Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31false11false11true2023-02-01No description of principal activitytrue 13194605 2023-02-01 2024-01-31 13194605 2022-02-01 2023-01-31 13194605 2024-01-31 13194605 2023-01-31 13194605 2022-02-01 13194605 1 2023-02-01 2024-01-31 13194605 1 2022-02-01 2023-01-31 13194605 1 2023-02-01 2024-01-31 13194605 e:Director1 2023-02-01 2024-01-31 13194605 e:RegisteredOffice 2023-02-01 2024-01-31 13194605 d:CurrentFinancialInstruments 2024-01-31 13194605 d:CurrentFinancialInstruments 2023-01-31 13194605 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 13194605 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 13194605 d:ShareCapital 2024-01-31 13194605 d:ShareCapital 2023-01-31 13194605 d:ShareCapital 2022-02-01 13194605 d:OtherMiscellaneousReserve 2024-01-31 13194605 d:OtherMiscellaneousReserve 1 2023-02-01 2024-01-31 13194605 d:OtherMiscellaneousReserve 2023-01-31 13194605 d:OtherMiscellaneousReserve 2022-02-01 13194605 d:OtherMiscellaneousReserve 1 2022-02-01 2023-01-31 13194605 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 13194605 d:RetainedEarningsAccumulatedLosses 2024-01-31 13194605 d:RetainedEarningsAccumulatedLosses 1 2023-02-01 2024-01-31 13194605 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 13194605 d:RetainedEarningsAccumulatedLosses 2023-01-31 13194605 d:RetainedEarningsAccumulatedLosses 2022-02-01 13194605 d:RetainedEarningsAccumulatedLosses 1 2022-02-01 2023-01-31 13194605 e:FRS102 2023-02-01 2024-01-31 13194605 e:Audited 2023-02-01 2024-01-31 13194605 e:FullAccounts 2023-02-01 2024-01-31 13194605 e:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13194605 e:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13194605 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 13194605 (England and Wales)














UK MOVEWORKS LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


 
UK MOVEWORKS LIMITED
 

 
COMPANY INFORMATION


Director
B N Shah 




Registered number
13194605



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
UK MOVEWORKS LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 6



 
UK MOVEWORKS LIMITED
REGISTERED NUMBER:13194605


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
121,057
880,211

Bank and cash balances
  
667,744
107,802

  
788,801
988,013

Creditors: amounts falling due within one year
 5 
(507,739)
(819,731)

Net current assets
  
 
 
281,062
 
 
168,282

Total assets less current liabilities
  
281,062
168,282

  

Net assets
  
281,062
168,282


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 6 
144,105
59,634

Profit and loss account
  
136,956
108,647

  
281,062
168,282


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

B N Shah
Director

Date: 18 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 1


 
UK MOVEWORKS LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 10 February 2021
1
14,409
32,351
46,761


Comprehensive income for the year

Profit for the year
-
-
76,296
76,296

Share based payment expense (note 6)
-
45,225
-
45,225



At 1 February 2023
1
59,634
108,647
168,282


Comprehensive income for the year

Profit for the year
-
-
28,309
28,309

Share based payment expense (note 6)
-
84,471
-
84,471


At 31 January 2024
1
144,105
136,956
281,062


The notes on pages 3 to 6 form part of these financial statements.

Page 2


 
UK MOVEWORKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position of £281,062 primarily supported by amounts owed by group undertakings. Despite this position, due to the Company's business model being solely a transfer pricing arrangement with the parent company, Moveworks, Inc., it is reliant upon the continued support of that company in order to remain a going concern. 
The Company has received written confirmation from Moveworks, Inc. that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Furthermore, the director has assessed the ability of Moveworks, Inc. to provide this support based upon their cash flow forecasts and has concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the director adopts the going concern basis in preparing the financial statements. 

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

Page 3


 
UK MOVEWORKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency 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. Non-monetary 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.

 
1.5

Pensions

Defined contribution pension plan

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
1.7

Debtors

Short-term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measures at cost. No interest is charged on the loans, which are repayable on demand. 

Page 4


 
UK MOVEWORKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.8

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. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

 
1.9

Creditors

Short-term creditors are measured at the transaction price. 

  
1.10

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 Balance Sheet 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.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 18 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 11 (2023 - 11).

Page 5


 
UK MOVEWORKS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
92,834
843,845

Other debtors
3,593
11,113

Prepayments and accrued income
24,630
25,253

121,057
880,211



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,796
12,232

Corporation tax
41,745
19,507

Other taxation and social security
73,696
42,549

Other creditors
11,935
12,165

Accruals and deferred income
372,567
733,278

507,739
819,731



6.


Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over the shares in the Company's parent. The options are granted at an independently determined fair value and a portion of the options are exercisable one year after the grant date, vesting continues monthly thereafter, with the remaining portion of shares granted vesting on a straight-line basis over 36 months.
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve.


7.


Controlling party

Moveworks, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 211 Hope Street, #309 Mountain View, California, United States, 94041. 


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 6