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Registered number: 09568874 (England and Wales)














PIERCE WASHINGTON LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


 
PIERCE WASHINGTON LIMITED
 

 
COMPANY INFORMATION


Directors
J Acker 
J Carey 
G DeBiasi 
S Diverio 
S H Koborsi 




Registered number
09568874



Registered office
Shoreditch Exchange 97 Hackney Road
Senna Building

Gorsuch Place

London

United Kingdom

E2 8JF




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
PIERCE WASHINGTON LIMITED
 


CONTENTS



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



 
PIERCE WASHINGTON LIMITED
REGISTERED NUMBER:09568874


BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Tangible assets
 4 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
209,480
182,911

Bank and cash balances
  
9,242
13,257

  
218,722
196,168

Creditors: amounts falling due within one year
 6 
(306,166)
(122,904)

Net current (liabilities)/assets
  
 
 
(87,444)
 
 
73,264

Total assets less current liabilities
  
(87,444)
73,264

  

Net (liabilities)/assets
  
(87,444)
73,264


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(87,445)
73,263

  
(87,444)
73,264


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: 




S H Koborsi
Director

Date: 13 March 2025

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

Page 1


 
PIERCE WASHINGTON LIMITED
 

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

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

At the year end the Company is in a net liability position which is supported by an intercompany
receivable balance. The Company has received written confirmation from the parent company that it will 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 directors have assessed the forecasts of the parent company for at least 12 months from the date of signing these financial statements and have concluded that the required support remains available to the Company. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements. 

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, excluding management fees, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

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.

 
1.5

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 2


 
PIERCE WASHINGTON LIMITED
 

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

1.Accounting policies (continued)

  
1.6

Management fees

Management fees represent costs payable to the parent company for the usage of shared resources. Management fees are recognised in the profit and loss as they are incurred.

 
1.7

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 balance sheet date in the countries where the Company operates and generates income.

 
1.8

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.

The estimated useful lives range as follows:

Office equipment
-
1
year

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.

 
1.9

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.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.11

Creditors

Short term creditors are measured at the transaction price.

Page 3


 
PIERCE WASHINGTON LIMITED
 

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

2.


Auditors' information

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

The audit report was signed on 13 March 2025 by Louise Morriss BFP FCA FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year, including directors, was 28 (2023 - 21).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
6,326



At 31 December 2024

6,326



Depreciation


At 1 January 2024
6,326



At 31 December 2024

6,326



Net book value



At 31 December 2024
-



At 31 December 2023
-

Page 4


 
PIERCE WASHINGTON LIMITED
 

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

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
188,843
150,838

Other debtors
17,908
19,616

Prepayments and accrued income
2,729
12,457

209,480
182,911



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,416
1,325

Other taxation and social security
64,889
98,210

Other creditors
12,623
9,819

Accruals and deferred income
226,238
13,550

306,166
122,904



7.


Commitments under operating leases

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

2024
2023
£
£


Not later than one year
5,062
55,682

5,062
55,682


8.


Controlling party

Pierce Washington, LLC 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 1 Belvedere Place, Mill Valley, CA 94941, USA.


9.


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