ACCOUNTS - Final Accounts

EXTERRO UK LIMITED - Company Information

Registered number: 11853260 (England and Wales)

EXTERRO UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021


EXTERRO UK LIMITED

COMPANY INFORMATION

Directors	B V Balachandran
	M R Spencer


Registered number	11853260


Registered office	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	United Kingdom
	WC1V 7HP


Independent auditors	ZEDRA Corporate Reporting Services (UK) Limited


EXTERRO UK LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 4


EXTERRO UK LIMITED REGISTERED NUMBER:11853260

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	295,587		151,741
Cash at bank and in hand		46,939		34,998
		342,526		186,739
Creditors: amounts falling due within one year	5	(153,958)		(103,411)
Net current assets			188,568		83,328
Total assets less current liabilities			188,568		83,328

Net assets			188,568		83,328

Capital and reserves
Called up share capital	100	100
Profit and loss account	188,468	83,228
	188,568	83,328

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:

M R Spencer

Director

Date: 15 September 2022

The notes on pages 2 to 4 form part of these financial statements.

Page 1


EXTERRO UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies

1.1

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 following principal accounting policies have been applied:

1.2

Going concern

The Company is in a net asset position of £188,568 at the end of the financial year. Despite being in a net asset position, the entity remains reliant on continued support from its parent company, Exterro, Inc. The directors have assessed the expected future cash requirements of the Company in conjunction with the forecasts of the parent company, for at least 12 months from the date of signing these financial statements, and have concluded that the required support remains available to the Company.
Exterro UK Limited has received written confirmation from its parent company that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The Company recognises turnover from two primary sources, an intercompany service agreement with its parent company and sales to third parties.

Rendering of services

Turnover from an intercompany service arrangement is recognised on a cost plus 10% basis, excluding third party sales. 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 arrangement;

∙the costs incurred under the intercompany service arrangement can be measured reliably.

Sales to third parties are recognised as services are provided to customers and when all of the criteria noted above are met in relation to the sale. The services are provided to the customer by the parent company.

Page 2


EXTERRO UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.Accounting policies (continued)

1.4

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.

1.5

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.

1.6

Taxation

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.

1.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

1.9

Creditors

Short term creditors are measured at the transaction price.

Page 3


EXTERRO UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 15 September 2022 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Employees

The average monthly number of employees during the year was 7 (2020 - 4).

Debtors

					2021	2020
					£	£


Trade debtors	-	61,220
Amounts owed by group undertakings	247,568	51,556
VAT	25,546	23,027
Prepayments and accrued income	22,473	15,938
	295,587	151,741

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	2,207	13,061
Corporation tax	25,971	19,217
Other taxation and social security	69,251	17,137
Accruals and deferred income	56,529	53,996
	153,958	103,411

6.	Controlling party

Exterro, 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 Suite 400, 4145 SW Watson Avenue, Beaverton, OR 97005, USA.

7.	Post balance sheet events

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 4