Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytrue2023-01-011falsetruefalse 12380564 2023-01-01 2023-12-31 12380564 2022-01-01 2022-12-31 12380564 2023-12-31 12380564 2022-12-31 12380564 c:Director1 2023-01-01 2023-12-31 12380564 d:CurrentFinancialInstruments 2023-12-31 12380564 d:CurrentFinancialInstruments 2022-12-31 12380564 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12380564 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12380564 d:ShareCapital 2023-12-31 12380564 d:ShareCapital 2022-12-31 12380564 d:RetainedEarningsAccumulatedLosses 2023-12-31 12380564 d:RetainedEarningsAccumulatedLosses 2022-12-31 12380564 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12380564 c:OrdinaryShareClass1 2023-12-31 12380564 c:OrdinaryShareClass1 2022-12-31 12380564 c:FRS102 2023-01-01 2023-12-31 12380564 c:Audited 2023-01-01 2023-12-31 12380564 c:FullAccounts 2023-01-01 2023-12-31 12380564 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12380564 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12380564 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12380564









FLEXXIBLE IT UK LTD

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FLEXXIBLE IT UK LTD
REGISTERED NUMBER: 12380564

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
25,487
2,654

Cash at bank and in hand
  
8,087
-

  
33,574
2,654

Creditors: amounts falling due within one year
 5 
(109,010)
(45,522)

Net current liabilities
  
 
 
(75,436)
 
 
(42,868)

Total assets less current liabilities
  
(75,436)
(42,868)

  

Net liabilities
  
(75,436)
(42,868)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(75,536)
(42,968)

  
(75,436)
(42,868)


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 on 26 September 2024.




Mr Pedro Beitra
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
FLEXXIBLE IT UK LTD
 

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

1.


General information

Flexxible IT UK Ltd is a private company limited by shares and incorporated in England & Wales. The registered number of the company is 12380564. The registered office is 7 Solihull Lane, Birmingham, B28 9LS.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on the going concern basis despite recording a loss in the year of £32,568 (2022: £42,968) and net liabilities as at 31 December 2023 of £75,436 (2022: £42,868).
The company is new to the UK marketplace and whilst it develops its trade, is dependent on the continued support of its parent company Flexxible Information Technology, S.L. The parent company has continued to support the company in the ensuing post year end period and has provided confirmation that it is willing to provide immediate and continued financial support to Flexxible IT UK Ltd as it begins to build a customer base with UK based businesses. 
In the post balance sheet period, the parent company is also intending to convert the intercompany loan into share capital and as a result of increased services being provided by the UK company to the parent, there has been an increase in the revenue earned by the UK in 2024 leading to additional profits which will repay the previous losses.
The directors have considered a period not less than 12 months from the approval date of these financial statements and have concluded that the company will receive sufficient cash injections to continue for the foreseeable future.
Based on the above, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Page 2

 
FLEXXIBLE IT UK LTD
 

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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 3

 
FLEXXIBLE IT UK LTD
 

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

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 0).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
25,000
-

Other debtors
487
1,954

Prepayments and accrued income
-
700

25,487
2,654



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,200
10,946

Amounts owed to group undertakings
95,028
24,836

Other taxation and social security
5,544
-

Other creditors
257
-

Accruals and deferred income
6,981
9,740

109,010
45,522


Amounts owed to group undertakings are unsecured, interest free and have no fixed date of repayment. 

Page 4

 
FLEXXIBLE IT UK LTD
 

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

6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



7.


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 contributions payable by the Company to the fund and amounted to £1,321 (2022: £1,462). Contributions totalling £257 (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


8.


Controlling party

The immediate and ultimate parent company is Flexxible Information Technology, S.I. a company registered in Spain. The registered address is Carrer de Vallhonrat, 45, 08221 Terrassa, Barcelona Spain.
Flexxible IT UK Ltd is exempt from producing consolidated accounts, as it is consolidated in the results of its parent company Flexxible Information Technology, S.I.


9.


Auditors' information

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

The audit report was signed on 26 September 2024 by Aaron Widdows ACA FCCA (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 5