Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-3122true2024-01-01falseNo description of principal activity22truetruefalse 06301875 2024-01-01 2024-12-31 06301875 2023-01-01 2023-12-31 06301875 2024-12-31 06301875 2023-12-31 06301875 c:Director2 2024-01-01 2024-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2024-12-31 06301875 d:Buildings d:LongLeaseholdAssets 2023-12-31 06301875 d:OfficeEquipment 2024-01-01 2024-12-31 06301875 d:OfficeEquipment 2024-12-31 06301875 d:OfficeEquipment 2023-12-31 06301875 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06301875 d:ComputerEquipment 2024-01-01 2024-12-31 06301875 d:ComputerEquipment 2024-12-31 06301875 d:ComputerEquipment 2023-12-31 06301875 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06301875 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06301875 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06301875 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06301875 d:ShareCapital 2024-12-31 06301875 d:ShareCapital 2023-12-31 06301875 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 06301875 d:OtherMiscellaneousReserve 2024-12-31 06301875 d:OtherMiscellaneousReserve 2023-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2024-12-31 06301875 d:RetainedEarningsAccumulatedLosses 2023-12-31 06301875 c:FRS102 2024-01-01 2024-12-31 06301875 c:Audited 2024-01-01 2024-12-31 06301875 c:FullAccounts 2024-01-01 2024-12-31 06301875 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06301875 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06301875 2 2024-01-01 2024-12-31 06301875 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 06301875
















ULTRAFABRICS EUROPE LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024


































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ULTRAFABRICS EUROPE LIMITED
REGISTERED NUMBER:06301875
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
189,087
277,020

  
189,087
277,020

Current assets
  

Stocks
 5 
2,252,609
1,432,738

Debtors
  
924,817
881,730

Cash at bank and in hand
 6 
1,342,998
1,166,710

  
4,520,424
3,481,178

Creditors: amounts falling due within one year
  
(6,310,694)
(4,938,548)

Net current liabilities
  
 
 
(1,790,270)
 
 
(1,457,370)

Total assets less current liabilities
  
(1,601,183)
(1,180,350)

  

Net liabilities
  
(1,601,183)
(1,180,350)


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Other reserves
 7 
73,043
24,813

Profit and loss account
 7 
(1,699,226)
(1,230,163)

  
(1,601,183)
(1,180,350)


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: 





C L Orton
Director
Date: 10 March 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Ultrafabrics Europe Limited is a private company limited by shares incorporated in the UK and registered in England and Wales. The address of the registered office is Unit 21 Ashton Close, Leicester, Leicestershire, United Kingdom, LE4 2BQ.
 
These financial statements cover the individual entity only.

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 judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors have prepared budgets and cash flow forecasts for a period of at least 12 months following the date of approval of the financial statements. Considering these forecasts show an expected net profit, the Directors are of the opinion that the company will continue in operational existence for the foreseeable future. The company has net liabilites at 31 December 2024 of £1,601,183 (2023: net liabilities of £1,180,350). At the year end the company has net amounts due to group undertakings of £5,948,036 (2023: £4,439,746).
The Directors have also obtained written confirmation from the intermediate parent company, Ultrafabrics Inc (a company registered in USA), that they will continue to provide ongoing financial support to the company. Ultrafabrics Inc have sufficient working capital facilities in order to provide the necessary support. In addition Ultrafabrics Inc. will not demand repayment of the outstanding intercompany balance if to do so would jeapordise the Company's ability to operate.
On this basis the financial statements have been prepared on a going concern basis. The financial statements do not reflect the adjustments that would be necessary should the ability of the company to trade be jeopardised due to a material issue with the availability of its work force, the level of demand for its products or its ability to supply product to its customers.

Page 2


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is GBP. The financial statements are rounded to the nearest 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.

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

 
2.4

REVENUE

Revenue is recognised on despatch. 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. 

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

INTEREST INCOME

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

 
2.7

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.

Page 3


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

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.

 
2.9

SHARE-BASED PAYMENTS

Company employees participate in a group share-based payment scheme whereby options are granted to employees of the company but the obligation to settle rests with the ultimate parent company. The company therefore recognises these as equity-settled share based payments in its own accounts.
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 reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.
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.

 
2.10

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 reporting date in the countries where the company operates and generates income.


 
2.11

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.

Page 4


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.11
TANGIBLE FIXED ASSETS (CONTINUED)

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:

Leasehold improvements
-
20% straight line
Office equipment
-
20% straight line
Computer equipment
-
33.3% 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.

 
2.12

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. 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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 5


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 22 (2023: 22).


4.


TANGIBLE FIXED ASSETS





Leasehold Improvements
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 January 2024
227,055
89,480
142,592
459,127


Additions
-
8,584
4,946
13,530


Disposals
-
(1,759)
-
(1,759)



At 31 December 2024

227,055
96,305
147,538
470,898



DEPRECIATION


At 1 January 2024
102,897
48,788
30,422
182,107


Charge for the year on owned assets
32,370
20,015
47,407
99,792


Disposals
-
(88)
-
(88)



At 31 December 2024

135,267
68,715
77,829
281,811



NET BOOK VALUE



At 31 December 2024
91,788
27,590
69,709
189,087



At 31 December 2023
124,158
40,692
112,170
277,020


5.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
2,252,609
1,432,738

2,252,609
1,432,738


Page 6


ULTRAFABRICS EUROPE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,342,998
1,166,710

1,342,998
1,166,710



7.


RESERVES

Other reserves

The share option reserve represents the cost reserved for the share option issued.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. 


8.


PRIOR YEAR ADJUSTMENT

The prior year adjustment has been made in respect of a mapping error within the profit and loss. Revenue in relation to sample rolls and product development of £112,572 was previously netted off in administrative expenses but has now been correctly classified in revenue. The impact on total loss for the year ended 31 December 2023 is nil.


9.


PENSION COMMITMENTS

The company operates a defined contribution 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 £32,547 (2023: £20,124). 
As at 31 December 2024 the company had outstanding pension contributions of £NIL (2023: £NIL).


10.


RELATED PARTY TRANSACTIONS

The company has taken the exemption under Section 33 of FRS 102 as a wholly owned subsidary. 


11.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is a wholly owned subsidiary of Ultrafabrics Inc, a company incorporated in the USA. The ultimate parent company is Ultrafabrics Holdings Co Ltd, a company listed on the Tokyo Stock Exchange in Japan.


12.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 10 March 2025 by David Butler FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 7