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Registered number: 05452221









FREE-WORK GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FREE-WORK GROUP LIMITED
REGISTERED NUMBER: 05452221

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
31,010
-

Tangible assets
 6 
5,299
9,997

Investments
 7 
275,990
100,000

  
312,299
109,997

Current assets
  

Debtors: amounts falling due within one year
 8 
235,895
502,070

Cash at bank and in hand
 9 
267,071
449,087

  
502,966
951,157

Creditors: amounts falling due within one year
 10 
(168,282)
(369,741)

Net current assets
  
 
 
334,684
 
 
581,416

Total assets less current liabilities
  
646,983
691,413

  

Net assets
  
646,983
691,413


Capital and reserves
  

Called up share capital 
  
30,100
100

Profit and loss account
  
616,883
691,313

  
646,983
691,413


Page 1

 
FREE-WORK GROUP LIMITED
REGISTERED NUMBER: 05452221
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 30 June 2024.




O E N Martin
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Free-Work Group Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is Suite 8 Kd Tower, Cotterells, Hemel Hempstead, Hertfordshire, HP1 1FW.                                                                                                                                                 

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 Company previously changed its year end from 30 June 2023 to  31 December 2022 . This has resulted in the 31 December 2022 comparatives representing a 6 month period.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
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. 

 
2.4

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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

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

 
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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.

 
2.9

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:

Fixtures and fittings
-
25%
Office equipment
-
33%

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 4

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

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

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

  
2.13

Financial instruments

The Compnay 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 related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 16).

Page 5

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Development expenditure
Trademarks
Total

£
£
£



Cost


Additions - internal
31,000
-
31,000


Intra-group transfers
-
10
10



At 31 December 2023

31,000
10
31,010






Net book value



At 31 December 2023
31,000
10
31,010



At 31 December 2022
-
-
-



Page 6

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
20,715
46,418
67,133


Additions
-
785
785



At 31 December 2023

20,715
47,203
67,918



Depreciation


At 1 January 2023
17,973
39,163
57,136


Charge for the year on owned assets
1,726
3,757
5,483



At 31 December 2023

19,699
42,920
62,619



Net book value



At 31 December 2023
1,016
4,283
5,299



At 31 December 2022
2,742
7,255
9,997


7.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
100,000


Additions
175,990



At 31 December 2023
275,990




Page 7

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
156,623
319,142

Amounts owed by group undertakings
30,000
83,142

Other debtors
9,139
71,603

Prepayments and accrued income
40,133
28,183

235,895
502,070



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
267,071
449,087

267,071
449,087



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
49,565
50,045

Amounts owed to group undertakings
9,056
13,570

Corporation tax
41,328
213,071

Other taxation and social security
37,478
53,342

Other creditors
20,042
14,363

Accruals and deferred income
10,813
25,350

168,282
369,741



11.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose
transactions with group companies on the grounds that the company is a wholly owned subsidiary.                

Page 8

 
FREE-WORK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Group Restructure

On 5 December 2023 the parent company Contractor UK Limited and its subsidiary Free-Work Group Limited entered into an asset purchase deed. As per the agreement Contractor UK Limited sold its assets, liabilities and business to Free-Work Group Limited for a consideration of £30,000. This was settled by way of share allotment and issue of 30,000 shares  by Free-Work Group Limited to Contractor UK Limited.                                                                                                                                                         As part of reorganising the group structure Contractor UK Limited distributed the £30,100 shares investment in subsidiary Free-Work Group Limited to its parent Free- Work Group (French entity) making Free-Work Group (French entity ) the immediate parent for Free- Work Group Limited.


13.


Controlling party

At year end the company is a wholly owned subsidiary of parent company is Free-Work Group a company registered in France.

 
Page 9