Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31142022-01-17falseproviding sales & marketing services to Workato, Inc.truetrue 13852940 2022-01-16 13852940 2022-01-17 2023-01-31 13852940 2021-01-17 2022-01-16 13852940 2023-01-31 13852940 2 2022-01-17 2023-01-31 13852940 d:Director2 2022-01-17 2023-01-31 13852940 e:CurrentFinancialInstruments 2023-01-31 13852940 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 13852940 e:ShareCapital 2022-01-17 2023-01-31 13852940 e:ShareCapital 2023-01-31 13852940 e:RetainedEarningsAccumulatedLosses 2022-01-17 2023-01-31 13852940 e:RetainedEarningsAccumulatedLosses 2023-01-31 13852940 e:RetainedEarningsAccumulatedLosses 2 2022-01-17 2023-01-31 13852940 d:FRS102 2022-01-17 2023-01-31 13852940 d:Audited 2022-01-17 2023-01-31 13852940 d:FullAccounts 2022-01-17 2023-01-31 13852940 d:PrivateLimitedCompanyLtd 2022-01-17 2023-01-31 13852940 e:WithinOneYear 2023-01-31 13852940 d:SmallCompaniesRegimeForAccounts 2022-01-17 2023-01-31 13852940 f:PoundSterling 2022-01-17 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 13852940









WORKATO (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
WORKATO (UK) LIMITED
REGISTERED NUMBER: 13852940

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
297,641

Cash at bank and in hand
 5 
298,923

  
596,564

Creditors: amounts falling due within one year
 6 
(449,014)

Net current assets
  
 
 
147,550

Net assets
  
147,550


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
147,549

  
147,550


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: 


T G Ream
Director

Date: 15 February 2024

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

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WORKATO (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
-
75,636
75,636
Total comprehensive income for the period
-
75,636
75,636


Contributions by and distributions to owners

Shares issued during the period
1
-
1

Share based payments
-
71,913
71,913


Total transactions with owners
1
71,913
71,914


At 31 January 2023
1
147,549
147,550

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

Page 2

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

1.


General information

Workato (UK) Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB.
The Company's principal activity in the period under review was to provide sales and marketing services to the parent company, Workato, Inc.
The Company was incorporated on 17 January 2022 and the first accounting period was extended to 31 January 2023. These financial statements therefore report the period from 17 January 2022 to 31 January 2023. 

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

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

 
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.

Page 3

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents amount charged to the Company's parent company. Turnover is recognised when costs are incurred. The revenue and profit before taxation are attributable to the one principal activity of the Company. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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.

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options 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 balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) 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 options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

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

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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

Financial instruments

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 5

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

2.Accounting policies (continued)


2.10
Financial instruments (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 14.


4.


Debtors

2023
£


Amounts owed by group undertakings
240,481

Other debtors
22,842

Prepayments and accrued income
34,318

297,641



5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
298,923


Page 6

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

6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
36,458

Amounts owed to group undertakings
220,580

Corporation tax
31,500

Other taxation and social security
53,001

Other creditors
1,046

Accruals and deferred income
106,429

449,014



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 £46,158. Contributions totalling £nil were payable to the fund at the balance sheet date and are included in creditors.


8.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£


Not later than 1 year
10,716


9.


Controlling party

The immediate parent company is Workato, Inc., a company incorporated in the United States of America, which is the smallest and largest group to consolidate these financial statements. The registered office of Workato, Inc. is 3500 South DuPont Highway, Dover, State of Delaware 19901. 


10.


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 16 February 2024 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
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