Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-06-01falseIntelectual property consultancy2017truetruefalse 03989268 2023-06-01 2023-12-31 03989268 2022-06-01 2023-05-31 03989268 2023-12-31 03989268 2023-05-31 03989268 c:Director8 2023-06-01 2023-12-31 03989268 d:FurnitureFittings 2023-06-01 2023-12-31 03989268 d:FurnitureFittings 2023-12-31 03989268 d:FurnitureFittings 2023-05-31 03989268 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2023-12-31 03989268 d:OfficeEquipment 2023-06-01 2023-12-31 03989268 d:OfficeEquipment 2023-12-31 03989268 d:OfficeEquipment 2023-05-31 03989268 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2023-12-31 03989268 d:OwnedOrFreeholdAssets 2023-06-01 2023-12-31 03989268 d:CurrentFinancialInstruments 2023-12-31 03989268 d:CurrentFinancialInstruments 2023-05-31 03989268 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03989268 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03989268 d:ShareCapital 2023-12-31 03989268 d:ShareCapital 2023-05-31 03989268 d:CapitalRedemptionReserve 2023-12-31 03989268 d:CapitalRedemptionReserve 2023-05-31 03989268 d:RetainedEarningsAccumulatedLosses 2023-12-31 03989268 d:RetainedEarningsAccumulatedLosses 2023-05-31 03989268 c:FRS102 2023-06-01 2023-12-31 03989268 c:Audited 2023-06-01 2023-12-31 03989268 c:FullAccounts 2023-06-01 2023-12-31 03989268 c:PrivateLimitedCompanyLtd 2023-06-01 2023-12-31 03989268 d:WithinOneYear 2023-12-31 03989268 d:WithinOneYear 2023-05-31 03989268 c:SmallCompaniesRegimeForAccounts 2023-06-01 2023-12-31 03989268 2 2023-06-01 2023-12-31 03989268 6 2023-06-01 2023-12-31 03989268 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03989268 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03989268 e:PoundSterling 2023-06-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number:  03989268














WELLSPRING EMEA LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023


 
WELLSPRING EMEA LIMITED
Registered number: 03989268

BALANCE SHEET
As at 31 December 2023

31 December
31 May
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,409
25,749

Investments
 5 
-
52,547

  
21,409
78,296

Current assets
  

Debtors
 6 
1,091,438
614,113

Cash at bank and in hand
 7 
409,196
444,225

  
1,500,634
1,058,338

Creditors: amounts falling due within one year
 8 
(732,404)
(489,538)

Net current assets
  
 
 
768,230
 
 
568,800

Total assets less current liabilities
  
789,639
647,096

Provisions for liabilities
  

Deferred tax
 9 
(2,227)
(3,313)

  
 
 
(2,227)
 
 
(3,313)

Net assets
  
787,412
643,783

Page 1

 
WELLSPRING EMEA LIMITED
Registered number: 03989268
    
BALANCE SHEET (CONTINUED)
As at 31 December 2023

31 December
31 May
2023
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
411
411

Capital redemption reserve
  
278
278

Profit and loss account
  
786,723
643,094

  
787,412
643,783


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 21 February 2025.




D.E. Carpenter
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

1.


General information

The company is a private company limited by shares which is incorporated under the Companies Act 2006 and registered in England (no.03989268). The address of the registered office is 31-35 Kirby Street, London EC1N 8TE.
The company is the parent company of a small group of companies that is not required to prepare consolidated financial statements; these financial statements present information about the company as an individual undertaking. The principal activity of the company is that of intellectual property consultancy.

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

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.

Page 3

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

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:

Rendering of services

Revenue 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 revenue 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.

 
2.4

Interest income

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

 
2.5

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

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the period 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 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.


 
2.7

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:

Fixtures & fittings
-
25%
straight line
Office equipment
-
25%
straight line

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 20 (2023 - 17).

Page 6

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

4.


Tangible fixed assets







Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
5,099
67,664
72,763


Additions
412
1,919
2,331


Disposals
(292)
-
(292)



At 31 December 2023

5,219
69,583
74,802



Depreciation


At 1 June 2023
3,493
43,521
47,014


Charge for the period on owned assets
493
5,941
6,434


Disposals
(55)
-
(55)



At 31 December 2023

3,931
49,462
53,393



Net book value



At 31 December 2023
1,288
20,121
21,409



At 31 May 2023
1,606
24,143
25,749


5.


Fixed asset investments








Investments in subsidiary companies

£





At 1 June 2023
52,547


Disposals
(52,547)



At 31 December 2023
-




Page 7

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

6.


Debtors


31 December
31 May
2023
2023
£
£



Trade debtors
619,950
451,789

Amounts owed by group undertakings
380,609
11,365

Other debtors
277
267

Prepayments and accrued income
90,602
150,692

1,091,438
614,113


.


7.


Cash and cash equivalents

31 December
31 May
2023
2023
£
£

Cash at bank and in hand
409,196
444,225

409,196
444,225



8.


Creditors: Amounts falling due within one year

31 December
31 May
2023
2023
£
£

Trade creditors
16,902
30,336

Amounts owed to group undertakings
-
1,106

Corporation tax
105,962
28,917

Other taxation and social security
114,030
86,578

Other creditors
268,211
274,962

Accruals and deferred income
227,299
67,639

732,404
489,538




Page 8

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

9.


Deferred taxation






2023


£






At beginning of year
(3,313)


Charged to profit or loss
1,086



At end of year
(2,227)

The provision for deferred taxation is made up as follows:

31 December
31 May
2023
2023
£
£


Accelerated capital allowances
(2,227)
(3,313)

(2,227)
(3,313)


10.


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 £70,109 (2023 - £119,708). Contributions totalling £nil (2023 - £112) were payable to the fund at the balance sheet date and are included in creditors.


11.


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:

31 December
31 May
2023
2023
£
£


Not later than 1 year
111,189
48,593

111,189
48,593

Page 9

 
WELLSPRING EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Period Ended 31 December 2023

12.


Controlling party

The company is a wholly owned subsidiary of Wellspring Worldwide Inc, which is also the ultimate controlling party.
Wellspring Worldwide Inc is incorporated in the United States and its registered address is 954 W Washington Boulevard, Suite 750, Chicago, Illinois 60607, United States.


13.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 21 February 2025 by  (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 10