Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
COMPANY INFORMATION
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CONTENTFUL (UK) LIMITED
CONTENTS
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CONTENTFUL (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The director presents her strategic report and the audited financial statements for the financial year ended 31 January 2024.
The principal activity of the Company is to provide marketing, sales development, and research and development, and other administrative support services under a cost plus agreement with Contentful GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) registered in Germany ("GmbH"), and, a subsidiary of the Company‘s ultimate parent, Contentful Global, Inc., a company registered in the United States ("Global").
Contentful is a content platform provider for digital-first businesses that helps brands around the world create and manage digital experiences for their customers across any market or channel. Under an intercompany services agreement, the Company charges GmbH all qualified costs at cost plus an agreed margin. There have been no significant changes in these activities during the financial year ended 31 January 2024.
The director is aware of her statutory obligations in relation to providing a fair review of the Company’s development and performance. The Company's success relies on GmbH, maintaining, developing, and executing on its competitive advantage in the digital market. The Company has addressed this risk by reviewing GmbH’s financial statements, budgets and cash flows on a quarterly basis ensuring it continues as a going concern.
The Company has prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the Company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis.
The director is pleased with the performance of the Company and its continued growth since incorporation. The Company generated a profit for the financial year, after taxation, amounted to £367,665 (2023 - £156,575). The increase in profit is the result of the Company’s growth during the financial year and charging GmbH all qualified costs at cost plus an agreed margin.
In the financial year, the Company recognised turnover of £12,161,521. In the prior financial year, the monthly average turnover was £424,319 compared to £1,013,460 monthly average for this financial year. The increase in turnover is the result of an increase in the demand to provide marketing, sales development, research and development, and other administrative support services to GmbH. The Company has strong liquidity with an acid test ratio of 2.6:1. The Company’s non-financial key performance metric is headcount. The average monthly number of employees during the financial year was 63 full-time employees. This was an increase of 75% compared to the previous financial period.
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CONTENTFUL (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The director has acted in a way they considered, in good faith, to be the most likely to promote the success of the Company for the benefit of its stakeholders. Section 172 requires the director to have regard, amongst other matters to the:
a) Likely consequences of any decisions in the long-term b) Interests of the Company’s employees c) Need to foster the Company’s business relationships with suppliers, customers, and others d) Impact of the Company’s operations on the community and the environment e) Desirability of the Company maintaining a reputation for high standards of business conduct, and f) Need to act fairly as between members of the Company The Company delegates authority for the day-to-day management to the Company management. Management are responsible for overseeing the execution of the group strategy and adhering to policies set by the group. Senior executives hold meetings with Management regularly to ensure employee and customer feedback is heard and reported back in a timely manner.
This report was approved by the board and signed on its behalf.
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CONTENTFUL (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The director presents her report and the financial statements for the year ended 31 January 2024.
The director is responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 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.
The profit for the year, after taxation, amounted to £367,665 (2023 - £156,575).
The director does not recommend payment of a dividend.
At the end of the financial year, the Company had assets of £1,475,401 (2023 - £633,649) and liabilities of £570,214 (2023 - £319,260). The net assets of the Company have increased by £590,798.
The directors who served during the year were:
Neither director had any direct beneficial interest in the shares of the Company at the beginning or end of the financial year. There were no changes in shareholdings between 31 January 2024 and the date of signing the financial statements.
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CONTENTFUL (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Company plans to continue its present activities and to increase activity in the short to medium period.
During the financial year, the Company’s had research and development costs of £3,613,353 (2023 - £1,841,786)
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of risk and uncertainties and financial risk management objectives and policies.
There have been no significant events affecting the Company since the financial year-end.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CONTENTFUL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTENTFUL (UK) LIMITED
We have audited the financial statements of Contentful (UK) Limited (the 'Company') for the year ended 31 January 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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's 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.
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 director with respect to going concern are described in the relevant sections of this report.
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CONTENTFUL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTENTFUL (UK) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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.
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.
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.
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CONTENTFUL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTENTFUL (UK) LIMITED (CONTINUED)
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.
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:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.
∙We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
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 Auditor's Report.
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CONTENTFUL (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONTENTFUL (UK) LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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CONTENTFUL (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
REGISTERED NUMBER: 13723044
BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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CONTENTFUL (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Contentful (UK) Limited (the Company) is a private company limited by shares registered in England and Wales under the Companies Act. The registered office is Suite 4, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB.
The principal activity of the Company is the provision of marketing, sales development and research and development and other administrative support services under a cost plus agreement with GmbH, a subsidiary of the Company‘s ultimate parent, Global. Contentful is a content platform provider for digital-first businesses that helps brands around the world create and manage digital experiences for their customers across any market or channel. Under an intercompany services agreement, the Company charges GmbH all qualified costs at cost plus an agreed margin. The Company was incorporated on 4 November 2021 and commenced trading in March 2022. The director extended the first period of account in order to align with Global and therefore has chosen a January period end. Accordingly, the comparative in these financial statements presents the 15 month period from incorporation to January 2023.
2.Accounting policies
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:
Due to the intercompany services agreement in place and after making due enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover represents amounts charged by the Company to GmbH under intercompany services and R&D services agreements. Turnover comprises the value of services supplied by the Company, exclusive of trade discounts and any applicable value-added tax in accordance with its cost plus agreement. Revenue is recognised when costs are incurred.
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.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Fair value is measured using the Black-Scholes Pricing Model. Global estimates the expected term based on the simplified method, which is the weighted average of the vesting period and contractual term, as Global’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. Options are exercisable at a price equal to the market price of Global‘s shares on the date of grant. The vesting period is usually 4 years. The options are settled in equity of Global once exercised. Options are forfeited if the employee leaves the Company before the options vest. Where the terms of an equity-settled transaction are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Judgments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below: Going Concern The director has prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. Provisions and accruals Provisions are recognised when the entity has a present obligation (legal or constructive) as a result of past events, it is probable that the entity would be required to settle the probable outflow of resources, and a reliable estimate can be made of the amount of the obligation.
The whole of the turnover is to provide marketing, sales development, and research and development, and other administrative support services under a cost plus agreement with GmbH, a subsidiary of the Company‘s ultimate parent, Global.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
9.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 24%. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Profit and loss account
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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CONTENTFUL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately 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 £328,756 (2023: £192,292). Contributions totalling £57,398 (2023: £34,093) were payable to the fund at the balance sheet date and are included in creditors.
The Company and its director regard
The Company‘s ultimate parent undertaking is also Global, which is the smallest undertaking for which group accounts are drawn up. Global is regarded as both the controlling party and the ultimate controlling party as Global holds 100% of the ordinary shares issued in the Company.
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