Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseForeseeson UK Limited is incorporated in England and Wales and limited by shares. The principal activity of the company during the year was acted as sale representative of its parent company, Foreseeson GmbH, to promote their products and maximise the sale of their products in various territories. The address of the registered office is given in the company information page of these financial statements. The financial statements are presented in US dollar which is the functional currency of the company and rounded to the nearest $.true2023-01-01falsefalse45 07021346 2023-01-01 2023-12-31 07021346 2022-01-01 2022-12-31 07021346 2023-12-31 07021346 2022-12-31 07021346 c:Director1 2023-01-01 2023-12-31 07021346 c:RegisteredOffice 2023-01-01 2023-12-31 07021346 d:MotorVehicles 2023-01-01 2023-12-31 07021346 d:MotorVehicles 2023-12-31 07021346 d:MotorVehicles 2022-12-31 07021346 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021346 d:OfficeEquipment 2023-01-01 2023-12-31 07021346 d:OfficeEquipment 2023-12-31 07021346 d:OfficeEquipment 2022-12-31 07021346 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021346 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021346 d:CurrentFinancialInstruments 2023-12-31 07021346 d:CurrentFinancialInstruments 2022-12-31 07021346 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07021346 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07021346 d:ShareCapital 2023-12-31 07021346 d:ShareCapital 2022-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2023-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2022-12-31 07021346 c:FRS102 2023-01-01 2023-12-31 07021346 c:Audited 2023-01-01 2023-12-31 07021346 c:FullAccounts 2023-01-01 2023-12-31 07021346 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07021346 d:WithinOneYear 2023-12-31 07021346 d:WithinOneYear 2022-12-31 07021346 d:BetweenOneFiveYears 2023-12-31 07021346 d:BetweenOneFiveYears 2022-12-31 07021346 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07021346 e:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 07021346











FORESEESON UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
FORESEESON UK LIMITED
 

COMPANY INFORMATION


Director
J Kwon 




Registered number
07021346



Registered office
1 Wolsey Road (Ground Floor)

East Molesey

Surrey

KT8 9EL




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
FORESEESON UK LIMITED
REGISTERED NUMBER: 07021346

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 5 
6,405
13,295

  
6,405
13,295

Current assets
  

Stocks
  
2,487
-

Debtors: amounts falling due within one year
 6 
220,462
188,331

Cash at bank and in hand
 7 
72,399
115,038

  
295,348
303,369

Creditors: amounts falling due within one year
 8 
(51,252)
(64,122)

Net current assets
  
 
 
244,096
 
 
239,247

Total assets less current liabilities
  
250,501
252,542

  

Net assets
  
250,501
252,542


Capital and reserves
  

Called up share capital 
  
166,210
166,210

Profit and loss account
 9 
84,291
86,332

  
250,501
252,542


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 12 April 2024.




................................................
J Kwon
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
FORESEESON UK LIMITED
 

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

1.


General information

Foreseeson UK Limited is incorporated in England and Wales and limited by shares. The principal activity of the company during the year was acted as sale representative of its parent company, Foreseeson GmbH, to promote their products and maximise the sale of their products in various territories. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in US dollar which is the functional currency of the company and rounded to the nearest $.

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 director has received written support from the parent company that it will continue to support the company and is therefore confident that the Company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Turnover

Turnover represents the value, excluding Value Added Tax, of invoiced sales of electrical goods supplied to customers and amounts receivable for sales commissions from the parent company during the period. 
Revenue from the goods sold and sales commissions is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; sales invoice issued by the fellow subsidiary to third parties; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and costs incurred or to be incurred in respect of the transactions can be measured reliably.
Where sales invoices are issued in advance, income is included in liabilities as deferred income. Where sales invoices are issued in arrears, income is included in debtors as accrued income.

 
2.4

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 2

 
FORESEESON UK LIMITED
 

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

2.Accounting policies (continued)


2.4
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:

Motor vehicles
-
25% Straight line
Office equipment
-
Fully depreciated in the first year of purchase

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.

 
2.5

Stocks

Stocks are valued, using the average cost basis, at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Stocks are recognised on the date the items are shipped from the supplier.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

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.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

 
2.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into dollars at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into dollars at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account. 

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 3

 
FORESEESON UK LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

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.

 
2.13

Borrowing costs

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

 
2.14

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.


3.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
$
$

Auditors' remuneration
7,067
6,353


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).

Page 4

 
FORESEESON UK LIMITED
 

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

5.


Tangible fixed assets





Motor vehicles
Office equipment
Total

$
$
$



Cost or valuation


At 1 January 2023
55,577
22,065
77,642


Additions
-
1,264
1,264



At 31 December 2023

55,577
23,329
78,906



Depreciation


At 1 January 2023
43,066
21,281
64,347


Charge for the year on owned assets
6,527
1,627
8,154



At 31 December 2023

49,593
22,908
72,501



Net book value



At 31 December 2023
5,984
421
6,405



At 31 December 2022
12,511
784
13,295


6.


Debtors

2023
2022
$
$


Trade debtors
426
426

Amounts owed by group undertakings
202,929
170,656

Other debtors
1,141
2,153

Prepayments and accrued income
15,966
15,096

220,462
188,331



7.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
72,399
115,038

Less: bank overdrafts
(1,033)
(4,349)

71,366
110,689


Page 5

 
FORESEESON UK LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2023
2022
$
$

Bank overdrafts
1,033
4,349

Trade creditors
2,191
2,304

Other taxation and social security
1,937
13,773

Other creditors
39,024
37,343

Accruals and deferred income
7,067
6,353

51,252
64,122



9.


Reserves

Profit and loss account

Profit and loss account represents the profit earned during the year net of adjustments.


10.


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 $55,358 (2022 - $57,262). Contributions totalling $37,975 (2022 - $37,343) were payable to the fund at the balance sheet date.


11.


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
49,232
46,793

Later than 1 year and not later than 5 years
24,616
70,189

73,848
116,982


12.


Related party transactions

During the year, Foreseeson UK Limited received commission income of $845,232 (2022 - $932,689) from Foreseeson GmbH, the parent company. At the balance sheet date Foreseeson GmbH owed $202,929 (2022 - $170,656) to Foreseeson UK Limited.

Page 6

 
FORESEESON UK LIMITED
 

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

13.


Controlling party

Foreseeson GmbH (a company incorporated in the Germany) is the registered holder of 100% of the share capital of the company. Foreseeson GmbH is wholly owned by Forseeson Cutom Displays, Inc (a company incorporated in the United States of America). Foreseeson Custom Displays, Inc is wholly owned by I Kang, who is the controlling party.


14.


Auditor's information

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

The audit report was signed on 12 April 2024 by Philip Munk FCA FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7