Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
COMPANY INFORMATION
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ZERTO UK LIMITED
CONTENTS
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ZERTO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The Directors present their strategic report with the report of the Directors and financial statements of the Company for the year ended 31 October 2023.
The results for the year ended 31 October 2023 are set out in the Profit and Loss Account. Following the acquisition by Hewlett Packard Enterprise in 2021, the Company shortened its year end to align with that of the group.
The Company provides a leading software platform that converges disaster recovery, backup and data protection, and cloud mobility. Our IT Resilience Platform enables enterprises to accelerate their digital transformation, reduce downtime and data loss, and move workloads seamlessly across public, private, and multi-cloud environments. The core of our solution is our proprietary journal-based technology, which enables continuous protection and mobility of business applications and data. The profit for the current period to 31 October 2023 is £467,177. The directors are confident that the business is moving forward and has a promising future. Investments are being made to expand the Company's local market customer base and to sell additional software products and services to its current customers. The Company's total turnover increased 1.4% to £18,257,969 in the current period. 2023 2022 £ £ Net current assets 4,450,788 4,511,240 Net assets 2,811,610 2,344,433 Turnover 18,257,969 18,012,137 Profit on ordinary activities before taxation 586,358 540,555 Profit after taxation 467,177 429,240 The Company has a good cash position at the year-end due to the timely collection of trade debts from its customers. In a Company this size, the directors consider various non-financial performance indicators but none individually are key. The Company continues to enjoy a high rate of customer retention that should continue to provide recurring revenues to the business over the coming years. On 31 August 2021, Hewlett Packard Enterprise (NYSE: HPE) completed the acquisition of Zerto Ltd (the parent company), with a net cash purchase price at closing of USD 374 million. On 1 February 2022 all employees of the Company were transferred to Hewlett-Packard Limited but the entity will continue to trade under agreements with group companies. Due to the Company's cash position, high customer retention rate, acquisition by Hewlett Packard Enterprise and availability of a variety of funding sources, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
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ZERTO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks are set out below:
Because we derive substantially all of our revenues from sales of our IT Resilience Platform, if the market for IT resilience solutions fails to grow as we expect or if our platform loses or fails to gain market acceptance, our business, operating results, and financial condition could be adversely affected.
This report was approved by the board and signed on its behalf.
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ZERTO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £467,177 (2022 - £429,240).
No dividends will be distributed for the year ended 31 October 2023 (2022 - none).
The directors who served during the year were:
There are no significant future developments to note.
As permitted by Section414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the Directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups Regulations 2008', in the Strategic report and have done so in respect of risks and uncertainties.
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ZERTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
There are no significant post balance sheet events to note.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ZERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZERTO UK LIMITED
We have audited the financial statements of Zerto UK Limited (the 'Company') for the year ended 31 October 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ZERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZERTO UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ZERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZERTO UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We communicated identified laws and regulations to our team and remained alert for any indications of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and using analytical procedures to identify any unusual or unexpected relationships. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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ZERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZERTO UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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ZERTO UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
REGISTERED NUMBER: 08845310
BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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ZERTO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Zerto UK Limited (the Company) is a private company limited by shares and incorporated in England. The Company's registered office is Ground Floor, 210 Wharfedale Road, Winnersh, Wokingham, RG41 5TP.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Hewlett Packard Enterprise Company as at 31 October 2023 and these financial statements may be obtained from www.investors.hpe.com/financial.
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.
The directors have received a guarantee of continued financial support from the Company's parent company thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Company generates revenues in the form of software license fees and related maintenance and support services (including support and unspecified upgrades and enhancements when and if they are available). The Company sells its products worldwide to a network of resellers and cloud service providers. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. The Company assesses collectability based on several factors, including collection history.
The operating margin of the Company is fixed at 3% (2022: 3%) in accordance with the transfer pricing arrangement in place with its parent, Zerto Ltd. As such, an adjustment is made to admin expenses in order to maintain this. Perpetual software license arrangements Revenues from distinct perpetual licenses, which represent the right to use the entity's intellectual property, is recognised at a point in time, once the software is made available to the customer. The Company's software is operated by using a license key, which allows the customer to take immediate possession of the software. Therefore, the revenues are recognised once the key code is delivered to the customer. Revenues from maintenance and support services, including if and when available updates, are recognised over time. These services are considered as stand-ready obligation, and are recognised on a straight-line basis, which the Company considers as the best measurement as to the progression towards performance obligation completion. Term-based software license arrangements Term-based software license arrangements are arrangements consisting of a bundle of a license and maintenance and support for a specified period. Perpetual and term-based licenses provide customers with the same functionality and differ in the duration over which the customer benefits from the software. The term-based license is recognised at the time when the software is made available to the customer. The maintenance and support service is recognised throughout the underlying term of maintenance and support, using straight-line method.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Analysis of turnover by country of destination:
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 October 2023, the current weighted averaged tax rate was 22.52%.
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
12.Debtors (continued)
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ZERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Profit and loss account
The Company is a wholly owned subsidiary of Zerto Ltd, a company incorporated in Israel and registered at 15 Ariye Shenkar St., Hertsliya, Israel.
At the balance sheet date Hewlett Packard Enterprise Company, (incorporated in USA) is regarded by the directors as being the company's ultimate parent company. The consolidated accounts of Hewlett Packard Enterprise Company are available from 1701 East Mossy Oaks Road, Spring, Texas, 77389, USA or www.investors.hpe.com/financial.
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ZERTO UK LIMITED
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