Druva Europe Limited
Annual Report and Financial Statements
For the year ended 31 March 2023
Company Registration No. 07305286 (England and Wales)
Druva Europe Limited
Company Information
Directors
J Singh
M Patel
Company number
07305286
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Druva Europe Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 21
Druva Europe Limited
Strategic Report
For the year ended 31 March 2023
Page 1

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the Company's business

The Company derives its primary income from Cloud Data Management and Resiliency solutions. The prevailing trends of Cloud-based workloads, business continuity plans, and stringent data protection regulations contribute to expanding its total addressable market. With global cloud spending projections indicating rapid growth, Druva is strategically poised to capitalize on this trend, driving potential revenue and profit generation.

 

The Company is on a mission to make data resilient, secure, accessible, and actionable for organizations around the world.

 

The Druva Group pioneered a revolutionary approach to data resiliency with its purpose-built platform that brings the scalability, elasticity, agility, and simplicity of the public cloud to data protection and management. Unlike legacy, hardware-based solutions, the Druva Data Resiliency Cloud is an at-scale Software-as-a-Service (“SaaS”) platform that enables organizations of all sizes to protect and manage all their data across every application, location, and cloud.

 

Radical operational simplicity is a cornerstone of the Company’s value proposition. The Druva Group’s autonomous platform can be deployed in as few as 20 minutes and does not require its customers to manage data protection hardware and software. The platform’s cloud-native architecture, on-demand scaling, and automated solutions reduce the total cost of ownership for the Company’s customers and empower developers to build and deploy applications faster.

 

The Company’s business model

The Company generates substantially all of its revenue through the sale of its cloud-based data protection and management solutions, which it offers as a service via the Druva Data Resiliency Cloud on either a subscription or consumption basis. The Company typically invoices its subscription-based customers annually in advance and the Company recognizes subscription-based revenue ratably over the term of the contract. The Company’s subscription contracts are predominantly non-cancelable with terms of one year or longer. Similarly, the Company typically invoices consumption-based customers annually in advance based on their upfront commitments for volume of data to be protected during the contract term, but it does not recognize consumption-based revenue until actual usage of the solution.

 

The Company’s transparent pricing with multi-tiered packages is designed to encourage customers to expand their adoption of its platform by providing them with the flexibility to protect growing volumes of data and numbers of users and workloads, as well as offering them access to a broad suite of add-on features and functionalities. For most of the Company’s consumption-based customers, consumption accelerates over the course of the contract term, and many frequently exceed the upfront commitment before the end of the term. When this occurs, the customer typically has the option to amend its existing contract to commit to additional volume for the existing term or to request an early renewal of the contract. When actual consumption during the contract term is less than the upfront commitment, the Company’s consumption-based customers generally have the option to roll over a specified percentage of the unused commitment volume to a future term.

 

Demand and other concerns

Acknowledging the necessity for constant innovation to meet evolving customer needs and industry standards, the Druva Group remains committed to excellence. The Company takes pride in its high customer satisfaction metrics, boasting a recent Net Promoter Score (“NPS”) of 89 and the Druva Group’s net revenue retention above 100% for the fiscal year ended March 31, 2023. Rigorous market and usability studies guide the Company’s innovation process. The central challenge lies in the Company’s agility to innovate swiftly, aligning with market trends and outpacing competitors.

Druva Europe Limited
Strategic Report (Continued)
For the year ended 31 March 2023
Page 2

Factors affecting performance

 

Acquiring New Customers

The Company’s future growth depends, in part, on new customers adopting its platform. The Company’s ability to acquire new customers will depend on several factors, including its success in recruiting and scaling its sales and marketing organization and competitive dynamics in its industry and target markets. To capitalize on the Company’s market opportunity and industry trends driving increased adoption of cloud-native data protection and management solutions, the Company intends to make significant investments in sales and marketing and the continued development of its platform. The Company expects to grow its direct and partner sales force, focusing on increasing sales to enterprise and mid-market organizations in both its current and new markets. The Druva Group also intends to dedicate additional resources to developing and introducing new features and functionality that enhance the value of its platform.

 

Expanding Within Existing Customer Base

The Company’s future growth also depends, in part, on the continued success of its land-and-expand strategy. New customers often initially adopt the Company’s platform for a specific use case and thereafter increase their adoption as they realize the benefits and flexibility of its platform, by adding more users, data and workloads as well as additional platform capabilities. The Company has been successful in expanding its existing customers’ adoption of its platform and the Company believes its large base of existing customers represents a significant opportunity to continue to grow its business. The Company plans to continue investing in sales and marketing and platform development to encourage increased adoption by its existing customers and, in particular, its enterprise customers.

 

The degree of the Company’s success in expanding the adoption of its platform among existing customers depends on several factors, including its customers’ satisfaction with its platform, competition, pricing, overall changes in its customers’ spending levels, the effectiveness of its efforts to help its customers realize the benefits of its platform, and the extent to which customers protect more of their workloads using its platform over time.

 

Leveraging and Expanding the Partner Network

The Company plans to continue to leverage and expand its industry-leading alliances and strategic reseller relationships, including value-added and corporate resellers, system integrators, partners that white-label its solutions, and managed service providers. The Company believes that increasing channel leverage by investing in sales enablement and co-marketing with its partners will extend and improve its engagement with a broad set of customers. As the Company has expanded its partnerships over time, it has generated an increasing portion of the Company’s revenue, and the continued success in leveraging and expanding its partner network may significantly affect its business and operating results.

 

Continued Investment in Innovation and Technology Leadership

The Company’s success depends, in part, on its ability to sustain innovation and technology leadership to maintain a competitive advantage. The Druva Group believes that it has built a differentiated data protection and management platform, and it intends to continue to invest in developing and enhancing its features and functionality to further increase and extend the adoption of its platform. Additionally, the Druva Group will continue to evaluate opportunities to acquire or invest in businesses, solutions, technologies or talent that it believes could complement or expand its platform, enhance its technical capabilities or offer growth opportunities.

Druva Europe Limited
Strategic Report (Continued)
For the year ended 31 March 2023
Page 3

On behalf of the board

M Patel
Director
14 February 2024
Druva Europe Limited
Directors' Report
For the year ended 31 March 2023
Page 4
Principal activities

The principal activity of the company is that of providing integrated end point data protection and governance software for enterprise laptops, PCs, smartphones and tablets, together with associated software support.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Singh
M Patel
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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.

Druva Europe Limited
Directors' Report (Continued)
For the year ended 31 March 2023
Page 5
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
M Patel
Director
14 February 2024
Druva Europe Limited
Independent Auditor's Report
To the Members of Druva Europe Limited
Page 6
Opinion

We have audited the financial statements of Druva Europe Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Druva Europe Limited
Independent Auditor's Report (Continued)
To the Members of Druva Europe Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Druva Europe Limited
Independent Auditor's Report (Continued)
To the Members of Druva Europe Limited
Page 8
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Druva Europe Limited
Independent Auditor's Report (Continued)
To the Members of Druva Europe Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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 an auditor's report 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.

Jamie Seaford
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
15 February 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Druva Europe Limited
Profit and loss account
For the year ended 31 March 2023
Page 10
2023
2022
£
£
Turnover
2
14,662,840
11,951,632
Cost of sales
(3,468,585)
(2,704,808)
Gross profit
11,194,255
9,246,824
Administrative expenses
(10,861,318)
(8,888,275)
Profit before taxation
332,937
358,549
Taxation
5
-
0
-
0
Profit for the financial year
332,937
358,549

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Druva Europe Limited
Statement of Comprehensive Income
For the year ended 31 March 2023
Page 11
2023
2022
£
£
Profit for the year
332,937
358,549
Other comprehensive income
-
-
Total comprehensive income for the year
332,937
358,549
Druva Europe Limited
Balance Sheet
As at 31 March 2023
Page 12
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
4,891,814
8,100,065
Cash at bank and in hand
3,737,437
4,422,285
8,629,251
12,522,350
Creditors: amounts falling due within one year
7
(10,120,160)
(20,957,336)
Net current liabilities
(1,490,909)
(8,434,986)
Creditors: amounts falling due after more than one year
8
(1,303,304)
(917,676)
Net liabilities
(2,794,213)
(9,352,662)
Capital and reserves
Called up share capital
11
29,968
29,968
Capital contribution reserve
6,167,148
-
0
Other reserve
536,455
478,091
Profit and loss reserves
(9,527,784)
(9,860,721)
Total equity
(2,794,213)
(9,352,662)
The financial statements were approved by the board of directors and authorised for issue on 14 February 2024 and are signed on its behalf by:
M Patel
Director
Company Registration No. 07305286
Druva Europe Limited
Statement of Changes in Equity
For the year ended 31 March 2023
Page 13
Share capital
Capital contribution reserve
Other reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
29,968
-
0
263,637
(10,219,270)
(9,925,665)
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
358,549
358,549
Credit to equity for share based payment expense
-
-
214,454
-
214,454
Balance at 31 March 2022
29,968
-
0
478,091
(9,860,721)
(9,352,662)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
332,937
332,937
Capital contribution
-
0
6,167,148
-
-
0
6,167,148
Credit to equity for share based payment expense
-
-
58,364
-
58,364
Balance at 31 March 2023
29,968
6,167,148
536,455
(9,527,784)
(2,794,213)
Druva Europe Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 14
1
Accounting policies
Company information

Druva Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Druva Holdings, Inc. These consolidated financial statements are available from its registered office, 2051 Mission College Blvd, Santa Clara, CA 95054.

1.2
Going concern

At the balance sheet date the company had net current liabilities of £1,490,909 (2022 - £8,434,986) and net liabilities of £2,794,213 (2022 - £9,352,662). trueThe net liabilities position has decreased significantly during the year as a result of a capital contribution of £6,167,148 received from the parent company. Included in creditors is an amount owed to group companies of £1,358,749 (2022 - £13,821,366). The company is therefore reliant on the provision of ongoing support from group companies and forbearance on these loans. Druva Holdings Inc, the ultimate parent company, has provided written assurances that it, or companies under its control, will continue to provide ongoing financial support and that the loans will not be called in for repayment for a period of at least 12 months from the date of approval of the financial statements. As a result the directors consider it appropriate to prepare the accounts on the going concern basis.

Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 15
1.3
Turnover

Turnover represents the amount of sales and support services provided, excluding value added tax.

 

The company generates revenue from providing data protection services on a subscription or consumption basis. Revenue from subscriptions is recognised evenly over the course of the contract. Revenue from consumption is recognised based on the percentage of data consumed during the relevant period.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 16
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 17

The fair value of equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company’s estimate of shares or options that will eventually vest.

 

The directors believe that the costs of issuing options is not material and therefore no costs have been recognised.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Data protection and storage
11,419,268
9,000,037
Management recharge
3,243,572
2,951,595
14,662,840
11,951,632
2023
2022
£
£
Turnover analysed by geographical market
Europe
11,419,268
9,000,037
USA
3,243,572
2,951,595
14,662,840
11,951,632
Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 18
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
10,911
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
36,000
33,250
Share-based payments
177,206
214,454
Operating lease charges
232,856
236,755
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
38
32

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,984,247
5,943,702
Social security costs
679,641
559,462
Pension costs
139,900
103,221
7,803,788
6,606,385
Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 19
5
Taxation

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
332,937
358,549
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
63,258
68,124
Tax effect of expenses that are not deductible in determining taxable profit
28,170
46,507
Tax effect of utilisation of tax losses not previously recognised
(91,428)
(114,631)
Taxation charge for the year
-
-

Tax losses available to the group total £8,730,972 (2022 - £9,413,281). A deferred tax asset has not been recognised on these losses on the basis that profits are not certain.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,633,006
2,408,446
Amounts owed by group undertakings
1,853,009
5,448,039
Other debtors
126,382
119,767
Prepayments and accrued income
279,417
123,813
4,891,814
8,100,065
7
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
431,737
129,973
Amounts owed to group undertakings
1,358,749
13,821,366
Taxation and social security
596,077
617,079
Deferred income
9
6,892,122
5,740,322
Other creditors
29,885
59,600
Accruals
811,590
588,996
10,120,160
20,957,336
Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 20
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Deferred income
9
1,303,304
917,676
9
Deferred income
2023
2022
£
£
Other deferred income
8,195,426
6,657,998

Deferred income is included in the financial statements as follows:

Current liabilities
6,892,122
5,740,322
Non-current liabilities
1,303,304
917,676
8,195,426
6,657,998
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
139,900
103,221

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
29,968 Ordinary shares of £1 each
29,968
29,968

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

Druva Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 21
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
59,883
54,750
13
Related party transactions

The company has taken advantage of the exemption available within FRS 102 Section 33 not to disclose transactions with wholly owned companies within the group.

14
Ultimate controlling party

The immediate parent company is Druva Singapore Pte. Ltd, a company incorporated in Singapore, and ultimate controlling party is Druva Holdings Inc, a company incorporated in the United States of America and registered at 800 W. California Avenue, Suite 100, Sunnyvale, CA 94086. Druva Holdings Inc, is the only group of undertakings for which group accounts are drawn up. These accounts are available from its registered office.

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