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Registered number: 09492433










MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
REGISTERED NUMBER: 09492433

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 (as restated)
Note
£
£

Fixed assets
  

Tangible fixed assets
  
2,472
3,820

  
2,472
3,820

Current assets
  

Debtors: amounts falling due within one year
 9 
375,049
272,038

Cash at bank and in hand
 10 
164,457
354,262

  
539,506
626,300

Creditors: amounts falling due within one year
 11 
(158,158)
(331,423)

Net current assets
  
 
 
381,348
 
 
294,877

Total assets less current liabilities
  
383,820
298,697

  

Net assets
  
383,820
298,697


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
383,819
298,696

  
383,820
298,697


The Company's financial statements have been prepared in accordance with the provisions applicable to companies 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 by: 

S Haanpaa
Director
Date: 19 September 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023 (as restated)
1
336,101
336,102

Prior year adjustment
-
(37,405)
(37,405)

At 1 January 2023 (as restated)
1
298,696
298,697


Comprehensive income for the year

Profit for the year
-
85,123
85,123


At 31 December 2023
1
383,819
383,820


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


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
140,213
140,214


Comprehensive income for the year

Profit for the year
-
158,483
158,483


At 31 December 2022 (as restated)
1
298,696
298,697


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

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

1.


General information

MVC Videra UK Limited is a private company limited by shares, incorporated in England and Wales. The registered office and principal place of business of the company is 5th Floor, Thames Tower, Station Road, Berkshire, RG1 1LX.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

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 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

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 for goods and services supplied during the year, excluding discounts, rebates, value added tax and other sales taxes.

Page 3

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

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.

 
2.7

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

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

2.Accounting policies (continued)


2.7
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:

Leasehold improvements
-
3 years straight line

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Service charge (cost plus)
654,943
1,051,120

External sales
154,805
456,332

809,748
1,507,452


All turnover arose within the United Kingdom.

Page 5

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
2,343
(26,658)

Other operating lease rentals
60,886
69,927


5.


Employees

Staff costs were as follows:


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


        2023
        2022
            No.
            No.







Employees
4
8


6.


Directors' remuneration



Key management personnel of the company are the directors. The directors are remunerated by other group companies.

Page 6

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

7.


Taxation


2023
2022
£
£




Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
85,123
195,888


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
20,021
37,219

Effects of:


Expenses not deductible for tax purposes
239
154

Capital allowances for year in excess of depreciation
-
1,369

Remeasurement of deferred tax for changes in tax rates
(61)
-

Movement in deferred tax not recognised
1,021
(333)

Group relief
(21,220)
(38,409)

Total tax charge for the year
-
-

Page 7

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

8.


Tangible fixed assets





Leasehold improvements

£



Cost or valuation


At 1 January 2023
35,521



At 31 December 2023

35,521



Depreciation


At 1 January 2023
31,701


Charge for the year
1,348



At 31 December 2023

33,049



Net book value



At 31 December 2023
2,472



At 31 December 2022
3,820

Page 8

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

9.


Debtors

2023
2022
£
£


Trade debtors
184,853
177,457

Amounts owed by group undertakings
30,783
52,784

Other debtors
148,683
11,037

Prepayments and accrued income
10,730
30,760

375,049
272,038



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
164,457
354,262

164,457
354,262



11.


Creditors: Amounts falling due within one year

2023
2022 (as restated)
£
£

Trade creditors
4,196
3,711

Amounts owed to group undertakings
-
117,141

Other taxation and social security
26,387
22,438

Other creditors
-
10,647

Accruals and deferred income
127,575
177,486

158,158
331,423



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) ordinary share of £1
1
1


Page 9

 
MVC VIDERA UK LIMITED (FORMERLY ELISA VIDERA UK LIMITED)
 

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

13.


Prior year adjustment

During the year a prior year adjustment has been made to recognise costs and accruals in the correct period as they should have related to 2022 hence the 2022 balance has been restated. The impact of this adjustment is to increase costs of sales and accruals by £37,405.


14.


Related party transactions

On the basis that 100% of the company's voting rights are controlled within the group, the company has taken advantage of the exemption under FRS 102 not to disclose intra-group transactions. 


15.


Ultimate and immediate parent undertaking

The ultimate parent undertaking is Elisa Corporation, a company incorporated in Finland. The immediate parent undertaking is Elisa Videra Oy, a company incorporated in Finland. 


16.


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 19 September 2024 by Alan Poole BA (Hons) FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 10