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Registered number: 12534703 (England and Wales)














SAPPHIRE VENTURES (INTERNATIONAL) UK LTD

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 
 
COMPANY INFORMATION


Director
A M Weiskam 




Registered number
12534703



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 6


 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
REGISTERED NUMBER:12534703

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,519
-

  
2,519
-

Current assets
  

Debtors: amounts falling due within one year
 5 
709,774
302,966

Bank and cash balances
  
582,728
882,033

  
1,292,502
1,184,999

Creditors: amounts falling due within one year
 6 
(410,682)
(580,770)

Net current assets
  
 
 
881,820
 
 
604,229

Total assets less current liabilities
  
884,339
604,229

  

Net assets
  
884,339
604,229


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
884,338
604,228

  
884,339
604,229


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: 4 September 2024

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

Page 1

 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 
 
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 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:

  
1.2

Going concern

The Company is in a net asset position of £884,339. 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 at least 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 through a review of the parent company's financial position and forecasts. On the basis that financial support continues, the director is confident that the Company will continue to be able to meet 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.

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 2023

1.Accounting policies (continued)

 
1.4

Turnover

Revenue 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 revenue 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

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.

Page 3

 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Computer equipment
-
3
Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
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.


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 5 September 2024 by Dominic King FCA (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 6 (2022 - 8).

Page 4

 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
2,519



At 31 December 2023

2,519






Net book value



At 31 December 2023
2,519



At 31 December 2022
-


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
612,472
204,399

Other debtors
84,132
65,512

Prepayments and accrued income
13,170
33,055

709,774
302,966



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
17,820
11,586

Corporation tax
88,461
75,154

Other taxation and social security
288,428
473,980

Accruals and deferred income
15,973
20,050

410,682
580,770


Page 5

 
SAPPHIRE VENTURES (INTERNATIONAL) UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Financial commitments

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
104,226
228,250

Later than one year and not later than five years
-
54,000

104,226
282,250


8.


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.


9.


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 6