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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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ARCSERVE UK BRANCH LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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ARCSERVE UK BRANCH LIMITED |
ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ARCSERVE UK BRANCH LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
The Tramshed |
25 Lower Park Row |
Bristol |
BS1 5BN |
ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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BALANCE SHEET |
31 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Other reserves | ( |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and loss has not been delivered. |
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The financial statements were approved and authorised for issue by the director and authorised for issue on
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ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Arcserve UK Branch Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
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Basis of preparing the financial statements and statement of compliance |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going concern |
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The director has considered a period of twelve months from the date of approval of the financial statements, and has considered a best estimate of the impacts of uncertainties such as the evolving Covid-19 pandemic. |
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The company does not trade with non-group entities and therefore is reliant on the ongoing support of the wider group to be able to meet third party liabilities as they fall due. The parent company's funding position is such that the group will either refinance its debt in the next twelve months or it will require additional funding from the ultimate investors in the group. There is inherent uncertainty in either of these outcomes and therefore, until such time that there is a binding commitment for further funding, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
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However, having made enquiries of the parent company and having also considered the latest trading results of the group, the director believes that the parent company will be successful with either refinancing its debts or obtaining further funds from investors. Therefore the director believes the parent company support will continue to be forthcoming for the foreseeable future and so the financial statements have been prepared on a going concern basis. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. 100% of the turnover is generated from outside of the UK (2020: 100%). |
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Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Computer equipment - Straight line over 3 years |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss, 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. |
ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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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. |
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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 |
The company's presentational currency is the pound sterling. The functional currency of each overseas branch is the local currency given the country in which it operates. |
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The results of overseas branches are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas branches are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas branches at actual rate are recognised in other comprehensive income. |
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Non-monetary items measured at historical cost are translated using the exchange rate of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits. |
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Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Profit and Loss in administrative expenses. |
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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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ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 April 2020 |
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Disposals | ( |
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At 31 March 2021 |
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Depreciation |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | 1 | 3 | 3 |
ARCSERVE UK BRANCH LIMITED (REGISTERED NUMBER: 09091904) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The independent auditor's report was unqualified and modified to include the following statement: |
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Material uncertainty related to going concern |
We draw attention to note 2 in the financial statements, which discloses that the company is reliant on the willingness and ability of the ultimate parent company to continue to provide the financial support which this company requires. As stated in note 2, these events or conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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The name of the Senior Statutory Auditor who signed the audit report was Stuart Crisp, who signed for and on behalf of Corrigan Accountants Limited. |
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9. | ULTIMATE PARENT COMPANY |
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The immediate parent undertaking of the company is Arcserve UK Holding Limited a company incorporated in the U.K. |
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The ultimate parent company is Arcserve-Storagecraft Topco LLC, company incorporated in USA. Copies of the group financial statements for this company, are available at its global headquarters at 8855 Columbine Road, Suite 150, Eden Prairie, Minnesota 55347, USA. |
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The largest and smallest group in which the results of the company are consolidated is the group headed by Arcserve-Storagecraft Topco LLC. |
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The ultimate controlling party is Marlin Equity Partners. |