Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31After the year end, an Initial Public Offering (IPO) occured for the ultimate parent company, Rubrik Inc, on 25 April 2024. There have been no other significant events affecting the Company since the year end.992023-02-01falsefalseNo description of principal activity133falsefalse 11375501 2023-02-01 2024-01-31 11375501 2022-02-01 2023-01-31 11375501 2024-01-31 11375501 2023-01-31 11375501 2022-02-01 11375501 1 2023-02-01 2024-01-31 11375501 1 2022-02-01 2023-01-31 11375501 4 2023-02-01 2024-01-31 11375501 4 2022-02-01 2023-01-31 11375501 5 2023-02-01 2024-01-31 11375501 5 2022-02-01 2023-01-31 11375501 1 2023-02-01 2024-01-31 11375501 e:Director1 2023-02-01 2024-01-31 11375501 e:Director2 2023-02-01 2024-01-31 11375501 e:RegisteredOffice 2023-02-01 2024-01-31 11375501 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 11375501 d:Buildings d:LongLeaseholdAssets 2024-01-31 11375501 d:Buildings d:LongLeaseholdAssets 2023-01-31 11375501 d:FurnitureFittings 2023-02-01 2024-01-31 11375501 d:FurnitureFittings 2024-01-31 11375501 d:FurnitureFittings 2023-01-31 11375501 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11375501 d:ComputerEquipment 2023-02-01 2024-01-31 11375501 d:ComputerEquipment 2024-01-31 11375501 d:ComputerEquipment 2023-01-31 11375501 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11375501 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 11375501 d:CurrentFinancialInstruments 2024-01-31 11375501 d:CurrentFinancialInstruments 2023-01-31 11375501 d:Non-currentFinancialInstruments 2024-01-31 11375501 d:Non-currentFinancialInstruments 2023-01-31 11375501 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 11375501 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11375501 d:UKTax 2023-02-01 2024-01-31 11375501 d:UKTax 2022-02-01 2023-01-31 11375501 d:ShareCapital 2024-01-31 11375501 d:ShareCapital 2023-01-31 11375501 d:ShareCapital 2022-02-01 11375501 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 11375501 d:RetainedEarningsAccumulatedLosses 2024-01-31 11375501 d:RetainedEarningsAccumulatedLosses 1 2023-02-01 2024-01-31 11375501 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 11375501 d:RetainedEarningsAccumulatedLosses 2023-01-31 11375501 d:RetainedEarningsAccumulatedLosses 2022-02-01 11375501 d:RetainedEarningsAccumulatedLosses 1 2022-02-01 2023-01-31 11375501 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 11375501 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 11375501 e:OrdinaryShareClass1 2023-02-01 2024-01-31 11375501 e:OrdinaryShareClass1 2024-01-31 11375501 e:OrdinaryShareClass1 2023-01-31 11375501 e:FRS102 2023-02-01 2024-01-31 11375501 e:Audited 2023-02-01 2024-01-31 11375501 e:FullAccounts 2023-02-01 2024-01-31 11375501 e:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11375501 d:WithinOneYear 2024-01-31 11375501 d:WithinOneYear 2023-01-31 11375501 d:BetweenOneFiveYears 2024-01-31 11375501 d:BetweenOneFiveYears 2023-01-31 11375501 d:ShareCapital 1 2023-02-01 2024-01-31 11375501 d:ShareCapital 1 2022-02-01 2023-01-31 11375501 f:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11375501
















RUBRIK UK LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


































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RUBRIK UK LIMITED

 
COMPANY INFORMATION


DIRECTORS
Y Zhang 
P Liu 




REGISTERED NUMBER
11375501



REGISTERED OFFICE
C/O Citco London Limited
7 Albemarle Street

Mayfair

London

United Kingdom

W1S 4HQ




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






RUBRIK UK LIMITED


CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 26



RUBRIK UK LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

INTRODUCTION
 
Rubrik UK Limited (the "company") is a private company limited by shares, incorporated and domiciled in England and Wales under the Companies Act 2006. The company is wholly owned indirectly by Rubrik Inc. (“Rubrik”), a company incorporated in the United States and listed on the New York Stock Exchange, and provides marketing, pre-sales solicitation and post customer support services on behalf of Rubrik. Rubrik is a market leader in Cloud Data Management and delivers automated backup, recovery, archival, search, compliance, analytics, and copy data management in a simple scale-out platform built for hybrid cloud. The company began operations on January 1, 2019.

BUSINESS REVIEW
 
During the fiscal year ended January 31, 2024, the turnover of the company grew 13%. The turnover of the company is directly related to spending, specifically headcount growth as salaries, commissions, bonuses and benefits comprises 83% of total spending. The sales of Rubrik increased during the fiscal year, thus bringing about an increase in commissions and bonuses.
During the fiscal year, travel and entertainment spending increased as additional new potential customers were identified and site visits and product demos increased.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal risk and uncertainty for the company are the continued growth of the sales of products and services offered by Rubrik.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The financial key performance indicator for the company is continued growth in headcount, which drives Payroll and related expenses, including salaries, commissions, bonuses and benefits. 

OTHER KEY PERFORMANCE INDICATORS
 
Another key performance indicator for the company is the continued migration of data storage to a cloud based solution. 


This report was approved by the board on 31 January 2025 and signed on its behalf.



Y Zhang
Director

Page 1


RUBRIK UK LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £2,125,457 (2023: £1,605,328).

DIRECTORS

The directors who served during the year were:

Y Zhang 
P Liu 

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has granted an indemnity to one or more of its directors against liability in respect of proceeding brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors' Report.

MATTERS COVERED IN THE STRATEGIC REPORT

The company has included mandatory directors’ report disclosures within the strategic report as they are considered by the Directors to be of strategic importance, as permitted by the Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has 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 auditors are aware of that information.

Page 2


RUBRIK UK LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

POST BALANCE SHEET EVENTS

After the year end, an Initial Public Offering (IPO) occured for the ultimate parent company, Rubrik Inc, on 25 April 2024.

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

AUDITORS

The auditorsBishop Fleming 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.
 






Y Zhang
Director

Date: 31 January 2025

C/O Citco London Limited
7 Albemarle Street
Mayfair
London
United Kingdom
W1S 4HQ
Page 3


RUBRIK UK LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

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 judgments and accounting estimates that are reasonable and prudent;


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.

Page 4


RUBRIK UK LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBRIK UK LIMITED
OPINION


We have audited the financial statements of Rubrik UK Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity, Analysis of net debt and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 January 2024 and of its loss 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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.


Page 5


RUBRIK UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBRIK UK LIMITED (CONTINUED)

OPINION 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 the 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.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 6


RUBRIK UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBRIK UK LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management, including the Directors, about their own identification and assessment of the risk of irregularities.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to: 
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included health and safety.

Audit response to risks identified

We identified recognition of revenue as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Page 7


RUBRIK UK LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RUBRIK UK LIMITED (CONTINUED)

Enquiring of management concerning actual and potential litigation claims;
Performing various substantive tests of detail related to the recognition of revenue;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and, 
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.


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 Auditors' report.


USE OF OUR 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 2006Our 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 Auditors' 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.






John Talbot FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

31 January 2025
Page 8


RUBRIK UK LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
As restated
2023
Note
£
£

  

Turnover
 4 
33,562,735
29,754,854

GROSS PROFIT
  
33,562,735
29,754,854

Operating expenses
  
(27,967,278)
(24,297,346)

Administrative expenses
  
(7,374,540)
(6,800,715)

OPERATING LOSS
 5 
(1,779,083)
(1,343,207)

Interest receivable and similar income
 8 
9,805
-

LOSS BEFORE TAX
  
(1,769,278)
(1,343,207)

Tax on loss
 9 
(356,179)
(262,121)

LOSS FOR THE FINANCIAL YEAR
  
(2,125,457)
(1,605,328)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 14 to 26 form part of these financial statements.
Page 9


RUBRIK UK LIMITED
REGISTERED NUMBER:11375501

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 10 
240,552
152,160

  
240,552
152,160

CURRENT ASSETS
  

Debtors due within 1 year
 11 
6,094,217
3,782,037

Debtors due after more than 1 year
 11 
7,215
49,531

Cash at bank
 12 
1,552,451
2,684,783

  
7,653,883
6,516,351

Creditors: amounts falling due within one year
 13 
(3,548,152)
(3,619,912)

NET CURRENT ASSETS
  
 
 
4,105,731
 
 
2,896,439

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,346,283
3,048,599

PROVISIONS FOR LIABILITIES
  

Deferred tax
 14 
(47,783)
(29,086)

NET ASSETS
  
4,298,500
3,019,513


CAPITAL AND RESERVES
  

Called up share capital 
 15 
1
1

Profit and loss account
 16 
4,298,499
3,019,512

SHAREHOLDERS' FUNDS
  
4,298,500
3,019,513


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





Y Zhang
Director

Date: 31 January 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 10


RUBRIK UK LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
1
1,900,825
1,900,826


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year (as restated)
-
(1,605,328)
(1,605,328)

Share based payment charge (as restated)
-
2,724,015
2,724,015



At 1 February 2023
1
3,019,512
3,019,513


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(2,125,457)
(2,125,457)

Share based payment charge
-
3,404,444
3,404,444


AT 31 JANUARY 2024
1
4,298,499
4,298,500


The notes on pages 14 to 26 form part of these financial statements.
Page 11


RUBRIK UK LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
As restated
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Loss for the financial year
(2,125,457)
(1,605,328)

ADJUSTMENTS FOR:

Depreciation of tangible assets
72,166
67,914

Taxation charge
356,179
262,121

(Increase)/decrease in debtors
(2,607,345)
3,840,289

(Decrease) in creditors
(71,761)
(2,972,568)

Corporation tax received/(paid)
-
(1,197,483)

Share based payment charge
3,404,444
2,724,015

NET CASH GENERATED FROM OPERATING ACTIVITIES

(971,774)
1,118,960


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(160,558)
(128,048)

NET CASH FROM INVESTING ACTIVITIES
(160,558)
(128,048)


(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(1,132,332)
990,912

Cash and cash equivalents at beginning of year
2,684,783
1,693,871

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,552,451
2,684,783


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank
1,552,451
2,684,783

1,552,451
2,684,783


The notes on pages 14 to 26 form part of these financial statements.

Page 12


RUBRIK UK LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank

2,684,783

(1,132,332)

1,552,451



2,684,783
(1,132,332)
1,552,451

The notes on pages 14 to 26 form part of these financial statements.
Page 13


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Rubrik UK Limited (the "company") is a private company limited by shares, incorporated and domiciled in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page at the beginning of these financial statements.

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

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company made a loss before tax during the year of £1,769,278 (2023 - £1,343,207) and had net current assets of £4,105,731 (2023 - £2,896,439) and net assets of £4,298,500 (2023 - £3,019,513). The company continued to perform at normal levels as its technology focuses on backup and recovery which is essential to businesses despite the impact of rising interest rates and the general UK economic downturn. 
Since the year end the group headed by Rubrik Inc., of which this company is a part, has experienced an increase in bookings compared to the same period in the previous year. Based on these results, the directors expect our business to continue to grow, however the company continues to monitor spending to the extent it would significantly impact our business. Rubrik UK provides sales and marketing services to its parent undertaking, Rubrik Inc., and furthermore Rubrik Inc. has confirmed it will provide such financial support as is necessary to enable the company to meet its ongoing financial obligations for a period of at least 12 months from the date of approval of the financial statements. 
As a result of the above, the financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for at least 12 months from the date of approval of these financial statements.

  
2.3

TURNOVER

Turnover represents amounts receivable for services from its ultimate parent company and relates to services provided in the UK. Turnover is calculated based on a mark up of certain costs incurred by Rubrik UK Limited.

Page 14


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

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.

All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
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

INTEREST INCOME

Interest income is recognised in the profit or loss using the effective interest method. 

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

SHARE-BASED PAYMENTS

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

Page 15


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

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 reporting 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 reporting 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 reporting date.


 
2.10

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 improvements
-
over the life of the lease
Fixtures and fittings
-
over 5 years
Office equipment
-
over 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.

 
2.11

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.

Page 16


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by 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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. 

 
2.13

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.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.15

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 17


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES 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.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Share based payments
In determining fair value of the options granted management make a number of assumptions, including the expected life of the option, the equity value of Rubrik Inc., the volatility of the underlying equity, the risk-free interest rate and expected dividends. The assumptions used in pricing the option represent management's best estimate at the time of grant. These estimates are complex, involve a number of variables, uncertainties and assumptions and the application of management's judgement, as they are inherently subjective.


4.


TURNOVER

The whole of the turnover is attributable to amounts receivable for services from its ultimate parent company and relates to services provided in the UK. Turnover is calculated based on a mark up of certain costs incurred by Rubrik UK Limited.

All turnover arose within the United Kingdom.


5.


OPERATING LOSS

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
828
4,757

Other operating lease rentals
300,771
251,105


6.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's Annual Financial Statements
23,000
21,750

Fees payable to the company's auditor and its associates in respect of:

All other services
2,525
2,375

Page 18


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


EMPLOYEES

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
24,003,018
20,835,210

Social security costs
3,236,208
2,924,691

Cost of defined contribution scheme
497,227
357,451

27,736,453
24,117,352


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


        2024
        2023
            No.
            No.







Sales & Marketing
123
89



Customer Support
2
3



Others
8
7

133
99


8.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
9,805
-

9,805
-

Page 19


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
337,481
250,101


TOTAL CURRENT TAX
337,481
250,101

DEFERRED TAX


Origination and reversal of timing differences
18,698
12,020

TOTAL DEFERRED TAX
18,698
12,020


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
356,179
262,121

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24.03% (2023: 19%). The differences are explained below:

2024
As restated
2023
£
£


Loss on ordinary activities before tax
(1,769,278)
(1,343,207)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023: 19%)
(425,158)
(255,209)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
848,407
560,614

Capital allowances for year in excess of depreciation
(14)
(7,842)

Other differences leading to an increase (decrease) in the tax charge
(67,056)
(35,442)

TOTAL TAX CHARGE FOR THE YEAR
356,179
262,121


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 20


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


TANGIBLE FIXED ASSETS





Leasehold property improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST


At 1 February 2023
-
11,349
272,635
283,984


Additions
10,656
-
149,902
160,558



At 31 January 2024

10,656
11,349
422,537
444,542



DEPRECIATION


At 1 February 2023
-
5,484
126,340
131,824


Charge for the year
10,656
2,264
59,246
72,166



At 31 January 2024

10,656
7,748
185,586
203,990



NET BOOK VALUE



At 31 January 2024
-
3,601
236,951
240,552



At 31 January 2023
-
5,865
146,295
152,160


11.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Long term deposits
7,215
49,531

7,215
49,531

DUE WITHIN ONE YEAR

Amounts owed by group undertakings
5,172,962
2,699,747

Other debtors
310,509
782,728

Prepayments and accrued income
610,746
299,562

6,101,432
3,831,568


Long term deposits pertain to property taken on lease.
Amounts owed by group undertakings are interest free and repayable on demand. 

Page 21


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank
1,552,451
2,684,783

1,552,451
2,684,783



13.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
34,699
85,270

Amounts owed to group undertakings
25,043
25,320

Other taxation and social security
1,413,725
1,202,939

Other creditors
14,728
3,704

Accruals and deferred income
2,059,957
2,302,679

3,548,152
3,619,912


Amounts owed to group undertakings are interest free and repayable on demand. 


14.


DEFERRED TAXATION




2024


£






At beginning of year
(29,086)


Charged to profit or loss
(18,697)



AT END OF YEAR
(47,783)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Origination and reversal of timing differences
(47,783)
(29,086)

(47,783)
(29,086)

Page 22


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023: 1) Ordinary share of £1.00
1
1



16.


RESERVES

Profit and loss account

The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the company, including capital contributions in respect of the share based payment charge, and distributions to the Company's shareholders. 

Page 23


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


SHARE-BASED PAYMENTS

During the year, Rubrik, Inc. issued equity awarded restricted stock units (RSUs) and non-qualified stock options (NQs) with performance conditions to employees. One condition being a non market based performance condition based on a liquidity event occuring. The liquidity event occurs at the point in time of an initial public offering (IPO) or a sale. As a non market performance condition the Directors have considered this as being probable to occur and this has therefore been reflected in the number of share based options expected to vest. The other condition being the employee must be employed by the Company when the liqudity event occurs. Vesting of these awards is contingent on the fulfilment of any remaining service condition with an expiration period of seven years. No modifications of the share options have been made by the Company. The Company measures and recognises compensation expense for all RSUs and NQs based on the estimated fair value of the award on the grant date. The estimated fair value is based on Rubrik, Inc. UK GAAP valuation methodology.  
Restricted stock units
Rubrik, Inc. has an opening outstanding RSUs of 1,072,765 and issued 399,051 RSUs during the year, of which 107,438 RSUs forfeited by employees. A total of 277,696 RSUs were transferred during the year as a result of mobile employee transfers and 1,086,682 RSUs remained outstanding at 31 January 2024.  Compensation expense is recognised on a straight-line basis over the vesting period.  The vesting period for the Company's awards is four years. A total of 497,578 RSUs remained exercisable as at 31 January 2024 none have been exercised due to the liquidity event condition not being met. The total expense was therefore recognised in full. 

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

16.15

1,072,765

7.63
 
596,564
 
Granted during the year

23.90

399,051

20.52
 
526,748
 
Forfeited during the year

21.47

(107,438)

15.11
 
(50,547)
 
Transferred during the period

-

(277,696)

-
 
-
 
OUTSTANDING AT THE END OF THE YEAR
18.84

1,086,682

16.15
 
1,072,765
 

The weighted average remaining contractual life for the awards outstanding at the end of the year is approximately 5.15 years.
Page 24


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.SHARE-BASED PAYMENTS (CONTINUED)

Non-qualified stock options (NQ)
Rubrik, Inc. has an opening outstanding NQs of 17,510 of which 10 NQs were forfeited by employees and 16,108 NQs exercised during the year and 1,392 NQs remained outstanding at 31 January 2024. Compensation expense is recognised on a straight-line basis over the vesting period. The vesting period for the Company's awards is three years. 1,392 NQs were exercisable at 31 January 2024.  

Weighted average exercise price (pence)
2024
Weighted average exercise price (pence)
2023

Outstanding at the beginning of the year


0.77

0.77
 
Exercisable at the end of the year


0.77

0.77
 
Outstanding at the end of the year


0.77

0.77
 

The weighted average remaining contractual life for the awards outstanding at the end of the year is approximately 2.15 years.
 
The total share option expense recognised in profit or loss for the period is £3,404,445 (2023 as restated: £2,724,015).


18.


PRIOR YEAR ADJUSTMENT

The directors have identified an error in the accounting for share based payment charge, specifically related to mobile employees whose employment transferred between group companies, where the company had previously accounted for these employees as leavers. 
The effect of the adjustment is to reduce the prior year share based payment charge, and the associated capital contribution from the parent company, by £1,100,612 from £3,824,627 to £2,724,015, and therefore reduce the loss for the year from £2,705,940 to £1,605,328. This has had no effect on the reported profit and loss reserve, or the net assets of the company. 


19.


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 £497,227 (2023: £357,451). Contributions totalling £107,922 (2023: £78,023) were payable to the fund at the reporting date and are included in creditors. 

Page 25


RUBRIK UK LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


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
123,444
235,826

Later than 1 year and not later than 5 years
-
102,870

123,444
338,696


21.


POST BALANCE SHEET EVENTS

After the year end, an Initial Public Offering (IPO) occured for the ultimate parent company, Rubrik Inc, on 25 April 2024.

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


22.


CONTROLLING PARTY

The Company is a 100% subsidiary of Rubrik International Inc. The ultimate parent undertaking is Rubrik Inc. There is no ultimate controlling party.
Rubrik Inc. heads the smallest and largest groups in which the results of the company are consolidated. The registered office of Rubrik Inc. is 3495 Deer Creek Road, Palo Alto, California, 94304.
Page 26