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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIGITAL RIVER UK LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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DIGITAL RIVER UK LIMITED |
DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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DIGITAL RIVER UK LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
24 Wellington Business Park |
Dukes Ride |
Crowthorne |
Berkshire |
RG45 6LS |
DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of global e-commerce solutions for software consumer |
technology. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the |
company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in |
order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that |
information. |
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AUDITORS |
The auditors, Durrants, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DIGITAL RIVER UK LIMITED |
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We have audited the financial statements of Digital River UK Limited for the year ended 31 December 2016 on pages four to eight. |
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting |
Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland'. |
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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 a Report of the Auditors 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. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable |
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an |
assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently |
applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall |
presentation of the financial statements. In addition, we read all the financial and non-financial information in the Report of the |
Directors to identify material inconsistencies with the audited financial statements and to identify any information that is |
apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing |
the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our |
report. |
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Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for which the financial statements are |
prepared is consistent with the financial statements. |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our |
opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not
visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants & Statutory Auditor |
24 Wellington Business Park |
Dukes Ride |
Crowthorne |
Berkshire |
RG45 6LS |
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DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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INCOME STATEMENT |
for the Year Ended 31 December 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING PROFIT |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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BALANCE SHEET |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Digital River UK Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. |
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of |
each asset over its expected useful life, as follows: |
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Plant and machinery: at variable rates on a reducing balance basis |
Leasehold improvements: over the life of the lease on a straight line basis |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme |
are charged to profit or loss in the period to which they relate. |
DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | OTHER FINANCIAL COMMITMENTS |
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Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to |
£708,750 (2015: £nil). |
DIGITAL RIVER UK LIMITED (REGISTERED NUMBER: 05788465) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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8. | ULTIMATE CONTROLLING PARTY |
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The Company is a subsidiary undertaking of Digital River Ireland, Ltd. The ultimate parent company is Danube Private |
Holdings II, LLC. |
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The largest group in which the results of the Company are consolidated is that headed by Danube Private Holdings II, LLC |
incorporated in the United States of America. No other group financial statements include the results of the Digital River |
UK Limited. |
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The consolidated financial statements of Danube Private Holdings II, LLC are available to the public at 10380 Bren Road |
West, Minnetonka, MN 55343-9072 USA. |