Company registration number 07830865 (England and Wales)
MONGODB UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
MONGODB UK LIMITED
COMPANY INFORMATION
Directors
M L Gordon
A G Stephens
Company number
07830865
Registered office
12th Floor
240 Blackfriars Road London, England SE1 8NW
Auditor
Grant Thornton
Chartered Accountants and Statutory Auditors 13-18 City Quay
Dublin D02 ED70
MONGODB UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report to the Members of MongoDB UK Limited
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
MONGODB UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present the strategic report for the year ended 31 January 2024.
Fair review of the business
MongoDB UK Limited ("The Company") is a wholly owned subsidiary of MongoDB Limited.
The Company provides support services to MongoDB Limited. MongoDB is the leading modern, general purpose database platform. The directors have no plans to change the activities and operations of the company in the foreseeable future. As shown in the company's statement of comprehensive income on page 8, the company's sales have increased by 3% over the prior year.
The balance sheet on page 9 of the financial statements shows that the company's financial position at the year end has, in cash terms, increased by 10% and with an overall positive net asset position of £ 14.12 Million. Details of amounts owed from its parent company are shown in note 11 on page 20.
The performance of the MongoDB Inc group, which includes the company, is discussed in the group's Annual Report which does not form part of this Report. The registered office is 1633 Broadway, 38th Floor, New York, 10019.
Principal risks and uncertainties
The directors consider the principal risks and uncertainties to be:
Currency Risk
As the company invoices MongoDB Limited in GBP, currency risk is not a significant issue from an income perspective. Regarding expenditure, the company is exposed to foreign exchange risk, but this is not material in the overall context of the company. Therefore, currency risk is not a significant issue in risk management.
Price Risk
The company uses a range of suppliers for each area of provision to ensure that market prices for purchases are achieved. The company also has a range of domestic and overseas suppliers to choose from. The company trades with MongoDB Limited and receives a fixed mark-up on cost for its expenses.
Credit Risk
The company trades with MongoDB Limited. The nature of this relationship assists management in controlling its credit risk .The directors place importance on continuous monitoring of the performance of the business and hold board meetings as deemed necessary to review company's performance in detail. For its suppliers, the company holds weekly payment runs for its suppliers after closely monitoring estimated future cash flows and mitigates the risk through assessment of the credit worthiness and other information available in public domain.
Liquidity Risk
Management control and monitor the cash flow on a regular basis, including forecasting future cash flows. Funding requirements are met on a timely basis to ensure that there is sufficient cash. The company holds no long term debt.
Insurance Risk
The company incurs exposure to employer, public and property damage liability by virtue of the nature of its operations. The company places strong emphasis on health and safety and risk management practices and maintains insurance cover which further mitigates this risk.
Development and performance
The company invested in sales, marketing and R&D to drive sales, brand awareness and product offerings in order to support MongoDB Limited. The company has invested in headcount in order to provide these services to MongoDB Limited. The revenue of the company is determined by the mark-up on the support services provided to MongoDB Limited.
Key performance Indicators
2024
2023
Increase
£
£
%
Revenue
76,636,457
74,215,256
3%
73,017,044
70,253,891
Administrative expenses
4%
2024
2023
Increase
£ 2,667,658
17%
£ 3,108,646
Research and development expenditure
-1-
MONGODB UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Statement by the Directors in performance of their duties in accordance with s172(1) Companies Act 2006
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the Company and are summarised as follows:
'A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(i)
the likely consequences of any decision in the long term,
(ii)
the interests of company's employees,
(iii)
the need to foster company's business relationships with customers, suppliers and others,
(iv)
the impact of company's operations on the community and the environment,
(v)
the desirability of the company maintaining a reputation for high standards of business conduct, and
(vi)
the need to act fairly as between members of the company.'
The following paragraphs summarise how the Directors fulfil their duties:
Risk Management
MongoDB is the leading modern, general purpose database platform. Our robust platform enables developers to build and modernise applications rapidly and cost-effectively across a broad range of use cases. As we grow, our business and our risk environment also become more complex. It is therefore vital that we effectively identify, evaluate, manage, and mitigate the risks we face, and that we continue to evolve our approach to risk management. Alongside the principal risks set out above we engage external consultants and advisors to ensure that we monitor and maintain an effective oversight of regulatory changes and compliance with our ongoing legal and regulatory requirements.
Our People
The company believes that its employees and the culture it has established are critically important to its success. In order to continue to compete and succeed in the highly competitive and rapidly evolving market, it is crucial that the company continues to attract, retain and motivate qualified employees. To support these objectives, the company strives to maintain its company culture, offer competitive compensation and benefits, support the health and well-being of its employees, foster an inclusive, diverse and engaged workforce and develop talent.
Business Relationships
As a key requirement for building the business of the Company, the Board is very aware of the need to foster good relationships with clients, the community, and other important stakeholders. The Board looks to discharge these duties by engaging in regular dialogue with both customers and service providers and attending industry events to further build and gain new relationships with key people within the industry.
Community and Environment
The Company is working to make environmental sustainability a core component of how it operates and have begun to intertwine it with its overall business strategy. The Company believes that environmentally responsible operating practices will benefit its stockholders, partners, customers, and employees.
Maintaining a reputation for high standards of business conduct
As the Board of Directors, our intention is to behave responsibly and ensure that management operates the business in a responsible manner. To operate within the high standards of business conduct and good governance expected for a business such as ours, will help the business grow over the coming years.
Approved and authorised by the board on November 4th, 2024 and signed on its behalf
A G Stephens Director
Date: November 4th, 2024
-2-
MONGODB UK LIMITED
DIRECTORS REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
MongoDB UK Limited provides support services to MongoDB Limited. MongoDB is the leading modern, general purpose database platform. The directors have no plans to change the activities and operations of the company in the foreseeable future.
Branches
The Company has branches outside the UK in Finland and South Korea.
Results and dividends
The results for the year are set out on page 8.
No interim dividend was paid during the year. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows: ML Gordon
A G Stephens
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to :
(i)
settle the terms of payments with suppliers when agreeing the terms of each transactions;
(ii)
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
(iii)
pay in accordance with the company's contractual and other legal obligations.
Future developments
As of 31 January 2024, there are no future developments planned which are outside of the current course of business. The company will continue to trade and carry on its operations as normal. The company will continue to invest as appropriate to ensure continued growth.
Energy and carbon report
MongoDB UK Limited, with main office based in London, England, provides support services to MongoDB Limited. It qualifies for reporting scope 1 & 2 energy usage and carbon emissions within the Directors' Report by meeting two or more thresholds regarding revenue, balance sheet total, or number of employees during the current reporting year.
Greenhouse gas emissions (GHG emissions) are identified as one of three groups, known as scopes. These scopes relate to means of control, as follows:
Scope 1: Direct emissions - GHG emissions from the sources which are owned or controlled by the Company including combustion of fuel for transport & operation of facilities.
Scope 2: Indirect emissions- GHG emissions from purchased electricity, heat, steam, and cooling. Scope 3: Other indirect emissions - GHG emissions as a consequence of the Company's actions.
MongoDB UK limited GHG emissions and energy use in the United Kingdom during the year were as follows:
2024
2023
Energy consumption
kWh
kWh
Aggregate energy consumption in the year
170,204
73,392
Emissions of CO2 equivalent Scope-1 direct emissions
2024
2023
metric tonnes
metric tonnes
-Gas combustion
9.20
1.10
-fuel consumed for owned transport
-
-
9.20
1.10
Scope-2 indirect emissions
- electricity purchased
29.00
14.20
Total gross emissions
38.20
15.30
Intensity ratio
Tones CO2 per full time employee
0.17
0.07
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MONGODB UK LIMITED
DIRECTORS REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Quantification and reporting methodology
The methodology for calculating and reporting GHG emissions: emissions were calculated following the GHG Reporting Protocol (Corporate Standard) using the Watershed platform. Energy usage data was collected or estimated based on building square-footage for all facilities, and was combined with emissions factors from the US EPA, Ecoinvent, TCR and other data sources to calculate GHG emissions. Electricity emissions factors are chosen based on geography to reflect the emissions intensities of the facilities' local grid.
The energy consumption used by MongoDB UK Limited primarily relates to the electricity consumption of the office based in London. This office is used by all employees in MongoDB UK for working, having meetings, collaborating & building social ties with each other. These activities are essential for the functioning of the business in order to meet its strategic and operational aims of providing support services to MongoDB Limited.
Intensity measurement
The intensity ratio is calculated by the total energy consumption used to calculate emissions divided by the number of employees of 226 (2023: 223).
Measures taken to improve energy efficiency
In the prior year we announced the goal to reduce our Scope 2 emissions to zero by 2026 through thoughtful sourcing of Renewable Energy Credits or on-site renewables. As a growing company, we are evaluating the success of our energy and carbon reduction efforts primarily based on our intensity metrics (revenue and headcount intensity) from our FY23 baseline. We are working to make environmental sustainability a core component of how we operate and have begun to intertwine it with our overall business strategy. We believe that environmentally responsible operating practices will benefit our stockholders, partners, customers, and employees.
Statement of directors' responsibilities
The directors are responsible 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
(i)
select suitable accounting policies and then apply them consistently;
(ii)
make judgements and accounting estimates that are reasonable and prudent;
(iii)
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
(iv)
prepare the financial statements on the going concern basis unless inappropriate to presume that the it is 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by 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 financial risk management and employees related information.
Auditor
Grant Thornton has indicated its willingness to be reappointed as auditor for another term in accordance with section 485 of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company's auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditor is aware of that information.
Approved and authorised by the board on November 4th, 2024 and signed on its behalf by:
A G Stephens Director
Date: November 4th, 2024
2024-11-04
-4-
MONGODB UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MONGODB UK LIMITED
Opinion
We have audited the financial statements of MongoDB UK Limited (''company''), which comprise the statement of comprehensive income, the Balance sheet, the statement of changes in equity for the year ended 31 January 2024, and the related notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, MongoDB UK Limited's financial statements:
·
give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 January 2024 and of financial performance for the year then ended; 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 ‘Responsibilities of the auditor 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 FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. 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 directors' use of 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 the date 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 matter
The financial statements of MongoDB UK Limited for the year ended 31 January 2023, were audited by Wilson Wright LLP who expressed an unmodified opinion on those statements on 27 October 2023.
Other information
Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report and the Strategic Report. The directors are responsible for the other information. 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 in the financial statements, 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
-5-
MONGODB UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MONGODB UK LIMITED
Matters on which we are required to report by exception
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 any 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 management and those charged with governance for the financial statements
As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is 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 management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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.
A further description of an auditor's 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to data protection, employment and environmental regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team including ITGC specialists to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration o known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's regulatory and legal correspondence and review of minutes of directors' meetings during the year to corroborate inquiries made;
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MONGODB UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MONGODB UK LIMITED
Responsibilities of the auditor for the audit of the financial statements
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
gaining an understanding of the entity's current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of intercompany debtors.
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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.
Graham Stirling (Senior Statutory Auditor) For and on behalf of
Grant Thornton
Chartered Accountants and Statutory Auditors 13-18 City Quay
Dublin
Date: November 4th, 2024
2024-11-04
-7-
MONGODB UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JANUARY 2024
Notes
2024
2023
£
£
76,636,457
74,215,256
Revenue
4
Administrative expenses
(73,017,044)
(70,253,891)
Operating profit
5
3,619,413
3,961,365
12,856
1,498
Interest receivable and similar income
7
Interest payable and similar expenses
(4,559)
-
0
Profit before taxation
3,627,710
3,962,863
(76,578)
(288,487)
Tax on profit
9
Profit for the financial year
3,551,132
3,674,376
Other comprehensive income for the year
Currency translation (loss)/gain taken to retained earnings
90,960
(52,726)
Total comprehensive income for the year
3,642,092
3,621,650
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations. The notes on pages 11 to 21 form part of these financial statements.
-8-
MONGODB UK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
Notes
2024
2023
£
£
Fixed assets
3,324,566
160,604
Fixed assets
10
3,324,566
160,604
Current assets
Debtors
11
14,117,084
55,800,219
3,589,861
3,276,787
Cash at bank and in hand
17,706,945
59,077,006
Creditors: amounts falling due to within one year
12
(6,775,207)
(6,565,466)
(138,683)
-
0
13
Provision for other liabilities
10,793,055
52,511,540
Net current assets
14,117,621
52,672,144
Net assets
Capital and reserves
Called-up share capital
15
100
100
Share-based payment reserve
16
-
0
42,196,615
14,117,521
10,475,429
Profit and loss reserves
16
14,117,621
52,672,144
Total equity
The notes on pages 11 to 21 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on November 4th, 2024 and are signed on its behalf by:
2024-11-04
…........................
A G Stephens
Director
Company Registration No. 07830865
-9-
MONGODB UK LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2024
Share capital
Share-based
Profit and loss
Total
payment reserve
reserves
£
£
£
£
100
24,285,941
6,853,779
31,139,820
Balance as at 1 February 2022
Year ended 31 January 2023:
-
-
3,674,376
3,674,376
Profit for the year
Other comprehensive loss:
-
-
(52,726)
(52,726)
Currency translation differences
Total comprehensive income for the year
-
-
3,621,650
3,621,650
Share-based payments expense
-
17,910,674
-
17,910,674
Balance as at 31 January 2023
100
42,196,615
10,475,429
52,672,144
Year ended 31 January 2024:
-
-
3,551,132
3,551,132
Profit for the year
Other comprehensive income:
-
-
90,960
90,960
Currency translation differences
Total comprehensive income for the year
-
-
3,642,092
3,642,092
Share-based payments expense
-
16,013,409
-
16,013,409
Share-based payments received from ultimate parent
-
(58,210,024)
-
(58,210,024)
Balance as at 31 January 2024
100
-
0
14,117,521
14,117,621
The notes on pages 11 to 21 form part of these financial statements
.
-10-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1
General
MongoDB UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12th Floor, 240 Blackfriars Road, London, SE1 8NW. The Company is a wholly owned subsidiary of MongoDB Limited and provides business support services to it.
2
Accounting policies
2.1
Basis of preparation of financial statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
·
the requirements of Section 7 Statement of Cash Flows;
·
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
·
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) & 11.48(c);
·
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) & 12.29A;
·
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 & 26.23;
·
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The financial statements of the company are consolidated in the financial statements of MongoDB Inc. These consolidated financial statements are available from its registered office, at 1633 Broadway, 38th Floor New York NY 10019, United States.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
2.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have received an undertaking from MongoDB Inc, the ultimate parent company, that it will continue to make available such funds as are necessary to enable the company to meet liabilities as they fall due for a period of at least 12 months from approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing the financial statements.
2.3
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable for support services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
The entirety of revenue is made up of support service fees receivable from the parent company, MongoDB Limited (registered in Republic of Ireland).
Revenue is recognised on a cost plus basis on recharges attributable to the parent company.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and any impairment losses. 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.
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MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
2
Accounting policies
(Continued)
2.4
Tangible fixed assets (continued)
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.
The estimated useful lives range as follows:
Leasehold improvements
Shorter of the lease term or useful life
Fixtures and fittings Office equipment
20% straight
33% straight
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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have cease to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' 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 realize the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless 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. Financial assets classified as receivable within one year are not amortised.
-12-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
2
Accounting policies
(Continued)
2.7
Financial instruments (continued) Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value. Which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.8
Ordinary Shares
Ordinary shares are classified as equity, Incremental costs directly attributable to the issues of new ordinary shares or options are shown in equity as deduction, net of tax, from the proceeds.
-13-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
2
Accounting policies
(Continued)
2.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense in the period in which the service is received. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the plan are held separately from the company in independently administered funds.
2.12
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using prevailing stock price of MongoDB Inc. The share-based payment expense is recognised and measured on the basis of a reasonable allocation of the expense recognised for the group. The expense allocation is calculated on a straight line basis over the vesting period of the awards.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
2.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
-14-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
2
Accounting policies
(Continued)
2.14
Foreign exchange (continued)
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non- monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
Assets and liabilities of foreign branches are translated into the Company's presentation currency at the rate ruling at the reporting date. Income and expenses of the foreign operation are translated at the average rate for the year as the directors consider this to be a reasonable approximation to the rate at the date of the transaction. Translation differences are recognised in other comprehensive income and accumulated in equity.
2.15
Related Party Transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with its parent or with members of the same group that are wholly owned.
3
Judgement and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Debtors
The Company assess intercompany debtors held for any indicators of impairment on an annual basis. Judgement is exercised over valuation of each intercompany debtors based on the net asset position of the counter party and any other known factors.
4
Revenue
Revenue analysed by class of business
2024
2023
£
£
Support services
76,636,457
74,215,256
Total
76,636,457
74,215,256
Revenue analysed by geographical market
2024
2023
Republic of Ireland
76,636,457
74,215,256
Total
76,636,457
74,215,256
-15-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
5
Operating profit
Operating profit is stated after charging/(crediting):
2024
2023
£
£
Exchange loss/(gain)
73,183
(348,389)
Fees payable to the company's auditor for the audit of the company's financial
25,403
31,000
Loss on Sales of Fixed Assets
6,969
-
Depreciation of owned tangible fixed assets
226,347
132,722
Research and development cost
3,108,646
2,667,658
Operating lease charges
923,964
753,611
6
Employees and directors
The average monthly number of persons (including directors) employed by the company during
the year was:
2024
2023
(No. of Employees)
(No. of Employees)
2
2
Management
General & Administration
19
19
Research & Development
25
18
Sales & Marketing
147
154
Services & Subscriptions
33
30
Total
226
223
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
37,098,399
35,338,170
Share-based payment cost
16,013,409
17,910,674
Social security costs
8,899,772
7,421,814
Pension costs
1,292,711
1,178,669
Total
63,304,291
61,849,327
Directors' remuneration
No remuneration was paid to the directors.
7
Interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
12,856
1,498
Total
12,856
1,498
Interest payable and similar expenses
2024
2023
£
£
(4,559)
-
Accretion - Asset Retirement Obligation (ARO)
Total
(4,559)
-
-16-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Share-based payment transactions
During the year, the company recognised total share-based payment expenses of £16,013,409 (2023: £17,910,674) which related to equity settled share based payment transactions. At the year end, all RSUs (Restricted Stock Unit awards) are granted over the common share capital of the company's ultimate parent, Mongo DB Inc. Charges to the profit and loss account have been translated at the exchange rate at the date of grant for each tranche. MongoDB UK Limited is part of a group share-based payment plan, and recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The expense allocation is calculated on a straight line basis over the vesting period of the awards.
Group equity-settled share options
2008 Stock Incentive Plan and 2016 Equity Incentive Plan
MongoDB Inc ("Parent Company") adopted the 2008 Stock Incentive Plan (as amended, the "2008 Plan") and the 2016 Equity Incentive Plan, or the 2016 Plan, for the purpose of granting stock-based awards to employees, directors, and consultants, including stock options and other stock-based awards including restricted stock units. The Parent Company no longer grants any stock-based awards under the 2008 Plan and any shares underlying stock options cancelled under the 2008 Plan were transferred to the 2016 Plan. The exercise prices of the stock option grants must be not less than 100% of the fair value of the common stock on the grant date as determined by the Board of Directors. If, at the date of grant, the optionee owns more than 10% of the total combined voting power of all classes of outstanding stock, or a 10% stockholder, the exercise price must be at least 110% of the fair value of the common stock on the date of grant as determined by the Board of Directors. Options granted are exercisable over a maximum term of 10 years from the date of grant or five years from the date of grant for incentive stock options ("ISOs") granted to any 10% stockholder. Stock option awards generally vest over a period of four years with 25% vesting on the one year an anniversary of the award and the remainder vesting monthly over the next 36 months of the grantee's service to the Company. RSUs granted to existing employees generally vest quarterly over a period of four years; RSUs awards granted to new employees generally vest over a period of four years with 25% vesting on the one year anniversary of the award and the remainder vesting quarterly over the next 12 quarters, both subject to the grantee's continued service with the Company.
2017 Employee Stock Purchase Plan
In October 2017, the parent company's Board of Directors adopted and stockholders approved, the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Subject to any plan limitations, the 2017 ESPP allows eligible employees to contribute, normally through payroll deductions, up to 15% of their earnings for the purchase of the Parent Company's Class A common stock at a discounted price per share. Unless otherwise determined by the Board of Directors, the Parent Company's Class A common stock will be purchased for the accounts of employees in the ESPP at a price per share that is the lesser of:
(1)
85% of the fair market value of the Parent Company's Class A common stock on the first trading day of the offering period, or
(2)
85% of the fair market value of the Parent Company's Class A common stock on the last trading day of the offering period.
The unvested shares are subject to lapsing repurchase rights upon termination of employment. For early exercised stock options under the 2008 Plan, the repurchase price is at the original purchase price. For early exercised stock options under the 2016 Plan, the repurchase price is the lower of:
(1) the then-current fair market value of the common stock on the date of repurchase, or
(2) the original purchase price.
-17-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
2024
2023
£
£
Current tax
Current tax on profits for the current period
76,578
288,487
Total tax charge
76,578
288,487
The March 2021 budget announced an increase to the main rate of corporation tax to 25% from April 2023 and as such the weighted average tax rate for the period is therefore 24%. The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,627,710
3,962,863
Expected tax charge based on the standard rate of corporation tax in the UK of 25 % (2023: 19%)
906,928
752,944
Effects of:
75,098
3,513,325
Tax effect of expenses that are not deductible in determining taxable profit
Change in unrecognised deferred tax assets
895,395
29,316
Effect of change in corporation tax rate
(35,780)
-
Other non-reversing timing differences
-
0
479
Other permanent differences
-
0
(3,943,813)
Fixed assets differences
(213,090)
(14,390)
Foreign tax credits / (charge)
55,095
73,246
Movement in deferred tax not recognised
(1,607,068)
(122,620)
Taxation charge for the year
76,578
288,487
At the reporting date, MongoDB UK Limited has estimated UK tax losses of £39,455,414 (2023 - £35,726,730) available for carry forward against future profits. A deferred tax asset was not recognised in respect of the losses as the directors have anticipated that there will not be future taxable profits to offset against it.
Factors that may affect future tax charges
As the 25% rate had been substantially enacted at the balance sheet date, if deferred tax balances had been recognised, they would be measured at 25%.
The Company is within the scope of the OECD Pillar Two model Rules. The Pillar Two legislation was enacted in England the jurisdiction in which the Company is incorporated and will come into effect from 1 January 2025 and since the Pillar Two legislation was not effective at the reporting date, the Company has no related current tax exposure. The entity applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.
-18-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
10
Tangible fixed assets
Leasehold
Fixtures and
Asset Retirement
Office equipment
Total
Improvements
Fittings
Cost
£
£
£
£
£
Cost
At 1 February 2023
645,510
40,401
-
0
154,046
839,957
Additions
2,399,857
455,464
134,124
407,999
3,397,444
Disposals
(405,988)
(30,934)
-
0
(81,867)
(518,789)
At 31 January 2024
2,639,379
464,931
134,124
480,178
3,718,612
Depreciation and Impairment
543,428
40,401
-
0
95,524
679,353
At 1 February 2023
Depreciation charged in the year
156,624
25,557
8,137
36,029
226,347
Disposals
(405,129)
(30,772)
-
0
(75,753)
(511,654)
At 31 January 2024
294,923
35,186
8,137
55,800
394,046
Net book value
2,344,456
429,745
125,987
424,378
3,324,566
At 31 January 2024
At 31 January 2023
102,082
-
0
-
0
58,522
160,604
-19-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
11 Debtors
2024
2023
£
£
Amounts falling due within one year:
Amounts owed by group undertaking
12,516,785
54,425,425
VAT receivable
967,781
593,574
Corporation tax receivable
58,545
-
Other debtors
78,836
370,357
Prepayments and accrued income
495,137
410,863
Total
14,117,084
55,800,219
Note: Amounts owed by group undertakings are unsecured, interest free, and have a credit period of 60 days.
12 Creditors: amounts falling due to within one year
2024
2023
£
£
Trade creditors
142,181
544,205
Corporation tax payable
-
0
210,614
Other taxation and social security
530,553
592,002
Other creditors
66,843
28,679
Accruals and deferred income
6,035,630
5,189,966
Total
6,775,207
6,565,466
Note: Amounts owed to creditors are unsecured, interest free, and have an average payment term of 45 days.
13 Provision for other liabilities
2024
2023
£
£
Asset Retirement Obligations
138,683
-
138,683
-
14 Pension commitment
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
2024
2023
£
£
Charge to profit or loss in respect of defined contribution schemes
1,292,711
1,178,669
Total
1,292,711
1,178,669
15
Share Capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100
100
100 Ordinary shares of £1 each
Total
100
100
-20-
MONGODB UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
16
Reserves
Profit and loss reserves
Cumulative profit and loss net of distributions to owners.
Share-based payment reserve
The cumulative share-based payment expense adjusted for any share-based payment recharges from the ultimate parent.
17
Operating lease commitments Company as a lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within in one year
963,859
82,601
Between two and five years
2,832,821
-
136,523
-
More than five years
Total
3,933,203
82,601
18
Related party transactions
The company has taken advantage of the exemption given in FRS 102 Section 33.1A. This exemption permits non-disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. The Company has not paid any remuneration to its directors.true
19
Ultimate controlling party
The directors consider the immediate parent undertaking to be MongoDB Limited, a company incorporated in the Republic of Ireland. The directors consider the ultimate parent undertaking to be MongoDB Inc. a company incorporated in the USA and having its principal executive office at 1633 Broadway, 38th Floor, New York, 10019. MongoDB Inc. is the smallest and largest group for which consolidated accounts including MongoDB UK Limited are prepared. The consolidated accounts of MongoDB Inc. are publicly available.
20
Events after the end of the reporting period
There have been no significant events affecting the Company since the year end.
-21-
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