Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Engineering related to challenging marine projects2023-01-01falsefalsetrue11 13900634 2023-01-01 2023-12-31 13900634 2022-01-01 2022-12-31 13900634 2023-12-31 13900634 2022-12-31 13900634 c:Director1 2023-01-01 2023-12-31 13900634 d:CurrentFinancialInstruments 2023-12-31 13900634 d:CurrentFinancialInstruments 2022-12-31 13900634 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13900634 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13900634 d:ShareCapital 2023-12-31 13900634 d:ShareCapital 2022-12-31 13900634 d:RetainedEarningsAccumulatedLosses 2023-12-31 13900634 d:RetainedEarningsAccumulatedLosses 2022-12-31 13900634 c:FRS102 2023-01-01 2023-12-31 13900634 c:Audited 2023-01-01 2023-12-31 13900634 c:FullAccounts 2023-01-01 2023-12-31 13900634 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13900634 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13900634 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 13900634










PELASTAR UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PELASTAR UK LIMITED
REGISTERED NUMBER:13900634

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
539,755
173,161

Cash at bank and in hand
  
119,805
-

  
659,560
173,161

Creditors: amounts falling due within one year
 6 
(740,582)
(185,223)

  

Net liabilities
  
(81,022)
(12,062)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(81,023)
(12,063)

  
(81,022)
(12,062)


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 31 July 2024.




B Ackers
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
PELASTAR UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pelastar UK Limited is a private company limited by shares, incorporated in England and Wales (registered number: 13900634). Its registered office is Cedar House, 63 Napier Street, Sheffield, S11 8HA. The principal activity throughout the year was that of Marine Engineering and Naval Architecture, focused on off-shore wind applications.

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the Company’s profit and loss reserves were negative due to losses made in the current year, as a result of the Company's start-up nature in the UK. The Company will continue to receive the necessary support from Glosten Inc. (ultimate parent), including no repayment requirement and timely advancements when required. It is therefore appropriate to prepare the accounts on a going concern basis.

 
2.3

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.

Page 2

 
PELASTAR UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

  
2.6

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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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 3

 
PELASTAR UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
PELASTAR UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
539,537
168,855

Other debtors
218
4,306

539,755
173,161



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
119,805
-

119,805
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
732,332
164,987

Other taxation and social security
-
12,236

Accruals and deferred income
8,250
8,000

740,582
185,223



7.


Related party transactions

During the year, the Company was recharged £361,476 (2022: £139,100) from Glosten Inc., the Company's ultimate controlling party. At the balance sheet date, the balance due to Glosten Inc. was £658,477 (2022: £164,987). The balance due from Glosten Inc. was £539,536 (2022: £168,854).


8.


Controlling party

The ultimate controlling party is Glosten Inc. which is registered in the United States. Its registered office is 1201 Western Ave, STE 200, Seattle, United States, 98101. Pelastar UK Limited is a 100% owned subsidiary of Pelastar LLC, which in turn is a 100% owned subsidiary of Glosten Inc. 
Page 5

 
PELASTAR UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Auditors' information

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

The audit report was signed on 31 July 2024 by Howard Freeman BSc FCA (Senior Statutory Auditor) on behalf of Shorts.

 
Page 6