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REGISTERED NUMBER: 12462487 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

INSTABASE UK LTD

INSTABASE UK LTD (REGISTERED NUMBER: 12462487)






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


INSTABASE UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







Directors: Mr. A P Bhardwaj
Mr. S Gajri





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
United Kingdom
BS1 6FL





Registered number: 12462487 (England and Wales)





Auditors: Crowe U.K. LLP
Fourth Floor
St James House, St James Square
Cheltenham
Gloucestershire
GL50 3PR

INSTABASE UK LTD (REGISTERED NUMBER: 12462487)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 1,492,100 3,660,024
Cash at bank 1,056,355 259,841
2,548,455 3,919,865
CREDITORS
Amounts falling due within one year 5 (747,671 ) (3,132,958 )
NET CURRENT ASSETS 1,800,784 786,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,800,784

786,907

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share based payment reserve 655,987 186,776
Retained earnings 1,134,797 590,131
1,800,784 786,907

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 October 2023 and were signed on its behalf by:





Mr. S Gajri - Director


INSTABASE UK LTD (REGISTERED NUMBER: 12462487)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Instabase UK Ltd 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.

These financial statements are expressed in Pound Sterling (£) and rounded to the nearest pound. There is no difference between presentation and functional currency in the Company.

2. ACCOUNTING POLICIES

Going concern
The global economy is being impacted by the current inflationary pressures. The directors have taken appropriate actions to ensure that operations are able to continue and do not believe this will impact on the ability for the company to continue as a going concern.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The directors of the company have received confirmation of continued financial support for the foreseeable future from the parent company, Instabase Inc.

Basis of preparing the 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:

2.1. 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.

2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company is controlled by its ultimate parent Instabase Inc. to provide services within specific contracted regions. The Company is remunerated by its parent for these services. The total turnover of the Company for the year has been derived from its principal activity undertaken in the UK. Intercompany revenue is based on a service.

2.3. Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

2.4. Financial instruments
The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

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 recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INSTABASE UK LTD (REGISTERED NUMBER: 12462487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 19 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Deferred payroll tax (706 ) -
Amounts owed by group undertakings 1,394,883 3,555,839
Other debtors 56,483 52,575
VAT 24,072 19,471
Deferred tax asset 3,376 3,376
Prepayments 13,992 28,763
1,492,100 3,660,024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,351 4,916
Tax 206,238 169,916
Social security and other taxes 254,874 140,531
Other creditors 34,167 21,633
Accrued expenses 232,041 2,795,962
747,671 3,132,958

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 70,100 70,100

INSTABASE UK LTD (REGISTERED NUMBER: 12462487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The auditors report on the financial statements for the year ended 31 January 2022 was unqualified. The audit report was signed on 22 November 2023 by Chris Mould (Senior Statutory Auditor) on behalf of Crowe U.K. LLP.

8. SHARE-BASED PAYMENT TRANSACTIONS

Employees of the Company are entitled to participate in the share incentive scheme of the parent company, Instabase Inc., subject to the terms and conditions set out in the Company s stock option plan.

The expiration date for all options is 10 years from the date of grant. The options are all equity settled.

The movement in the number of stock options during the period is as follows:





Weighted
average
exercise price
($)



Number






Number
20232022
Outstanding at beginning of the year - 20221.56696,746191,363
Granted during the year -20231.801,549,993696,746
1.682,246,739888,109

The weighted average fair value was $1.68 (2022: $1.56).


20232022
Share based payment expense469,211172,027



The fair value of the options granted during the year was measured using the Black-Scholes model.

9. THE ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The ultimate parent company and controlling party is Instabase Inc. The Company was under the control of its parent Instabase Inc. throughout the financial year by virtue of their 100% shareholding. The parent company is registered in the United States of America, and consolidated accounts can be obtained from the following address: 111 Sutter Street, Suite 900, San Francisco, California 94104, United states of America.

The largest and smallest group in which the results of the Company are consolidated is that headed by Instabase Inc. with its principal place of business at 111 Sutter Street, Suite 900, San Francisco, California 94104, United states of America.