ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

PBTS EUROPE LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity1710truetrue 08766937 2022-01-01 2022-12-31 08766937 2021-01-01 2021-12-31 08766937 2022-12-31 08766937 2021-12-31 08766937 1 2022-01-01 2022-12-31 08766937 d:Director1 2022-01-01 2022-12-31 08766937 d:RegisteredOffice 2022-01-01 2022-12-31 08766937 c:CurrentFinancialInstruments 2022-12-31 08766937 c:CurrentFinancialInstruments 2021-12-31 08766937 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08766937 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 08766937 c:ShareCapital 2022-12-31 08766937 c:ShareCapital 2021-12-31 08766937 c:RetainedEarningsAccumulatedLosses 2022-12-31 08766937 c:RetainedEarningsAccumulatedLosses 2021-12-31 08766937 d:FRS102 2022-01-01 2022-12-31 08766937 d:Audited 2022-01-01 2022-12-31 08766937 d:FullAccounts 2022-01-01 2022-12-31 08766937 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08766937 c:WithinOneYear 2022-12-31 08766937 c:WithinOneYear 2021-12-31 08766937 c:BetweenOneFiveYears 2022-12-31 08766937 c:BetweenOneFiveYears 2021-12-31 08766937 d:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 08766937 (England and Wales)

PBTS EUROPE LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


PBTS EUROPE LIMITED

COMPANY INFORMATION

Director	J Seats


Registered number	08766937


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


Independent auditors	ZEDRA Corporate Reporting Services (UK) Limited


PBTS EUROPE LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 6


PBTS EUROPE LIMITED REGISTERED NUMBER:08766937

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	6,752,006		3,203,771
Cash at bank and in hand		138,366		114,732
		6,890,372		3,318,503
Creditors: amounts falling due within one year	5	(6,352,679)		(2,931,630)
Net current assets			537,693		386,873
Total assets less current liabilities			537,693		386,873

Net assets			537,693		386,873

Capital and reserves
Called up share capital	1	1
Profit and loss account	537,692	386,872
	537,693	386,873

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:

J Seats

Director

Date: 20 September 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

PBTS Europe Limited has received written confirmation from its parent company, Techstars Central,
LLC, that it will continue to provide financial support to the Company for a period of 12 months from
the date of signing these financial statements.
In assessing the Company's ability to continue as a going concern, the director has considered the
availability of financing from the parent company, through a review of parent company position and
the budgeted cash requirements of the Company. The director is confident that the Company will
continue to be able to meet its obligations as liabilities fall due. For these reasons, the director
continues to prepare the financial statements on a going concern basis.

1.3

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.

1.4

Turnover

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 6% 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.

Page 2


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

1.6

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.

1.7

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.

1.8

Debtors

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

1.9

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.

1.10

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans, which are unsecured, interest free and repayable on demand.

2.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 20 September 2023 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 3


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Employees

The average monthly number of employees, including directors, during the year was 17 (2021 - 10).

Page 4


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£


Amounts owed by group undertakings	6,696,792	3,156,018
Other debtors	55,214	47,003
Prepayments and accrued income	-	750
	6,752,006	3,203,771

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

Trade creditors	25,985	2,587
Amounts owed to group undertakings	5,927,502	2,752,502
Corporation tax	-	10,512
Other taxation and social security	91,085	61,973
Other creditors	11,605	6,666
Accruals and deferred income	296,502	97,390
	6,352,679	2,931,630

Not later than one year	270,234	82,400
Later than one year and not later than five years	48,888	-
	319,122	82,400

7.	Controlling party

Techstars Central, LLC is the parent company 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 1050 Walnut Street, Suite 202, Boulder, CO 80302, USA.

Page 5


PBTS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8.	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 6