Company registration number 11613632 (England and Wales)
HIGHSPOT UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HIGHSPOT UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
HIGHSPOT UK LIMITED
BALANCE SHEET
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
191,652
299,007
Investments
4
25
-
0
191,677
299,007
Current assets
Debtors falling due after more than one year
5
16,174
443,610
Debtors falling due within one year
5
416,010
1,068,115
Cash at bank and in hand
2,681,008
899,828
3,113,192
2,411,553
Creditors: amounts falling due within one year
6
(1,639,376)
(1,332,555)
Net current assets
1,473,816
1,078,998
Total assets less current liabilities
1,665,493
1,378,005
Provisions for liabilities
(47,912)
(74,751)
Net assets
1,617,581
1,303,254
Capital and reserves
Called up share capital
8
-
0
-
0
Profit and loss reserves
1,617,581
1,303,254
Total equity
1,617,581
1,303,254

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
C  Larson
Director
Company registration number 11613632 (England and Wales)
Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements
For the year ended 31 January 2024
Page 2
1
Accounting policies
Company information

Highspot UK Limited (the company) is a company incorporated in the United Kingdom under the Companies Act. The company is a private company, limited by shares and is registered in England and Wales. The registered office is 5 Churchill Place, 10th Floor, London, E14 5HU.

 

The principal activity of the company in the year under review was that of sales and marketing activities related to brand and product promotion; collecting market information; collecting customer information; advertising; providing price lists; informing customers of terms and conditions; discussing products/services with customers; and maintaining customer relationships and related activities for and on behalf of the parent company.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the presentational 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, the principal accounting policies adopted are set out below.

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 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 financial statements of the company are consolidated in the financial statements of Highspot, Inc. These consolidated financial statements are available from its headquartered office: 221 Elliott Ave Ste 400, Seattle, WA98121, United States of America.

Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 3
1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The company's ongoing principal activity is to provide services to its parent entity, Highspot, Inc. The company's principal risks are therefore closely linked to those of the parent entity and it is consequently exposed to the parent entity's willingness and capacity to provide financial support. Highspot, Inc. have provided written assurances that they will continue to provide financial support to the company to enable it to continue to trade and to meet its liabilities as they fall due for a period of at least one year from the date of signature of these financial statements. The directors have reviewed the financial standing of the parent entity and are confident they are able to continue supporting the business.

1.3
Turnover

Turnover is recognised to the extent it is probable that the economic benefits will flow to the company and the turnover can be measure reliably. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts rebates, VAT and other sales taxes. The company generates turnover through service agreements with the ultimate parent company, being primarily sales and marketing.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
over 5 years on a straight line basis
Computers
over 3 years on a straight line basis

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.6
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.

1.7
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.

 

Creditors

Short term trade creditors and other current creditors payable on demand 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.

1.9
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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.

Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.11
Retirement benefits

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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Highspot accounts for share-based payments (primarily stock options) based on the fair value of share-based awards on the date of grant. The fair value of a share-based award is recognised in expense over the requisite service period (typically the vesting period). The fair value of stock options is determined using the Black-Scholes valuation model. Highspot recognises forfeitures when they occur.

1.12
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.

1.13
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
77
81
Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 February 2023
199,994
209,803
409,797
Additions
-
0
1,494
1,494
Disposals
-
0
(19,750)
(19,750)
At 31 January 2024
199,994
191,547
391,541
Depreciation
At 1 February 2023
42,565
68,225
110,790
Depreciation charged in the year
41,847
67,002
108,849
Eliminated in respect of disposals
-
0
(19,750)
(19,750)
At 31 January 2024
84,412
115,477
199,889
Carrying amount
At 31 January 2024
115,582
76,070
191,652
At 31 January 2023
157,429
141,578
299,007
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
25
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
-
Additions
25
At 31 January 2024
25
Carrying amount
At 31 January 2024
25
At 31 January 2023
-

In July 2023, the company acquired 10 of the 4,000,000 equity shares in Highspot India Private Limited, a company registered in India, for 10 Indian Rupees each.

 

Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
826,144
Other debtors
416,010
241,971
416,010
1,068,115
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
297,934
Deferred tax asset
16,174
145,676
16,174
443,610
Total debtors
432,184
1,511,725

 

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,337
29,326
Amounts owed to group undertakings
444,255
-
0
Corporation tax
278,020
176,024
Other taxation and social security
265,076
445,684
Other creditors
58,545
48,550
Accruals
574,143
632,971
1,639,376
1,332,555
Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 8
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
47,912
74,751
-
-
Pension
-
-
5,176
2,541
Share based payments
-
-
10,998
143,135
47,912
74,751
16,174
145,676
2024
Movements in the year:
£
Asset at 1 February 2023
(70,925)
Charge to profit or loss
102,663
Liability at 31 January 2024
31,738
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Ordinary shares of 1p each
1
1
-
-
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
-
0
1,486,934
Between two and five years
-
0
1,486,934
-
0
2,973,868
10
Related party transactions

The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.

Highspot UK Limited
HIGHSPOT UK LIMITED
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 9
11
Parent company

The ultimate parent company and controlling party is Highspot, Inc., registered in the United States of America. The company was under the control of its parent Highspot, Inc. throughout the financial year by virtue of their 100% shareholding.

12
Pension committments

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 £181,640 (2023: £247,552). Contributions totalling £40,621 (2023: £31,741) were payable to the fund at the balance sheet date and are included in creditors.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Thomas Moore
Statutory Auditor:
Moore Kingston Smith LLP
Date of audit report:
31 January 2025
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