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REGISTERED NUMBER: 09096451 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

APPDIRECT U.K. LIMITED

APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


APPDIRECT U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N J Desmarais
M M Liu
D Saks





REGISTERED OFFICE: Fourth Floor St James House
St James' Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 09096451 (England and Wales)





AUDITORS: Byrd Link Audit & Accountancy Services Limited
Honeybourne Place
Jessop Avenue
Cheltenham
Gloucestershire
GL50 3SH

APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 5 796,844 802,089
Cash at bank 61,879 20,585
858,723 822,674
CREDITORS
Amounts falling due within one year 6 (269,325 ) (288,424 )
NET CURRENT ASSETS 589,398 534,250
TOTAL ASSETS LESS CURRENT
LIABILITIES

589,398

534,250

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 201,843 179,086
Retained earnings 387,554 355,163
589,398 534,250

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 5 August 2024 and were signed on its behalf by:





M M Liu - Director


APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

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


1. STATUTORY INFORMATION

Appdirect U.K. Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 contracted by its parent, AppDirect Inc. to deliver sales and marketing services under an intercompany agreement. The company is remunerated by its parent for these services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment2 and 3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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.


APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

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


2. ACCOUNTING POLICIES - continued
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.

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.

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.

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

The company relied on the continued support from its parent company, AppDirect, Inc., which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measure subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand 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 are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price.

APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

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


2. ACCOUNTING POLICIES - continued

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.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

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 reporting 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 the non-vesting conditions. These are either factors beyond the control of either party (such as 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 or services received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023
and 31 December 2023 13,101
DEPRECIATION
At 1 January 2023
and 31 December 2023 13,101
NET BOOK VALUE
At 31 December 2023 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 791,727 798,793
Other debtors 787 -
VAT 2,920 1,334
Prepayments and accrued income 1,410 1,962
796,844 802,089

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Corporation tax 16,907 18,987
Social security and other taxes 25,612 27,274
Other creditors (1,728 ) (1,728 )
Accruals and deferred income 228,534 243,891
269,325 288,424

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

The Report of the Auditors was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)
for and on behalf of Byrd Link Audit & Accountancy Services Limited

APPDIRECT U.K. LIMITED (REGISTERED NUMBER: 09096451)

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


8. 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 £7,044 (2022: £6,311) Contributions totalling £1,751 (2022: £1,926) were payable to the fund at the reporting date.

9. RELATED PARTY DISCLOSURES

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.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of AppDirect, Inc., a company incorporated in the United States of America.

The smallest group in which the results of the company are consolidated is that headed by AppDirect, Inc. The consolidated financial statements may be obtained from AppDirect, Inc., 447 Sutter St Ste 405 PMB1116, San Francisco, CA 94108.

11. SHARE BASED PAYMENTS

The company's ultimate parent company, AppDirect Inc., operates a share based payment scheme for all the employees of the company.

The stock options in AppDirect Inc. are granted to the company's employees at a price equal to the fair value of the shares in AppDirect Inc. at date of the grant and are denominated in US dollars.

The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant, the stock options expire. Stock options are forfeited if the employee leaves the company before the options vest.