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Registered number: 06141480









SUGARCRM UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
SUGARCRM UK LIMITED
REGISTERED NUMBER: 06141480

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
30,449
14,324

Current assets
  

Debtors: amounts falling due after more than one year
 5 
222,475
7,425

Debtors: amounts falling due within one year
 5 
1,156,606
1,403,340

Cash at bank and in hand
 6 
489,343
109,471

  
1,868,424
1,520,236

Creditors: amounts falling due within one year
 7 
(660,990)
(462,077)

Net current assets
  
 
 
1,207,434
 
 
1,058,159

Net assets
  
1,237,883
1,072,483


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,237,783
1,072,383

  
1,237,883
1,072,483


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

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
K C Tate
Director

Date: 27 January 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

SugarCRM UK Limited is a private company, limited by shares incorporated in the United Kingdom. Its registered office address is Fourth Floor St James House, St James' Square, Cheltenham, GL50 3PR.
The principal activity of the company is the provision of sales and marketing support to its parent company, SugarCRM Inc.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have received a guarantee of continued financial support from the Company's parent company, SugarCRM Inc., and the directors believe that such financial support will continue to be available for the foreseeable future. As such, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Page 2

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is derived via the sales and marketing arrangement in place with the parent company, SugarCRM Inc., whereby applicable costs are recharged on a cost plus basis.

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Current and deferred taxation

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

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

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

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


Page 3

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

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.

The estimated useful lives range as follows:

Computer equipment
-
3
Years

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

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

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 28).

Page 4

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
38,814


Additions
26,395



At 31 January 2024

65,209



Depreciation


At 1 February 2023
24,490


Charge for the year on owned assets
10,270



At 31 January 2024

34,760



Net book value



At 31 January 2024
30,449



At 31 January 2023
14,324

Page 5

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
222,475
7,425


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
1,050,728
1,361,226

Other debtors
19,576
7,659

Prepayments and accrued income
80,690
28,843

Deferred taxation
5,612
5,612

1,156,606
1,403,340



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
489,343
109,471



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
36,558
61,481

Corporation tax
58,501
30,054

Other taxation and social security
29,530
30,025

Other creditors
266,043
42,194

Accruals and deferred income
270,358
298,323

660,990
462,077


Page 6

 
SUGARCRM UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £101,693 (2023 - £96,642). Contributions totalling £15,399 (2023 - £36,772) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
16,800
20,000


10.


Controlling party

The immediate parent company is SugarCRM Inc. The ultimate parent company and controlling party is AKKR Candy Holdings, Inc., a company incorporated in the United States of America. This is the smallest and largest group for which consolidated financial statements are drawn up.  The registered address of AKKR Candy Holdings, Inc. is 1209 Orange St. Wilmington, DE 19801, United States of America.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 28 January 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

Page 7