Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31The Directors are responsible for preparing the Strategic Report, the Directors' 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: select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.2023-12-31Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.The Company participates in a group share option scheme and the group allocates the element of the share based payment charge that relates to employees who work for the Company. The Company grants its employees with share-based compensation. The measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, including options, restricted share units (“RSUs”), and shares issued pursuant to the employee share purchase plans (“ESPP”) based on the fair value of the awards on the date of grant as follows: i) Share options – the fair value is based on the Black-Scholes option-pricing model, ii) RSUs – the fair value is based on the closing trading price of the underlying shares at the date of grant and, iii) ESPP – the fair value is based on the Monte-Carlo simulation model due to certain limitation on the number of shares per employee. The expense for share-based compensation cost is recognised over the requisite service period of each individual grant using the graded vesting attribution method for both service-based and performance-based awards. Forfeitures are accounted for as they occur.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. 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 the Statement of Comprehensive Income.Financial instruments are recognised in the Company's Statement of Financial Position 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 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. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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 receipts 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.4575955734787372124340332The Company participates in the Parent Company’s Employee Share Option Plan. The ultimate parent company, Monday.com Ltd, has granted share options as well as RSU’s in it’s common share to eligible employees. At 31 December 2023, there was 113,988 units (2022 - 81,809 units) group outstanding options and RSU’s in relation to UK employees. During the 2021 year the ultimate parent company listed in the Nasdaq stock exchange. As of 31 December 2023, the 113,988 units was split between options of 63,409 units and RSU’s of 50,579 units. The Company employees also are eligible to participate in the Employee Share Purchase Plan (“ESPP”). The ESPP permits participants to purchase the Parent company’s ordinary shares through contributions in the form of payroll deductions of up to 15% of their eligible compensation to the extent permitted by the Company (as defined in the ESPP plan). Amounts contributed and accumulated by the participant will be used to purchase the Parent Company’s ordinary shares at the end of each offering period. The purchase price of the shares will be 85% of the lower of the fair market value of the Parent Company’s ordinary shares on the first trading day of the offering period or on the exercise date.The Company operates a defined contributions 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 £347,408 (2022 - £253,076). Contributions totalling £67,814 (2022 - £52,331) were payable to the fund at the reporting date and are included in other creditors. 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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.truetruetruetrue2023-01-01false7155truefalse 12855633 2023-01-01 2023-12-31 12855633 2022-01-01 2022-12-31 12855633 2023-12-31 12855633 2022-12-31 12855633 2022-01-01 12855633 2 2023-01-01 2023-12-31 12855633 2 2022-01-01 2022-12-31 12855633 3 2023-01-01 2023-12-31 12855633 1 2023-01-01 2023-12-31 12855633 e:Director1 2023-01-01 2023-12-31 12855633 e:Director2 2023-01-01 2023-12-31 12855633 e:RegisteredOffice 2023-01-01 2023-12-31 12855633 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 12855633 d:Buildings d:LongLeaseholdAssets 2023-12-31 12855633 d:Buildings d:LongLeaseholdAssets 2022-12-31 12855633 d:FurnitureFittings 2023-01-01 2023-12-31 12855633 d:FurnitureFittings 2023-12-31 12855633 d:FurnitureFittings 2022-12-31 12855633 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12855633 d:OfficeEquipment 2023-01-01 2023-12-31 12855633 d:OfficeEquipment 2023-12-31 12855633 d:OfficeEquipment 2022-12-31 12855633 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12855633 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 12855633 d:OtherPropertyPlantEquipment 2023-12-31 12855633 d:OtherPropertyPlantEquipment 2022-12-31 12855633 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12855633 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12855633 d:CurrentFinancialInstruments 2023-12-31 12855633 d:CurrentFinancialInstruments 2022-12-31 12855633 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12855633 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12855633 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 12855633 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 12855633 d:UKTax 2023-01-01 2023-12-31 12855633 d:UKTax 2022-01-01 2022-12-31 12855633 d:ShareCapital 2023-01-01 2023-12-31 12855633 d:ShareCapital 2023-12-31 12855633 d:ShareCapital 2022-01-01 2022-12-31 12855633 d:ShareCapital 2022-12-31 12855633 d:ShareCapital 2022-01-01 12855633 d:SharePremium 2023-01-01 2023-12-31 12855633 d:SharePremium 2023-12-31 12855633 d:SharePremium 2 2023-01-01 2023-12-31 12855633 d:SharePremium 3 2023-01-01 2023-12-31 12855633 d:SharePremium 2022-01-01 2022-12-31 12855633 d:SharePremium 2022-12-31 12855633 d:SharePremium 2022-01-01 12855633 d:SharePremium 2 2022-01-01 2022-12-31 12855633 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2023-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 12855633 d:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2022-12-31 12855633 d:RetainedEarningsAccumulatedLosses 2022-01-01 12855633 d:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 12855633 d:FinancialAssetsAmortisedCost 2023-12-31 12855633 d:FinancialAssetsAmortisedCost 2022-12-31 12855633 d:FinancialLiabilitiesAmortisedCost 2023-12-31 12855633 d:FinancialLiabilitiesAmortisedCost 2022-12-31 12855633 e:OrdinaryShareClass1 2023-01-01 2023-12-31 12855633 e:OrdinaryShareClass1 2023-12-31 12855633 e:OrdinaryShareClass1 2022-12-31 12855633 e:FRS102 2023-01-01 2023-12-31 12855633 e:Audited 2023-01-01 2023-12-31 12855633 e:FullAccounts 2023-01-01 2023-12-31 12855633 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12855633 d:WithinOneYear 2023-12-31 12855633 d:WithinOneYear 2022-12-31 12855633 d:BetweenOneFiveYears 2023-12-31 12855633 d:BetweenOneFiveYears 2022-12-31 12855633 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12855633









MONDAY.COM UK 2020 LTD.









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MONDAY.COM UK 2020 LTD.
 
 
COMPANY INFORMATION


Directors
R Mann 
E Zinman 




Registered number
12855633



Registered office
30 Old Bailey
London

EC4M 7AU




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

90 Victoria Street

Bristol

BS1 6DP





 
MONDAY.COM UK 2020 LTD.
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10 - 11
Notes to the Financial Statements
 
12 - 25


 
MONDAY.COM UK 2020 LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their Strategic Report for the year ended 31 December 2023.

Business review
 
The principal activity of the Company continues to be to provide customer support and promote the sales of the Group’s cloud-based visual Work Operating System in the EMEA region. The Company’s office is located in London, United Kingdom. 

Development during the year
 
The Company continues to focus on generating revenue growth for the Group in the region. In addition, the Company continues to focus on improving the customer service quality it provides to customers.

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition and employee retention. The Company hasn’t yet seen an impact of the Brexit but the long-term impact is still unknown.

Key performance indicators
 
Management use revenue growth as the most significant key performance indicator for the Company’s business. The Company’s revenue for the year ended 31 December 2023 was £22,946,669, 39% growth compared to £16,511,971 for the year ended 31 December 2022.
The Company’s costs are monitored according to the budget set at the beginning of the year. The operational costs of the Company for the year ended 31 December 2023 were £21,230,583 compared to £15,356,969 for the year ended 31 December 2022.


This report was approved by the board and signed on its behalf.



E Zinman
Director

Date: 17 December 2024

Page 1

 
MONDAY.COM UK 2020 LTD.
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Company was established to provide customer support and promote the sales of the Group's cloud-based visual Work Operating System in the EMEA region. The Company operates as a provider of sales and marketing services to Monday.com Ltd., which is incorporated under the laws of Israel.

Results and dividends

The profit for the year, after taxation, amounted to £1,201,922 (2022 - £714,172).

Directors

The Directors who served during the year were:

R Mann 
E Zinman 

Future developments

The Company's plans for the foreseeable future include future investment towards revenue growth of the group, improving customer retention and customer services to support this motion.

Page 2

 
MONDAY.COM UK 2020 LTD.
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic Report instead. These matters relate to Business Review, Principal risks and uncertainties, Development during the year and Financial key performance indicators.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Directors are aware, there is no relevant audit information of which the Company's auditor is   unaware, and
• the Directors have taken all the steps that ought to have been taken as a Director in order to be aware of   any relevant audit information and to establish that the Company's auditor is aware of that information.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the Russian invasion of Ukraine and conflict in the Middle East. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that there is no impact and these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Monday.com UK 2020 Ltd., continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Forvis Mazars LLPwill 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.
 





E Zinman
Director

Date: 17 December 2024

Page 3

 
MONDAY.COM UK 2020 LTD.
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONDAY.COM UK 2020 LTD.
 

Opinion

We have audited the financial statements of Monday.com UK 2020 Ltd. (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’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 UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 4

 
MONDAY.COM UK 2020 LTD.
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONDAY.COM UK 2020 LTD.
 

Other information (Continued)
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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and 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.

Matters on which we are required to report by exception

In 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.

We have nothing to report in respect of the following matters in relation to which 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; or

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
MONDAY.COM UK 2020 LTD.
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONDAY.COM UK 2020 LTD.
 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. 

Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation and employment regulation, 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.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006. 

In addition, we evaluated the Directors' and 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 manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the Directors and management on whether they had knowledge of any actual,    suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
 
Page 6

 
MONDAY.COM UK 2020 LTD.
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MONDAY.COM UK 2020 LTD.
 


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.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Jonathan Marchant (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
90 Victoria Street
Bristol
BS1 6DP

19 December 2024
Page 7

 
MONDAY.COM UK 2020 LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,946,669
16,511,971

Gross profit
  
22,946,669
16,511,971

Administrative expenses
  
(21,230,583)
(15,356,969)

Operating profit
 5 
1,716,086
1,155,002

Interest receivable and similar income
 8 
8,395
4,629

Interest payable and similar expenses
 9 
(23,137)
(1,286)

Profit before tax
  
1,701,344
1,158,345

Tax on profit
 10 
(499,422)
(444,173)

Profit for the financial year
  
1,201,922
714,172

There was no other comprehensive income for 2023 (2022 - £Nil).

The notes on pages 12 to 25 form part of these financial statements.

Page 8

 
MONDAY.COM UK 2020 LTD.
REGISTERED NUMBER: 12855633

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 11 
557,421
494,739

Current Assets
  

Debtors: amounts falling due within one year
 12 
3,927,509
1,779,505

Cash and cash equivalents
 13 
5,500,285
3,191,726

  
9,427,794
4,971,231

Creditors: amounts falling due within one year
 14 
(3,268,901)
(1,882,794)

Net current assets
  
 
 
6,158,893
 
 
3,088,437

Total assets less current liabilities
  
6,716,314
3,583,176

  

Net assets
  
6,716,314
3,583,176


Capital and reserves
  

Called up share capital 
 18 
1
1

Share-based compensation reserve
 19 
4,683,551
2,752,335

Profit and loss account
 19 
2,032,762
830,840

  
6,716,314
3,583,176



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




E Zinman
Director

Date: 17 December 2024

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
MONDAY.COM UK 2020 LTD.
 

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


Called up share capital
Share-based   compensation  reserve
Profit and   loss account
Total equity

£
£
£
£

At 1 January 2023
1
2,752,335
830,840
3,583,176


Comprehensive income for the year

Profit for the year
-
-
1,201,922
1,201,922
Total comprehensive income for the year
-
-
1,201,922
1,201,922

Share-based payments
-
2,825,879
-
2,825,879

Share-based payments reclassification
-
(894,663)
-
(894,663)


Total transactions with owners
-
1,931,216
-
1,931,216


At 31 December 2023
1
4,683,551
2,032,762
6,716,314


The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
MONDAY.COM UK 2020 LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share-based compensation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1
900,612
116,668
1,017,281


Comprehensive income for the year

Profit for the year
-
-
714,172
714,172
Total comprehensive income for the year
-
-
714,172
714,172

Share-based payments
-
1,851,723
-
1,851,723


Total transactions with owners
-
1,851,723
-
1,851,723


At 31 December 2022
1
2,752,335
830,840
3,583,176


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Monday.com UK 2020 Ltd. ('the Company') is a private company limited by shares registered in England and Wales. The address of the Company's registered office is 30 Old Bailey, London, EC4M 7AU. The Company's registered number is 12855633.
The Company was established to provide customer support and promote the sales of the Group's cloud-based visual Work Operating System in the EMEA region. The Company operates as a provider of sales and marketing services to Monday.com Ltd., which is incorporated under the laws of Israel. The Company also provides research and development services to Monday.com Ltd.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded the nearest £.

2.Accounting policies

 
2.1

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 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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Monday.com Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Directors have not identified any definite material uncertainties or events that cast doubt about the ability of the Company operating over the next 12 months. The Directors have received confirmation that the group will continue to support the Company as necessary for the foreseeable future. As a result the Directors have continued to prepare the financial statements on a going concern basis.

Page 12

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.8

Share option scheme

The Company participates in a group share option scheme and the group allocates the element of the share based payment charge that relates to employees who work for the Company.

Page 13

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Share-based payments

The Company grants its employees with share-based compensation. The measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, including options, restricted share units (“RSUs”), and shares issued pursuant to the employee share purchase plans (“ESPP”) based on the fair value of the awards on the date of grant as follows:
i)  Share options – the fair value is based on the Black-Scholes option-pricing model, 
ii) RSUs – the fair value is based on the closing trading price of the underlying shares at the date of       grant and, 
iii) ESPP – the fair value is based on the Monte-Carlo simulation model due to certain limitation on     the number of shares per employee.

The expense for share-based compensation cost is recognised over the requisite service period of each individual grant using the graded vesting attribution method for both service-based and performance-based awards. Forfeitures are accounted for as they occur.

 
2.11

Taxation

Tax is recognised in the Statement of Comprehensive Income 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 reporting date in the countries where the Company operates and generates income.

Page 14

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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:

Leasehold property
-
3 years
Electronic equipment
-
6-8 years
Furniture and equipment
-
10-14 years
Computers and software
-
3-5 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 the Statement of Comprehensive Income.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

The Company classifies all cash in hand and highly liquid deposits with maturities of three months or less at the date of purchase as cash and cash equivalents. Cash equivalents consist of bank deposits. Cash equivalents are carried at cost, which approximates their fair market value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

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 Statement of Financial Position 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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Page 16

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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 receipts 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts 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. Management consider that there are no material areas of estimation uncertainty or critical accounting judgements to be made in the preparation of these financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
22,946,669
16,511,971



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
144,235
90,092

Exchange differences
17,429
7,177

Other operating lease rentals
2,404,978
2,030,653


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,500
15,000

Page 18

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
12,217,456
8,369,429

Social security costs
1,602,413
1,118,198

Cost of defined contribution scheme
347,408
253,076

14,167,277
9,740,703


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
71
55


8.


Interest receivable

2023
2022
£
£


Bank interest receivable
8,395
4,629


9.


Interest payable and similar expenses

2023
2022
£
£


Bank and other interest payable
23,137
1,286

Page 19

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
482,914
439,176

Adjustments in respect of previous periods
16,508
4,997


Total current tax
499,422
444,173

Taxation on profit on ordinary activities
 
499,422
 
444,173

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,701,344
1,158,345


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
400,156
220,085

Effects of:


Fixed asset differences
3,101
(31,084)

Expenses not deductible for tax purposes
579,395
312,519

Other permanent differences
(457,595)
-

Remeasurement of deferred tax for changes in tax rates
2,650
-

Adjustments to tax charge in respect of previous periods
16,508
-

Movement in deferred tax not recognised
(44,793)
-

Timing not recongnised in comp
-
(57,347)

Total tax charge for the year
499,422
444,173


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Leasehold property
Furniture and equipment
Computers and software
Electronic equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
61,100
159,435
230,772
153,083
604,390


Additions
34,352
32,823
139,742
-
206,917



At 31 December 2023

95,452
192,258
370,514
153,083
811,307



Depreciation


At 1 January 2023
2,293
8,026
81,672
17,660
109,651


Charge for the year
18,412
12,937
89,924
22,962
144,235



At 31 December 2023

20,705
20,963
171,596
40,622
253,886



Net book value



At 31 December 2023
74,747
171,295
198,918
112,461
557,421



At 31 December 2022
58,807
151,409
149,100
135,423
494,739

Page 21

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
2,813,661
983,542

Other debtors
423,265
165,064

Prepayments
690,583
630,899

3,927,509
1,779,505


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 


13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,500,285
3,191,726



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
136,841
5,502

Corporation tax
192,194
202,770

Other taxation and social security
669,409
317,543

Employee related liabilities
1,341,454
905,311

Accruals
929,003
451,668

3,268,901
1,882,794


Page 22

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at amortised cost
5,500,285
3,191,726

Financial assets that are debt instruments measured at amortised cost
3,236,927
1,148,606

8,737,212
4,340,332


Financial Liabilities


Financial liabilities measured at amortised cost
2,407,299
1,362,481


Financial assets measured at amortised cost comprise of cash and cash equivalents.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and amounts owed by related undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.


16.


Share-based Compensation

The Company participates in the Parent Company’s Employee Share Option Plan. The ultimate parent company, Monday.com Ltd, has granted share options as well as RSU’s in it’s common share to eligible employees. At 31 December 2023, there was 113,988 units (2022 - 81,809 units) group outstanding options and RSU’s in relation to UK employees. During the 2021 year the ultimate parent company listed in the Nasdaq stock exchange. As of 31 December 2023, the 113,988 units was split between options of 63,409 units and RSU’s of 50,579 units.


17.


ESPP Plan

The Company employees also are eligible to participate in the Employee Share Purchase Plan (“ESPP”). The ESPP permits participants to purchase the Parent company’s ordinary shares through contributions in the form of payroll deductions of up to 15% of their eligible compensation to the extent permitted by the Company (as defined in the ESPP plan). Amounts contributed and accumulated by the participant will be used to purchase the Parent Company’s ordinary shares at the end of each offering period. The purchase price of the shares will be 85% of the lower of the fair market value of the Parent Company’s ordinary shares on the first trading day of the offering period or on the exercise date.

Page 23

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1

The Company has one class of ordinary shares which carry voting rights but no right to fixed income.



19.


Reserves

Share-based compensation

The Share based compensation represents the cumulative charge in respect of the share options awarded to employees of the Company.

Profit and loss account

The Profit and loss account reserve represents accumulated profits and losses of the Company, less the payment of dividends.


20.


Pension commitments

The Company operates a defined contributions 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 £347,408 (2022 - £253,076). Contributions totalling £67,814 (2022 - £52,331) were payable to the fund at the reporting date and are included in other creditors.


21.


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 1 year
2,666,822
2,405,000

Later than 1 year and not later than 5 years
3,413,014
579,836

6,079,836
2,984,836


22.


Related party transactions

The Company has taken advantage of the exemption offered in FRS 102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent undertaking.

Page 24

 
MONDAY.COM UK 2020 LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Post balance sheet events

There were no post balance sheet events affecting the Company at the year end. 


24.


Controlling party

The Company is wholly owned by Monday.Com Ltd, a company incorporated in Israel, which is the Company’s immediate and ultimate parent company. The registered address of Monday.Com ltd is 6777506, 6 Yitzhak Sadeh Street, Tel Aviv, Israel.
The smallest and largest group of undertakings, for which group accounts have been drawn up is Monday.com Ltd. Copies of the group accounts can be obtained from the registered office 6777506, 6 Yitzhak Sadeh Street, Tel Aviv, Israel.
The group accounts are also available online on the Company's website.

Page 25