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Registered number: 10317240









HERSCHEL SUPPLY UK LTD









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HERSCHEL SUPPLY UK LTD
REGISTERED NUMBER: 10317240

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Non current assets
  

Tangible assets
 4 
-
448

Investments
 5 
-
393,389

  
-
393,837

Current assets
  

Stocks
 6 
137,574
1,096,355

Debtors: amounts falling due within one year
 7 
1,011,101
2,041,413

Cash at bank and in hand
 8 
433,187
470,305

  
1,581,862
3,608,073

Creditors: amounts falling due within one year
 9 
(5,995,793)
(7,335,210)

Net current liabilities
  
 
 
(4,413,931)
 
 
(3,727,137)

  

Net liabilities
  
(4,413,931)
(3,333,300)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(4,414,931)
(3,334,300)

  
(4,413,931)
(3,333,300)


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 profit and loss account 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: 



................................................
J R Cormack
Director

Date: 20 August 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Herschel Supply UK Ltd (the Company) is a company incorporated in the United Kingdom under the Companies Act. 
The Company is a private company limited by shares and is registered in England and Wales. The address of the company's registered office is 5 New Street Square, London, United Kingdom, EC4A 3TW.
The principal activity of the Company in the period under review was that of providing sales and marketing services for its parent company and the distribution of bags to third party retailers.

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

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

Going concern

Herschel Supply UK Ltd is reliant on funding from its fellow subsidiary Herschel Supply Company Ltd. The directors of Hershel Supply Company Ltd. are of the opinion that they have sufficient resources available to be able to fund continuing operations and to provide ongoing financial support to Herschel Supply UK Ltd.
 
The directors therefore believe that it remains appropriate to prepare the financial statements on a going concern basis.

Page 2

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole 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 Profit and Loss Account within 'Administration expenses'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

 
2.5

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.

 
2.6

Interest income

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

Page 3

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

 
2.10

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

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
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.

The estimated useful lives range as follows:

Office equipment
-
3
Years

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.13

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.

Page 5

 
HERSCHEL SUPPLY UK LTD
 
 
 
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 14 (2022 - 13).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
20,962



At 31 December 2023

20,962



Depreciation


At 1 January 2023
20,514


Charge for the year on owned assets
448



At 31 December 2023

20,962



Net book value



At 31 December 2023
-



At 31 December 2022
448

Page 6

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
393,389



At 31 December 2023
393,389



Impairment


Charge for the period
393,389



At 31 December 2023

393,389



Net book value



At 31 December 2023
-

Page 7

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
137,574
1,096,355



7.


Debtors

2023
2022
£
£


Trade debtors
388,969
1,541,239

Amounts owed by group undertakings
147,452
137,698

Other debtors
122,541
-

Prepayments and accrued income
82,222
92,559

Deferred taxation
269,917
269,917

1,011,101
2,041,413



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
433,187
470,305

433,187
470,305


The bank holds a fixed charge over cash deposits. 

Page 8

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
38,901
290,801

Amounts owed to group undertakings
5,853,740
6,987,208

Corporation tax
210
210

Other taxation and social security
-
11,552

Accruals
102,942
45,439

5,995,793
7,335,210



10.


Pension commitments

The Company operates a defined contribution 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 £11,117 (2022 - £9,191). Contributions totalling £1,955 (2022 - £4,122) were payable to the fund at the balance sheet date and are included in creditors.


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
128,000
128,000

Later than 1 year and not later than 5 years
170,667
-

298,667
128,000




12.


Controlling party

Herschel Supply International Limited (incorporated in Hong Kong) is the immediate parent company.  The Company's ultimate parent undertaking is Cormack Capital Corp.(incorporated in Canada) whose principal place of business is Suite 2600, Three Bentall Centre, 595 Burrard Street, Vancouver, BC V7X 1L3, Canada.
The largest group to consolidate these accounts is Herschel Holding Limited and the smallest group to consolidate these accounts is Herschel Supply International Limited.

Page 9

 
HERSCHEL SUPPLY UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


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 20 August 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

Page 10