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REGISTERED NUMBER: 11007705 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SAFETYCULTURE (UK) LIMITED

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAFETYCULTURE (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: L I Anear
J B Blake





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11007705 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

BALANCE SHEET
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 788,357 279,970

CURRENT ASSETS
Debtors 5 2,900,355 3,356,927
Cash at bank 564,419 32,396
3,464,774 3,389,323
CREDITORS
Amounts falling due within one year 6 1,076,076 1,111,968
NET CURRENT ASSETS 2,388,698 2,277,355
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,177,055

2,557,325

PROVISIONS FOR LIABILITIES 8 163,331 21,524
NET ASSETS 3,013,724 2,535,801

CAPITAL AND RESERVES
Called up share capital 9 100 100
Other reserves 10 587,485 497,712
Retained earnings 10 2,426,139 2,037,989
SHAREHOLDERS' FUNDS 3,013,724 2,535,801

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 1 October 2024 and were signed on its behalf by:





J B Blake - Director


SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

SafetyCulture (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 trading address of the company is 38-42 Mosley Street, Manchester, M2 3AZ.

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.

The financial statements are prepared on the going concern basis as the directors have received confirmation that ongoing financial support from group companies will continue for at least 12 months and 1 day following the sign off of the audit report.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
With regard to the accounting policies adopted by the company, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. Such estimates are based on historical experience and other relevant factors and may differ from actual results. All estimates, and associated underlying assumptions, are reviewed on an ongoing basis.

Turnover
Turnover is calculated to generate a margin in line with transfer pricing agreements and recharged to the parent entity.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 - 7 years
Leasehold Improvements - Straight line over 3 - 6 years

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.


SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Financial assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

Share based payments scheme
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the options, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2023 - 75 ) .

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 950,823
Additions 795,655
Disposals (535,368 )
At 30 June 2024 1,211,110
DEPRECIATION
At 1 July 2023 670,853
Charge for year 192,619
Eliminated on disposal (440,719 )
At 30 June 2024 422,753
NET BOOK VALUE
At 30 June 2024 788,357
At 30 June 2023 279,970

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts owed by group undertakings 2,565,535 3,108,840
Other debtors 109,937 151,630
VAT 98,227 19,493
Prepayments and accrued income 126,656 76,964
2,900,355 3,356,927

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 55,503 11,215
Amounts owed to group undertakings 256,755 286,265
Taxation and social security 188,854 194,857
Other creditors & accruals 574,964 619,631
1,076,076 1,111,968

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 236,250 243,317
Between one and five years 1,134,000 -
In more than five years 945,000 -
2,315,250 243,317

The full liability of the lease is disclosed however it should be noted that there are break clause opportunities at years 3 and 6 of the lease.

8. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 47,971 21,524
Other provisions 115,360 -
163,331 21,524

Deferred
tax
£   
Balance at 1 July 2023 21,524
Charge to Income Statement during year 26,447
Balance at 30 June 2024 47,971

Other provisions relates to dilapidations required at the end of the lease.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary Shares £1 100 100

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

10. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 July 2023 2,037,989 497,712 2,535,701
Profit for the year 388,150 388,150
Charge for the year - 89,773 89,773
At 30 June 2024 2,426,139 587,485 3,013,624

Other reserves relates entirely to share options.

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

The Report of the Auditors was unqualified.

Rachel Lockwood (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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 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 a Report of the Auditors 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."

12. SHARE BASED PAYMENTS

The ultimate parent company, SafetyCulture Pty Ltd, reserves shares of common stock for issuance as stock options. These stock options are equity settled and are valued using a Black-Scholes Option Pricing Method. The stock options are granted to employees on the date on which employment commences and vest over a period of 4 years under a graded vesting system. These are granted under the condition that the eligible persons are employed within the company.

The following table summarises the equity settled share options with employees in the period:

Item Number Weighted average ex price ($ )
Outstanding at the beginning of the period 15,444,765 0.1041
Granted during the period 483,555 0.4800
Forfeited/cancelled during the period (230,265 ) 0.3907
Exercised during the period 671,501 0.2159
Expired during the period - -
Transferred during the period (132,266 ) 0.3054
Transferred in earlier years (2,015,502 ) 0.3481
Outstanding at the end of the period 12,878,696 0.1148
Exercisable at the end of the period 11,739,912 0.0851

In the year ended June 2024 the expense recognised is £89,773 (2023: £102,215).

SAFETYCULTURE (UK) LIMITED (REGISTERED NUMBER: 11007705)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

13. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is SafetyCulture Pty Ltd, a company incorporated at 72 Foveaux Street, Surry Hills, NSW 2010, Australia. SafetyCulture Pty Ltd is the largest and only group company to prepare consolidated financial statements.