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Registered number: 08693032









STRAVA LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STRAVA LIMITED
 
 
COMPANY INFORMATION


Director
T L Yang 




Registered number
08693032



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors 
ZEDRA Corporate Reporting Services (UK) Limited





 
STRAVA LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 11

 
STRAVA LIMITED
REGISTERED NUMBER:08693032

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,491
5,144

  
2,491
5,144

Current assets
  

Debtors: amounts falling due within one year
 6 
1,126,886
986,921

Bank and cash balances
  
561,019
730,753

  
1,687,905
1,717,674

Creditors: amounts falling due within one year
 7 
(239,754)
(497,082)

Net current assets
  
 
 
1,448,151
 
 
1,220,592

Total assets less current liabilities
  
1,450,642
1,225,736

  

Net assets
  
1,450,642
1,225,736


Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 9 
122,352
93,232

Profit and loss account
  
1,328,289
1,132,503

  
1,450,642
1,225,736


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




T L Yang
Director

Date: 22 November 2024

Page 1

 
STRAVA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
212,565
464,573
677,139



Profit for the year
-
-
667,930
667,930

Share based payments
-
(119,333)
-
(119,333)



At 1 January 2023 (as previously stated)
1
186,164
1,039,571
1,225,736

Prior year adjustment
-
(92,932)
92,932
-


At 1 January 2023 (as restated)
1
93,232
1,132,503
1,225,736



Profit for the year
-
-
195,786
195,786

Share based payments
-
29,120
-
29,120


At 31 December 2023
1
122,352
1,328,289
1,450,642
Page 2

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

At the year end the Company is in a net asset position supported by an intercompany receivable balance. Strava Limited has received written confirmation from its parent company, Strava, Inc., that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. The director has reviewed the position and performance of the parent company, together with the cash flow forecasts and expected performance over a period of two years. For this reason the director continues to prepare the financial statements on a going concern basis. 

 
1.3

Turnover

Turnove is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus basis, in line with the intercompany service agreement with the parent company. The agreement was updated effective 1 October 2023, where costs are to be marked up at 9%. Prior to this date, costs were marked up at 6%. Intercompany turnover is recognised when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred and the costs to complete the contract can be measured reliably.
Page 3

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 years
Office equipment
-
5 to 7 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty of notice of not more than 24 hours.

 
1.7

Creditors

Short-term creditors are measured at the transaction price.

Page 4

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

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

 
1.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
1.10

Operating leases: the Company as lessee

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

Page 5

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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

Page 6

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and recorded amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form a basis for making judgements about the carrying value of assets and iabilities that are not readily apparent from other sources. 
The estimates and assumptions that have a significant risk of causing material adjustments to the carrying amount of assets are addressed below. 

Deferred tax asset 
The Company has a substantial tax loss to carry forward, of which they have provided in deferred tax asset which they expect to utilise against taxable profits in the coming three years. This is a significant judgement from management based on their expectation of future taxable profits. This judgement contains estimation uncertainty, which used current year profits as a benchmark for expected future profitability based on the Company's cost plus model. Estimations in relation to expected future taxable profits and the reliefs which will  be available may have a material impact on these financial statements. The judgement to only provide for three years is a prudent judgement based on management's ability to accurately forecast, it is not considered probable that the full effect of the losses will be utilised.
Share based payments 
Management have exercised judgement in assessing the treatment and disclosure of RSUs (Restricted Stock Units) and their vesting conditions. Management have determined that the associated non-market conditions are unlikely to be satisfied in a timeframe that would result in ultimate vesting of the current RSUs. As such, no expense has been recognised in this regard. 


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

The average monthly number of employees during the year was 20 (2022 - 16).

Page 7

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
37,153
57,162
20,871
115,186



At 31 December 2023

37,153
57,162
20,871
115,186



Depreciation


At 1 January 2023
37,153
56,494
16,395
110,042


Charge for the year on owned assets
-
668
1,985
2,653



At 31 December 2023

37,153
57,162
18,380
112,695



Net book value



At 31 December 2023
-
-
2,491
2,491



At 31 December 2022
-
668
4,476
5,144


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
655,298
530,535

Other debtors
249,835
217,519

Prepayments and accrued income
7,672
6,835

Deferred taxation
214,081
232,032

1,126,886
986,921


Page 8

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
90,646
193,947

Other taxation and social security
16,067
133,604

Other creditors
44,531
18,846

Accruals and deferred income
88,510
150,685

239,754
497,082



8.


Deferred taxation




2023


£






At beginning of year
232,032


Charged to profit or loss
(17,951)



At end of year
214,081

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
213,188
232,032

Short term timing differences
1,516
-

Fixed asset timing differences
(623)
-

214,081
232,032

In addition to the above deferred tax asset, there were unprovided losses totalling £710,626 for the year. It was management's judgement that the utilisation of these losses was uncertain and therefore not provided for. 

Page 9

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options and Restricted Stock Units (''RSUs'') over the shares in Strava, Inc., the Company's parent. The options are granted at an independently determined fair values and 25% of the options are exerciseable one year after the grant date, vesting continues monthly thereafter. The Company uses the Black-Scholes option pricing model to estimate the value of the stock options on the date of grant. 
Where RSUs are awared to employees, the fair value of the RSUs at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest as each Balance Sheet date. Market vesting conditions are factored into the fair value of the RSUs granted. The cumulative expense is not adjusted for failure to achieve a certain market conditions. 
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve. 


10.


Prior year adjustment

During the year, the Director has identified that the share based payment calculations in the prior year incorrectly included values for RSUs that were not expected to vest. As a result, the share based payment expense and corresponding capital contribution reserve were overstated. The Director posted a correcting adjustment with the following effects:

Administrative expenses has decreased by £92,932
Capital contribution reserve has decreased by £92,932

The effect on the profit and loss reserve brought forward is an increase of £92,932. 


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than one year
4,000
21,086

4,000
21,086


12.


Controlling party

Strava, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 208 Utah Street, Suite 210, San Francisco, CA94103, USA.

Page 10

 
STRAVA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Post balance sheet events

During March 2024, the Company updated its intercompany service agreement with its parent company, Strava, Inc. The mark up applied to costs was changed from 6% to 9% which resulted in an increase in revenue of £32,000. The change was effective 1 October 2023. This is an adjusting post balance sheet event.
On 1 September 2024, all employees from another group entity were transferred to the Company. This is a non-adjusting post balance sheet event. 
There were no other adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved. 
 
Page 11