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Registered number: 10429017 (England and Wales)
BOMBORA UK LIMITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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COMPANY INFORMATION
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F&L Corporate Reporting Services Limited
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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BOMBORA UK LIMITED
REGISTERED NUMBER:10429017
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BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital contribution reserve
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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:
The notes on pages 3 to 7 form part of these financial statements.
Page 1
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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Capital contribution reserve
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At 1 January 2018 (as previously stated)
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At 1 January 2018 (as restated)
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Comprehensive income for the year
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Profit for the year (as restated)
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At 1 January 2019 (as previously stated)
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Prior year adjustment (see note 5)
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At 1 January 2019 (as restated)
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Comprehensive income for the year
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Share based payments (see note 8)
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The notes on pages 3 to 7 form part of these financial statements.
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Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Bombora UK Limited has received written confirmation from its parent company, Bombora, Inc., that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. The director is of the opinion that there will be sufficient financial support through the parent company after they have secured a 2020 Term Loan Advance, revolving loan credit and a third party investor loan, to meet the Company’s current and future financial commitments. For this reason, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rendering of services
Turnover is recognised on a cost plus 7% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the intercompany service agreement;
∙the costs incurred under the intercompany service agreement can be measured reliably.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are intercompany loans. No interest is charged on these loans, which are repayable on demand
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is GBP and the presentational currency is USD.
During the year, management took the decision to prepare the financial statements in USD to align with the reporting of the parent company. The prior year results have therefore been restated to be comparable with the current year presentational currency.
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 year 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.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Statement of Comprehensive Income 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. There are either factors beyond the control of either party (such as 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 the Statement of Comprehensive Income over the remaining vesting period.
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 Statement of Comprehensive Income 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.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.Accounting policies (continued)
Tax is recognised in the Statement of Comprehensive Income, 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.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 21 October 2020 by Louise Morriss BFP ACA FCCA (Senior Statutory Auditor) on behalf of F&L Corporate Reporting Services Limited.
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The average monthly number of employees during the year was 1 (2018 -2).
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Amounts owed by group undertaking
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
In the prior year, an amount totalling $39,084 in relation to staff national insurance costs had been omitted from administration expenses. An adjustment has been made in the comparative year to increase costs with a corresponding amount being recognised in other creditors.
A prior year adjustment has been made to increase turnover by $41,820 to recognise the cost plus impact on the above adjustment. Amounts due from group undertakings has also increased by the same amount.
The net effect of the above adjustments was an increase of $2,736 in the brought forward profit and loss reserve.
As detailed in note 1.7, the financial statements have been presented this year, including comparatives, in USD to align with the reporting of the parent company.
At the end of the reporting year, the total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is $NIL (2018: $1,980).
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Allotted, called up and fully paid
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16,848,440 (2018 -16,848,400) Ordinary shares of $0.00010 each
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Capital contribution reserve
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Certain employees of the Company along with other group employees have been granted options over the shares in Bombora, Inc., the Company's parent company. The options are granted at an independently determined fair value and vest over three years. The options expire 10 years after the date of grant and the employees are required to be an employee of the Company at the date they exercise any options.
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve.
Bombora, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member. The registered office of the parent company is 257 Park Avenue, 6th Floor, New York, NY 10010, United States of America.
Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Post balance sheet events
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There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
Page 7
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