Registered number: 06906225 (England and Wales)
LUMIVERO UK LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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LUMIVERO UK LIMITED
REGISTERED NUMBER:06906225
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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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Total assets less current liabilities
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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 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:
The notes on pages 3 to 9 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Capital contribution reserve
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Comprehensive income for the year
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Cancellation of equity settled share based payment scheme
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Acceleration of cancelled equity settled share based payment scheme
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Transfer capital contribution reserve to retained earnings
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Comprehensive income for the period
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1.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 Company has generated a profit during the period. As at 31 December 2023, the Company is in a net liability position largely due to the intercompany balance arising from the transfer pricing arrangement with the parent company, Lumivero, LLC. As such, the Company is reliant on ongoing support from the parent company to be able to deliver services to customers.
Lumivero UK Limited has received written confirmation from Lumivero, LLC, 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. In assessing the Company's ability to continue as a going concern the director has considered the Company forecasts and has concluded that there will be sufficient working capital for at least 12 months from the date of approval of these financial statements. For this reason, the director continues to adopt the going concern basis 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 .
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
The Company sells cloud-based products hosted by the Company, the subscription contracts for which are generally for service periods ranging from 1 to 36 months. Subscription turnover is recognised upon delivery of the services on a monthly basis, once the performance obligations are met.
The Company also provides perpetual licences for on-premises software. Turnover is recognised in full once the licence key is issued as all performance obligations are complete on delivery.
The Company also sells enterprise licence agreements and on-premises subscription software maintenance products and training and support packages, which are recognised as follows:
∙Commercial or academic licences are on-premises licences where the Company retains no further obligation to the customer. These are recognised in full on delivery of the product licence to the customer;
∙Maintenance and support services are provided over the term of the licence, in most cases these are indistinguishable from the licences which are issued. The Company has adopted an approach in accordance with paragraph 23A.19 of FRS 102, which defers an identifiable amount for the services over the term of the license. The maintenance and support revenue is recognised over the term of the licence;
∙Training or consultancy packages are offered to end users and revenue is recognised as the course is delivered to customers.
The transfer pricing charge is expensed to the profit or loss whereby any excess profits over and above the target operating profit margin of 3% are remitted to the Group.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
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.
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Short term debtors are measured at the transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.
The audit report was signed on 17 April 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services Limited.
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The average monthly number of employees during the period was 10 (2022 - 4).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Charge for the period on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 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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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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Allotted, called up and fully paid
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2 (2022 - 1) Ordinary shares of £0.01 each
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Capital contribution reserve
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In June 2022, the Lumivero Group was acquired by TA Associates which triggered acceleration of all share options and these were cash settled as part of the transaction. An expense equivalent to the fair value of the share options granted net of the expense recognised in 2021, had been recognised in the prior year profit and loss account with a corresponding amount being recognised in the capital contribution reserve.
Management have confirmed that no current UK employees are included in the current parent company equity compensation plan during the current period.
The net assets of Palisade Europe UK Limited were transferred at their book value as at 1 January 2023, £1,919,022, which was added to the intercompany trading balance with the parent.
Lumivero, 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 200 Middlefield Road, Suite 201, Menlo Park, CA 94025.
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Post balance sheet events
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There are no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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