
28,702

28,702
28,702


2023
2022
£
£

Due within one year

Trade debtors
397,677
940,380

Other debtors
-
158,360

Prepayments and accrued income
61,470
44,084

Deferred taxation
212,835
-

671,982
1,142,824



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,046,127
926,779

1,046,127
926,779



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
67,429
474,541

Amounts owed to group undertakings
2,274,711
2,445,400

Corporation tax
33,575
33,575

Other taxation and social security
111,744
6,810

Accruals and deferred income
13,930
16,489

2,501,389
2,976,815


Page 10

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

9.


Deferred taxation




2023


£






Charged to profit or loss
212,835



At end of year
212,835

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
212,835
-

212,835
-


10.


Reserves

Share capital
This reserve represents the nominal value of shares that have been issued.
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.


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 £29,548 (2022 - £27,771). There were no contributions payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 August 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
222,750
222,750

Later than 1 year and not later than 5 years
636,000
636,000

Later than 5 years
425,000
647,750

1,283,750
1,506,500

Page 11

 
ScanCom UK Limited
 

 
Notes to the financial statements
For the year ended 31 August 2023

13.


Controlling party

The entire share capital is held by ScanCom International A/S (a company incorporated in Denmark), the parent undertaking and controlling company, which in turn is controlled by Lars Larsen Group A/S (also a company incorporated in Denmark) by virtue of its 100% interest in the company's share capital.  There is no ultimate controlling party.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 2 April 2024 by Susan Robinson BA FCA FCIE DChA (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 12