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Registered number: 03618073










EKCS UK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EKCS UK LIMITED
REGISTERED NUMBER: 03618073

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
42,823
31,956

Current assets
  

Debtors: amounts falling due after more than one year
 5 
255,211
85,839

Debtors: amounts falling due within one year
 5 
546,359
573,994

Cash at bank and in hand
 6 
281,055
337,719

  
1,082,625
997,552

Creditors: amounts falling due within one year
 7 
(700,413)
(615,743)

Net current assets
  
 
 
382,212
 
 
381,809

Total assets less current liabilities
  
425,035
413,765

Creditors: amounts falling due after more than one year
 8 
(75,000)
(125,000)

  

Net assets
  
350,035
288,765


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
350,033
288,763

  
350,035
288,765


Page 1

 
EKCS UK LIMITED
REGISTERED NUMBER: 03618073
    
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 statement of income and retained earnings 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: 




................................................
Robert Berkeley
Director

Date: 26 September 2024

Page 2

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

1.


General information

EKCS UK Limited is a private limited company, incorporated in England and Wales.
The registered office and principal place of business is Tyrells End Farm, Tyrells End, Eversholt, Milton Keynes, MK17 9DS.

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

Going concern

The financial statements have been prepared on a going concern basis. The Company is dependent for its working capital on funds provided to it by its Group companies. The going concern basis is considered to be appropriate because the parent company has provided the Company with an assurance, for at least 12 months from the date of approval of these Financial Statements, that it will continue to make available such funds as are needed by the Company. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

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

Page 3

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

2.Accounting policies (continued)

 
2.4

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, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

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, 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.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Office equipment
-
25% per annum

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.

 
2.10

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

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 6).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
55,690
18,465
74,155


Additions
-
22,019
22,019



At 31 December 2023

55,690
40,484
96,174



Depreciation


At 1 January 2023
30,238
11,961
42,199


Charge for the year on owned assets
6,363
4,789
11,152



At 31 December 2023

36,601
16,750
53,351



Net book value



At 31 December 2023
19,089
23,734
42,823



At 31 December 2022
25,452
6,504
31,956

Page 6

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

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
255,211
85,839


2023
2022
£
£

Due within one year

Trade debtors
465,592
527,686

Other debtors
29,363
900

Prepayments and accrued income
7,399
7,244

Tax recoverable
44,005
38,164

546,359
573,994



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
281,055
337,719


Page 7

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
50,000
50,000

Other loans
-
3,332

Payments received on account
42,333
65,857

Trade creditors
456,469
307,013

Corporation tax
3,536
-

Other taxation and social security
133,438
104,867

Other creditors
9,170
74,747

Accruals and deferred income
5,467
9,927

700,413
615,743


The bank loan is supported by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

2023
2022
£
£

Other taxation and social security

PAYE/NI control
62,618
18,841

VAT control
70,820
86,026

133,438
104,867



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
75,000
125,000


The bank loan is supported by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

Page 8

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000

Other loans
-
3,332


50,000
53,332


Amounts falling due 2-5 years

Bank loans
75,000
125,000


75,000
125,000


125,000
178,332


The bank loan is supported by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank, on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.


10.


Pension commitments

The company operated a defined contributions pension scheme. The assets of the scheme are held
seperately 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 £157,451 (2022 - £28,967). The amount owed at the period end was £2,817 (2022 - £1,354).


11.


Related party transactions

The immediate and ultimate parent Company is EKCS Inc, a Company incorporated in The United States of America. At 31 December 2023 there was balance due from EKCS Inc of £255,211 (2022:  £85,839).
During the year EKCS UK Limited charged EKCS Inc £408,682 (2022: £87,177) for management charges.
During the year, £25,000 was loaned to RTT3 Ltd, a Company with a common director. At the end of the year the Company was owed £25,000 (2022: £Nil).

 
Page 9