Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity1317truefalse 11941329 2023-01-01 2023-12-31 11941329 2022-01-01 2022-12-31 11941329 2023-12-31 11941329 2022-12-31 11941329 c:Director1 2023-01-01 2023-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2023-12-31 11941329 d:Buildings d:LongLeaseholdAssets 2022-12-31 11941329 d:FurnitureFittings 2023-01-01 2023-12-31 11941329 d:FurnitureFittings 2023-12-31 11941329 d:FurnitureFittings 2022-12-31 11941329 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11941329 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11941329 d:CurrentFinancialInstruments 2023-12-31 11941329 d:CurrentFinancialInstruments 2022-12-31 11941329 d:Non-currentFinancialInstruments 2023-12-31 11941329 d:Non-currentFinancialInstruments 2022-12-31 11941329 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11941329 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11941329 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11941329 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11941329 d:ShareCapital 2023-12-31 11941329 d:ShareCapital 2022-12-31 11941329 d:RetainedEarningsAccumulatedLosses 2023-12-31 11941329 d:RetainedEarningsAccumulatedLosses 2022-12-31 11941329 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11941329 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11941329 d:OtherDeferredTax 2023-12-31 11941329 d:OtherDeferredTax 2022-12-31 11941329 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11941329 c:OrdinaryShareClass1 2023-12-31 11941329 c:OrdinaryShareClass1 2022-12-31 11941329 c:FRS102 2023-01-01 2023-12-31 11941329 c:Audited 2023-01-01 2023-12-31 11941329 c:FullAccounts 2023-01-01 2023-12-31 11941329 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11941329 d:WithinOneYear 2023-12-31 11941329 d:WithinOneYear 2022-12-31 11941329 d:BetweenOneFiveYears 2023-12-31 11941329 d:BetweenOneFiveYears 2022-12-31 11941329 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11941329 e:PoundSterling 2023-01-01 2023-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2023-01-01 2023-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2022-12-31 11941329 d:UltimateParent d:SaleOrPurchaseGoods 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11941329










UNTUCKIT UK LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
UNTUCKIT UK LTD
REGISTERED NUMBER: 11941329

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
29,071
100,513

  
29,071
100,513

Current assets
  

Stocks
  
1,313,887
1,323,256

Debtors: amounts falling due after more than one year
 6 
55,000
55,000

Debtors: amounts falling due within one year
 6 
7,157
148,865

Cash at bank and in hand
  
48,314
170,556

  
1,424,358
1,697,677

Creditors: amounts falling due within one year
 7 
(5,986,612)
(5,558,289)

Net current liabilities
  
 
 
(4,562,254)
 
 
(3,860,612)

Total assets less current liabilities
  
(4,533,183)
(3,760,099)

Creditors: amounts falling due after more than one year
 8 
-
(26,226)

Provisions for liabilities
  

Deferred tax
  
(2,595)
(17,758)

  
 
 
(2,595)
 
 
(17,758)

Net liabilities
  
(4,535,778)
(3,804,083)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(4,535,779)
(3,804,084)

  
(4,535,778)
(3,804,083)


Page 1

 
UNTUCKIT UK LTD
REGISTERED NUMBER: 11941329
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 16 April 2025.






M P Barrett
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Untuckit UK Ltd was incorporated in England and Wales (11941329) and its registerted office is 6th Floor, One London Wall, London, United Kingdom, EC2Y 5EB. 

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

As at 31 December 2023 the liabilities of the company exceeded its assets by £4,535,778 (2022 - £3,804,083). This is an indication that the company may not be able to continue to trade in the future. Included within creditors due within one year is £5,731,110 (2022 - £5,044,546) payable to the parent company, Untuckit LLC. The directors of Untuckit LLC have confirmed that they will continue to financially support the company for the forseeabel future. The directors therefore believe that on this basis it is appropriate for the financial statements to be prepared on a going concern basis,

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

Page 3

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

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.

 
2.6

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.

 
2.7

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.

Page 4

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.

 
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:

Long-term leasehold property
-
Over the terms of the respective leases
Fixtures and fittings
-
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.

Page 5

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. 
The company values its stock using the weighted average model. This value of stock under this basis is considered not materially different from a valuation under the first in first out basis. 

Page 6

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 17).


5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
32,142
191,259
223,401


Disposals
-
(66,906)
(66,906)



At 31 December 2023

32,142
124,353
156,495



Depreciation


At 1 January 2023
20,891
101,996
122,887


Charge for the year on owned assets
6,428
24,871
31,299


Disposals
-
(26,762)
(26,762)



At 31 December 2023

27,319
100,105
127,424



Net book value



At 31 December 2023
4,823
24,248
29,071



At 31 December 2022
11,251
89,262
100,513

There is a security held over all assets of Untuckit UK Limited to provide cover of borrowings taken out by Untuckit LLC, the parent company. 

Page 7

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
55,000
55,000

55,000
55,000


2023
2022
£
£

Due within one year

Other debtors
-
5,955

Prepayments and accrued income
7,157
142,910

7,157
148,865



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
41,328
174,841

Amounts owed to group undertakings
5,731,110
5,044,546

Other taxation and social security
64,402
48,198

Other creditors
10,319
11,243

Accruals and deferred income
139,453
279,461

5,986,612
5,558,289



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
-
26,226

-
26,226


Page 8

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(17,758)


Charged to profit or loss
15,163



At end of year
(2,595)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,405)
(18,688)

Short term differences
810
930

(2,595)
(17,758)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £0.01 each
1
1



11.


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 £12,208 (2022 - £12,292). Contibutions totalling £3,241 (2022 - £3,722) were payable to the fund at the reporting date and are included in creditors. 

Page 9

 
UNTUCKIT UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
150,000
150,000

Later than 1 year and not later than 5 years
12,500
112,500

162,500
262,500


13.


Related party transactions

The company has incurred transactions with the group company Untuckit LLC, a company based in the United States. During the year the company purchase stock of £402,615 (2022 - £957,561 in addition it receives funding to contribute to the overheads. At the year end the company owed Untuckit LLC £5,731,110 (2021 - £5,044,546).


14.


Controlling party

The ultimate controlling party is Untuckit LLC, a Delaware LLC based in the United States, the company is under the control of C. Riccobono due to his direct and indirect shareholdings. The consolidated accounts are prepared by Untuckit LLC but are not publically available. Headquarters, Untuckit LLC, 110 Greene Street, Suite 400, Manhattan, New York, New York, 10012, USA. 


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 April 2025 by Steve South (FCA) (Senior Statutory Auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 10