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REGISTERED NUMBER: 13498366 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024

FOR

LABELBOX UK LTD

LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LABELBOX UK LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024







DIRECTORS: B Rieger
M Sharma





REGISTERED OFFICE: 5 New Street Square
London
United Kingdom
EC4A 3TW





REGISTERED NUMBER: 13498366 (England and Wales)





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

LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
CURRENT ASSETS
Debtors 4 119,848 55,748
Cash at bank 377,863 434,214
497,711 489,962
CREDITORS
Amounts falling due within one year 5 (99,861 ) (97,544 )
NET CURRENT ASSETS 397,850 392,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

397,850

392,418

CAPITAL AND RESERVES
Called up share capital 6 100 100
Other reserves 285,337 282,616
Retained earnings 112,413 109,702
SHAREHOLDERS' FUNDS 397,850 392,418

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 25 July 2024 and were signed on its behalf by:





M Sharma - Director


LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024


1. STATUTORY INFORMATION

Labelbox UK Ltd 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 company Labelbox, Inc. to deliver sales and marketing services under an intercompany agreement. The Company is remunerated by its parent for these services.

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 non-puttable 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.

Taxation
Taxation for the period 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.


LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024


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 period 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 statement of financial position 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 relies on the continued support from its parent company Labelbox, 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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short terms creditors are measured at the transaction price.

LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

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 Statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2023 - 8 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed by group undertakings 119,136 54,894
Prepayments and accrued income 712 854
119,848 55,748

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 6,786 7,692
Corporation tax 62,174 60,126
Pension contributions 3,249 2,625
Accrued expenses 27,652 27,101
99,861 97,544

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 1 100 100

LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024


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

8. PENSION COMMITMENTS

The company operates a defined contributions 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 £1,393 (2023: £19,222).

Contributions totalling £3,249 (2023: £2,625) were payable to the fund at the reporting date and are included in creditors.

9. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption available under The Small Companies section 33.1A of FRS102 and Groups Regulations 2008, Schedule 1 paragraph 66(4) from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Labelbox, 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 Labelbox, Inc. The consolidated financial statements may be obtained from Labelbox, Inc. at 510 Treat Ave, San Francisco, CA 94110, United States of America.

LABELBOX UK LTD (REGISTERED NUMBER: 13498366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 31 JANUARY 2024


11. SHARE-BASED PAYMENTS

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

The stock options in Labelbox, Inc. are granted to the Company's employees at a price equal to the fair value of the shares in Labelbox, Inc. at the 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.

The following share-based payment arrangements were in existence during the current and prior years:

WeightedWeighted
averageaverage
exerciseexercise
priceprice
(dollars)Number(dollars)Number
2024202420232023

Outstanding at the
beginning of the period


2.72


60,000


2.14


122,000
Granted during the
period


-


-


2.86


50,500
Cancelled during the
period


-


-


2.15


(112,500)
Outstanding at the end
of the period


2.72


60,000


2.72


60,000

20242023
££

Share based payment
expense


2,721


163,532
2,721162,532