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Registered number: 09476984










TEXYS UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TEXYS UK LIMITED
REGISTERED NUMBER: 09476984

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
64,379
21,551

Investments
 5 
786,019
786,019

  
850,398
807,570

Current assets
  

Stocks
  
68,217
56,290

Debtors: amounts falling due within one year
 6 
889,807
825,927

Cash at bank and in hand
 7 
80,065
56,883

  
1,038,089
939,100

Creditors: amounts falling due within one year
 8 
(391,750)
(323,092)

Net current assets
  
 
 
646,339
 
 
616,008

Total assets less current liabilities
  
1,496,737
1,423,578

Creditors: amounts falling due after more than one year
 9 
(46,043)
(88,542)

Provisions for liabilities
  

Deferred tax
  
(13,333)
(1,861)

  
 
 
(13,333)
 
 
(1,861)

Net assets
  
1,437,361
1,333,175


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,437,261
1,333,075

  
1,437,361
1,333,175


Page 1

 
TEXYS UK LIMITED
REGISTERED NUMBER: 09476984
    
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 income statement 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: 




S James
Director
Date: 5 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

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

1.


General information

Texys UK Limited is a private company limited by shares incorporated in England and Wales, registration number 09476984.  The registered office is Renvale Technology Park, Eye Road, Brome, Suffolk, IP23 8AS.

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

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.

 
2.3

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Included in other operating income is interest receivable in relation a Government made Business Interuption Payment in respect of a Coronavirus Business Interruption Loan Agreement. 

Page 3

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

2.Accounting policies (continued)

 
2.5

Interest income

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

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Statement of Financial Position. 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 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.

Page 4

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

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
25% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

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

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.13

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.14

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.

Page 5

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

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

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

4.


Tangible fixed assets





L/Term Leasehold Property
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
16,190
20,000
41,725
77,915


Additions
-
-
64,286
64,286



At 31 December 2023

16,190
20,000
106,011
142,201



Depreciation


At 1 January 2023
16,190
8,750
31,424
56,364


Charge for the year on owned assets
-
2,813
18,645
21,458



At 31 December 2023

16,190
11,563
50,069
77,822



Net book value



At 31 December 2023
-
8,437
55,942
64,379



At 31 December 2022
-
11,250
10,301
21,551

Page 7

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

5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2023
786,019



At 31 December 2023
786,019





6.


Debtors

2023
2022
£
£


Trade debtors
448,952
216,575

Amounts owed by joint ventures and associated undertakings
-
267,074

Other debtors
440,755
342,178

Called up share capital not paid
100
100

889,807
825,927



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
80,065
56,883

80,065
56,883


Page 8

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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
42,500
42,500

Trade creditors
143,035
125,624

Amounts owed to associates
4,540
-

Corporation tax
50,288
42,172

Other taxation and social security
114,213
55,522

Other creditors
31,674
52,884

Accruals and deferred income
5,500
4,390

391,750
323,092


The following liabilities were secured:

2023
2022
£
£



Bank loans
42,500
42,500

42,500
42,500

Details of security provided:

Bank loan is secured by a fixed charge, floating charge over all the property and untaking of the company, and negative pledge. 

Page 9

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
46,043
88,542

46,043
88,542


The following liabilities were secured:

2023
2022
£
£



Bank loans
46,043
88,542

46,043
88,542

Details of security provided:

Bank loan is secured by a fixed charge, floating charge over all the property and untaking of the company, and negative pledge. 

Page 10

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

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
42,500
42,500


42,500
42,500

Amounts falling due 1-2 years

Bank loans
42,500
42,500


42,500
42,500

Amounts falling due 2-5 years

Bank loans
3,543
46,042


3,543
46,042


88,543
131,042



11.


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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,995 (2022: £7,636). Contributions totalling Nil (2022: £1,016) were payable to the fund at the reporting date and are included in creditors.


12.


Transactions with directors

At 1 January 2023, the company was owed £240,238 by the director. Of this, £nil was repaid to the company in the year. Interest was charged on the loan at 2% up to 5 April 2023 and 2.25% onwards. The total interest charge was £6,366.
At the year end, the director owed £331,437 to the company and this is included within other debtors.

 
Page 11