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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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 8 (2021 - 7).
4. | 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
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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
6. | 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:
|  |  |  |  | 2022 | 2021
|  |  |  |  | £ | £
| 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.
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