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Registered number: 08766937 (England and Wales)














PBTS EUROPE LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
PBTS EUROPE LIMITED
 

 
COMPANY INFORMATION


Director
D Cohen 




Registered number
08766937



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
PBTS EUROPE LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
PBTS EUROPE LIMITED
REGISTERED NUMBER:08766937


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
6,617,565
6,752,006

Cash at bank and in hand
  
770,967
138,366

  
7,388,532
6,890,372

Creditors: amounts falling due within one year
 5 
(6,658,127)
(6,352,679)

Net current assets
  
 
 
730,405
 
 
537,693

Total assets less current liabilities
  
730,405
537,693

  

Net assets
  
730,405
537,693


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
730,404
537,692

  
730,405
537,693


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: 

D Cohen
Director

Date: 20 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1


 
PBTS EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

PBTS Europe Limited has received written confirmation from its parent company, Techstars Central,
LLC, that it will continue to provide financial support to the Company for a period of 12 months from
the date of signing these financial statements.
In assessing the Company's ability to continue as a going concern, the director has considered the
availability of financing from the parent company, through a review of parent company position and
the budgeted cash requirements of the Company. The director is confident that the Company will
continue to be able to meet its obligations as liabilities fall due. For these reasons, the director
continues to prepare the financial statements on a going concern basis.

 
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.

 
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 6% 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.

Page 2


 
PBTS EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
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

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.

 
1.7

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.

 
1.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group
undertakings are intercompany loans, which are unsecured, interest free and repayable on demand.

 
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 equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.10

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans, which are unsecured, interest free and repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 August 2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 3


 
PBTS EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 17).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
6,566,974
6,696,792

Other debtors
50,591
55,214

6,617,565
6,752,006



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
21,318
25,985

Amounts owed to group undertakings
6,007,502
5,927,502

Corporation tax
21,326
-

Other taxation and social security
120,812
91,085

Other creditors
14,304
11,605

Accruals and deferred income
472,865
296,502

6,658,127
6,352,679



6.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than one year
129,748
270,234

Later than one year and not later than five years
-
48,888

129,748
319,122

Page 4


 
PBTS EUROPE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Controlling party

Techstars Central, LLC is the parent company 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 1050 Walnut Street, Suite 202, Boulder, CO 80302, USA.


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.
 
Page 5