Registered number: 12891924
PANGIAM UK LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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PANGIAM UK LTD
REGISTERED NUMBER: 12891924
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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:
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J Peffer
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The notes on pages 2 to 6 form part of these financial statements.
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PANGIAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Pangiam UK Ltd is a company (the Company) incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered 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 marketing and sales support for the Company's parent.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The directors have received a guarantee of continued financial support from the Company's immediate parent company, Pre, LLC. The directors have considered the ability of the parent company to provide such support for the foreseeable future. As a result of this assessment the directors considered that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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Foreign currency translation
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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 except when deferred in other comprehensive income as qualifying cash flow hedges.
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PANGIAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue representing amounts charged to the Company's parent company under a marketing and sales support arrangement is charged at cost plus 5%. Revenue is recognised when costs are incurred.
The Company also earns revenue from Consulting agreements with customers which is recognised when the service is provided.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Expenditure on research and development is expensed as incurred.
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 as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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PANGIAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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.
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Cash and cash equivalents
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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.
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.
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The average monthly number of employees, including directors, during the year was 12 (2022 - 10).
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PANGIAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included in other creditors are amounts of £12,729 which are secured by way of fixed charge over bank accounts.
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The Company operates a defined contribution pension scheme, the assets of which are held separately from those of the Company in an independently administered fund. During the year contributions of £35,634 (2022: £19,039) were paid by the Company to the fund. Contributions totalling £5,328 (2022: £7,544) were payable to the fund at the balance sheet date and are included within creditors.
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PANGIAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Post balance sheet events
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Subsequent to the year end, on 29 February 2024 the Company's ultimate parent Company was acquired by BigBear.ai Holdings, Inc., a company incorporated in the United States of America and listed on NASDAQ.
The immediate parent company is Pre, LLC, a company incorporated in the United States of America.
At 31 December 2023, Pangiam Ultimate Holdings, LLC, (a company incorporated in the United States of America) was regarded as the Company's ultimate parent company and the smallest group of undertakings for which group accounts are drawn up of which the Company is a member.
Pangiam Ultimate Holdings, LLC headquarters are based at 7950 Jones Branch Dr, First Floor, McLean, VA 22102, U.S.A.
Subsequent to the year end, on 29 February 2024 the Company's ultimate parent Company was acquired by BigBear.ai Holdings, Inc., a company incorporated in the United States of America and listed on NASDAQ.
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 3 March 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.
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