Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity59truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11854533 2023-01-01 2023-12-31 11854533 2022-01-01 2022-12-31 11854533 2023-12-31 11854533 2022-12-31 11854533 c:Director1 2023-01-01 2023-12-31 11854533 d:PlantMachinery 2023-01-01 2023-12-31 11854533 d:PlantMachinery 2023-12-31 11854533 d:PlantMachinery 2022-12-31 11854533 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11854533 d:MotorVehicles 2023-01-01 2023-12-31 11854533 d:MotorVehicles 2023-12-31 11854533 d:MotorVehicles 2022-12-31 11854533 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11854533 d:FurnitureFittings 2023-01-01 2023-12-31 11854533 d:OfficeEquipment 2023-01-01 2023-12-31 11854533 d:OfficeEquipment 2023-12-31 11854533 d:OfficeEquipment 2022-12-31 11854533 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11854533 d:ComputerEquipment 2023-01-01 2023-12-31 11854533 d:ComputerEquipment 2023-12-31 11854533 d:ComputerEquipment 2022-12-31 11854533 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11854533 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11854533 d:CurrentFinancialInstruments 2023-12-31 11854533 d:CurrentFinancialInstruments 2022-12-31 11854533 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11854533 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11854533 d:ShareCapital 2023-12-31 11854533 d:ShareCapital 2022-12-31 11854533 d:RetainedEarningsAccumulatedLosses 2023-12-31 11854533 d:RetainedEarningsAccumulatedLosses 2022-12-31 11854533 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11854533 c:OrdinaryShareClass1 2022-12-31 11854533 c:FRS102 2023-01-01 2023-12-31 11854533 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11854533 c:FullAccounts 2023-01-01 2023-12-31 11854533 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11854533 d:WithinOneYear 2023-12-31 11854533 d:WithinOneYear 2022-12-31 11854533 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11854533







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HP TUNERS EUROPE LTD






































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HP TUNERS EUROPE LTD
REGISTERED NUMBER:11854533



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,811
52,759

  
27,811
52,759

Current assets
  

Stocks
  
30,684
37,031

Debtors: amounts falling due within one year
 5 
61,108
528,237

Cash at bank and in hand
  
50,126
128,463

  
141,918
693,731

Creditors: amounts falling due within one year
 6 
(309,122)
(2,402,982)

Net current liabilities
  
 
 
(167,204)
 
 
(1,709,251)

Total assets less current liabilities
  
(139,393)
(1,656,492)

  

Net liabilities
  
(139,393)
(1,656,492)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(139,493)
(1,656,592)

  
(139,393)
(1,656,492)


Page 1

 


HP TUNERS EUROPE LTD
REGISTERED NUMBER:11854533


    
STATEMENT OF FINANCIAL POSITION (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 on 28 November 2024.




R Mcintyre
Director

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

Page 2

 


HP TUNERS EUROPE LTD
 


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

1.


General information

HP Tuners Europe Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Inforamtion page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 connected company, HP Tuners LLC, have indicated that they will contiue to support the company for the foreseeable future and will not demand payment of amounts due to them until the cash flow of the company allow for this. The financial statements have been prepared on a going concern basis accordingly.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


HP TUNERS EUROPE LTD
 


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

2.Accounting policies (continued)

 
2.4

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 reporting 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 reporting 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 reporting date.

 
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.

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
-
25%
Motor vehicles
-
20%
Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

Page 4

 


HP TUNERS EUROPE LTD
 


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

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 9).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
24,923
26,033
39,936
29,094
119,986


Additions
-
-
-
3,637
3,637



At 31 December 2023

24,923
26,033
39,936
32,731
123,623



Depreciation


At 1 January 2023
5,910
10,413
30,470
20,434
67,227


Charge for the year on owned assets
6,230
5,207
9,466
7,682
28,585



At 31 December 2023

12,140
15,620
39,936
28,116
95,812



Net book value



At 31 December 2023
12,783
10,413
-
4,615
27,811



At 31 December 2022
19,013
15,620
9,466
8,660
52,759

Page 5

 


HP TUNERS EUROPE LTD
 


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

5.


Debtors

2023
2022
£
£


Other debtors
21,959
26,171

Prepayments and accrued income
13,801
11,609

Deferred taxation
25,348
490,457

61,108
528,237



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,627
3,983

Amounts owed to group undertakings
191,812
2,323,053

Other taxation and social security
84,327
63,040

Other creditors
3,854
6,537

Accruals and deferred income
10,502
6,369

309,122
2,402,982



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



8.


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
44,200
42,100

44,200
42,100

Page 6

 


HP TUNERS EUROPE LTD
 


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

9.


Related party transactions

As at 31 December 2023 the company owed £191,812 (2022: £2,323,153) to a connected company. This is an interest free loan repayable on demand.


10.


Parent relationships

The parent undertaking is Chicken 16 LLC. Their registered office is 745 Price LN, Deerfiled, Illinois, United States.

 
Page 7