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Registered number: 09306017









PULMONX UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PULMONX UK LIMITED
REGISTERED NUMBER: 09306017

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
184,424
215,220

Cash at bank and in hand
 6 
524,908
404,108

  
709,332
619,328

Creditors: amounts falling due within one year
 7 
(397,677)
(375,858)

Net current assets
  
 
 
311,655
 
 
243,470

Total assets less current liabilities
  
311,655
243,470

  

Net assets
  
311,655
243,470


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
310,655
242,470

  
311,655
243,470


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 profit and loss account 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: 


................................................
J Erath
Director

Date: 13 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
PULMONX UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1,000
153,237
154,237


Comprehensive income for the year

Profit for the year
-
89,233
89,233
Total comprehensive income for the year
-
89,233
89,233


At 1 January 2023 (as previously stated)
1,000
244,483
245,483

Prior year adjustment
-
(2,013)
(2,013)


At 1 January 2023 (as restated)
1,000
242,470
243,470


Comprehensive income for the year

Profit for the year
-
68,185
68,185
Total comprehensive income for the year
-
68,185
68,185


At 31 December 2023
1,000
310,655
311,655


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pulmonx UK Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares, incorporated in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB. 
The principal activity of the company in the year under review was that of the provision of sales and development services for its parent.

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

Going concern

The ultimate parent of the Company, Pulmonx Corporation, a NASDAQ listed company, remains financially strong. Pulmonx Corporation has sufficient cash, cash equivalents and marketable securities to continue for a period longer than 12 months from the date of the issuance of the financial statements. A review of the ultimate parent company’s financial information as at 31 December 2023 and post year end has been undertaken and it has been determined that they have sufficient financial resources to support the UK entity as required and as the ultimate parent company in the group. 
 
Besides the directors of Pulmonx International Sarl, the immediate parent company, have signed a letter of support have provided a commitment to provide any financial support which may be necessary in order that the Company can meet its liabilities, as they fall due, for a period of at least 12 months from the signing of the balance sheet. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Page 3

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and balances are rounded to the nearest whole pound.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents amounts charged to the Company's parent under a transfer pricing agreement for development services provided, excluding value added tax. Turnover is recognised when chargeable costs are incurred.
Turnover represents amounts invoices to customers in respect of services provided, excluding VAT.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 .

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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.

Page 5

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Computer equipment
-
Over 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 11).

Page 6

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
1,435



At 31 December 2023

1,435



Depreciation


At 1 January 2023
1,435



At 31 December 2023

1,435



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 7

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
140,680
183,720

Other debtors
2,552
3,456

Prepayments and accrued income
11,461
14,941

Deferred taxation
29,731
13,103

184,424
215,220



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
524,908
404,108



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
7,005
15,000

Corporation tax
74,735
44,162

Other taxation and social security
39,083
25,570

Other creditors
5,412
3,316

Accruals
271,442
287,810

397,677
375,858



8.


Prior year adjustment

In the current year the directors have re-assessed the treatment of RSU tax liabilities and have concluded that a prior year adjustment is required to the financial statements. The result of this assessment is to decrease other creditors by £28,755, decrease amounts owed by group undertakings by £30,768, decrease revenue by £30,768 and to decrease administrative expenses by £28,755. The overall impact on profit and loss reserves is a decrease of £2,013.

Page 8

 
PULMONX UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £19,803 (2022 - £24,455). Contributions totalling £3,423 (2022 - £5,420) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

Pulmonx Corporation (incorporated in United States of America) is regarded by the directors as being the company's ultimate parent company.
The immediate parent entity is Pulmonx International Sarl, a company registered in Switzerland and which is a 100% subsidiary of Pulmonx Corporation. The largest and smallest group undertakings for which group accounts have been prepared is that headed by Pulmonx Corporation, a NASDAQ listed company registered in the United States of America. The address of Pulmonx Corporation is 700 Chesapeake Drive, Redwood City, CA 94063, USA.


11.


Auditor's information

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

The audit report was signed on 16 September 2024 by Simon Buss (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 9