ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-05-312022-05-31false2021-06-0122truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10777779 2021-06-01 2022-05-31 10777779 2020-06-01 2021-05-31 10777779 2022-05-31 10777779 2021-05-31 10777779 2020-06-01 10777779 c:Director1 2021-06-01 2022-05-31 10777779 d:OfficeEquipment 2021-06-01 2022-05-31 10777779 d:OtherPropertyPlantEquipment 2021-06-01 2022-05-31 10777779 d:OtherPropertyPlantEquipment 2022-05-31 10777779 d:OtherPropertyPlantEquipment 2021-05-31 10777779 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 10777779 d:CurrentFinancialInstruments 2022-05-31 10777779 d:CurrentFinancialInstruments 2021-05-31 10777779 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10777779 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 10777779 d:ShareCapital 2022-05-31 10777779 d:ShareCapital 2021-05-31 10777779 d:RetainedEarningsAccumulatedLosses 2022-05-31 10777779 d:RetainedEarningsAccumulatedLosses 2021-05-31 10777779 c:OrdinaryShareClass1 2021-06-01 2022-05-31 10777779 c:OrdinaryShareClass1 2022-05-31 10777779 c:OrdinaryShareClass1 2021-05-31 10777779 c:FRS102 2021-06-01 2022-05-31 10777779 c:AuditExempt-NoAccountantsReport 2021-06-01 2022-05-31 10777779 c:FullAccounts 2021-06-01 2022-05-31 10777779 c:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 10777779 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-06-01 2022-05-31 10777779 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 10777779 2 2021-06-01 2022-05-31 10777779 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 10777779 d:AcceleratedTaxDepreciationDeferredTax 2021-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10777779

FREAR-UK LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2022

FREAR-UK LIMITED

REGISTERED NUMBER: 10777779

BALANCE SHEET

AS AT 31 MAY 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		686		3,372
Current assets
Debtors: amounts falling due within one year	5	17,585		18,010
Cash at bank		51,214		60,732
		68,799		78,742
Current liabilities
Creditors: amounts falling due within one year	6	(29,243)		(36,400)
Net current assets			39,556		42,342
Deferred tax	7		(151)		(641)
Net assets			40,091		45,073

Capital and reserves
Called up share capital	8	10	10
Profit and loss account		40,081	45,063
		40,091	45,073

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FREAR-UK LIMITED

REGISTERED NUMBER: 10777779

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2022

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 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 by:

Mr T P Frear

Director

Date: 27 February 2023

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

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

1.	General information

Frear-UK Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. This Company is not part of a group.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

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.

2.3

Interest income

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

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.4

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.

2.5

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 corporation 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.

2.6

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.

Depreciation is provided on the following basis:

Office equipment

20%

reducing balance

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.

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.7

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.

2.8

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.

2.9

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.

2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 June 2021	6,959
	Additions	362
	Disposals	(5,123)
	At 31 May 2022	2,198
	Depreciation
	At 1 June 2021	3,587
	Charge for the year on owned assets	172
	Disposals	(2,247)
	At 31 May 2022	1,512
	Net book value
	At 31 May 2022	686
	At 31 May 2021	3,372

Debtors

					2022	2021
					£	£


Trade debtors	17,278	17,632
Prepayments	307	378
	17,585	18,010

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	1,819	6,185
Corporation tax	20,149	23,192
Other taxation and social security	3,038	3,237
Other creditors	2,752	2,536
Accruals	1,485	1,250
	29,243	36,400

7.	Deferred taxation

	2022	2021
	£	£

At beginning of year	(641)	(880)
Charged to profit or loss	490	239
At end of year	(151)	(641)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances

(151)

(641)

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FREAR-UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

8.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

10 (2021 - 10) Ordinary shares of £1.00 each	10	10

9.	Related party transactions
	During the year the Company operated a loan with a director of the Company. The amount payable to the director of the Company at the year end was £2,752 (2021 - £2,536). This loan is interest free and repayable on demand.

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