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Registered number: 06453096













ANAPLAN LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


 
ANAPLAN LIMITED
 

 
COMPANY INFORMATION


Directors
N Pichelot (resigned 31 July 2023)
G M Giangiordano 
H D Kapadia 
T Rivera 
J B Kasper (appointed 1 August 2023)
D J Moriarty (appointed 1 August 2023)




Company secretary
D J Moriarty



Registered number
06453096



Registered office
One Glass Wharf
Bristol

BS2 0ZX




Trading Address
338 Euston Road
London

NW1 3BT






Independent auditors
Warrener Stewart
Chartered Accountants & Statutory Auditors

Harwood House

43 Harwood Road

London

SW6 4QP






 
ANAPLAN LIMITED
 


CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 30



 
ANAPLAN LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The principal activity of the company is that of a SaaS company that develops software and offers cloud-based subscriptions to our online platform, consultancy, support and training services to its customers around the world.

Business review
 
The company has continued to see excellent year on year total revenue growth of 21% (2023: 29%), made up of a 24% increase in subscription revenue, and 53% decrease in professional services revenue and other revenue, comprising mainly of intercompany revenue.
The company saw an impressive change in its net profit margin from prior year which was driven by an upside of subscription service and reduction in costs. The net profit margin is 8% (2023: negative 20%).
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 efficiencies, 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 company has reported an operating profit before tax of £26.4m (2023: £49.2m loss), of which £nil (2023: £36m) were Cash Replacement Awards payments to Anaplan Limited employees. These were exceptional expenditure in the fiscal year.  
 
The cash reserves of the company continue to be very strong, and the directors are satisfied with the overall performance of the company and its bright outlook for the future as we continue to see further product launches and an ever growing product roadmap.

Principal risks and uncertainties
 
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.
 
Foreign exchange risk
The company is exposed in its trading operations to the risk of changes in foreign currency exchange rates. Due to the company’s growth, this is now seen as a significant risk but as the company 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 company operates are the Euro and US dollar. 

Page 1


 
ANAPLAN LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Financial key performance indicators
 
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.

Other key performance indicators
 
There are no other key performance indicators for the company.

Directors' statement of compliance with duty to promote the success of the Company
 
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.

Page 2


 
ANAPLAN LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Business relationships
 
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 Managment

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.





................................................
D J Moriarty
Director

Date: 20 September 2024

Page 3


 
ANAPLAN LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors

The directors who served during the year were:

N Pichelot (resigned 31 July 2023)
G M Giangiordano 
H D Kapadia 
T Rivera 
J B Kasper (appointed 1 August 2023)
D J Moriarty (appointed 1 August 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £82,370,393 (2023 - loss £49,915,650).

The directors do not recommend payment of a dividend and the profit for the year will be transferred to reserves.

Future developments

The directors will continue to maintain the management policies that have resulted in continued growth across the company. 

Page 4


 
ANAPLAN LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Engagement with employees

The company communicates regularly with employees in the form of monthly Company 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 company performance and any future company developments, while also giving the employees the opportunity to ask any questions they may have. 

Engagement with suppliers, customers and others

The company receives and carefully evaluates feedback collected through various customer engagement programs. This feedback helps the company decide on future product developments.
To best support our employees and customers, the company believes the suppliers should be a representative of the company and should adhere to our values. 

Disabled employees

It is the company's policy to support the employment of disabled persons wherever possible, both through recruitment and through retention of those who have become disabled whilst in the employment of the company.

Qualifying third party indemnity provisions

Anaplan Limited maintains insurance for the Directors in respect of their duties as Directors of the company, including qualified third party indemnity. This was in force during the year ended 31 January 2024 and up to the date of signing the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWarrener Stewartwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5


 
ANAPLAN LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

This report was approved by the board and signed on its behalf.
 




................................................
D J Moriarty
Director

Date: 20 September 2024

Page 6


 
ANAPLAN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN LIMITED

Opinion


We have audited the financial statements of Anaplan Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Company 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.


Conclusions relating to going concern


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 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.


Page 7


 
ANAPLAN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN LIMITED (CONTINUED)

Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8


 
ANAPLAN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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 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.


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.


Page 9


 
ANAPLAN LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ANAPLAN LIMITED (CONTINUED)

Use of our report
 

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 2006Our 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.





Jon Last (Senior Statutory Auditor)
  
for and on behalf of
Warrener Stewart
 
Chartered Accountants
Statutory Auditors
  
Harwood House
43 Harwood Road
London
SW6 4QP

 
Date: 
20 September 2024
Page 10


 
ANAPLAN LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
304,212,451
250,979,780

Cost of sales
  
(25,078,107)
(23,666,259)

Exceptional cost of sales
  
-
(2,376,463)

Gross profit
  
279,134,344
224,937,058

Selling and distribution expenses
  
(39,240,726)
(45,215,136)

Exceptional selling and distribution expenses
  
-
(6,430,317)

Administrative expenses
  
(53,367,456)
(47,060,851)

Exceptional administrative expenses
  
-
(27,233,862)

Other operating charges
  
(161,767,114)
(148,427,317)

Operating profit/(loss)
 5 
24,759,048
(49,430,425)

Interest receivable and similar income
 9 
1,678,191
205,209

Interest payable and similar expenses
 10 
(800)
-

Profit/(loss) before tax
  
26,436,439
(49,225,216)

Tax on profit/(loss)
 11 
55,933,954
(690,434)

Profit/(loss) for the financial year
  
82,370,393
(49,915,650)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 30 form part of these financial statements.

Page 11


 
ANAPLAN LIMITED
REGISTERED NUMBER:06453096


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
19,011,161
19,831,578

Tangible assets
 14 
1,033,260
1,537,207

  
20,044,421
21,368,785

Current assets
  

Debtors: amounts falling due after more than one year
 15 
57,688,108
-

Debtors: amounts falling due within one year
 15 
139,970,791
108,159,999

Cash at bank and in hand
 16 
89,216,917
58,647,570

  
286,875,816
166,807,569

Creditors: amounts falling due within one year
 17 
(285,008,975)
(248,635,485)

Net current assets/(liabilities)
  
 
 
1,866,841
 
 
(81,827,916)

  

Net assets/(liabilities)
  
21,911,262
(60,459,131)


Capital and reserves
  

Called up share capital 
 19 
100
100

Share premium account
 20 
51,239,996
51,239,996

Profit and loss account
 20 
(29,328,834)
(111,699,227)

  
21,911,262
(60,459,131)


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




................................................
D J Moriarty
Director

Date: 20 September 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 12


 
ANAPLAN LIMITED
 


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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
4
51,239,996
(70,028,144)
(18,788,144)


Comprehensive income for the year

Loss for the year
-
-
(49,915,650)
(49,915,650)

Shares issued during the year
96
-
-
96

Share based payment
-
-
8,244,567
8,244,567



At 1 February 2023
100
51,239,996
(111,699,227)
(60,459,131)


Comprehensive income for the year

Profit for the year
-
-
82,370,393
82,370,393


At 31 January 2024
100
51,239,996
(29,328,834)
21,911,262


The notes on pages 14 to 30 form part of these financial statements.

Page 13


 
ANAPLAN LIMITED
 

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

1.


General information

Anaplan Limited is a limited liability company incorporated in England. The company's registered office is One Glass Wharf, Bristol, BS2 0ZX and principal place of business is 338 Euston Road, London, NW1 3BT.

2.Accounting policies

 
2.1

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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Anaplan UK Holdings Limited as at 31 January 2024 and these financial statements may be obtained from the registered office of the parent and are also available on Companies House.

Page 14


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Going concern

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 and applied assumptions which the directors consider to be appropriate to the current financial position of the Company with regards to revenue, cost of sales, expenses and forward cash.
During the year ended 31 January 2024 the company reported a profit after taxation of £82,370,393 (2023: loss of £49,915,650).
During the year the company continued to invest heavily in product features and company infrastructure in order to lay the groundwork for future increased revenue growth. The company expects to continue to be profitable while continuing to maintain strong cash reserves.
At the balance sheet date the company had net assets of £21,911,262 (2023: net liabilities of £60,459,131). Included within creditors, amounts falling due within one year, are amounts owed to the parent company and fellow subsidiary undertakings totaling £66,993,937 (note 17). The parent company has provided the company 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 company 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 company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company's financial statements.

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Leasehold improvements
-
5 - 10 years
Office equipment
-
3 years
Computer equipment
-
3 years

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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

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.

Page 16


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 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.

Page 17


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

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.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.15

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.

Page 19


 
ANAPLAN LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 20


 
ANAPLAN LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. 
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Subscription revenue
300,489,542
243,134,434

Professional services
3,722,909
5,585,404

Other revenue
-
2,259,942

304,212,451
250,979,780


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
70,740,993
74,327,966

Rest of Europe
124,211,120
95,144,186

Rest of the world
109,260,338
81,507,628

304,212,451
250,979,780


Page 21


 
ANAPLAN LIMITED
 

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

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
716,644
612,508

Amortisation of intangible assets
8,419,479
6,125,913

Research & development charged as an expense
7,964,602
19,301,771

Exchange differences
3,490,917
(5,440,587)

Other operating lease rentals
1,134,860
1,164,844

Share-based payment
-
8,244,567


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
50,000
45,000

Fees payable to the Company's auditors and their associates in respect of:

Other services relating to taxation and assistance with the preparation of the Company's financial statements
20,000
15,000

Page 22


 
ANAPLAN LIMITED
 

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
79,848,605
86,235,113

Social security costs
7,337,977
8,545,208

Cost of defined contribution scheme
3,449,736
3,323,068

Cash replacement awards
-
36,040,642

90,636,318
134,144,031


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
521
567


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
85,739
-

Company contributions to defined contribution pension schemes
4,390
-

90,129
-


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,678,191
205,209

Page 23


 
ANAPLAN LIMITED
 

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

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
800
-


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
3,094,822
380,000

Adjustments in respect of previous periods
(1,619,547)
-

Foreign tax


Foreign tax on income for the year
278,879
310,434

Total current tax
1,754,154
690,434

Deferred tax


Origination and reversal of timing differences
(57,688,108)
-

Total deferred tax
(57,688,108)
-


Taxation on profit/(loss) on ordinary activities
(55,933,954)
690,434
Page 24


 
ANAPLAN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
26,436,439
(49,225,216)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
6,352,713
(9,352,791)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,228,517
2,772,350

Capital allowances for year in excess of depreciation
117,903
81,756

Utilisation of tax losses
(4,046,780)
-

Adjustments to tax charge in respect of prior periods
(1,619,547)
-

Short-term timing difference leading to an increase (decrease) in taxation
586,467
33,009

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(260,255)
(802,570)

Tax deduction arising from exercise of employee options
-
(1,554,168)

Unrelieved tax losses carried forward
-
9,202,414

Unrelieved foreign tax
278,879
310,434

Group relief
(883,743)
-

Deferred tax movement
(57,688,108)
-

Total tax charge for the year
(55,933,954)
690,434


Factors that may affect future tax charges

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 18) as the company expects to be able to utilise these losses in the short to medium term.

Page 25


 
ANAPLAN LIMITED
 

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

12.


Exceptional items

2024
2023
£
£


Cash Replacement Awards
-
36,040,642

In prior year, all unvested Equity Awards were replaced by Cash Replacement Awards as a result of the acquisition by Thoma Bravo. Any vested Equity-based Awards (including any Equity-based Awards that become vested on an accelerated basis under the Merger Agreement) were paid out based on the cash purchase price of $63.75 per share. These were exceptional expenditure in the fiscal year.


13.


Intangible assets




Development expenditure

£



Cost


At 1 February 2023
38,650,528


Additions - internal
7,599,062



At 31 January 2024

46,249,590



Amortisation


At 1 February 2023
18,818,950


Charge for the year on owned assets
8,419,479



At 31 January 2024

27,238,429



Net book value



At 31 January 2024
19,011,161



At 31 January 2023
19,831,578


Development expenditure represents costs incurred on software development projects which are considered to be commercially viable.
Amortisation is being provided over the estimated useful economic life which is considered to be 3 years.
Development expenditure is reviewed annually for impairment and the review at 31 January 2024 indicated that no impairment provision was required.


Page 26


 
ANAPLAN LIMITED
 

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

14.


Tangible fixed assets





Leasehold improvements
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
2,219,069
592,050
196,875
3,007,994


Additions
212,697
-
-
212,697


Disposals
-
(61,118)
-
(61,118)



At 31 January 2024

2,431,766
530,932
196,875
3,159,573



Depreciation


At 1 February 2023
924,377
373,801
172,609
1,470,787


Charge for the year on owned assets
551,144
149,273
16,227
716,644


Disposals
-
(61,118)
-
(61,118)



At 31 January 2024

1,475,521
461,956
188,836
2,126,313



Net book value



At 31 January 2024
956,245
68,976
8,039
1,033,260



At 31 January 2023
1,294,692
218,249
24,266
1,537,207

Page 27


 
ANAPLAN LIMITED
 

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

15.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
57,688,108
-


2024
2023
£
£

Due within one year

Trade debtors
95,249,238
85,840,509

Amounts owed by group undertakings
26,856,385
4,325,336

Other debtors
16,371,581
16,697,757

Prepayments and accrued income
1,493,587
1,296,397

139,970,791
108,159,999



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
89,216,917
58,647,570



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
985,115
1,672,769

Amounts owed to group undertakings
66,993,937
49,250,354

Other taxation and social security
2,515,664
4,450,074

Other creditors
6,632,351
14,288,311

Accruals and deferred income
207,881,908
178,973,977

285,008,975
248,635,485


Page 28


 
ANAPLAN LIMITED
 

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

18.


Deferred taxation




2024


£






Charged to profit or loss
57,688,108



At end of year
57,688,108

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,077,867)
-

Tax losses carried forward
58,626,948
-

Other short term timing differences
139,027
-

57,688,108
-


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



20.


Reserves

Share premium account

The share premium account represents the difference between the price paid for and the nominal value of shares issued, net of the cost of each share issue.

Profit and loss account

The profit and loss account represents accumulated post-tax profits and share based payments.

Page 29


 
ANAPLAN LIMITED
 

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

21.


Pension commitments

The company 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 company to the fund and amounted to £3,449,736 (2023: £3,323,068). Contributions totaling £556,107 (2023: £663,315) were payable to the fund at the balance sheet date and are included in creditors. 


22.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,179,732
1,344,558

Later than 1 year and not later than 5 years
1,195,398
2,347,953

2,375,130
3,692,511


23.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


24.


Controlling party

On 1 May 2023, Anaplan UK Holdings Limited purchased 100% of the issued share capital of Anaplan Limited from Anaplan Inc, the immediate parent company of Anaplan UK Holdings Limited. Following which the parent company of Anaplan Limited is now Anaplan UK Holdings Limited, a company registered in England and Wales. The registered office of the parent company is Regent's Place, 15th and 16th Floors, 338 Euston Road, London, NW1 3BT. 
The ultimate parent undertaking and controlling party of Anaplan Limited is Project Alpine Co-invest Fund, L.P.
The smallest group for which these financial statements are consolidated is that of the parent company, Anaplan UK Holdings Limited, which can be obtained from its registered office and are publicly available. The largest group into which these financial statements are consolidated is Anaplan Inc, which are not publicly available.

 
Page 30