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REGISTERED NUMBER: 12796356 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

MITEK SYSTEMS PRIVATE LIMITED

MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MITEK SYSTEMS PRIVATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J L Gray
D Lyle





REGISTERED OFFICE: 180 Borough High Street
Fora
London
SE1 1LB





REGISTERED NUMBER: 12796356 (England and Wales)





AUDITORS: TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,780 6,548

CURRENT ASSETS
Debtors 5 1,447,342 925,341
Cash at bank 575,291 415,542
2,022,633 1,340,883
CREDITORS
Amounts falling due within one year 6 5,364,652 3,421,281
NET CURRENT LIABILITIES (3,342,019 ) (2,080,398 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,340,239

)

(2,073,850

)

CAPITAL AND RESERVES
Called up and paid share capital 100 100
Retained earnings (3,340,339 ) (2,073,950 )
(3,340,239 ) (2,073,850 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:





D Lyle - Director


MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Mitek Systems Private 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.

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.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised over the life of the contract or as transactions are used depending on the contract criteria.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Going concern
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its parent company for a period of no less than twelve months from the signing of the Balance Sheet. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

Share-based payments
Where employees participate in share-based compensation schemes operated by the Parent Company, Mitek Systems Inc, the equity issued by the Parent Company are recognised as a cost to the Company with a corresponding increase in liability. The share based payments are cash-settled in the Company as the obligation to obtain and deliver the shares lies with the Company and not the Parent Company.

All schemes in place are Restricted Stock Units (RSU's). RSU's are measured at fair value at the date of grant and grant date fair value is amortised over the vesting period of 4 years. Fair value is equal to the number of RSU's granted multiplied by the grant date fair market value of a share of Parent Company stock.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 11 ) .

MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 October 2022
and 30 September 2023 13,953
DEPRECIATION
At 1 October 2022 7,405
Charge for year 4,768
At 30 September 2023 12,173
NET BOOK VALUE
At 30 September 2023 1,780
At 30 September 2022 6,548

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 143,929 67,900
Amounts owed by group undertakings 1,280,535 838,525
Other debtors 9,350 9,350
VAT 13,197 9,566
Prepayments and accrued income 331 -
1,447,342 925,341

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 56,811 2,320
Amounts owed to group undertakings 4,774,226 2,921,524
Social security and other taxes 77,796 18,804
Pension 14,164 -
Accruals and deferred income 441,655 478,633
5,364,652 3,421,281

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

The Report of the Auditors was unqualified.

BENJAMIN R REYNOLDS (Senior Statutory Auditor)
for and on behalf of TGFP

MITEK SYSTEMS PRIVATE LIMITED (REGISTERED NUMBER: 12796356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mitek Systems, Inc, incorporated in the USA, which is the smallest and largest group in which these financial statements are consolidated; and can be obtained from www.miteksystems.com.