Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalse2023-01-0131truetruefalse 12335663 2023-01-01 2023-12-31 12335663 2022-01-01 2022-12-31 12335663 2023-12-31 12335663 2022-12-31 12335663 1 2023-01-01 2023-12-31 12335663 d:CompanySecretary1 2023-01-01 2023-12-31 12335663 d:Director1 2023-01-01 2023-12-31 12335663 d:RegisteredOffice 2023-01-01 2023-12-31 12335663 c:CurrentFinancialInstruments 2023-12-31 12335663 c:CurrentFinancialInstruments 2022-12-31 12335663 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 12335663 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12335663 c:ShareCapital 2023-12-31 12335663 c:ShareCapital 2022-12-31 12335663 c:CapitalRedemptionReserve 2023-01-01 2023-12-31 12335663 c:OtherMiscellaneousReserve 2023-12-31 12335663 c:OtherMiscellaneousReserve 2022-12-31 12335663 c:RetainedEarningsAccumulatedLosses 2023-12-31 12335663 c:RetainedEarningsAccumulatedLosses 2022-12-31 12335663 d:FRS102 2023-01-01 2023-12-31 12335663 d:Audited 2023-01-01 2023-12-31 12335663 d:FullAccounts 2023-01-01 2023-12-31 12335663 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12335663 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12335663 2 2023-01-01 2023-12-31 12335663 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 12335663 (England and Wales)














ENVEIL UK LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
ENVEIL UK LIMITED
 

 
COMPANY INFORMATION


Director
E A Williams 




Company secretary
Oakwood Corporate Secretaries Limited



Registered number
12335663



Registered office
3rd Floor
1 Ashley Road

Altrincham

Cheshire

United Kingdom

WA14 2DT




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
ENVEIL UK LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
ENVEIL UK LIMITED
REGISTERED NUMBER:12335663


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1
1

Cash at bank and in hand
  
20,028
16,321

  
20,029
16,322

Creditors: amounts falling due within one year
 5 
(1,249,051)
(744,115)

Net current liabilities
  
 
 
(1,229,022)
 
 
(727,793)

Total assets less current liabilities
  
(1,229,022)
(727,793)

  

Net liabilities
  
(1,229,022)
(727,793)


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 6 
15,930
-

Profit and loss account
  
(1,244,953)
(727,794)

  
(1,229,022)
(727,793)


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 by: 

E A Williams
Director

Date: 15 November 2024

The notes on pages 2 to 5 form part of these financial statements.
Page 1


 
ENVEIL UK LIMITED
 

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

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The Company is in a net liability position, primarily due to amounts owed to group undertakings from the parent company, Enveil Inc. The Company relies on the continued support of the parent company in order to remain a going concern and has received written confirmation that it is willing to continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. 
The director has considered the ability of the parent company to provide this support based upon cashflow forecasts. The parent company has entered into a loan term with their bank and has drawn down against the debt facility to provide additional working capital. However due to the significant level of ongoing cash outflows, this position may cast a material uncertainty over the ability of the parent company to support the Company at the current rate. Despite this uncertainty, the director has determined that the financial statements should continue to to be prepared on the going concern basis.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

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 2


 
ENVEIL UK LIMITED
 

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

1.Accounting policies (continued)

 
1.5

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
1.6

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.

 
1.7

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.

 
1.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.9

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 3


 
ENVEIL UK LIMITED
 

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

2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified, though the auditors drew attention to note 1.2 to these accounts which indicates the existence of material uncertainity which may cause significant doubt about the Company's ability to continue as a going concern.

The audit report was signed on 19 November 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 3 (2022 - 1).


4.


Debtors

2023
2022
£
£


Unpaid share capital
1
1

1
1



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
768
-

Amounts owed to group undertakings
1,215,599
725,208

Other creditors
17,864
15,247

Accruals and deferred income
14,820
3,660

1,249,051
744,115



6.


Reserves

Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over
shares in the Company's parent. The options are granted at an idependently determined fair value and
25% of the options are exercisable one year after the date of grant, vesting continues monthly thereafter.
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting
period with corresponding amount being recognised in the capital contribution reserve.

Page 4


 
ENVEIL UK LIMITED
 

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

7.


Controlling party

Enveil Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 8171 Maple Lawn Blvd #240, Fulton, Maryland, 20759.


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
 
Page 5