Registered number:
FOR THE PERIOD ENDED 31 JANUARY 2024
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
The principal activity of the group is that of a SaaS group that develops software and offers cloud-based subscriptions to our online platform, consultancy, support and training services to its customers around the world.
Anaplan UK Holdings Limited (the "group") was incorporated on 9 December 2022 with the aim to hold investments. In December 2022 the company acquired Vuealta Group Limited (now known as, Anaplan UK Group Limited), Vuealta Applications Limited (now known as, Anaplan UK Applications Limited) and Vuealta Developments (now known as, Anaplan UK Developments Limited).
In May 2023 following a group reconstruction, Anaplan UK Holdings Limited acquired the main UK trading company in the group, Anaplan Limited from its parent company, Anaplan Inc.
The group has recorded strong revenues of £305m, and has made an operating profit of £22m for the period. The group has reported a loss before tax for the period of £1.9m, of which £25.7m related to the interest on loans from group undertakings following the purchase of Anaplan Limited. The group has net liabilities of £259m.
Anaplan Limited, the main UK trading company in the group, saw an impressive increase in net margin of 28% (2023: 20% reduction) driven by an increase in subscriptions and a reduction in costs. The reduction in costs during the period was mainly driven by the following factors:
∙Following the acquisition by Thoma Bravo in June 2022, in the year ended 31 January 2023, the company made an exceptional one-off payment in the form of Cash Replacement Awards which replaced all Share Options and RSUs. The remaining unvested equity-based awards were converted into the right to receive cash payments, subject to employee performance and vesting conditions.
∙To help drive business efficiencie, thereby minimising costs, in the latter part of 2023 the company moved part of its R&D function to overseas.
∙The company continues to invest in the business and drive for process efficiency where possible.
The cash reserves of the group remain very strong with a cash at bank balance of £89m at the balance sheet date. The directors are satisfied with the overall performance of the group and its bright outlook for the future as we continue to see further product launches and an ever growing product roadmap. The directors will monitor opportunities for strategic acquisitions to further boost the offerings Anaplan can bring to its customers.
Economic risk
The principal risk to the business is the health of the SaaS market and state of the wider economy. As SaaS and ‘the Cloud’ is becoming widely accepted around the world, this is generating significant growth in the market. In particular, the need for fast, agile planning and decision-making being of great importance at present, should only help the company to continue to grow at a healthy pace. The market is affected by a number of factors such as the economic performance and stability of the region generally.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
Foreign exchange risk
The group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. Due to the group’s growth, this is now seen as a significant risk but as the group both buys and sells within Europe and outside, the risk is mitigated to an extent. The treasury team is constantly reviewing the foreign exchange fluctuations and acting accordingly. The main foreign currencies in which the group operates are the Euro and US dollar.
Management monitors the performance of the business by reference to internal budgets and industry averages. These indicators are considered sufficient to provide an overview of business performance relative to expectations and market trends.
There are no other key performance indicators for the group.
The directors of the company, as with those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
∙The interest of the company’s employees and culture;
∙The desirability of the company maintaining a reputation for high standards of business conduct;
∙The need to maintain the company’s business relationships with suppliers, customers and other external stakeholders;
∙The likely consequences of any decisions in the long term; and
∙The impact of the company’s operations on the community and environment.
As part of their introduction, a director is briefed on their duties and they can access professional advice on these, either from the company secretary or, if they judge it necessary, from an independent advisor. The following paragraphs summarise how the directors fulfil their key duties:
Employees, culture and values
At Anaplan, our values are key to everything we do. We call it I. Act. Real. Our values are - Innovative, Accountable, Collaborative, Transparent, Resilient, Empathetic and Authentic. At Anaplan these values come to life by making employees feel empowered and inspired. Building a strong culture around company values is an ongoing journey that will continue to be the core of our existence. Anaplan thrives on diversity, inclusion and belonging where all people are respected and valued regardless of gender identity or expression, sexual orientation, religion, ethnicity, age, neurodiversity, disability status, citizenship, or any other aspect which makes people unique. Anaplan wants you to bring your true self to work every day.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
Our strategy prioritises organic growth with an equal focus given to landing new customers while also expanding our product offering/use cases with existing customers within other areas of their organisation. The Anaplan Platform helps you dynamically orchestrate performance enterprise-wide and convert constant change to your advantage.
We’re proud to partner with many of the world’s leading experts to bring digital transformation to our customers. Our partners are essential to meeting the extraordinary customer demand we are seeing for Connected Planning. Highly-skilled partners who truly understand a customer’s challenges and know how to use Anaplan to solve those pain-points can make a huge difference in the marketplace. We value all of our suppliers and have many multi-year contracts with our key suppliers.
Risk Management
In many cases we provide business critical services to our customers. As we continue to grow, our business and our risk environment also becomes more complex. It is therefore vital that we effectively identify, evaluate, manage and mitigate the risks we face, and that we continue to evolve our approach to risk management.
Community and environment
At Anaplan, we believe it’s very important to give back to the local community, as such all employees get three paid volunteering days per year to go and help support a charity or cause they feel passionate about. The company also closely considers its impact on the environment when making decisions.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the period ended 31 January 2024.
The directors who served during the period were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £54m.
The directors do not recommend payment of a dividend and the profit for the period will be transferred to reserves.
The directors will continue to maintain the management policies that have resulted in continued growth across the group.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
The group communicates regularly with employees in the form of monthly update meetings. The meetings are led by a member of the EC (Executive Committee), most commonly the CEO or the CFO. In the meetings, the EC give information on group performance and any future group developments, while also giving the employees the opportunity to ask any questions they may have.
The group receives and carefully evaluates feedback collected through various customer engagement programs. This feedback helps the group decide on future product developments.
To best support our employees and customers, the group believes the suppliers should be a representative of the group and should adhere to our values.
The above details are presented based upon data for the year collected for the group's administrative sites in London and York.
The total greenhouse emissions based on the above is roughly 155 tonnes Co2 equivalent. Emissions per employee equates 0.29 tonnes Co2 equivalent (777 kW per employee).
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
On May 9, 2024, Anaplan Canada CallCo, Inc (Canada), a subsidiary of Anaplan UK Holdings Limited formed entirely for the purpose of acquiring Fluence Technologies Inc ("Fluence Technologies"), closed the acquisition of Fluence Technologies, a leading cloud native solution leveraged by enterprises across the globe for financial close, consolidation, disclosure management and reporting, where 100% of the equity interests were acquired.
The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN UK HOLDINGS LIMITED
We have audited the financial statements of Anaplan UK Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 January 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN UK HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN UK HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment of the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur, is considered to be low. This conclusion was reached after consideration of the following:
∙a clear segregation between senior management, finance management and operations staff resulting in a high level of review control;
∙a high level of review of key performance and similar indicators;
∙a high level of informed management within senior and finance management;
∙the general absence of individuals with opportunity and authority to override controls undetected; and
∙a high level of long service, experience and trust within key finance management.
We designed our audit procedures to respond to identified audit risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements. Some of the specific procedures performed to detect irregularities, including fraud, are detailed below:
∙review of control accounts and journal entries for large, unusual or unauthorised entries;
∙analytical review of the detailed profit and loss account for variances that are either unexpected or felt not to be in accordance with our understanding of the business during the year;
∙obtaining and reviewing for completeness a list of entities and persons considered to be related parties (as defined by Financial Reporting Standard 102) and reviewing the ledgers of the Company for previously unreported related party transactions;
∙review of transactions and journals for any indication of fraud or management override; and
∙consideration of the going concern basis to ensure correct application and no fundamental irregularity in the presentation of the financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN UK HOLDINGS LIMITED (CONTINUED)
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Harwood House
43 Harwood Road
SW6 4QP
Date:
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2024
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CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 41 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Anaplan UK Holdings Limited is a limited liability company incorporated in England. The group's registered office is Regent's Place, 15th and 16th floors, 338 Euston Road, London, NW1 3BT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. On 1 May 2023 Anaplan UK Holdings Limited acquired 100% of the share capital of Anaplan Limited from its parent company, Anaplan Inc. This has been accounted for as a merger in accordance with FRS 102 as applied at that time.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
For the purposes of assessing whether 'going concern' is an appropriate basis for preparing the financial statements, the directors have reviewed projections for the next 12 months using assumptions which the directors consider to be appropriate to the current financial position of the Group with regards to revenue, cost of sales, expenses and forward cash.
During the period ended 31 January 2024 the group reported a loss before taxation of £1,924,000 which contributed towards a balance sheet deficit of £258,745,000 at the period end. During the year the group continued to invest heavily in the product and the infrastructure in order to lay the groundwork for future sustainable revenue growth. The group expects to continue to be profitable while maintaining strong cash reserves. At the balance sheet date the group had net liabilities of £258,745,000. Included within net liabilities are amounts owed to the parent company and fellow subsidiary undertakings totalling £346,880,000. The parent company has provided the group with an undertaking that they will, for at least twelve months from the date of approval of these financial statements, continue to make available such funds that are needed by the group and in particular will not seek repayment of the amounts currently made available whilst the company strengthens its own financial position. In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the group will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the group's financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of revision and future years if the revision affects both current and future years.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
11.Taxation (continued)
The company has tax losses of approximately £234,500,000 which are available to carry forward and offset against future trading profits. The deferred tax asset of £58,626,948 which arises as a consequence of these losses has been recognised within the company's balance sheet (see notes 15 and 19) as the company expects to be able to utilise these losses in the short to medium term.
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19.Deferred taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Share premium account
Foreign exchange reserve
Merger Reserve
Profit and loss account
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FOR THE PERIOD ENDED 31 JANUARY 2024
22.Business combinations (continued)
The group operates a defined pension scheme for all qualifying employees and directors. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £3,449,736. Contributions totaling £556,107 were payable to the fund at the balance sheet date and are included in creditors.
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FOR THE PERIOD ENDED 31 JANUARY 2024
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FOR THE PERIOD ENDED 31 JANUARY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
The parent company of Anaplan UK Holdings Limited is Anaplan Inc, a company registered in the USA. The registered office of the parent company is 1450 Brickell Ave, Suite #3040, Miami, Fl, 33131.
The ultimate parent undertaking and controlling party of Anaplan UK Holdings Limited is Project Alpine Co-invest Fund, L.P. The smallest and largest group into which these financial statements are consolidated are that of the parent company. The consolidated group accounts are not publicly available.
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