Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31falsetrue2022-07-12Activities of other holding companies not elsewhere classified2falsefalse 14228682 2022-07-11 14228682 2022-07-12 2023-07-31 14228682 2021-01-01 2022-07-11 14228682 2023-07-31 14228682 c:Director6 2022-07-12 2023-07-31 14228682 d:CurrentFinancialInstruments 2023-07-31 14228682 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 14228682 d:ShareCapital 2023-07-31 14228682 c:OrdinaryShareClass1 2022-07-12 2023-07-31 14228682 c:OrdinaryShareClass1 2023-07-31 14228682 c:FRS102 2022-07-12 2023-07-31 14228682 c:Audited 2022-07-12 2023-07-31 14228682 c:FullAccounts 2022-07-12 2023-07-31 14228682 c:PrivateLimitedCompanyLtd 2022-07-12 2023-07-31 14228682 c:SmallCompaniesRegimeForAccounts 2022-07-12 2023-07-31 14228682 6 2022-07-12 2023-07-31 14228682 e:PoundSterling 2022-07-12 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14228682










PANZURA UK LIMITED










FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2023

 
PANZURA UK LIMITED
REGISTERED NUMBER: 14228682

BALANCE SHEET
AS AT 31 JULY 2023

2023
Note
£

Fixed assets
  

Investments
 4 
128

Current assets
  

Debtors: amounts falling due within one year
 5 
1

Creditors: amounts falling due within one year
 6 
(128)

Net current liabilities
  
 
 
(127)

  

Net assets
  
1


Capital and reserves
  

Called up share capital 
  
1

  
1


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 income and retained earnings 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 on 16 August 2024.




J M Clark
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
PANZURA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

Panzura UK Limited is a private Company limited by shares, incorporated in England and Wages (registered number: 14228682). Its registered office is 5th Floor 167 - 169 Great Portland Street, London, W1W 5PF. The principal activity of the Company throughout the period is that of a holding company. The Company was incorporated on 12th July 2022. During the period, a subsidiary was acquired but there was no trading activity. The Company began trading post year end on 29th August 2023.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The validity of this assumption relies on the parent company continuing to provide financial support to the Company. It should be noted that the parent company is currently loss making and is continually working to secure investment in order to develop the business, become profitable and generate positive cash flows in the future. The directors are not aware of any factors which would significantly impact the ability of the parent company to secure the appropriate funds and confirm that they are currently in the process of securing the next round of investment.
In addition to the conditions described above, the parent company has an active lawsuit raised against it, for which the outcome and potential financial loss is unknown. The directors are taking the necessary steps to reduce any impact on the group as a whole.
In preparing the financial statements, the directors have taken into consideration all known conditions and events and conclude that the Company is a going concern.

Page 2

 
PANZURA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds Sterling.

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.

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
 
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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 3

 
PANZURA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

3.


Employees




The average monthly number of employees, including directors, during the period was 2.


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


Additions
128



At 31 July 2023
128




On 6th September 2022, the Company purchased the share capital of Panzura Mexico S. de R.L. de C.V. at par value.

Page 4

 
PANZURA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

5.


Debtors

2023
£


Amounts owed by group undertakings
1



6.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
128



7.


Share capital

2023
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


The Company alloted 1 ordinary share for £1 during the period. The consideration of the share was at nominal value. 


8.


Controlling party

The ultimate controlling party is Panzura Holdings LLC, a company based in the United States. Its registered office is 5850 Granite Parkway, Suite 450, Plano, TX, 75024. The results of Panzura UK  Limited are consolidated in the financial statements of Panzura Holdings, LLC.

Page 5

 
PANZURA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty relating to going concern
We draw attention to note 2.3 in the financial statements, which indicates that the company is reliant on support from it's parent company and such support is only available if the parent company is able to continually secure appropriate investor funding. There is also an ongoing lawsuit against the parent company which may result in financial losses. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 16 August 2024 by Kirstie Wilson FCCA ACA DChA (Senior statutory auditor) on behalf of Shorts.

Page 6