Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-3109true2023-08-01falseNo description of principal activity9trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09093041 2023-08-01 2024-07-31 09093041 2022-08-01 2023-07-31 09093041 2024-07-31 09093041 2023-07-31 09093041 2022-08-01 09093041 c:Director2 2023-08-01 2024-07-31 09093041 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 09093041 d:PlantMachinery 2023-08-01 2024-07-31 09093041 d:PlantMachinery 2024-07-31 09093041 d:PlantMachinery 2023-07-31 09093041 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09093041 d:FurnitureFittings 2023-08-01 2024-07-31 09093041 d:OfficeEquipment 2023-08-01 2024-07-31 09093041 d:OfficeEquipment 2024-07-31 09093041 d:OfficeEquipment 2023-07-31 09093041 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09093041 d:ComputerEquipment 2023-08-01 2024-07-31 09093041 d:ComputerEquipment 2024-07-31 09093041 d:ComputerEquipment 2023-07-31 09093041 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09093041 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09093041 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-07-31 09093041 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 09093041 d:OtherResidualIntangibleAssets 2023-08-01 2024-07-31 09093041 d:CurrentFinancialInstruments 2024-07-31 09093041 d:CurrentFinancialInstruments 2023-07-31 09093041 d:Non-currentFinancialInstruments 2024-07-31 09093041 d:Non-currentFinancialInstruments 2023-07-31 09093041 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09093041 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09093041 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 09093041 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 09093041 d:ShareCapital 2024-07-31 09093041 d:ShareCapital 2023-07-31 09093041 d:ShareCapital 2022-08-01 09093041 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 09093041 d:RetainedEarningsAccumulatedLosses 2024-07-31 09093041 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 09093041 d:RetainedEarningsAccumulatedLosses 2023-07-31 09093041 d:RetainedEarningsAccumulatedLosses 2022-08-01 09093041 c:OrdinaryShareClass1 2023-08-01 2024-07-31 09093041 c:OrdinaryShareClass1 2024-07-31 09093041 c:OrdinaryShareClass1 2023-07-31 09093041 c:OrdinaryShareClass2 2023-08-01 2024-07-31 09093041 c:OrdinaryShareClass2 2024-07-31 09093041 c:OrdinaryShareClass2 2023-07-31 09093041 c:OrdinaryShareClass3 2023-08-01 2024-07-31 09093041 c:OrdinaryShareClass3 2024-07-31 09093041 c:OrdinaryShareClass3 2023-07-31 09093041 c:FRS102 2023-08-01 2024-07-31 09093041 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09093041 c:FullAccounts 2023-08-01 2024-07-31 09093041 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09093041 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-08-01 2024-07-31 09093041 2 2023-08-01 2024-07-31 09093041 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 09093041 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09093041 d:TaxLossesCarry-forwardsDeferredTax 2024-07-31 09093041 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 09093041 d:RetirementBenefitObligationsDeferredTax 2024-07-31 09093041 d:RetirementBenefitObligationsDeferredTax 2023-07-31 09093041 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-08-01 2024-07-31 09093041 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09093041










QUICKWIRE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
QUICKWIRE LIMITED
REGISTERED NUMBER: 09093041

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,820
5,214

Tangible assets
 5 
280,667
311,101

  
284,487
316,315

Current assets
  

Stocks
 6 
136,971
129,820

Debtors: amounts falling due within one year
 7 
53,326
74,003

Cash at bank and in hand
 8 
58,000
11,862

  
248,297
215,685

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(65,864)
(21,933)

Total assets less current liabilities
  
 
 
466,920
 
 
510,067

Creditors: amounts falling due after more than one year
 10 
(2,352,528)
(2,123,524)

Provisions for liabilities
  

Deferred tax
 11 
(51,400)
(57,048)

  
 
 
(51,400)
 
 
(57,048)

Net liabilities
  
(1,937,008)
(1,670,505)


Capital and reserves
  

Called up share capital 
 12 
5,000
5,000

Profit and loss account
  
(1,942,008)
(1,675,505)

  
(1,937,008)
(1,670,505)


Page 1

 
QUICKWIRE LIMITED
REGISTERED NUMBER: 09093041

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 Garton
Director

Date: 15 April 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
QUICKWIRE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
5,000
(1,410,854)
(1,405,854)



Loss for the year
-
(264,651)
(264,651)



At 1 August 2023
5,000
(1,675,505)
(1,670,505)



Loss for the year
-
(266,503)
(266,503)


At 31 July 2024
5,000
(1,942,008)
(1,937,008)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
QUICKWIRE LIMITED
 

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

1.


General information

Quickwire Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

Flex Connectors Holdings Limited and its subsidiary, Flex7 Limited, will continue to support the company for at least 12 months from the date of signing these accounts. 

 
2.3

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.

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'.

Page 4

 
QUICKWIRE LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Current and deferred taxation

The tax expense for the year 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.

Page 5

 
QUICKWIRE LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development
-
25% Straight Line

 
2.9

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:

Leasehold property
-
20%
Straight Line
Plant and machinery
-
10%
Straight Line
Office equipment
-
25%
Straight Line
Computer 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.

 
2.10

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 6

 
QUICKWIRE LIMITED
 

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

4.


Intangible assets




Development expenditure

£



Cost


At 1 August 2023
22,359


Additions
330



At 31 July 2024

22,689



Amortisation


At 1 August 2023
17,145


Charge for the year on owned assets
1,724



At 31 July 2024

18,869



Net book value



At 31 July 2024
3,820



At 31 July 2023
5,214



Page 7

 
QUICKWIRE LIMITED
 

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

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2023
465,846
9,833
11,080
486,759


Additions
15,735
460
2,702
18,897



At 31 July 2024

481,581
10,293
13,782
505,656



Depreciation


At 1 August 2023
163,303
4,851
7,504
175,658


Charge for the year on owned assets
47,109
755
1,467
49,331



At 31 July 2024

210,412
5,606
8,971
224,989



Net book value



At 31 July 2024
271,169
4,687
4,811
280,667



At 31 July 2023
302,543
4,982
3,576
311,101


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
136,971
129,820


Page 8

 
QUICKWIRE LIMITED
 

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

7.


Debtors

2024
2023
£
£


Trade debtors
50,817
28,309

Amounts owed by group undertakings
-
29,731

Other debtors
-
11,641

Prepayments and accrued income
2,509
4,322

53,326
74,003



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
58,000
11,862



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
58,937
17,401

Other taxation and social security
1,349
-

Other creditors
737
532

Accruals and deferred income
4,841
4,000

65,864
21,933



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
2,352,528
2,123,524


Page 9

 
QUICKWIRE LIMITED
 

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

11.


Deferred taxation




2024
2023


£

£






At beginning of year
(57,048)
(25,462)


Charged to profit or loss
5,648
(31,586)



At end of year
(51,400)
(57,048)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(60,042)
(65,638)

Losses and other deductions
8,458
8,457

Short term timing differences
184
133

(51,400)
(57,048)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,750 (2023 - 3,750) A Ordinary shares of £1.00 each
3,750
3,750
850 (2023 - 850) B Ordinary shares of £1.00 each
850
850
400 (2023 - 400) C Ordinary shares of £1.00 each
400
400

5,000

5,000



13.


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 £23,272 (2023 - £22,544). Contributions totalling £737 (2023 - £532) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

At the year end the company was owed £nil (2023: £29,731) from Flex Connectors Holdings Limited, the ultimate parent company.
At the year end the company owed £2,352,528 (2023: £2,123,524) to Flex7 Limited, a fellow subsidiary. The amount is interest free and will not be paid for at least 12 months from the balance sheet date. 

Page 10

 
QUICKWIRE LIMITED
 

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

15.


Controlling party

The ultimate parent Company is Flex Connectors Holdings Limited. Flex Connectors Holdings Limited is controlled by S Garton and A Garton by virtue of their joint shareholding.


Page 11