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Registered number: 03109026










GC UNITED KINGDOM LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GC UNITED KINGDOM LIMITED
REGISTERED NUMBER: 03109026

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,785
24,459

Current assets
  

Debtors: amounts falling due within one year
 5 
987,019
1,819,433

Cash at bank and in hand
 6 
2,172,372
1,906,168

  
3,159,391
3,725,601

Creditors: amounts falling due within one year
 7 
(1,810,955)
(2,414,556)

Net current assets
  
 
 
1,348,436
 
 
1,311,045

  

Net assets
  
1,383,221
1,335,504


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
1,373,221
1,325,504

  
1,383,221
1,335,504


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 by: 



................................................
J N Maloney
Director

Date: 29 August 2024

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

Page 1

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

GC United Kingdom Limited is a members limited liability company incorporated and domiciled in England and has its registered office and principal place of business at 16-23 Coopers Court, Newport Pagnell, Buckinghamshire, MK16 8JS. 
The Company is principally engaged in acting as an agent for the sale of dental equipment and supplies for its parent company. 

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

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
The company only sells its parent company’s products, but the directors have no reason to believe that this arrangement will change within 12 months of the reporting date

 
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

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.5

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.

 
2.6

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.

 
2.7

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

Page 3

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 balance sheet 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:

Plant and machinery
-
3 years
Fixtures and fittings
-
3 years
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.

 
2.10

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.

 
2.11

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.

 
2.12

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 4

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 22).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
11,430
28,528
20,083
60,041


Additions
1,850
-
17,337
19,187


Disposals
(2,025)
-
(2,529)
(4,554)



At 31 March 2024

11,255
28,528
34,891
74,674



Depreciation


At 1 April 2023
3,531
27,269
4,782
35,582


Charge for the year on owned assets
1,133
676
5,605
7,414


Disposals
(591)
-
(2,516)
(3,107)



At 31 March 2024

4,073
27,945
7,871
39,889



Net book value



At 31 March 2024
7,182
583
27,020
34,785



At 31 March 2023
7,899
1,259
15,301
24,459

Page 5

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
973,201
1,781,693

Prepayments and accrued income
13,818
37,740

987,019
1,819,433



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,172,372
1,906,168



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,344
37,614

Amounts owed to group undertakings
1,278,358
1,648,053

Corporation tax
14,608
47,307

Other taxation and social security
277,546
430,717

Other creditors
234,099
250,865

1,810,955
2,414,556



8.


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 £5,006 (2023 - £5,006) were payable to the fund at the Balance Sheet date and are included in creditors.


9.


Controlling party

The directors consider that the ultimate parent undertaking of this Company is GC International Corp, incorporated in Japan. 
The largest group of undertakings for which group accounts have been drawn up is that headed by GC International Corp, incorporated in Japan, and the smallest such group of undertakings, including the Company, is that headed by GC Europe AG, incorporated in Switzerland. 

Page 6

 
GC UNITED KINGDOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 4 September 2024 by Adam Young ACA (Senior Statutory Auditor) on behalf of MHA.

 
Page 7