Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-312025-05-222025-05-22false2023-01-01falsetrueThe principal activity of the company in the year under review was that of sales and marketing on behalf of the parent company.56true 07514120 2023-01-01 2023-12-31 07514120 2022-01-01 2022-12-31 07514120 2023-12-31 07514120 2022-12-31 07514120 2022-01-01 07514120 c:Director2 2023-01-01 2023-12-31 07514120 d:ComputerEquipment 2023-01-01 2023-12-31 07514120 d:ComputerEquipment 2023-12-31 07514120 d:ComputerEquipment 2022-12-31 07514120 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07514120 d:CurrentFinancialInstruments 2023-12-31 07514120 d:CurrentFinancialInstruments 2022-12-31 07514120 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07514120 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07514120 d:ShareCapital 2023-01-01 2023-12-31 07514120 d:ShareCapital 2023-12-31 07514120 d:ShareCapital 2022-01-01 2022-12-31 07514120 d:ShareCapital 2022-12-31 07514120 d:ShareCapital 2022-01-01 07514120 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07514120 d:RetainedEarningsAccumulatedLosses 2023-12-31 07514120 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07514120 d:RetainedEarningsAccumulatedLosses 2022-12-31 07514120 d:RetainedEarningsAccumulatedLosses 2022-01-01 07514120 c:FRS102 2023-01-01 2023-12-31 07514120 c:Audited 2023-01-01 2023-12-31 07514120 c:FullAccounts 2023-01-01 2023-12-31 07514120 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07514120 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07514120 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07514120









QWILT UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QWILT UK LIMITED
REGISTERED NUMBER: 07514120

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
414
2,278

Current assets
  

Debtors: amounts falling due within one year
 5 
1,700,845
774,934

Cash at bank and in hand
 6 
77,111
167,386

  
1,777,956
942,320

Creditors: amounts falling due within one year
 7 
(1,614,097)
(691,750)

Net current assets
  
 
 
163,859
 
 
250,570

Total assets less current liabilities
  
164,273
252,848

Provisions for liabilities
  

Deferred tax
  
(433)
-

Net assets
  
163,840
252,848


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
163,740
252,748

  
163,840
252,848


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: 




................................................
K J Meyer
Director

Date: 22 May 2025

The notes on pages 4 to 11 form part of these financial statements.
Page 1

 
QWILT UK LIMITED
REGISTERED NUMBER: 07514120
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
QWILT UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
203,025
203,125


Comprehensive income for the year

Profit for the year
-
49,723
49,723
Total comprehensive income for the year
-
49,723
49,723


Total transactions with owners
-
-
-



At 1 January 2023
100
252,748
252,848


Comprehensive income for the year

Loss for the year
-
(89,008)
(89,008)
Total comprehensive income for the year
-
(89,008)
(89,008)


Total transactions with owners
-
-
-


At 31 December 2023
100
163,740
163,840


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

Page 3

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Qwilt UK Limited (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 under the Companies Act. The registered office is Suite 4, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB. 
The principal activity of the Company is that of sales and marketing on behalf of the parent company.

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 is reliant on the support of its parent company, Qwilt, Inc., to fund operations. Based on the forecasts prepared by the parent company, the group will require additional finance in the foreseeable future.
The parent company has secured $20 million in funding in December 2023 and a further $16.9 million in 2024; and they are currently in active discussions with additional investors for additional funding of $25 million in 2025. The directors are confident that the funding will occur in  in the first half of 2025 and this will assist with the group in becoming EBITDA neutral.
At the date of approval of these financial statements discussions are ongoing and without such financing, there is a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern and therefore whether the Company will realise its assets and settle its liabilities in the ordinary course of business at the amounts recorded in the financial statements.
However, although it cannot be certain, based on current discussions the directors are confident that additional funding will be agreed and have therefore prepared the financial statements on a going concern basis.

Page 4

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

 
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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Revenue (continued)

The Company has a transfer pricing arrangement in place with its parent company whereby the operating margin is fixed at 3%.

 
2.5

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.

 
2.6

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 6

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

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.


 
2.8

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.

Depreciation is provided on the following basis:

Computer equipment
-
3
years

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 7

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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.

Page 8

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 6).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
8,048


Disposals
(1,022)



At 31 December 2023

7,026



Depreciation


At 1 January 2023
5,770


Charge for the year on owned assets
1,864


Disposals
(1,022)



At 31 December 2023

6,612



Net book value



At 31 December 2023
414



At 31 December 2022
2,278


5.


Debtors

2023
2022
£
£


Trade debtors
1
146,549

Amounts owed by group undertakings
1,123,713
417,031

Other debtors
577,131
135,987

Deferred taxation
-
75,367

1,700,845
774,934


Page 9

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
77,111
167,386



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,139,375
117,247

Amounts owed to group undertakings
209,821
220,094

Corporation tax
14,202
72,292

Other taxation and social security
3,123
981

Other creditors
1,228
3,068

Accruals and deferred income
246,348
278,068

1,614,097
691,750



8.


Pension commitments

The Company operates a defined contribution 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 £8,458 (2022 - £9,595). Contributions of £1,228 (2022 - £3,068) were payable to the fund at the balance sheet date and are  included in creditors.


9.


Controlling party

Qwilt Inc., a company incorporated in the United States of America, is regarded by the directors as being the company's ultimate parent company and controlling party.
The largest and smallest group of undertakings for which group accounts are drawn up and which includes the company is Qwilt Inc.
The registered office for Qwilt Inc. is Suite 510, 275 Shoreline Drive, Redwood City, CA 94065, United States of America.

Page 10

 
QWILT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Auditor's information

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

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on its parent company for support. The parent company is currently in active discussions with investors and is confident that the funding will occur in the first half of 2025. However, at the date of approval of these financial statements these discussions are ongoing. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 22 May 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 11