Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetruetruetruetrue2023-01-01falseNo description of principal activity1011true 06681654 2023-01-01 2023-12-31 06681654 2022-01-01 2022-12-31 06681654 2023-12-31 06681654 2022-12-31 06681654 1 2023-01-01 2023-12-31 06681654 d:Director2 2023-01-01 2023-12-31 06681654 c:Buildings c:ShortLeaseholdAssets 2023-01-01 2023-12-31 06681654 c:Buildings c:ShortLeaseholdAssets 2023-12-31 06681654 c:Buildings c:ShortLeaseholdAssets 2022-12-31 06681654 c:FurnitureFittings 2023-01-01 2023-12-31 06681654 c:FurnitureFittings 2023-12-31 06681654 c:FurnitureFittings 2022-12-31 06681654 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06681654 c:ComputerEquipment 2023-01-01 2023-12-31 06681654 c:ComputerEquipment 2023-12-31 06681654 c:ComputerEquipment 2022-12-31 06681654 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06681654 c:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06681654 c:OtherPropertyPlantEquipment 2023-12-31 06681654 c:OtherPropertyPlantEquipment 2022-12-31 06681654 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06681654 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06681654 c:CurrentFinancialInstruments 2023-12-31 06681654 c:CurrentFinancialInstruments 2022-12-31 06681654 c:Non-currentFinancialInstruments 2023-12-31 06681654 c:Non-currentFinancialInstruments 2022-12-31 06681654 c:Non-currentFinancialInstruments 3 2023-12-31 06681654 c:Non-currentFinancialInstruments 3 2022-12-31 06681654 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 06681654 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 06681654 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 06681654 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 06681654 c:ShareCapital 2023-12-31 06681654 c:ShareCapital 2022-12-31 06681654 c:RetainedEarningsAccumulatedLosses 2023-12-31 06681654 c:RetainedEarningsAccumulatedLosses 2022-12-31 06681654 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06681654 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06681654 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06681654 d:OrdinaryShareClass1 2023-12-31 06681654 d:OrdinaryShareClass1 2022-12-31 06681654 d:FRS101 2023-01-01 2023-12-31 06681654 d:Audited 2023-01-01 2023-12-31 06681654 d:FullAccounts 2023-01-01 2023-12-31 06681654 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06681654 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06681654 c:CurrentFinancialInstruments 7 2023-12-31 06681654 c:CurrentFinancialInstruments 7 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 06681654







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


RED EUROPE LIMITED






































img3ce6.png                        

 


RED EUROPE LIMITED
REGISTERED NUMBER:06681654



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
384,747
573,671

  
384,747
573,671

Current assets
  

Debtors: amounts falling due within one year
 6 
456,132
1,074,087

Cash at bank and in hand
  
26,960
154,533

  
483,092
1,228,620

Creditors: amounts falling due within one year
 7 
(223,172)
(204,445)

Net current assets
  
 
 
259,920
 
 
1,024,175

Total assets less current liabilities
  
644,667
1,597,846

  

Creditors: amounts falling due after more than one year
 8 
(36,949)
(146,992)

  
607,718
1,450,854

Provisions for liabilities
  

Deferred taxation
 10 
(51,410)
(66,022)

  
 
 
(51,410)
 
 
(66,022)

  

Net assets excluding pension asset
  
556,308
1,384,832

Net assets
  
556,308
1,384,832


Capital and reserves
  

Called up share capital 
  
250,000
250,000

Profit and loss account
  
306,308
1,134,832

  
556,308
1,384,832


Page 1

 


RED EUROPE LIMITED
REGISTERED NUMBER:06681654


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 on 13 August 2024.




D G Webb
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Red Europe Limited is a private company, limited by shares, registered in England and Wales. The
company's registered number and registered office address can be found on the Company
Information page.
The presentation currency of the financial statements is the Pound Sterling (£). 

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of RED.com LLC as at 31 December 2023 and these financial statements may be obtained from RED.com LLC head office, 94 Icon, Foothill Ranch, CA 92610, USA..

Page 3

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates value added tax and other sales tax.

 
2.4

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.

 
2.5

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.

 
2.6

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

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
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:

Improvements to property
-
25% on cost
Fixtures and fittings
-
20% on cost
Computer equipment
-
33% on cost
Short-term leasehold property
-
over the life of the lease

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.

  
2.7

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

  
2.8

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

  
2.9

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

  
2.10

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Page 5

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


New standards, interpretations and amendments adopted from 1 January 2023

The following new standards and amendments are effective for the period beginning 1 January 2023:
• IFRS 17 Insurance contracts
• Disclosure of Accounting policies (Amendments to IAS 1 Presentation of financial statements
             and IFRS Practice statement 2 Making materiality judgements)
• Definition of Accounting estimates (Amendments to IAS 8 Accounting policies, Changes in accounting 
             estimates and Errors)
• Deferred tax related to Assets and Liabilities arising from a single transaction (Amendments to IAS 12 Income
             taxes)
• International Tax reform – Pillar 2 Model rules (Amendment to IAS 12 Income taxes).
None of these amendments had any impact on the company.


4.


Employees

2023
2022
£
£

Wages and salaries
946,244
1,023,053

Social security costs
102,170
123,539

Other pension costs
20,124
21,581

1,068,538
1,168,173


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
8
9



Directors
2
2

10
11

Page 6

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Improvement to property
Fixtures and fittings
Computer equipment
Short leasehold
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
307,774
1,072,512
38,680
363,498
1,782,464


Additions
-
119,291
-
-
119,291


Disposals
-
(277,608)
(8,438)
-
(286,046)



At 31 December 2023

307,774
914,195
30,242
363,498
1,615,709



Depreciation


At 1 January 2023
198,118
875,078
27,936
107,661
1,208,793


Charge for the year on owned assets
76,943
111,286
5,051
108,845
302,125


Disposals
-
(271,518)
(8,438)
-
(279,956)



At 31 December 2023

275,061
714,846
24,549
216,506
1,230,962



Net book value



At 31 December 2023
32,713
199,349
5,693
146,992
384,747



At 31 December 2022
109,656
197,434
10,744
255,837
573,671


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
259,657
835,730

Other debtors
196,475
238,357

456,132
1,074,087


Page 7

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,135
1,316

Corporation tax
44,046
18,515

Other taxation and social security
33,939
35,286

Lease liabilities
110,043
108,845

Other creditors
20,909
30,793

Accruals and deferred income
9,100
9,690

223,172
204,445



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
36,949
146,992

36,949
146,992



9.

Leases

Company as a lessee



Lease liabilities are due as follows:

2023
2022
£
£

Finance leases
110,043
108,845

Finance leases  2-5 yrs
36,949
146,992

146,992
255,837

Page 8

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(66,022)


Charged to profit or loss
14,612



At end of year
(51,410)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(51,410)
(66,022)

(51,410)
(66,022)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



250,000 (2022 - 250,000) Ordinary share capital shares of £1.00 each
250,000
250,000



12.


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 defined
contributions payable by the company to the fund and amounted to £20,124 (2022 - £21,581).


13.


Related party transactions

The company has availed of the exemption under FRS 101 in relation to the disclosure of transactions with group undertakings.


14.


Post balance sheet events

On 8th April 2024, Nikon Corporation announced that is has successfully acquired 100% of the interests in RED.com LLC.

Page 9

 


RED EUROPE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Parent relationships

The parent undertaking is Red Digital Cinema LLC, and the ultimate holding company is Nikon Corporation. The  parent undertaking is incorporated in the United States of America at 94 Icon, Foothill Ranch, CA 92610. The ultimate holding company is incoporated in Tokyo Japan at Shinagawa Intercity Tower C, 2-15-3, Konan, Minato-ku, Tokyo 108-6290.
The smallest and largest group of group financial statements in which the results of the company are included within are available from Shinagawa Intercity Tower C, 2-15-3, Konan, Minato-ku, Tokyo 108-6290.

16.


Auditors' information

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

The audit report was signed on 16 September 2024 by James Fox ACA FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 10