Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30Credit granting by non-deposit taking finance houses and other specialist consumer credit grantorstrue14truetruetruetruetruetruetruetrue2022-01-05 13830521 2022-01-04 13830521 2022-01-05 2023-06-30 13830521 2021-01-05 2022-01-04 13830521 2023-06-30 13830521 c:Director2 2022-01-05 2023-06-30 13830521 d:CurrentFinancialInstruments 2023-06-30 13830521 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 13830521 d:ShareCapital 2023-06-30 13830521 d:SharePremium 2023-06-30 13830521 d:RetainedEarningsAccumulatedLosses 2023-06-30 13830521 c:EntityHasNeverTraded 2022-01-05 2023-06-30 13830521 c:FRS102 2022-01-05 2023-06-30 13830521 c:Audited 2022-01-05 2023-06-30 13830521 c:FullAccounts 2022-01-05 2023-06-30 13830521 c:PrivateLimitedCompanyLtd 2022-01-05 2023-06-30 13830521 c:SmallCompaniesRegimeForAccounts 2022-01-05 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 13830521










AFFIRM U.K. LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
AFFIRM U.K. LIMITED
REGISTERED NUMBER: 13830521

BALANCE SHEET
AS AT 30 JUNE 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
316,420

Cash at bank and in hand
 4 
3,326,875

  
3,643,295

Creditors: amounts falling due within one year
 5 
(1,732,776)

Net current assets
  
 
 
1,910,519

Total assets less current liabilities
  
1,910,519

  

Net assets
  
1,910,519


Capital and reserves
  

Called up share capital 
  
1

Share premium account
  
5,716,411

Profit and loss account
  
(3,805,893)

  
1,910,519


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 on 27 October 2023.




M A Linford
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
AFFIRM U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Affirm U.K. Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The registered office is shown on the Company Information page of these accounts.
The principal activity of the company is to provide the group with administrative services.
The Company was incorporated on 5 January 2022.

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.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Affirm Holdings, Inc., as at 30 June 2023 and these financial statements may be obtained from https://www.affirm.com/.

 
2.3

Going concern

Affirm, Inc., the US based immediate parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. 

Page 2

 
AFFIRM U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

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'.

 
2.5

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.

 
2.6

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.

Page 3

 
AFFIRM U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

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.

  
2.8

Share Based Payments

Where restricted stock units are awarded to employees, the fair value of the restricted stock units at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of restricted stock units that eventually vest.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of restricted stock units are modified before they vest, the increase in the fair value of the restricted stock units, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
2.9

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Profit and loss account if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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
Page 4

 
AFFIRM U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

net basis or to realise the asset and settle the liability simultaneously.


3.


Debtors

2023
£


Amounts owed by group undertakings
293,140

Other debtors
23,280

316,420



4.


Cash and cash equivalents

2023
£

Cash at bank and in hand
3,326,875

3,326,875



5.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
26,099

Amounts owed to group undertakings
95,414

Other creditors
1,611,263

1,732,776



6.


Pension commitments

The Company operates a defined contributions 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 £30,306. Contributions totalling £Nil were payable to the fund at the balance sheet date and are included in creditors.

Page 5

 
AFFIRM U.K. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

7.


Related party transactions

The company has taken advantage of the exemption to disclose related party transactions with companies that are wholly owned within the Group. 


8.


Controlling party

Affirm, Inc. owns 100% of Affirm U.K. Limited and is the immediate parent company. Affirm, Inc.'s registered address is 650 California Street, 12th Floor, San Francisco, CA 94108. 
Affirm U.K. Limited's ultimate controlling party is Affirm Holdings, Inc., a company incorporated in San Francisco, USA. 


9.


Auditors' information

The auditors' report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 27 October 2023 by Karanjit Gill FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 6