Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-319Manufacture of electronic components2023-01-01false10falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11411254 2023-01-01 2023-12-31 11411254 2022-01-01 2022-12-31 11411254 2023-12-31 11411254 2022-12-31 11411254 c:Director2 2023-01-01 2023-12-31 11411254 d:PlantMachinery 2023-01-01 2023-12-31 11411254 d:PlantMachinery 2023-12-31 11411254 d:PlantMachinery 2022-12-31 11411254 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11411254 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 11411254 d:OtherPropertyPlantEquipment 2023-12-31 11411254 d:OtherPropertyPlantEquipment 2022-12-31 11411254 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11411254 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11411254 d:CurrentFinancialInstruments 2023-12-31 11411254 d:CurrentFinancialInstruments 2022-12-31 11411254 d:CurrentFinancialInstruments 3 2023-12-31 11411254 d:CurrentFinancialInstruments 3 2022-12-31 11411254 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11411254 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11411254 d:ShareCapital 2023-12-31 11411254 d:ShareCapital 2022-12-31 11411254 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 11411254 d:OtherMiscellaneousReserve 2023-12-31 11411254 d:OtherMiscellaneousReserve 2022-12-31 11411254 d:RetainedEarningsAccumulatedLosses 2023-12-31 11411254 d:RetainedEarningsAccumulatedLosses 2022-12-31 11411254 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11411254 c:OrdinaryShareClass1 2023-12-31 11411254 c:OrdinaryShareClass1 2022-12-31 11411254 c:FRS102 2023-01-01 2023-12-31 11411254 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11411254 c:FullAccounts 2023-01-01 2023-12-31 11411254 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11411254 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11411254









SEEQC UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SEEQC UK LIMITED
REGISTERED NUMBER: 11411254

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
556,599
599,041

  
556,599
599,041

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
691,148
222,410

Cash at bank and in hand
  
196,574
629,770

  
887,722
852,180

Creditors: amounts falling due within one year
 6 
(75,912)
(51,050)

NET CURRENT ASSETS
  
 
 
811,810
 
 
801,130

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,368,409
1,400,171

  

NET ASSETS
  
1,368,409
1,400,171


CAPITAL AND RESERVES
  

Called up share capital 
 7 
1
1

Other reserves
 8 
3,193,690
2,540,359

Profit and loss account
 8 
(1,825,282)
(1,140,189)

  
1,368,409
1,400,171


Page 1

 
SEEQC UK LIMITED
REGISTERED NUMBER: 11411254
    
BALANCE SHEET (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 profit and loss account 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 Levy
Director

Date: 24 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

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

1.


GENERAL INFORMATION

SeeQC UK Limited is a private company limited by shares and incorporated in England and Wales. It's
registered office is Unit Et.5.01 Cargo Works, 1-2 Hatfields, London. SE1 9PG. 
The Company is a wholly owned subsidiary of SeeQC, Inc., a company incorporated in the USA.

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

After making appropriate enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The ability of the company to continue operations at the current level is dependent on the ongoing support from the parent company, SeeQC Inc. The directors are confident that the company will continue to receive the necessary support as required. In the event that financing is not available the company will reduce its activities and put projects on hold until such a time that there is future funding available. For this reason they adopt the going concern basis when preparing the financial statements.

 
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.

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.

 
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.

Page 3

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

RESEARCH AND DEVELOPMENT

Research and development costs are written off to the Profit and Loss account as incurred.

 
2.6

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 Profit and Loss Account in the same period as the related expenditure.

 
2.7

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.

 
2.8

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.

Assets in the course of construction are not depreciated.  Once assets are completd and ready for operational use they are transferred to their appropriate asset category and depreciated in line with the associated accounting policy.

Page 4

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

2.ACCOUNTING POLICIES (CONTINUED)


2.8
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:

Plant and machinery
-
20%
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.

 
2.9

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.

 
2.10

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.

 
2.11

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.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2022 - 9).

Page 5

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

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Construction in progress
Total

£
£
£



COST


At 1 January 2023
695,619
34,289
729,908


Additions
153,638
-
153,638


Transfer to P&L
-
(34,289)
(34,289)



At 31 December 2023

849,257
-
849,257



DEPRECIATION


At 1 January 2023
130,867
-
130,867


Charge for the year on owned assets
161,791
-
161,791



At 31 December 2023

292,658
-
292,658



NET BOOK VALUE



At 31 December 2023
556,599
-
556,599



At 31 December 2022
564,752
34,289
599,041


5.


DEBTORS

2023
2022
£
£


Other debtors
46,270
20,883

Prepayments and accrued income
2,438
-

Grants receivable
642,440
201,527

691,148
222,410


Page 6

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

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
67,571
44,431

Other creditors
133
-

Accruals and deferred income
8,208
6,619

75,912
51,050


Included within other creditors is £133 (2022 - £nil) due to the Company's defined contribution pension scheme.


7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


RESERVES

Other reserves

The Company receives capital contributions from its shareholders which are credited to the capital contribution reserve.

 
Page 7