Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueNo description of principal activity2023-01-01false2713falsefalse 02420895 2023-01-01 2023-12-31 02420895 2022-01-01 2022-12-31 02420895 2023-12-31 02420895 2022-12-31 02420895 c:Director1 2023-01-01 2023-12-31 02420895 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02420895 d:Buildings d:LongLeaseholdAssets 2023-12-31 02420895 d:Buildings d:LongLeaseholdAssets 2022-12-31 02420895 d:PlantMachinery 2023-01-01 2023-12-31 02420895 d:PlantMachinery 2023-12-31 02420895 d:PlantMachinery 2022-12-31 02420895 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02420895 d:FurnitureFittings 2023-01-01 2023-12-31 02420895 d:FurnitureFittings 2023-12-31 02420895 d:FurnitureFittings 2022-12-31 02420895 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02420895 d:OfficeEquipment 2023-01-01 2023-12-31 02420895 d:ComputerEquipment 2023-01-01 2023-12-31 02420895 d:ComputerEquipment 2023-12-31 02420895 d:ComputerEquipment 2022-12-31 02420895 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02420895 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02420895 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 02420895 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 02420895 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 02420895 d:CurrentFinancialInstruments 2023-12-31 02420895 d:CurrentFinancialInstruments 2022-12-31 02420895 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02420895 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02420895 d:ShareCapital 2023-12-31 02420895 d:ShareCapital 2022-12-31 02420895 d:RetainedEarningsAccumulatedLosses 2023-12-31 02420895 d:RetainedEarningsAccumulatedLosses 2022-12-31 02420895 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02420895 c:OrdinaryShareClass1 2023-12-31 02420895 c:OrdinaryShareClass1 2022-12-31 02420895 c:FRS102 2023-01-01 2023-12-31 02420895 c:Audited 2023-01-01 2023-12-31 02420895 c:FullAccounts 2023-01-01 2023-12-31 02420895 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02420895 d:WithinOneYear 2023-12-31 02420895 d:WithinOneYear 2022-12-31 02420895 d:BetweenOneFiveYears 2023-12-31 02420895 d:BetweenOneFiveYears 2022-12-31 02420895 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02420895 d:OtherDeferredTax 2023-12-31 02420895 d:OtherDeferredTax 2022-12-31 02420895 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 02420895 4 2023-01-01 2023-12-31 02420895 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02420895










NZP UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NZP UK LIMITED
REGISTERED NUMBER: 02420895

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
364,006
3,503,756

Tangible assets
 5 
601,711
668,375

  
965,717
4,172,131

Current assets
  

Stocks
  
226,331
275,464

Debtors: amounts falling due within one year
 6 
583,146
953,384

Cash at bank and in hand
 7 
175,889
516,029

  
985,366
1,744,877

Creditors: amounts falling due within one year
 8 
(9,140,560)
(11,208,215)

Net current liabilities
  
 
 
(8,155,194)
 
 
(9,463,338)

Total assets less current liabilities
  
(7,189,477)
(5,291,207)

Provisions for liabilities
  

Deferred tax
 9 
-
(93,618)

  
 
 
-
 
 
(93,618)

Net liabilities
  
(7,189,477)
(5,384,825)


Capital and reserves
  

Called up share capital 
 10 
103,600
103,600

Profit and loss account
  
(7,293,077)
(5,488,425)

  
(7,189,477)
(5,384,825)


Page 1

 
NZP UK LIMITED
REGISTERED NUMBER: 02420895

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 23 September 2024.




Alexander Weymouth-Wilson
Director

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

Page 2

 
NZP UK LIMITED
 

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

1.


General information

NZP UK Limited is a private company limited by shares, incorporated in England and Wales. The registered office is One, Glass Wharf, Bristol, BS2 0ZX. 

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 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 company made a loss after taxation of £1,804,652 for the year ended 31 December 2023 and the balance sheet shows net current liabilities of £8,155,194. A group company has agreed to provide such financial support as the company requires for its continued operations for a period of at least 12 months from the date of approval of the financial statements.
 
On this basis the directors have prepared the financial statements on the going concern basis which assumes that the company will be able to trade for the foreseeable future.

  
2.3

Cash flow

The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under Section 1A of Financial Reporting Standard 102.

  
2.4

Turnover

Revenue is recognised based on the percentage of the projects completed as at the end of the reporting period. The total value of the project is fixed in advance.
The recognition of income received is dependent on the terms of custom synthesis contracts, having regard to the risks and rewards of the arrangement and the existence of any performance or repayment obligations with any third party.
NZP recognises turnover when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed and determinable and recoverability is assured. Amounts received are recognised immediately as turnover where there are no ongoing obligations and amounts received are not refundable. Amounts are deferred over an appropriate period where these conditions are not met.

 
2.5

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 3

 
NZP UK LIMITED
 

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

2.Accounting policies (continued)


2.5
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.


Leasehold improvement
-
Various
Laboratory equipment
-
Various
Office and IT equipment
-
33%
on a straight line basis

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.

 
2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Net realisable value is based on estimated selling price.

 
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.

Page 4

 
NZP UK LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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 the Profit and Loss account.

 
2.12

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 Profit and Loss Account 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.

 
2.13

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 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.

Page 5

 
NZP UK LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.15

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs will be amortised after the finalisation of the development phase. At the balance sheet date, the development phase had not yet been completed and therefore no amortisation charge is included in the financial statements.
If it is not possible to distinguish between the research and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 13).


4.


Intangible assets




Development costs

£



Cost


At 1 January 2023
3,503,756


Additions
112,829



At 31 December 2023

3,616,585



Amortisation


At 1 January 2023
-


Impairment charge
3,252,579



At 31 December 2023

3,252,579



Net book value



At 31 December 2023
364,006



At 31 December 2022
3,503,756



Page 6

 
NZP UK LIMITED
 

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

5.


Tangible fixed assets





Leasehold improve-ments
Laboratory equipment
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
1,150,607
1,640,246
22,831
159,251
2,972,935


Additions
-
136,662
325
15,074
152,061



At 31 December 2023

1,150,607
1,776,908
23,156
174,325
3,124,996



Depreciation


At 1 January 2023
807,033
1,375,510
19,906
102,111
2,304,560


Charge for the year
89,121
107,280
2,246
20,078
218,725



At 31 December 2023

896,154
1,482,790
22,152
122,189
2,523,285



Net book value



At 31 December 2023
254,453
294,118
1,004
52,136
601,711



At 31 December 2022
343,574
264,736
2,925
57,140
668,375

Page 7

 
NZP UK LIMITED
 

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

6.


Debtors

2023
2022
£
£


Trade debtors
134,983
296,742

Amounts owed by group undertakings
-
23,798

Other debtors
212,327
191,757

Prepayments and accrued income
235,836
441,087

583,146
953,384



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
175,889
516,029



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
534,589
369,712

Amounts owed to group undertakings
8,241,191
10,159,856

Other taxation and social security
46,537
45,656

Accruals and deferred income
318,243
632,991

9,140,560
11,208,215



9.


Deferred taxation




2023


£






At beginning of year
(93,618)


Charged to profit or loss
93,618



At end of year
-

Page 8

 
NZP UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Timing differences
-
(93,618)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,360,000 (2022 - 10,360,000) Ordinary shares of £0.01 each
103,600
103,600



11.


Business combinations

In 2022 the business of Dextra Laboratories Limited, a fellow subsidiary, was transferred into the company therefore the current year figures are the results of both entities.


12.


Contingent liabilities

Under a charge dated 22 July 2020, the assets of the company are held as security against bank borrowings of other group undertakings.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
360,095
293,333

Later than 1 year and not later than 5 years
1,410,372
-

1,770,467
293,333


14.


Related party transactions

Exemption from disclosing transactions with other group companies has been claimed in accordance with Section 33 of FRS 102, where subsidiaries are wholly owned.

Page 9

 
NZP UK LIMITED
 

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

15.


Controlling party

The immediate parent company is NZP Holdings Limited, a company registered in New Zealand. The ultimate parent company and controlling party is AI ICE (Luxembourg) S.A.R.L, a company registered in Luxembourg. 


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 24 September 2024 by Alexander Peal BSc (Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 10