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Registered number: 13723044









CONTENTFUL (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
CONTENTFUL (UK) LIMITED
REGISTERED NUMBER: 13723044

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
530,931

Cash at bank and in hand
 5 
102,718

  
633,649

Creditors: amounts falling due within one year
 6 
(319,260)

Net current assets
  
 
 
314,389

Net assets
  
314,389


Capital and reserves
  

Called up share capital 
  
101

Profit and loss account
  
314,288

  
314,389


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: 


Margaretta Morgan Smith
Director
Date: 18 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
CONTENTFUL (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
156,575
156,575
Total comprehensive income for the period
-
156,575
156,575


Contributions by and distributions to owners

Shares issued during the period
101
-
101

Credit to equity for equity settled share based payments
-
157,713
157,713


Total transactions with owners
101
157,713
157,814


At 31 January 2023
101
314,288
314,389

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CONTENTFUL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.


General information

Contentful (UK) Limited (the Company) is a private company limited by shares registered in England and Wales under the Companies Act. The registered office is Suite 4, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB. 
The principal activity of the Company is the provision of marketing, sales development and R&D support services under a cost plus agreement to Contentful GmbH (“GmbH”), a company registered in Germany; and, a subsidiary of the Company‘s ultimate parent, Contentful Global, Inc. (“Global”), a company registered in the United States.
Global is a content platform provider for digital-first businesses that helps brands around the world create and manage digital experiences for their customers across any market or channel.
Under an intercompany services agreement, the Company charges GmbH qualified costs plus an agreed margin and therefore has made a profit for the period.
The Company was incorporated on 4 November 2021 and commenced trading in March 2022. The directors extended the first period of account in order to align with that of Global and therefore has chosen a January period end. Accordingly, these financial statements present a 15 month period with no comparative period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Due to the intercompany services agreement in place and after making due enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 3

 
CONTENTFUL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.4

Turnover

Turnover represents amounts charged by the Company to GmbH under intercompany services and R&D services agreements. Turnover comprises the value of services supplied by the company, exclusive of trade discounts and any applicable value-added tax in accordance with its cost plus agreement. Revenue is recognised when costs are incurred. 

 
2.5

Pensions

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.

Page 4

 
CONTENTFUL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Share-based payments

Global issues equity-settled payments to certain Company employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period.
Fair value is measured using the Black-Scholes Pricing Model. Global estimates the expected term based on the simplified method, which is the weighted average of the vesting period and contractual term, as Global’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term.
Options are exercisable at a price equal to the market price of Global‘s shares on the date of grant. The vesting period is usually 4 years. The options are settled in equity of Global once exercised. Options are forfeited if the employee leaves the Company before the options vest.
Where the terms of an equity-settled transaction are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.

 
2.7

Taxation

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.

 
2.8

Debtors

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.

Page 5

 
CONTENTFUL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

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.

 
2.10

Creditors

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.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees during the period was 26.


4.


Debtors

2023
£


Amounts owed by group undertakings
513,365

VAT recoverable
14,304

Prepayments
3,262

530,931


Page 6

 
CONTENTFUL (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
102,718



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
3,241

Corporation tax
79,065

Accruals
236,954

319,260



7.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £192,292. Contributions totalling £34,093 were payable to the fund at the balance sheet date and are included in creditors.


8.


Controlling party

The Company and its director regard Global as its parent company. Global is a company incorporated in the United States with a registered address of 1209 Orange Street, Wilmington, New Castle, Delaware 19801.
The Company‘s ultimate parent undertaking is also Global, which is the smallest undertaking for which group accounts are drawn up.
Global is regarded as both the controlling party and the ultimate controlling party as Global holds 100% of the ordinary shares issued in Contentful (UK) Limited.


9.


Auditor's information

The auditor's report on the financial statements for the period ended 31 January 2023 was unqualified.

The audit report was signed on 18 October 2023 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7