REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
EVERLAW UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2023 |
FOR |
EVERLAW UK LIMITED |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EVERLAW UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
BALANCE SHEET |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital contribution reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Everlaw UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on the going concern basis as the directors are satisfied that the ongoing financial support from a fellow group company will continue for at least 12 months and 1 day following the signing of the audit report. |
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. |
Turnover |
Turnover represents amounts charged to the company's parent company under a sales and marketing agreement, excluding value added tax. Turnover is recognised, on a cost plus basis, when the relevant costs are accrued. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
Share-based payments |
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. |
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. |
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors & accruals |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.23 | 31.1.22 |
£ | £ |
Within one year |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.23 | 31.1.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2022 | 597,603 |
Profit for the year | - |
Share option charge | - | 126,157 | 126,157 |
At 31 January 2023 | 955,456 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
"Use of our 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 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." |
EVERLAW UK LIMITED (REGISTERED NUMBER: 11536260) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2023 |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
At the year end the company has equity settled share based payment options with its employees under two share option plans: 2011 Stock Plan and 2019 Stock Plan. |
The equity offered is that of the ultimate parent company Everlaw, Inc. (incorporated in the United States of America). Both the 2011 and 2019 Stock Plan share option schemes have a vesting period of 4 years. The rights to exercising the shares lapse on cessation of employment before the vesting date. |
i) 769,750 share options were outstanding at the beginning of the period; |
ii) 840,910 share options were granted during the year; |
iii) 437,410 share options were forfeited during the year; |
iv) 2,260 share options were exercised during the year; |
v) 6,780 share options expired during the year, |
vi) 1,164,210 share options were outstanding at the end of the period; |
vii) 818,860 share options are exercisable at the end of the period. |
The share options were valued using the Black-Scholes Option Pricing Model. |
The share option charge for the year amounted to £126,157 (2022: £50,638). |
12. | ULTIMATE PARENT COMPANY |
The immediate and ultimate parent company is Everlaw, Inc. a company incorporated in United States of America, with its registered office at 2101 Webster St, Suite 1500, Oakland, CA, 94612. Everlaw Inc, is the largest and only group company to prepare consolidated financial statement and are not publicly available. |