REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SQUARESPACE UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SQUARESPACE UK LIMITED |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
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 |
SQUARESPACE UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Other reserves | 7 |
Retained earnings/(accumulated |
deficit) | 7 | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Squarespace UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as Squarespace, Inc., the ultimate Parent Company, will continue to support the Company as required for a period in excess of 12 months and one day from the signing of the audit report. |
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. |
Critical accounting judgements and key sources of estimation uncertainty |
With regard to the accounting policies adopted by the company, the directors are required to make |
judgements,estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. Such estimates are based on historical experience and other relevant factors and may differ from actual results. All estimates, and associated underlying assumptions, are reviewed on an ongoing basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is calculated on a cost plus basis, and is recharged to a fellow group company. |
Financial instruments |
Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
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. |
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. |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Share-based payments |
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.The cost of equity-settled transactions is measured at fair value on grant date. As the issuing entity is listed, fair value is independently determined using the market rate of the underlying shares at the date of grant. No account is taken of any other vesting conditions. |
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amount already recognised in previous periods. |
The share based payment expense is recognised on a reasonable allocation of the group expense. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CALLED UP SHARE CAPITAL |
Allotted and Issued: |
Number: |
Class: |
Nominal Value: |
31.12.23 |
31.12.22 |
1 | Ordinary | £0.01 | £0.01 | £0.01 |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
7. | RESERVES |
Retained |
earnings/(accumulated | Other |
deficit) | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | ( |
) |
Profit for the year |
Capital contribution reserve | - | 125,702 | 125,702 |
At 31 December 2023 | 205,339 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included |
within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
9. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Squarespace, Inc., a company incorporated in the United States of America. Their registered address is 225 Varick Street, FL 12, New York, NY 10014. This is the largest and smallest group that prepares consolidated accounts. Consolidated financial statements are publicly available. |
SQUARESPACE UK LIMITED (REGISTERED NUMBER: 13590018) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
10. | SHARE-BASED PAYMENT TRANSACTIONS |
At the year end the company has equity settled share based compensation with its employees under one restricted stock unit plan. |
The equity offered is that of the ultimate parent company Squarespace, Inc. |
The shares vest as to 25% of the shares subject to the award on the first anniversary of the vesting commencement date and 6.25% on each succeeding quarterly vesting date thereafter, so that all of the shares subject to the award are fully vested on the fourth anniversary of the vesting commencement date, subject to the participant not ceasing to be an employee throughout each such vesting date. Vesting shall cease immediately upon the participant ceasing to be an employee. |
There were 10,933 awards outstanding at the start of the period. During the period 13,777 (2022: 43,896) awards were issued, and nil (2022: 32,963) were forfeited. There were 24,710 (2022: 10,933) awards outstanding at the end of the period. |
An expense of £125,702 (2022: £55,810) has been recognised within wages as an employee cost. |
The company will be liable to employer's national insurance contributions when the restricted stock units vest as the shares are readily convertible assets. The future value of these liabilities as they fall due are currently unknown as the value of the share when the award vests is unknown. There is a joint agreement in place between the employee and the Company stating that the employer's national insurance contributions will be paid by the employee. |