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Registration number: 12946782

StackAdapt UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

StackAdapt UK Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

StackAdapt UK Limited

(Registration number: 12946782)
Balance Sheet as at 31 December 2023

Note

2023
$

2022
$

Fixed assets

 

Tangible assets

4

4,070

-

Investments

5

109

-

 

4,179

-

Current assets

 

Debtors

6

6,416,654

516,391

Cash at bank and in hand

 

14,554,863

1,169,797

 

20,971,517

1,686,188

Creditors: Amounts falling due within one year

7

(21,446,879)

(1,107,534)

Net current (liabilities)/assets

 

(475,362)

578,654

Net (liabilities)/assets

 

(471,183)

578,654

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(471,184)

578,653

Shareholders' (deficit)/funds

 

(471,183)

578,654

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
A J Manoukian
Director

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FE

The principal place of business is:
WeWork c/o StackAdapt
123 Buckingham Palace Road
London
SW1W 9SH

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 (including Section 1A for smaller entities) - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in US dollars which is the presentational currency of the company and are rounded to the nearest pound.

The financial statements cover the activity of Stackadapt UK Limited as an individual entity and not of any wider Group that the Company is part of.

Group accounts exemption

The Company is exempt from the requirement to prepare Group accounts on the basis that under section 405 of the Companies Act 2006 all of its subsidiaries can be excluded from consolidation in Companies Act Group accounts.

Going concern

The financial statements have been prepared on a going concern basis. Despite the net liabilities on the balance sheet the directors are confident of future profitable trading and of the support available from the wider Stackadapt Group. The Company is very early in its lifecycle and the Parent Company has agreed to support the Company for the foreseeable future, as shown by the funding already provided.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was Neal Watford ACA, who signed for and on behalf of Forrester Boyd.

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the statement of income and retained earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

2 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 115 (2022 - 75).

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Office equipment
$

Total
$

Cost

Additions

4,661

4,661

At 31 December 2023

4,661

4,661

Depreciation

Charge for the year

591

591

At 31 December 2023

591

591

Carrying amount

At 31 December 2023

4,070

4,070

5

Investments

2023
$

2022
$

Investments in subsidiaries

109

-

Subsidiaries

$

Cost or valuation

Additions

109

Provision

Carrying amount

At 31 December 2023

109

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Stackadapt Ireland Limited

1-2 Victoria Buildings
Haddington Road
Dublin
D04 XN32

Ireland

Ordinary shares

100%

0%

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
$

2022
$

Trade debtors

 

5,642,808

-

Amounts owed by Group Companies

9

208,336

-

Prepayments and accrued income

 

164,819

131,065

Other debtors

 

400,691

385,326

 

6,416,654

516,391

7

Creditors

Note

2023
$

2022
$

Due within one year

 

Trade creditors

 

118,095

108,607

Amounts owed to Parent Company

9

18,338,840

24,872

Taxation and social security

 

1,567,756

135,996

Accruals and deferred income

 

1,322,511

823,336

Other creditors

 

99,677

14,723

 

21,446,879

1,107,534

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

9

Related party transactions

The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.

Key management compensation

2023
$

2022
$

Key management remuneration

472,623

320,609

10

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is StackAdapt Inc, incorporated in Canada.

The address of StackAdapt Inc is:
WeWork C/O, 100 University Ave, Floor 5, Toronto, ON M5J 1V6, Canada.

 

StackAdapt UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Off-balance sheet arrangements

EMEA Customer Relationships
During the financial year the Company purchased the customer contract book of the Europe, Middle East and Africa clients represented by StackAdapt. This represented a fundamental change to the existing Group set up and the Company started to recognise external revenue from customers during the financial year. The transaction has been recognised at cost and therefore the fair value of such contracts is not reflected in the balance sheet.