Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312025-05-292025-05-292024-01-01falsemarket research acitivities1111truetruefalse 08742363 2024-01-01 2024-12-31 08742363 2023-01-01 2023-12-31 08742363 2024-12-31 08742363 2023-12-31 08742363 2023-01-01 08742363 c:Director1 2024-01-01 2024-12-31 08742363 d:CurrentFinancialInstruments 2024-12-31 08742363 d:CurrentFinancialInstruments 2023-12-31 08742363 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08742363 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08742363 d:ShareCapital 2024-12-31 08742363 d:ShareCapital 2023-12-31 08742363 d:ShareCapital 2023-01-01 08742363 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08742363 d:RetainedEarningsAccumulatedLosses 2024-12-31 08742363 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08742363 d:RetainedEarningsAccumulatedLosses 2023-12-31 08742363 d:RetainedEarningsAccumulatedLosses 2023-01-01 08742363 c:OrdinaryShareClass1 2024-01-01 2024-12-31 08742363 c:OrdinaryShareClass1 2024-12-31 08742363 c:OrdinaryShareClass1 2023-12-31 08742363 c:FRS102 2024-01-01 2024-12-31 08742363 c:Audited 2024-01-01 2024-12-31 08742363 c:FullAccounts 2024-01-01 2024-12-31 08742363 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08742363 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08742363 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08742363


 

UNDERGLADE LTD
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
UNDERGLADE LTD
REGISTERED NUMBER: 08742363

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
918,818
890,520

Cash at bank and in hand
  
142,933
123,251

  
1,061,751
1,013,771

Creditors: amounts falling due within one year
 6 
(362,376)
(438,161)

Total assets less current liabilities
  
 
 
699,375
 
 
575,610

  

Net assets
  
699,375
575,610


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
699,374
575,609

Shareholders' funds
  
699,375
575,610


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: 




................................................
T C Tarrant
Director

Date: 29 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
UNDERGLADE LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1
648,675
648,676


Comprehensive income for the year

Profit for the year
-
126,934
126,934

Dividends paid
-
(200,000)
(200,000)



At 1 January 2024
1
575,609
575,610


Comprehensive income for the year

Profit for the year
-
123,765
123,765


At 31 December 2024
1
699,374
699,375


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
UNDERGLADE LTD
 

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

1.


General information

Underglade Ltd 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.


Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "'The Financial Reporting Standard applicable in the UK  and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and on a going concern basis, as explained further in this note.
The financial statements are presented in Sterling (£) and balances are rounded to the nearest pound.

  
3.2

Significant judgements and estimates

The directors make a number of assessments which require judgement, estimates and assumptions in preparing the accounts and can have a significant effect upon the financial statements.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables. Management considers factors including: the credit rating of the receivable, the ageing profile of receivables and historical experience.
Accrued income
In assessing the values attributable to contracts in progress at the Balance Sheet date, turnover and costs are accrued based upon the stage of completion of the contract and expected gross profit margins. Completion stage is based on project management’s knowledge of the job and progress on time- sheets and other elements.

  
3.3

Turnover

Turnover represents the value of work undertaken by the Company in the financial year, which has been completed and accepted by clients under terms of their contracts with the company. In assessing the values attributable to contracts in progress at the Balance Sheet date, turnover is accrued based upon the stage of completion of the contract.
Turnover is recognised on projects as project activity progresses. Therefore determining the stage of completion of projects inherently carries estimation uncertainty.

Page 3

 
UNDERGLADE LTD
 

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

3.Accounting policies (continued)

 
3.4

Taxation

Tax is recognised in the Profit and Loss Account 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.

 
3.5

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 the Profit and Loss Account 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.

 
3.6

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.

Page 4

 
UNDERGLADE LTD
 

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

3.Accounting policies (continued)


3.6
Financial instruments (continued)


Basic financial assets (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Profit and Loss Account.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
 
Page 5

 
UNDERGLADE LTD
 

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

3.Accounting policies (continued)


3.6
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
3.7

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting year, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. 

 
3.8

Going concern

The directors believe the business to be a going concern and the financial statements have been prepared on that basis. The Company retains the support and financial backing of the Group as a whole.          
The directors have reviewed and considered relevant information, including the annual budget and future cash flows covering a period of 12 months from the date of signing the financial statements in making their assessment. Based on assessment, the directors consider that the Company maintains and appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations. 
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. 
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
11
11

Page 6

 
UNDERGLADE LTD
 

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

5.


Debtors

2024
2023
£
£


Trade debtors
633,710
681,553

Amounts owed by group undertakings
88,032
53,270

Prepayments and accrued income
197,076
155,697

918,818
890,520



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
172,945
169,816

Corporation tax
41,222
47,472

Other taxation and social security
113,507
157,210

Accruals and deferred income
34,702
63,663

362,376
438,161



7.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1 (2023: 1) Ordinary share of £1 each
1
1



8.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.


9.


Controlling party

The immediate parent company is BDRC Group Limited, a company incorporated in the UK.
The ultimate parent undertaking is XPAGE Group, a company incorporated in France, XPAGE Group prepares group financial statements and copies can be obtained from 75 Rue Saint-Jean 31130, Balma, France.

Page 7

 
UNDERGLADE LTD
 

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

10.


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 29 May 2025 by Daley Tyndale FCCA (Senior statutory auditor) on behalf of Cooper Parry.


Page 8