Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-3142024-01-01falseForeseeson UK Limited is incorporated in England and Wales and limited by shares. The principal activity of the company during the year was acted as sale representative of its parent company, Foreseeson GmbH, to promote their products and maximise the sale of their products in various territories. The address of the registered office is given in the company information page of these financial statements. The financial statements are presented in US dollar which is the functional currency of the company and rounded to the nearest $.5falsetruefalse 07021346 2024-01-01 2024-12-31 07021346 2023-01-01 2023-12-31 07021346 2024-12-31 07021346 2023-12-31 07021346 c:Director1 2024-01-01 2024-12-31 07021346 c:RegisteredOffice 2024-01-01 2024-12-31 07021346 d:MotorVehicles 2024-01-01 2024-12-31 07021346 d:MotorVehicles 2024-12-31 07021346 d:MotorVehicles 2023-12-31 07021346 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07021346 d:OfficeEquipment 2024-01-01 2024-12-31 07021346 d:OfficeEquipment 2024-12-31 07021346 d:OfficeEquipment 2023-12-31 07021346 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07021346 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07021346 d:CurrentFinancialInstruments 2024-12-31 07021346 d:CurrentFinancialInstruments 2023-12-31 07021346 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07021346 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07021346 d:ShareCapital 2024-12-31 07021346 d:ShareCapital 2023-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2024-12-31 07021346 d:RetainedEarningsAccumulatedLosses 2023-12-31 07021346 c:FRS102 2024-01-01 2024-12-31 07021346 c:Audited 2024-01-01 2024-12-31 07021346 c:FullAccounts 2024-01-01 2024-12-31 07021346 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07021346 d:WithinOneYear 2024-12-31 07021346 d:WithinOneYear 2023-12-31 07021346 d:BetweenOneFiveYears 2024-12-31 07021346 d:BetweenOneFiveYears 2023-12-31 07021346 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07021346 e:USDollar 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: 07021346











FORESEESON UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
FORESEESON UK LIMITED
 

COMPANY INFORMATION


Director
J Kwon 




Registered number
07021346



Registered office
1 Wolsey Road (Ground Floor)

East Molesey

Surrey

KT8 9EL




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
FORESEESON UK LIMITED
REGISTERED NUMBER: 07021346

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 5 
-
6,405

  
-
6,405

Current assets
  

Stocks
  
2,487
2,487

Debtors: amounts falling due within one year
 6 
242,666
220,462

Cash at bank and in hand
 7 
76,670
72,399

  
321,823
295,348

Creditors: amounts falling due within one year
 8 
(66,719)
(51,252)

Net current assets
  
 
 
255,104
 
 
244,096

Total assets less current liabilities
  
255,104
250,501

  

Net assets
  
255,104
250,501


Capital and reserves
  

Called up share capital 
  
166,210
166,210

Profit and loss account
 9 
88,894
84,291

  
255,104
250,501


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 25 March 2025.




................................................
J Kwon
Director

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

Page 1

 
FORESEESON UK LIMITED
 

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

1.


General information

Foreseeson UK Limited is incorporated in England and Wales and limited by shares. The principal activity of the company during the year was acted as sale representative of its parent company, Foreseeson GmbH, to promote their products and maximise the sale of their products in various territories. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in US dollar which is the functional currency of the company and rounded to the nearest $.

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 director has received written support from the parent company that it will continue to support the company and is therefore confident that the Company has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Turnover

Turnover represents the value, excluding Value Added Tax, of invoiced sales of electrical goods supplied to customers and amounts receivable for sales commissions from the parent company during the period. 
Revenue from the goods sold and sales commissions is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; sales invoice issued by the fellow subsidiary to third parties; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and costs incurred or to be incurred in respect of the transactions can be measured reliably.
Where sales invoices are issued in advance, income is included in liabilities as deferred income. Where sales invoices are issued in arrears, income is included in debtors as accrued income.

 
2.4

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 2

 
FORESEESON UK LIMITED
 

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

2.Accounting policies (continued)


2.4
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:

Motor vehicles
-
25% Straight line
Office equipment
-
Fully depreciated in the first year of purchase

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.

 
2.5

Stocks

Stocks are valued, using the average cost basis, at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Stocks are recognised on the date the items are shipped from the supplier.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

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.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

 
2.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into dollars at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into dollars at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account. 

 
2.10

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 3

 
FORESEESON UK LIMITED
 

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

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.


3.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
$
$

Auditors' remuneration
7,286
7,067


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).

Page 4

 
FORESEESON UK LIMITED
 

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

5.


Tangible fixed assets





Motor vehicles
Office equipment
Total

$
$
$



Cost or valuation


At 1 January 2024
25,349
23,329
48,678


Additions
-
1,855
1,855



At 31 December 2024

25,349
25,184
50,533



Depreciation


At 1 January 2024
19,365
22,908
42,273


Charge for the year on owned assets
5,984
2,276
8,260



At 31 December 2024

25,349
25,184
50,533



Net book value



At 31 December 2024
-
-
-



At 31 December 2023
5,984
421
6,405


6.


Debtors

2024
2023
$
$


Trade debtors
426
426

Amounts owed by group undertakings
225,847
202,929

Other debtors
1,078
1,141

Prepayments and accrued income
15,315
15,966

242,666
220,462



7.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
76,670
72,399

Less: bank overdrafts
(3,651)
(1,033)

73,019
71,366


Page 5

 
FORESEESON UK LIMITED
 

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

8.


Creditors: Amounts falling due within one year

2024
2023
$
$

Bank overdrafts
3,651
1,033

Trade creditors
1,597
2,191

Other taxation and social security
3,807
1,937

Other creditors
38,903
39,024

Accruals and deferred income
18,761
7,067

66,719
51,252



9.


Reserves

Profit and loss account

Profit and loss account represents the profit earned during the year net of adjustments.


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 $57,093 (2023 - $55,358). Contributions totalling $38,903 (2023 - $37,975) were payable to the fund at the balance sheet date.


11.


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 1 year
24,210
49,232

Later than 1 year and not later than 5 years
-
24,616

24,210
73,848


12.


Related party transactions

During the year, Foreseeson UK Limited received commission income of $1,108,015 (2023 - $805,232) from Foreseeson GmbH, the parent company. At the balance sheet date Foreseeson GmbH owed $225,689 (2023 - $202,929) to Foreseeson UK Limited.

Page 6

 
FORESEESON UK LIMITED
 

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

13.


Controlling party

Foreseeson GmbH (a company incorporated in the Germany) is the registered holder of 100% of the share capital of the company. Foreseeson GmbH is wholly owned by Forseeson Cutom Displays, Inc (a company incorporated in the United States of America). Foreseeson Custom Displays, Inc is wholly owned by I Kang, who is the controlling party.


14.


Auditor's information

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

The audit report was signed on 25 March 2025 by Philip Munk FCA FCCA (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the company’s members, as a body, in accordance with Sections 495 and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7