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REGISTERED NUMBER: 09600752 (England and Wales)















Audited Financial Statements

for the Year Ended 31 January 2024

for

EXABEAM UK LIMITED

EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EXABEAM UK LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: M Allen Bartz
H R Grey





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





REGISTERED NUMBER: 09600752 (England and Wales)





AUDITORS: Randall & Payne LLP
Chargrove House
Shurdington Rd
Shurdington
Cheltenham
Gloucestershire
GL51 4GA

EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Balance Sheet
31 JANUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors: amounts falling due within
one year

4

4,403,545

3,550,235
Cash at bank 5 17,322 293,579
4,420,867 3,843,814
CREDITORS
Amounts falling due within one year 6 526,499 577,624
NET CURRENT ASSETS 3,894,368 3,266,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,894,368

3,266,190

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 1,524,636 1,194,764
Retained earnings 2,369,731 2,071,425
3,894,368 3,266,190

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 30 August 2024 and were signed on its behalf by:





H R Grey - Director


EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Exabeam UK 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 recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue 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.

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

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.

EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency

The company's functional currency is USD. This differs from the presentational currency which is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

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 Exabeam, LLC, 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.

Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.

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 measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 38 ) .

EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 4,126,366 3,134,823
Other debtors 8,280 115,119
VAT 59,213 84,736
Deferred tax asset 6,475 24,076
Prepayments and accrued income 203,211 191,481
4,403,545 3,550,235

5. CASH AT BANK

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 150,184 43,018
Accrued expenses 376,315 534,606
526,499 577,624

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

The Report of the Auditors was unqualified.

Benjamin Burch (Senior Statutory Auditor)
for and on behalf of Randall & Payne LLP

8. PENSION COMMITMENTS

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 £107,904 (2023: £109,007). Contributions totalling £25,901 (2023: £96,306) were payable to the fund at the reporting date and are included in creditors.

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.

EXABEAM UK LIMITED (REGISTERED NUMBER: 09600752)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. POST BALANCE SHEET EVENTS

On 2 July 2024, LogRhythm, Inc. and Exabeam, Inc. completed a merger. As part of the merger agreement Exabeam, Inc. was converted to Exabeam, LLC. on 15 July 2024, a wholly owned subsidiary of LogRhythm, Inc. Exabeam UK Limited remains a wholly owned subsidiary of Exabeam, LLC.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Exabeam, LLC., 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 Exabeam, LLC. The registered office of Exabeam, LLC. is 1051 E Hillsdale Blvd 4th Floor, Foster City, CA 94404, United States.

12. SHARE-BASED PAYMENT TRANSACTIONS

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.