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Registration number: 10856224

Grafana Labs Ltd.

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Grafana Labs Ltd.

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 20

 

Grafana Labs Ltd.

Company Information

Directors

B B Smick

I Q Li

Registered office

Computershare Governance Services
The Pavilions
Bridgwater Road
Bristol
BS13 8FD

Auditors

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Grafana Labs Ltd.

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the Company is the provision of research and development work on the software sold to the customers of Raintank, Inc. (parent company) as well as sales and marketing activities to bring in customers for Raintank, Inc.

Fair review of the business

The Company has continued to grow during the year, the average headcount for the end of 31 January 2024 increased to 117 compared to 77 in 2023. The Company is positioned to continue to expand in the future.

The Company's future growth depends on the ability of the parent company to introduce new products and services on a timely basis and achieve market acceptance of these products and services. As the parent company is anticipated to further expand its customer base, the Company expects a corresponding increase in demand for its research & development and sales and marketing support services. The Company is projecting for potential increases in staffing and resources to meet these growing demands and to continue paying a crucial role in the parent company's overall growth strategy.

The net result for the year 2024 was a profit after tax of £1,180,880 (2023: profit after tax of £1,067,285).

The directors are pleased with the overall performance of the Company, the directors believe that the Company is in good financial health and will continue to prosper. We ended 2024 year with £504,349 in cash. We expect to continue to generate sufficient cash flows to meet the operating needs for 2025 due to the nature of the cost-plus arrangement with our parent company.

Principal risks and uncertainties

The intercompany agreements entered into between the Company and the parent company allows the Company to charge costs incurred plus eight percent to the parent company. Therefore, the Company has limited exposure for operational and financial risk.

The Company has limited foreign currency risk, as most of the Company's transactions are in the functional currency of the Company.

The Company faces operational risks as the observability market is competitive. If the parent company and fellow subsidiaries fail to innovate in response to changing customer needs and new technologies, our business could be affected. The parent company continues to innovate its products and sale strategies to ensure we remain competitive and monitor developments in the market to manage this risk.

The principal credit risk arises from the amounts owed from the parent company, which is the only customer of the company. The Company continues to receive repayments on invoices raised to the parent company on a monthly basis to support the operations of the Company.

Liquidity risk is mitigated as the Company maintains adequate levels of cash needed to finance the operations. The nature of the intercompany agreements with the parent company mitigates this risk as explained above.

Approved by the Board on 25 October 2024 and signed on its behalf by:

.........................................
I Q Li
Director

   
     
 

Grafana Labs Ltd.

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 of the Company

The directors who held office during the year were as follows:

W Chan (resigned 12 July 2024)

A Mazhari (resigned 12 July 2024)

T R Wilkie (resigned 31 May 2023)

The following directors were appointed after the year end:

B B Smick (appointed 12 July 2024)

I Q Li (appointed 12 July 2024)

Dividends

The directors do not recommend that a dividend be paid, and no dividends were paid or proposed during the year (2023: £nil).

Future developments

The activities of the Company are expected to continue for the foreseeable future.

Research and development

The Company has continued to invest significantly in research and development over the past year. The focus of the Company has been on expanding the team of skilled engineers dedicated to enhancing and developing the new Grafana products.

The Company's R&D efforts have played a key role in the parent company introducing several new products and services to its customers. These additions have not only expanded the parent company's product range but also strengthened the parent company's position in the market.

The parent company maintained its commitment to the "big tent" strategy, which focuses on improving interoperability with other tools and data sources. This approach has enhanced the versatility of the parent company's solutions and their ability to integrate with a wide range of systems.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Bourner Bullock as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 25 October 2024 and signed on its behalf by:

.........................................
I Q Li
Director

   
     
 

Grafana Labs Ltd.

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

 

Grafana Labs Ltd.

Independent Auditor's Report to the Members of Grafana Labs Ltd.

Opinion

We have audited the financial statements of Grafana Labs Ltd. (the 'Company') for the year ended 31 January 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 auditor 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 UK, including the FRC’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 director's 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Grafana Labs Ltd.

Independent Auditor's Report to the Members of Grafana Labs Ltd.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [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.

Auditor 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 auditor’s 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Grafana Labs Ltd.

Independent Auditor's Report to the Members of Grafana Labs Ltd.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s 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.

......................................
David Wheeler (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor

Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

25 October 2024

 

Grafana Labs Ltd.

Profit and Loss Account for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

4

22,714,600

14,236,084

Gross profit

 

22,714,600

14,236,084

Administrative expenses

 

(21,159,689)

(13,242,776)

Operating profit

5

1,554,911

993,308

Other interest receivable and similar income

6

2,903

-

Profit before tax

 

1,557,814

993,308

Tax on profit

10

(376,934)

73,977

Profit for the financial year

 

1,180,880

1,067,285

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

 

Grafana Labs Ltd.

Statement of Comprehensive Income for the Year Ended 31 January 2024

2024
£

2023
£

Profit for the year

1,180,880

1,067,285

Total comprehensive income for the year

1,180,880

1,067,285

 

Grafana Labs Ltd.

(Registration number: 10856224)
Balance Sheet as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

11

-

69,498

Current assets

 

Debtors

12

28,964,039

6,194,848

Cash at bank and in hand

13

504,349

293,414

 

29,468,388

6,488,262

Creditors: Amounts falling due within one year

14

(23,809,291)

(3,830,558)

Net current assets

 

5,659,097

2,657,704

Net assets

 

5,659,097

2,727,202

Capital and reserves

 

Called up share capital

16

20

20

Other reserves

2,930,624

1,179,609

Retained earnings

2,728,453

1,547,573

Shareholders' funds

 

5,659,097

2,727,202

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
I Q Li
Director

   
     
 

Grafana Labs Ltd.

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 February 2023

20

1,179,609

1,547,573

2,727,202

Profit for the year

-

-

1,180,880

1,180,880

Total comprehensive income

-

-

1,180,880

1,180,880

Share based payment transactions

-

1,751,015

-

1,751,015

At 31 January 2024

20

2,930,624

2,728,453

5,659,097

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 February 2022

20

353,176

480,288

833,484

Profit for the year

-

-

1,067,285

1,067,285

Total comprehensive income

-

-

1,067,285

1,067,285

Share based payment transactions

-

826,433

-

826,433

At 31 January 2023

20

1,179,609

1,547,573

2,727,202

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Computershare Governance Services
The Pavilions
Bridgwater Road
Bristol
BS13 8FD
United Kingdom

Principal activity

The principal activity of the Company is the provision of research and development work on the software sold to the customers of Raintank, Inc. (parent company) as well as sales and marketing activities to bring in customers for Raintank, Inc.

These financial statements were authorised for issue by the Board on 25 October 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions if certain conditions have been complied with, including notification of and no objection to, the use of exemptions by the Company's shareholders. A qualifying entity is defined as a member of a group that prepares publicly available financial statements, which give a true and fair view, in which that member is consolidated. Grafana Labs Ltd. is a qualifying entity as its results are consolidated into the financial statements of Raintank, Inc. which are publicly available.

As a qualifying entity, the Company has taken advantage of the following exemptions:

(i) from the requirement to present a statement of cash flows as required by paragraph 3.17 (d) of FRS 102;
(ii) from the requirement to present financial instrument disclosures, as required by FRS 102 paragraphs 11.39 to 11.48A, 12.26 and 12.29;
(iii) from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv); and
(iv) from the requirement to present key management personnel compensation as required by paragraph 33.6.

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

Name of parent of group

These financial statements are consolidated in the financial statements of Raintank, Inc.

The financial statements of Raintank, Inc may be obtained from Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington, New Castle County, DE, 19803, United States.

Going concern

The company is reliant on the support of its parent company to continue as a going concern. Confirmation of this support has been provided and therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Prior period errors

During the year it was identified that intercompany debtors and creditors were offset in the company's prior year financial statements. The impact of this error resulted in an understatement of current assets and an understatement of current liabilities. There is no impact on net assets, shareholder funds or comprehensive income. A prior year reclassification adjustment was made to correct the comparatives in the current year financial statements.

Amounts owed to the parent company as at 31 January 2023 of £nil have been restated as £2,283,000.

Amounts owed by the parent company as at 31 January 2023 of £3,804,240 have been restated as £6,087,240.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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:
(i) the amount of revenue can be reliably measured;
(ii) it is probable that future economic benefits will flow to the entity; and
(iii) 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 profit or loss, 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 income 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.

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

3 year straight line

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Trade debtors

Trade debtors are amounts due from parent company for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

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 and subsequently measured at amortised cost using the effective interest method.

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

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.

Share based payments

The Group provides equity-settled share-based payments to certain employees.

Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

The Group has no cash-settled arrangements.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

22,714,600

14,236,084

The analysis of the company's turnover for the year by market is as follows:

2024

2023

£

£

Rest of world

22,714,600

14,236,084

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

30,711

17,988

Foreign exchange losses/(gains)

624

(23)

Profit on disposal of property, plant and equipment

-

(156)

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

2,903

-

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

15,698,733

10,237,179

Social security costs

1,981,708

1,305,454

Pension costs, defined contribution scheme

578,188

341,715

Share-based payment expenses

1,751,016

826,433

Other employee expense

29,586

7,827

20,039,231

12,718,608

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

14

10

Research and development

55

40

Sales, marketing and distribution

48

27

117

77

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

78,015

585,547

Contributions paid to money purchase schemes

3,333

10,000

81,348

595,547

The aggregate amount of gains made by directors on the exercise of share options during the year was £nil (2023: £805,201)

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Exercised share options

-

1

Accruing benefits under money purchase pension scheme

1

1

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,245

7,350

Other fees to auditors

All other non-audit services

3,350

2,500


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

376,934

-

UK corporation tax adjustment to prior periods

-

(73,977)

376,934

(73,977)

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 24.03% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,557,814

993,308

Corporation tax at standard rate

374,344

188,729

Decrease in UK and foreign current tax from adjustment for prior periods

-

(73,977)

Tax increase/(decrease) from effect of capital allowances and depreciation

7,380

(11,160)

Effect of expense not deductible in determining taxable profit (tax loss)

441,792

157,392

Effect of tax losses

(154,410)

-

Tax increase from effect of unrelieved tax losses carried forward

-

196,065

Tax decrease from effect of exercise of employee share options

(292,172)

(531,026)

Total tax charge/(credit)

376,934

(73,977)

11

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

93,878

93,878

Disposals

(93,878)

(93,878)

At 31 January 2024

-

-

Depreciation

At 1 February 2023

24,380

24,380

Charge for the year

30,711

30,711

Eliminated on disposal

(55,091)

(55,091)

At 31 January 2024

-

-

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

69,498

69,498

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Debtors

Current

Note

2024
£

(As restated)

2023
£

Amounts owed by the parent company

19

28,836,266

6,087,240

Other debtors

 

67,543

7,076

Prepayments

 

60,230

26,555

Income tax asset

10

-

73,977

   

28,964,039

6,194,848

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

50

Cash at bank

504,349

293,364

504,349

293,414

14

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Trade creditors

 

49,975

7,994

Amounts owed to the parent company

19

20,846,775

2,283,000

Accruals

 

2,648,407

1,539,564

Income tax liability

10

264,134

-

 

23,809,291

3,830,558

15

Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £578,188 (2023 - £341,715).

 

Grafana Labs Ltd.

Notes to the Financial Statements for the Year Ended 31 January 2024

16

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20

20

20

20

       



Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

17

Dividends

There were no dividends paid or proposed in either the current or the previous year.

18

Share-based payments

Raintank, Inc., the parent company of Grafana Labs Ltd., operates an Equity Incentive Plan for employees of the group.

Fair value of the options is measured at the grant date utilising the Black Scholes model. The options vest over a 4 year period with 25% vesting at 12 months and the remainder vesting monthly for the next 36 months. The options granted have a maximum term of 10 years from the date of the grant.

19

Related party transactions

Summary of transactions with parent

As a qualifying entity, the company has taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose related party transactions between wholly owned entities within the group.

20

Parent and ultimate parent undertaking

The Company's immediate and ultimate parent undertaking is Raintank, Inc., a company incorporated in the USA.

Raintank, Inc. is the parent of the smallest and largest group in which these financial statements are consolidated. The registered office of Raintank, Inc. is: Brandywine Plaza, 1521 Concord Pike, Suite 201, Wilmington, New Castle County, DE, 19803, United States.