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Registered number: 12372753









MATTERMOST UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
MATTERMOST UK LTD
REGISTERED NUMBER: 12372753

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,388
2,786

Current assets
  

Debtors: amounts falling due within one year
 5 
255,780
144,728

Cash at bank and in hand
 6 
386,327
304,005

  
642,107
448,733

Creditors: amounts falling due within one year
 7 
(240,129)
(95,699)

Net current assets
  
 
 
401,978
 
 
353,034

Total assets less current liabilities
  
403,366
355,820

Creditors: amounts falling due after more than one year
 8 
(152,500)
(182,500)

Net assets
  
250,866
173,320


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
250,766
173,220

  
250,866
173,320


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 Niedziejko
Director

Date: 10 April 2025

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

Page 1

 
MATTERMOST UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Mattermost UK Ltd (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 address of the Company's registered office is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB.
The principal activity of the Company in the period under review was that of providing sales and marketing services for its parent company.

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

These annual financial statements have been prepared on a going concern basis and do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Mattermost UK Ltd is a cost plus entity and so is considered to be financially dependent on the parent company for support. Management has applied judgment in the assessment of the Company’s ability to continue as a going concern, considering all available information, and concluded that the going concern assumption is appropriate for a period of at least twelve months from the approval of these financial statements. This assumption is based on the current net assets of the Company and management’s current operating plans.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole 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.

Page 2

 
MATTERMOST UK LTD
 
 
 
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. The following criteria must also be met before revenue is recognised:

Turnover represents amounts charged to the parent company under a services and marketing agreement. Turnover is recognised when costs are incurred.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Pensions

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 as a liability in the Balance Sheet. 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 balance sheet 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).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 3

 
MATTERMOST UK LTD
 
 
 
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 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.


 
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:

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.

 
2.11

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 4

 
MATTERMOST UK LTD
 
 
 
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 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.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
4,194



At 31 January 2024

4,194



Depreciation


At 1 February 2023
1,408


Charge for the year on owned assets
1,398



At 31 January 2024

2,806



Net book value



At 31 January 2024
1,388



At 31 January 2023
2,786

Page 5

 
MATTERMOST UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
222,168
142,665

Other debtors
23,649
-

Prepayments and accrued income
7,585
-

Deferred taxation
2,378
2,063

255,780
144,728



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
386,327
304,005



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
30,590
30,534

Corporation tax
37,859
21,857

Other creditors
59,413
6,457

Accruals and deferred income
112,267
36,851

240,129
95,699



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
152,500
182,500


At 31 January 2024 an amount of £183,090 (2023 - £213,034) was due to the parent company under a loan agreement dated 1 January 2020. The loan agreement allows for drawdowns of up to $2,000,000 in total. Each drawdown is repayable in 120 equal monthly installments after first drawdown. Interest was charged at 2.98% (2023 - 1.46%) during the year. 
At the balance sheet date £32,500 (2023 - £62,500) was due in more than 5 years.

Page 6

 
MATTERMOST UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


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 £10,771 (2023 - £9,994). Contributions totalling £5,048 (2023 - £2,969) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

The immediate and ultimate parent company is Mattermost, Inc., a company incorporated in the United States of America, which is the parent company of the smallest and largest group to consolidate these financial statements. The registered office of Mattermost, Inc. is 530 Lytton Avenue, Suite 201, Palo Alto, CA, 94301, USA.
The directors of Mattermost, Inc. do not consider there to be a controlling party.


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 10 April 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7