ACCOUNTS - Final Accounts

Financial commitments

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

SAPPHIRE VENTURES (INTERNATIONAL) UK LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3172022-01-01falseNo description of principal activity8falsetrue 12534703 2022-01-01 2022-12-31 12534703 2021-01-01 2021-12-31 12534703 2022-12-31 12534703 2021-12-31 12534703 1 2022-01-01 2022-12-31 12534703 d:Director2 2022-01-01 2022-12-31 12534703 d:RegisteredOffice 2022-01-01 2022-12-31 12534703 c:CurrentFinancialInstruments 2022-12-31 12534703 c:CurrentFinancialInstruments 2021-12-31 12534703 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12534703 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 12534703 c:ShareCapital 2022-12-31 12534703 c:ShareCapital 2021-12-31 12534703 c:RetainedEarningsAccumulatedLosses 2022-12-31 12534703 c:RetainedEarningsAccumulatedLosses 2021-12-31 12534703 d:FRS102 2022-01-01 2022-12-31 12534703 d:Audited 2022-01-01 2022-12-31 12534703 d:FullAccounts 2022-01-01 2022-12-31 12534703 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12534703 c:WithinOneYear 2022-12-31 12534703 c:WithinOneYear 2021-12-31 12534703 c:BetweenOneFiveYears 2022-12-31 12534703 c:BetweenOneFiveYears 2021-12-31 12534703 d:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 12534703 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 12534703 (England and Wales)

SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

COMPANY INFORMATION

Director	A M Weiskam


Registered number	12534703


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


Independent auditors	ZEDRA Corporate Reporting Services (UK) Limited


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 5


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD REGISTERED NUMBER:12534703

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	302,966		39,752
Bank and cash balances		882,033		1,117,264
		1,184,999		1,157,016
Creditors: amounts falling due within one year	5	(580,770)		(875,659)
Net current assets			604,229		281,357
Total assets less current liabilities			604,229		281,357

Net assets			604,229		281,357

Capital and reserves
Called up share capital	1	1
Profit and loss account	604,228	281,356
	604,229	281,357

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:

A M Weiskam

Director

Date: 29 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

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

The Company is in a net asset position of £604,229 and is primarily supported by cash at bank. Despite this position, due to the Company's business model being solely a transfer pricing arrangement with the parent company, Sapphire Ventures, LLC, it is reliant upon continued support of that company in order to remain a going concern.
The Company 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 director has adopted the going concern basis in preparing the financial statements.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 2


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

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 8% 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.

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

Other operating Income

Other operating income represents intercompany recharges outside of the intercompany service agreement, which are recognised as the relevant costs are incurred.

1.7

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.

1.8

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.

Page 3


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.Accounting policies (continued)

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 held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

1.10

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.

1.11

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans 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 2 October 2023 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Employees

The average monthly number of employees, including directors, during the year was 8 (2021 - 7).

Debtors

					2022	2021
					£	£


Amounts owed by group undertakings	204,399	-
Other debtors	65,512	38,466
Prepayments and accrued income	33,055	1,286
	302,966	39,752

Page 4


SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

Trade creditors	11,586	14,343
Amounts owed to group undertakings	-	152,085
Corporation tax	75,154	64,894
Other taxation and social security	473,980	631,487
Accruals and deferred income	20,050	12,850
	580,770	875,659

Not later than one year	228,250	36,750
Later than one year and not later than five years	54,000	-
	282,250	36,750

7.	Controlling party

Sapphire Ventures, LLC 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 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.

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 5