Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312022-07-01falsetrueInstalls automated inspection systems in automotive industry.31true 14209346 2022-06-30 14209346 2022-07-01 2023-12-31 14209346 2022-01-01 2022-06-30 14209346 2023-12-31 14209346 c:Director1 2022-07-01 2023-12-31 14209346 d:PlantMachinery 2022-07-01 2023-12-31 14209346 d:MotorVehicles 2022-07-01 2023-12-31 14209346 d:MotorVehicles 2023-12-31 14209346 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-12-31 14209346 d:CurrentFinancialInstruments 2023-12-31 14209346 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14209346 d:ShareCapital 2022-07-01 2023-12-31 14209346 d:ShareCapital 2023-12-31 14209346 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-12-31 14209346 d:RetainedEarningsAccumulatedLosses 2023-12-31 14209346 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 14209346 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 14209346 d:OtherDeferredTax 2023-12-31 14209346 c:OrdinaryShareClass1 2022-07-01 2023-12-31 14209346 c:OrdinaryShareClass1 2023-12-31 14209346 c:FRS102 2022-07-01 2023-12-31 14209346 c:Audited 2022-07-01 2023-12-31 14209346 c:FullAccounts 2022-07-01 2023-12-31 14209346 c:PrivateLimitedCompanyLtd 2022-07-01 2023-12-31 14209346 c:SmallCompaniesRegimeForAccounts 2022-07-01 2023-12-31 14209346 e:PoundSterling 2022-07-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14209346









UVEYE UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

 
UVEYE UK LIMITED
REGISTERED NUMBER: 14209346

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
952,136

  
952,136

Current assets
  

Stocks
 5 
14,598

Debtors
 6 
206,581

Cash at bank and in hand
  
320,467

  
541,646

Creditors: amounts falling due within one year
 7 
(1,444,427)

Net current liabilities
  
 
 
(902,781)

Total assets less current liabilities
  
49,355

  

Net assets
  
49,355


Capital and reserves
  

Called up share capital 
 9 
100

Profit and loss account
  
49,255

  
49,355


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 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 by: 




A Hever
Director

Date: 20 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
UVEYE UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£



Profit for the 18 month period
-
49,255
49,255

Shares issued during the 18 month period
100
-
100


At 31 December 2023
100
49,255
49,355

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

1.


General information

The Company's principal activity is the provision of automated inspection systems for vehicles, primarily in the automotive industry. 
The Company's registered number and registered office address can be found on the Company Information page.

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 ('FRS 102') 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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
As at 31 December 2023, the Company had net current liabilities of £(902,781) and net assets of £49,355. Included within creditors is an amount of £1,427,531 owed to the parent company. The Company is dependent on the continued support of the parent company to allow it to meet its financial obligations as they fall due and also not seeking repayment of existing loans made to the Company.
The directors have reviewed forecasts and budgets in light of the above changes and are confident that the support from the parent company will continue for at least the next 12 months from the date of signature of these accounts, and, in conjunction with ongoing cash generated, believe that this will be sufficient to cover all ongoing cash requirements.
Based on all of the above, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.

Page 3

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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 the Statement of Comprehensive Income 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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 4

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 the Statement of Comprehensive Income 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.

 
2.7

Current and deferred taxation

The tax expense for the 18 month period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.8

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 5

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
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:

Plant and machinery
-
14%

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 the Statement of Comprehensive Income.

 
2.9

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.

At each reporting 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 the Statement of Comprehensive Income.

 
2.10

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.

Page 6

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.


3.


Employees

The average monthly number of employees, including directors, during the 18 month period was 3.

Page 7

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost


Additions
1,061,897



At 31 December 2023

1,061,897



Depreciation


Charge for the 18 month period on owned assets
109,761



At 31 December 2023

109,761



Net book value



At 31 December 2023
952,136


5.


Stocks

2023
£

Spare parts
14,598



6.


Debtors

2023
£



Trade debtors
138,135

Other debtors
14,675

Prepayments and accrued income
24,373

Deferred taxation
29,398

206,581


Page 8

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
1,427,531

Other creditors
1,146

Accruals and deferred income
15,750

1,444,427


The amounts owed to group undertakings are secured by a capital note. The principal amount shall bear no interest or any linkage to any index and shall be repaid at the demand of the Note Holder, but in any event not prior to the fifth anniversary of the maturity date.


8.


Deferred taxation



2023


£






Charged to profit or loss
29,398



At end of year
29,398

The deferred tax asset is made up as follows:

2023
£


Accelerated capital allowances
(238,034)

Losses and other deductions
267,272

Short term timing differences
160

29,398


9.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


On incorporation of the Company, 100 Ordinary shares of £1.00 each were issued at par.

Page 9

 
UVEYE UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 DECEMBER 2023

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. Contributions totalling £642 were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS102 section 33.1 A from the requirement to disclose transactions with other wholly-owned group undertakings.


12.


Controlling party

The immediate and ultimate parent undertaking is UVeye Ltd., a company registered in Israel.
The business address of UVeye Ltd. is 21 Aminadav Street, Tel Aviv, Israel.


13.


Auditors' information

The auditors' report on the financial statements for the 18 month period ended 31 December 2023 was unqualified.

The audit report was signed on 20 August 2024 by David Landau FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 10