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REGISTERED NUMBER: 07217991 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

VERACODE LTD

VERACODE LTD (REGISTERED NUMBER: 07217991)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VERACODE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Directors: K J Brady
S Yadav King
D A Forlizzi
D M Rogers





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
United Kingdom
BS1 6FL





Registered number: 07217991 (England and Wales)





Auditors: WD Audit Limited Statutory Auditors
5th Floor
111 Charterhouse Street
London
EC1M 6AW

VERACODE LTD (REGISTERED NUMBER: 07217991)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 461,010 318,020

CURRENT ASSETS
Debtors 5 3,007,718 2,419,464
Cash at bank 439,794 556,508
3,447,512 2,975,972
CREDITORS
Amounts falling due within one year 6 (687,318 ) (447,518 )
NET CURRENT ASSETS 2,760,194 2,528,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,221,204

2,846,474

PROVISIONS FOR LIABILITIES 8 (78,416 ) (44,621 )
NET ASSETS 3,142,788 2,801,853

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,142,688 2,801,753
SHAREHOLDERS' FUNDS 3,142,788 2,801,853

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





D A Forlizzi - Director


VERACODE LTD (REGISTERED NUMBER: 07217991)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Veracode Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 represents income earned from the parent, Veracode, Inc. based on a cost plus agreement, excluding Value Added Tax.

All of the turnover is derived from outside the United Kingdom.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated useful life.

Fixtures and fittings - 20% - 50% on cost
Computer equipment - 20% - 33% on cost
Leasehold improvement - Over the remaining duration of the lease

Financial instruments
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the balance Sheet when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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.

VERACODE LTD (REGISTERED NUMBER: 07217991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

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.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of debtors are recognised in the Statement of profit and loss in administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2021 - 59 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
Cost
At 1 January 2022 277,343 467,394 405,202 1,149,939
Additions - - 326,200 326,200
Disposals - (368,211 ) (333,905 ) (702,116 )
At 31 December 2022 277,343 99,183 397,497 774,023
Depreciation
At 1 January 2022 120,068 405,941 305,910 831,919
Charge for year 49,666 13,909 90,747 154,322
Eliminated on disposal - (368,211 ) (305,017 ) (673,228 )
At 31 December 2022 169,734 51,639 91,640 313,013
Net book value
At 31 December 2022 107,609 47,544 305,857 461,010
At 31 December 2021 157,275 61,453 99,292 318,020

5. DEBTORS
2022 2021
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 2,296,797 1,856,747
Other debtors 397,140 248,936
2,693,937 2,105,683

VERACODE LTD (REGISTERED NUMBER: 07217991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. DEBTORS - continued
2022 2021
£    £   
Amounts falling due after more than one year:
Other debtors 313,781 313,781

Aggregate amounts 3,007,718 2,419,464

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 135,657 4,569
Taxation and social security 70,409 80,153
Other creditors 481,252 362,796
687,318 447,518

7. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:

2022 2021
£ £
Within one year 389,849 348,645
Between one and five years 454,824 755,398
844,673 1,104,043

8. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 78,416 44,621

Deferred
tax
£   
Balance at 1 January 2022 44,621
Provided during year 33,795
Prior year adjustment
Balance at 31 December 2022 78,416

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis (Senior Statutory Auditor)
for and on behalf of WD Audit Limited Statutory Auditors

VERACODE LTD (REGISTERED NUMBER: 07217991)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling partys are mentioned as below, who owns 100% of the share capital (mentioned in below table) in Mitnick Parent, LP (including all its subsidiaries) , a limited partnership incorporated in the USA.

Ultimate controlling party% of the share capital
Crosspoint Capital Fund II-A, LP4.64
Crosspoint Capital Fund II, LP6.12
Crosspoint Capital VC SPV, LP13.59
Mitnick TA Aggregator, LP66.61
Crosspoint Capital II Co-Investment Partners, LP0.22
Moreton Bay SPV, LP0.03
Employee Shares8.79