REDIS EMEA LTD.
Directors: D.W. Grasham
R.G. Torres
Registered Office: Bridge House
4 Borough High Street
SE1 9QQ
Registered No: 10520215 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
37 Broadhurst Gardens
London NW6 3QT
Annual reports and financial statements
For the year ended 31 January 2023
page
Statement of financial position 1
Notes to the financial statements 2-7
REDIS EMEA LTD.
Statement of financial position as at 31 January 2023
.
31.01.2023 31.01.2022
Notes £ £ £
Fixed assets
Tangible assets 4 537,295 35,626
Current assets
Debtors 5 11,414,113 8,115,423
Cash at bank and in hand 2,632,233 389,593
14,046,346 8,505,016
Creditors: amounts falling due
within one year 6 (11,107,761) (8,777,281)
Net current assets/(liabilities) 2,938,585 (272,265)
Creditors: amounts falling due 7
after more than one year (3,363,669) (520,044)
Total net assets/(liabilities) £ 112,211 £ (756,683)
Capital and Reserve
£ £
Called up share capital 8 1 1
Capital fund 1,564,452 648,891
Profit and loss account (1,452,242) (1,405,575)
Shareholders' funds £ 112,211 £ (756,683)
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
____________________________
R.G. Torres
Director 17 April 2024
Company number: 10520215
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
COMPANY INFORMATION
1. Company Information
Redis EMEA Ltd. is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is Bridge House, 4 Borough High Street, London, SE1 9QQ.
The company is a wholly owned subsidiary of Redis Labs Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going Concern
The company has a positive capital and reserve and positive net current assets.
The company and the Redis group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
2. Accounting Policies (Continued)
2.3 Going Concern (continued)
In addition the parent company guarantees that it will cover the cash flow requirements of the company if required for a period of at least 12 months.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
2.4 Plant and machinery
Fixed assets are disclosed at cost less impairment charge. Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Computers 33% straight line
Furniture & Fittings 20% straight line
Leasehold improvements 20% straight line
2.5 Turnover
Turnover represents net invoiced services, excluding VAT.
2.6 Revenue recognition
The company generates revenues from the sale of subscriptions to its software products.
Revenues from subscription services are deferred and recognised on a straight line basis over the life of the related service agreements.
Revenues are recognised when all revenue recognition criteria have been satisfied: persuasive evidence of an agreement exists, delivery of the product has occurred or services have been rendered, the fee is fixed or determinable and collectability is probable.
2.7 Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
2. Accounting Policies (Continued)
2.7 Employee benefits (continued)
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iii) Annual Bonus Plan
The company operates an annual bonus plan for employees, and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and reliable estimation of the obligation can be made.
(iv) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees. The corresponding credit is recognised as a component of equity.
2.8 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate 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 the transaction.
2.9 Operating leases
Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term.
2.10 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.11 Creditors
Basic financial liabilities including trade and other payable, loans from group companies are measured at transaction price.
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
2. Accounting Policies (Continued)
2.12 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that a liability or asset will crystallize in the future.
Deferred tax liability is deducted from the deferred tax asset that is attributed to tax losses and any balance of deferred tax asset is not disclosed until it is clear that profit will materialise in the future.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
3. Employee information
The average number of staff employed and directors by the company during the financial year was:
31.01.2023 31.01.2022
Number Number
Employees 65 47
Directors Nil Nil
4. Plant & Equipment
Computer Furniture & Leasehold
Equipment Fittings Improvements Total
£ £ £ £
Cost:
At 1 February 2022 46,179 15,330 - 61,509
Additions - 187,729 346,148 533,877
At 31 January 2023 46,179 203,059 346,148 595,386
Depreciation:
At 1 February 2022 24,018 1,865 - 25,883
Charge for the year 14,503 8,214 9,491 32,208
At 31 January 2023 38,521 10,079 9,491 58,091
Net book value:
At 31 January 2023 7,658 192,980 336,657 537,295
At 31 January 2022 22,161 13,465 - 35,626
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
5. Debtors
31.01.2023 31.01.2022
£ £
Trade debtors 5,453,390 3,945,784
Amounts owed by parent company 4,317,765 3,954,699
VAT 164,807 0
Other debtors 919,096 90,221
Prepayments and accrued income 559,055 124,719
11,414,113 8,115,423
The other debtors include a long term deposit of £405,616.
6. Creditors: amounts falling due within one year
31.01.2023 31.01.2022
£ £
Trade creditors 25,304 115,060
VAT 0 88,052
Other tax and social security 325,286 123,350
Employees 390,094 184,339
Other creditors 55,251 14,440
Accruals and deferred income 10,311,826 8,252,040
11,107,761 8,777,281
7. Creditors: amounts falling due
after more than one year
31.01.2023 31.01.2022
£ £
Loan from a group company 441,977 520,044
Accruals and deferred income 2,921,692 0
3,363,669 520,044
The loan from group company is not repayable before 1 year. Interest is charged at an annual rate of 3%.
8. Share capital
31.01.2023 31.01.2022
£ £
Allotted, called up and fully paid:
1 ordinary shares at £1 1 1
REDIS EMEA LTD.
Notes to the financial statements - 31 January 2023
9. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr. Josef Cohen
The auditor was Levy Cohen & Co.
Date auditor signed accounts: 17 April 2024
Name of director signing accounts: RG Torres
Date director signed accounts: 17 April 2024
10. Related party transactions
Control:
The immediate and ultimate parent company is Redis Labs Ltd a company incorporated and registered in Israel whose address is: Alon 2 Tower, 32nd Floor, 94 Yigal Alon St, Israel.
Redis Labs Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
11. Commitment
As at 31.01.2023 the company has a total commitment of £1,521,059 under a non-cancellable office lease agreement. (2022 nil).
12. Post balance sheet events
On 29.03.2024, Silicon Valley Bank registered a fixed and floating charge covering all the fixed and current assets of the company.
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