| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| JOBADDER EUROPE LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| JOBADDER EUROPE LIMITED |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| JOBADDER EUROPE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Herschel House |
| 58 Herschel Street |
| Slough |
| Berkshire |
| SL1 1PG |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| BALANCE SHEET |
| 30 JUNE 2024 |
| 30.6.24 | 30.6.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Capital contribution reserve | 8 |
| Retained earnings | 8 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| JobAdder Europe Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis after consideration by the directors as to the appropriateness of this basis. A fellow group undertaking has confirmed they will continue to support the company as required for a period of at least 12 months and 1 day from the signing of the audit report. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents amounts charged to a fellow group undertaking under an advertising and marketing agreement, excluding value added tax. Turnover is recognised when chargeable costs have been incurred. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost less subsequent depreciation and any impairments. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as below: |
| Plant and equipment: 2 - 4 years straight line. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Basic Financial Instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102. |
| Share-based payments |
| Cash settled share-based compensation benefits are provided to certain employees of the company by a fellow group undertaking. |
| Cash settled transactions are awards of cash for the exchange of services, where the amount of cash is determined by reference to the share price of the fellow group undertaking. |
| The cost of cash settled transactions is initially, and at each reporting date until vested, determined by applying the Binomial option pricing model, taking into consideration the terms and conditions on which the award was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows: |
| - | During the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period. |
| - | From the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date. |
| The share based payment expense is recognised on the basis of a reasonable allocation of the group expense with with all changes in the liability of the fellow group undertaking recognised in profit or loss with a corresponding change to the Capital contribution reserve of the Company. The ultimate cost to the fellow group undertaking of cash-settled transactions is the cash paid to settle their liability. |
| Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 July 2023 |
| Additions |
| At 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors & accruals |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 8. | RESERVES |
| Capital |
| Retained | contribution |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 July 2023 | 376,012 |
| Profit for the year |
| Share-based payments | - | (54,217 | ) | (54,217 | ) |
| At 30 June 2024 | 496,376 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
| "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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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." |
| JOBADDER EUROPE LIMITED (REGISTERED NUMBER: 09689707) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 10. | SHARE-BASED PAYMENTS |
| Job Adder Operations Pty Ltd, a fellow group undertaking, has granted share-based awards to employees of the Company which carry the right to receive ordinary shares in Job Adder Operations Pty Ltd. The awards represent a fixed percentage of the uplift of Job Adder's value (Value Created) above a base company valuation (set at AUD $71 million determined on 1 July 2021), subject to: |
| - | satisfaction of the applicable Vesting Conditions; and |
| - | the Minimum Valuation Hurdle being met; and |
| - | a Settlement Event occurring (see below). |
| A settlement event is defined as the expiry of the awards (the Expiry Date being 30 June 2026) or a liquidity event occurring prior to the Expiry Date. |
| The Board of Job Adder Operations Pty Ltd retains the discretion to settle vested Options in cash in lieu of Shares (Cash Amount). |
| A total of 0.31% of the uplift in Job Adder's value above the base valuation was awarded to employees of the Company by Job Adder Operations Pty Ltd in the year ended 30 June 2024. |
| During the year ended 30 June 2024, Job Adder Operations Pty Ltd experienced a reduction in the underlying asset price, resulting in a fall in the options reserve. This has resulted in a reduction of the reserve of £69,192. |
| The share-based payment expense recognised in the year to 30 June 2024 was £14,975 (2023: £108,047). The expense was recognised with a corresponding credit to the Capital contribution reserve. |
| Further details on how the fair value of the services received are measured in note 2 to the financial statements. |
| The Company will be liable for employers national insurance contributions upon exercise of the awards. The timing and value of this amount is not currently known. |
| 11. | ULTIMATE PARENT COMPANY |
| SEEK Limited, a company incorporated in Australia and listed in the Australian Securities Exchange (ASX), is the ultimate parent company. |
| SEEK Limited prepares consolidated financial statements. These are available upon request from 60 Cremorne Street, Cremorne, Victoria 3121. |