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Registered number:
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Vendavo UK Limited
Company Information
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Vendavo UK Limited
Contents
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Vendavo UK Limited
Group strategic report
For the year ended 31 December 2024
The principal activity of the group continued to be that of a European sales, marketing and service company for its US parent, which develops price management software.
The company and its subsidiary record revenue from services that are sold to the United States parent of the company, Vendavo, Inc. Those services are sold at a mark-up on cost.
Revenue has increased from £20.7 million to £23.1 million in 2024 due to growth needed to support Vendavo’s growing customer base. Expenses have also increased in the year. The profit after tax has increased from £0.8m in 2023 to £0.9m in 2024. Vendavo plans to continue to invest in supporting our growing number of customers.
The company is exposed to foreign exchange risk as a result of its operations, including those operations and balances with its parent in the United States. Given the fact that most of the risk is intergroup and given the size of the operations, the costs of formally managing this exposure is deemed to outweigh the benefits. Should this change in the future the directors will revisit the company’s exposure and realign its risk policy.
Vendavo UK Limited conducts its business as an extension of its parent company, not as a stand-alone business, with stand-alone KPIs. Risks are managed at the parent-company level.
The company expects to continue to operate as a provider of professional services to Vendavo, Inc. and expectations are that the business will grow as the customers of our US Parent utilize its software to increase their revenue and margins.
This report was approved by the board on 9 December 2025 and signed on its behalf.
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Vendavo UK Limited
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £933,787 (2023 - £780,546).
The directors do not propose to pay dividends (2023 - £Nil).
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
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Vendavo UK Limited
Directors' report (continued)
For the year ended 31 December 2024
The company expects to continue to operate as a provider of professional services to Vendavo, Inc. and expectations are that the business will continue to grow as a result of increased group wide activities.
The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
There have been no significant events affecting the Group since the year end.
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Vendavo UK Limited
Independent auditor's report to the members of Vendavo UK Limited
We have audited the financial statements of Vendavo UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group 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 Group's or the parent 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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Vendavo UK Limited
Independent auditor's report to the members of Vendavo 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Vendavo UK Limited
Independent auditor's report to the members of Vendavo 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 Group 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 Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006;
∙Financial Reporting Standard 102; and
∙Tax legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area. We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;
∙Detailed testing on expenditure and proof in total of revenue based on cost-plus markup.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of unusual journals and complex transactions; or
∙The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Vendavo UK Limited
Independent auditor's report to the members of Vendavo UK Limited (continued)
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.
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
Statutory auditor
4th Floor
95 Gresham Street
EC2V 7AB
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Vendavo UK Limited
Consolidated statement of comprehensive income
For the year ended 31 December 2024
Page 8
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Vendavo UK Limited
Registered number: 05724979
Consolidated statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
Page 9
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Vendavo UK Limited
Registered number: 05724979
Company statement of financial position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
Page 10
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Vendavo UK Limited
Consolidated statement of changes in equity
For the year ended 31 December 2024
Page 11
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Vendavo UK Limited
Company statement of changes in equity
For the year ended 31 December 2024
Page 12
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Vendavo UK Limited
Consolidated statement of cash flows
For the year ended 31 December 2024
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Vendavo UK Limited
Consolidated Analysis of Net Debt
For the year ended 31 December 2024
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
Vendavo UK Limited is a private company limited by shares incorporated and domiciled in England and Wales. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. Details of the principal activity of the company are included in the strategic report.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group 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 Group's Statement of financial position when the Group 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 debtors, cash and bank balances, are initially measured at their transaction price less any future expected credit losses (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss). They 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.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Functional and presentation currency
Transactions and balances
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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 Group 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. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. The Group recognizes share based payment expense over the requisite service period on a straight-line basis for all Class B units, based on the grant date fair value of the units using a discounted fair market value model. The calculated share-based payment expense relies on the fair value of the Class B units, and assumptions such as voting rights, non-market discounts, interest rates, and other factors to determine the fair value of the share-based payments. Changes in the fair value of the units, the underlying assumptions in the calculations, the number of units granted or the terms of such units, the treatment of tax benefits, and other changes may result in significant differences in the amount or timing of the compensation expense recognized. Compensation expense is reduced for estimated forfeitures of options that are not expected to vest.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Useful economic lives of tangible assets (Note 11) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Note 11 for the carrying amount of the property, plant and equipment and Note 2 for the useful economic lives for each class of assets.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
The whole of the turnover is attributable to the rendering of services.
Analysis of turnover by country of destination:
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
Page 24
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
11.Tangible fixed assets (continued)
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
Profit and loss account
distributions made to the company's shareholders.
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
The company contributes to employees' personal pension plans. The unpaid contributions outstanding at the year end are £Nil (2023: £Nil). The amounts paid in the year totalled £119,743 (2023: £105,330).
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Vendavo UK Limited
Notes to the financial statements
For the year ended 31 December 2024
The immediate parent company is Vendavo Inc, a company incorporated in the USA.
The ultimate parent companies are Francisco Partners LLC and Accel-KKR, companies incorporated in the USA. The results of the group are included in Project Victory Holdco, Inc. consolidated financial statements, and this is the largest and smallest group for which accounts are drawn up. The registered office of Project Victory Holdco Inc. is 1401 17th Street, Suite 800, Denver CO 80202, USA.
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