Digital River UK Limited - Limited company accounts 16.3
Digital River UK Limited - Limited company accounts 16.3
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| DIGITAL RIVER UK LIMITED |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of the Independent Auditors | 3 |
| Income Statement | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| DIGITAL RIVER UK LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditor |
| 24 Wellington Business Park |
| Dukes Ride |
| Crowthorne |
| Berkshire |
| RG45 6LS |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 December 2016 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of global e-commerce solutions for software consumer |
| technology. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
| law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
| elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
| Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
| unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
| company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's |
| transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure |
| that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the |
| company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
| which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in |
| order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that |
| information. |
| AUDITORS |
| The auditors, Durrants, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| DIGITAL RIVER UK LIMITED |
| We have audited the financial statements of Digital River UK Limited for the year ended 31 December 2016 on pages four to eight. |
| The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting |
| Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial |
| Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
| 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to |
| state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or |
| assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, |
| or for the opinions we have formed. |
| Respective responsibilities of directors and auditors |
| Scope of the audit of the financial statements |
| An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable |
| assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an |
| assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently |
| applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall |
| presentation of the financial statements. In addition, we read all the financial and non-financial information in the Report of the |
| Directors to identify material inconsistencies with the audited financial statements and to identify any information that is |
| apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing |
| the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our |
| report. |
| Opinion on financial statements |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Opinion on other matter prescribed by the Companies Act 2006 |
| In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are |
| prepared is consistent with the financial statements. |
| Matters on which we are required to report by exception |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
| opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit; or |
| - | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditor |
| 24 Wellington Business Park |
| Dukes Ride |
| Crowthorne |
| Berkshire |
| RG45 6LS |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| INCOME STATEMENT |
| for the Year Ended 31 December 2016 |
| 2016 | 2015 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses |
| OPERATING PROFIT |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit |
| PROFIT FOR THE FINANCIAL YEAR |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| BALANCE SHEET |
| 31 December 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors on |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Digital River UK Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
| Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
| owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
| added tax and other sales taxes. |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. |
| Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of |
| each asset over its expected useful life, as follows: |
| Plant and machinery: at variable rates on a reducing balance basis |
| Leasehold improvements: over the life of the lease on a straight line basis |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
| that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
| date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
| which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
| enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
| recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
| date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
| Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme |
| are charged to profit or loss in the period to which they relate. |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2016 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to |
| £708,750 (2015: £nil). |
| DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2016 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The Company is a subsidiary undertaking of Digital River Ireland, Ltd. The ultimate parent company is Danube Private |
| Holdings II, LLC. |
| The largest group in which the results of the Company are consolidated is that headed by Danube Private Holdings II, LLC |
| incorporated in the United States of America. No other group financial statements include the results of the Digital River |
| UK Limited. |
| The consolidated financial statements of Danube Private Holdings II, LLC are available to the public at 10380 Bren Road |
| West, Minnetonka, MN 55343-9072 USA. |