Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31The principal activity of the Company in the year under review was that of engineering design activities for industrial process and production.2023-01-01false512falsetruefalse 12712946 2023-01-01 2024-03-31 12712946 2022-01-01 2022-12-31 12712946 2024-03-31 12712946 2022-12-31 12712946 2022-01-01 12712946 2 2023-01-01 2024-03-31 12712946 2 2022-01-01 2022-12-31 12712946 d:Director3 2023-01-01 2024-03-31 12712946 e:CurrentFinancialInstruments 2024-03-31 12712946 e:CurrentFinancialInstruments 2022-12-31 12712946 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 12712946 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 12712946 e:ShareCapital 2023-01-01 2024-03-31 12712946 e:ShareCapital 2024-03-31 12712946 e:ShareCapital 2022-01-01 2022-12-31 12712946 e:ShareCapital 2022-12-31 12712946 e:ShareCapital 2022-01-01 12712946 e:RetainedEarningsAccumulatedLosses 2023-01-01 2024-03-31 12712946 e:RetainedEarningsAccumulatedLosses 2024-03-31 12712946 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2024-03-31 12712946 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12712946 e:RetainedEarningsAccumulatedLosses 2022-12-31 12712946 e:RetainedEarningsAccumulatedLosses 2022-01-01 12712946 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 12712946 d:FRS102 2023-01-01 2024-03-31 12712946 d:Audited 2023-01-01 2024-03-31 12712946 d:FullAccounts 2023-01-01 2024-03-31 12712946 d:PrivateLimitedCompanyLtd 2023-01-01 2024-03-31 12712946 e:WithinOneYear 2024-03-31 12712946 e:WithinOneYear 2022-12-31 12712946 d:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 12712946 f:PoundSterling 2023-01-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12712946









BERKSHIRE GREY UK, LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
BERKSHIRE GREY UK, LTD
REGISTERED NUMBER: 12712946

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,019,448
817,276

Cash at bank and in hand
 5 
109,602
159,580

  
1,129,050
976,856

Creditors: amounts falling due within one year
 6 
(160,501)
(83,653)

Net current assets
  
 
 
968,549
 
 
893,203

Net assets
  
968,549
893,203


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
968,449
893,103

  
968,549
893,203


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 profit and loss account 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: 



M L Fidler
Director

Date: 20 March 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
BERKSHIRE GREY UK, LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
461,419
461,519


Comprehensive income for the year

Profit for the year
-
73,535
73,535
Total comprehensive income for the year
-
73,535
73,535


Contributions by and distributions to owners

Share based payments
-
358,149
358,149


Total transactions with owners
-
358,149
358,149



At 1 January 2023
100
893,103
893,203


Comprehensive income for the period

Profit for the period
-
32,515
32,515
Total comprehensive income for the period
-
32,515
32,515


Contributions by and distributions to owners

Share based payments
-
42,831
42,831


Total transactions with owners
-
42,831
42,831


At 31 March 2024
100
968,449
968,549


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Berkshire Grey UK, Ltd. (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is Suite 2 First Floor, 10 Temple Back, Bristol, BS1 6FL.
The principal activity of the Company in the year under review was that of engineering design activities for industrial process and production.
The Company has changed its year end to 31 March in order to align itself with its ultimate parent company. Therefore, the current year represents the 15 months ending 31 March 2024 whilst the comparatives represent the 12 months ending 31 December 2022.

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

Going concern

The Company has obtained a letter of support from Berkshire Grey. Inc., its immediate parent company. The directors of Berkshire Grey, Inc. have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due and for the foreseeable future.
As a result of the above the directors of the Company have continued to adopt the going concern basis in preparing these financial statements.

Page 3

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole £.

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 Profit and Loss Account 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Company is controlled by its immediate parent company, Berkshire Grey, Inc., to provide specific services within specific contracted regions. The Company is remunerated by Berkshire Grey, Inc. for these services. The total revenue of the Company for the year has been derived from its principal activity undertaken in the United Kingdom. Intercompany revenue is based on a service agreement and is recognised at 100% of costs plus a 4.5% mark up.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Page 5

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.


 
2.9

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.

Page 6

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2022 - 12).

Page 7

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Debtors

31 March
31 December
2024
2022
£
£


Amounts owed by group undertakings
887,309
665,538

Other debtors
122,857
141,235

Prepayments and accrued income
8,416
7,844

Deferred taxation
866
2,659

1,019,448
817,276



5.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
109,602
159,580



6.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Trade creditors
2,400
100

Corporation tax
22,881
24,195

Accruals and deferred income
135,220
59,358

160,501
83,653



7.


Pension commitments

The Company operates a defined contribution pension scheme, the assets of which are held separately from those of the Company in an independently administered fund. During the year contributions of £33,786 (2022: £73,847) were paid by the Company to the fund. Contributions totalling £nil (2022: £1,360) were payable to the fund at the balance sheet date and are recorded within creditors.

Page 8

 
BERKSHIRE GREY UK, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2024
2022
£
£


Not later than 1 year
35,988
22,758


9.


Controlling party

The immediate parent undertaking, through their 100% shareholding of the Company, is Berkshire Grey, Inc., a company registered in the United States of America. The ultimate parent undertaking, is SoftBank Group Corp., a company registered in Japan.
 
The smallest group in which the results of the Company are consolidated is that headed by Berkshire Grey, Inc. with its principal place of business at 140 South Road, Bedford, MA 01730
The largest group in which the results of the Company are consolidated is that headed by SoftBank Group Corp. with its principal place of business at 1-7-1, Kaigan, Minato-ku, Tokyo 105-7537, Tokyo Port City Takeshiba Office Tower


10.


Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 20 March 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9