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Registered number: 10494181 (England and Wales)














ARAVO SOLUTIONS UK LTD

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ARAVO SOLUTIONS UK LTD
 
 
COMPANY INFORMATION


Director
M A Saracini 




Registered number
10494181



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
ARAVO SOLUTIONS UK LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
ARAVO SOLUTIONS UK LTD
REGISTERED NUMBER:10494181

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Tangible fixed assets
 4 
3,999
6,824

  
3,999
6,824

Current assets
  

Debtors: amounts falling due after more than one year
 5 
-
55

Debtors: amounts falling due within one year
 5 
351,044
301,759

Cash at bank and in hand
  
20,986
26,573

  
372,030
328,387

Creditors: amounts falling due within one year
 6 
(143,633)
(124,581)

Net current assets
  
 
 
228,397
 
 
203,806

Total assets less current liabilities
  
232,396
210,630

  

Net assets
  
232,396
210,630

Page 1

 
ARAVO SOLUTIONS UK LTD
REGISTERED NUMBER:10494181
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
$
$

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
3,529
3,529

Foreign exchange reserve
 7 
(15,461)
(7,663)

Profit and loss account
  
244,327
214,763

  
232,396
210,630


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: 

M A Saracini
Director

Date: 23 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
ARAVO SOLUTIONS UK LTD
 

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


Called up share capital
Capital contribution reserve
Foreign exchange reserve
Profit and loss account
Total equity

$
$
$
$
$


At 1 January 2022
1
11,380
(2,710)
142,742
151,413


Comprehensive income for the year

Profit for the year
-
-
-
72,021
72,021

Foreign exchange translation
-
-
(4,953)
-
(4,953)

Share based payment expense
-
(7,851)
-
-
(7,851)



At 1 January 2023
1
3,529
(7,663)
214,763
210,630


Comprehensive income for the year

Profit for the year
-
-
-
29,564
29,564

Foreign exchange translation
-
-
(7,798)
-
(7,798)


At 31 December 2023
1
3,529
(15,461)
244,327
232,396


Page 3

 
ARAVO SOLUTIONS 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

At the period end the Company is in a net asset position of $232,396, which is supported by an intercompany receivable of $341,904. Aravo Solutions UK Ltd has received written confirmation from its parent company, Aravo Solutions, Inc., that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. 
The director has assessed the expected future cash requirement of the Company in conjunction with the forecasts of the parent company and has concluded that the required support remains available to the Company. For this reason, the director continues to adopt the going concern basis in preparing the financial statements. 

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP. This differs from the presentational currency which is USD. The reason for the difference is that the management accounts are prepared for the purposes of consolidation into the parent company. Preparation of these financial statements in USD helps to align with group reporting.
Exchange differences arising on translation of the Company's net position from functional currency to presentational currency are recognised in other comprehensive income and the foreign exchange reserve. 

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 4

 
ARAVO SOLUTIONS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
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 7% 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.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.7

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.

Page 5

 
ARAVO SOLUTIONS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
1.9

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.

 
1.10

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
-
4
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.

Page 6

 
ARAVO SOLUTIONS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

Debtors

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. Debtors are subsequently recognised at amortised cost using the effective interest method.

 
1.12

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.

 
1.13

Creditors

Creditors are measured at the transaction price and subsequently at amortised cost using the effective interest method. 


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 24 September 2024 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 4 (2022 - 7).

Page 7

 
ARAVO SOLUTIONS UK LTD
 
 
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
13,305



At 31 December 2023

13,305



Depreciation


At 1 January 2023
6,481


Charge for the year on owned assets
2,825



At 31 December 2023

9,306



Net book value



At 31 December 2023
3,999



At 31 December 2022
6,824

Page 8

 
ARAVO SOLUTIONS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
$
$

Due after more than one year

Prepayments and accrued income
-
55

-
55


2023
2022
$
$

Due within one year

Amounts owed by group undertakings
341,904
272,808

Other debtors
9,081
28,287

Prepayments and accrued income
59
664

351,044
301,759



6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
10,110
4,349

Corporation tax
9,505
12,972

Other taxation and social security
27,212
24,418

Accruals and deferred income
96,806
82,842

143,633
124,581


Page 9

 
ARAVO SOLUTIONS UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Reserves

Capital contribution reserve

Certain employees of the Company are invited to participate in the share option plan of the parent company, Aravo Solutions, Inc.
Share options are granted to employees and vest over a four year period, with 25% vesting after one year and the remaining portion vesting monthly thereafter.
An expense equivalent to the fair value of the option at the date of grant multiplied by the number of shares is recognised in profit or loss and recorded evenly in line with the vesting period with the corresponding entry being made to the capital contribution reserve since the shares are held in the parent company, Aravo Solutions, Inc.

Foreign exchange reserve

The foreign exchange reserve represents amounts arising on translation of the Company's net position from the functional currency in GBP to the presentational currency in USD. 


8.


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
-
9,255

-
9,255


9.


Controlling party

Aravo Solutions, Inc. 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 88 Kearny Street, Suite 1200, San Francisco, CA 94108.


10.


Post balance sheet events

There were no adjusting or non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.

 
Page 10