Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true3341false2024-01-01No description of principal activitytruefalse 11103959 2024-01-01 2024-12-31 11103959 2023-01-01 2023-12-31 11103959 2024-12-31 11103959 2023-12-31 11103959 2023-01-01 11103959 1 2024-01-01 2024-12-31 11103959 d:Director4 2024-01-01 2024-12-31 11103959 d:Director7 2024-01-01 2024-12-31 11103959 d:RegisteredOffice 2024-01-01 2024-12-31 11103959 c:FurnitureFittings 2024-01-01 2024-12-31 11103959 c:FurnitureFittings 2024-12-31 11103959 c:FurnitureFittings 2023-12-31 11103959 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11103959 c:ComputerEquipment 2024-01-01 2024-12-31 11103959 c:ComputerEquipment 2024-12-31 11103959 c:ComputerEquipment 2023-12-31 11103959 c:ComputerEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11103959 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11103959 c:CurrentFinancialInstruments 2024-12-31 11103959 c:CurrentFinancialInstruments 2023-12-31 11103959 c:Non-currentFinancialInstruments 2024-12-31 11103959 c:Non-currentFinancialInstruments 2023-12-31 11103959 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 11103959 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 11103959 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 11103959 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 11103959 c:ShareCapital 2024-12-31 11103959 c:ShareCapital 2023-12-31 11103959 c:ShareCapital 2023-01-01 11103959 c:CapitalRedemptionReserve 2024-12-31 11103959 c:CapitalRedemptionReserve 2023-12-31 11103959 c:CapitalRedemptionReserve 2023-01-01 11103959 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11103959 c:RetainedEarningsAccumulatedLosses 2024-12-31 11103959 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11103959 c:RetainedEarningsAccumulatedLosses 2023-12-31 11103959 c:RetainedEarningsAccumulatedLosses 2023-01-01 11103959 d:FRS102 2024-01-01 2024-12-31 11103959 d:Audited 2024-01-01 2024-12-31 11103959 d:FullAccounts 2024-01-01 2024-12-31 11103959 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11103959 c:WithinOneYear 2024-12-31 11103959 c:WithinOneYear 2023-12-31 11103959 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11103959 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: 11103959 (England and Wales)














PLAID FINANCIAL LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


 
PLAID FINANCIAL LTD.
 

 
COMPANY INFORMATION


Directors
E M Sager 
A F Eshun 




Registered number
11103959



Registered office
Techspace Level 4
25 Worship Street

London

United Kingdom

EC2A 2DX




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
PLAID FINANCIAL LTD.
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10



 
PLAID FINANCIAL LTD.
REGISTERED NUMBER:11103959


BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
28,614
87,254

  
28,614
87,254

Current assets
  

Debtors: amounts falling due within one year
 6 
1,852,762
1,811,601

Bank and cash balances
  
2,256,205
1,250,509

  
4,108,967
3,062,110

Creditors: amounts falling due within one year
 7 
(2,424,579)
(1,739,655)

Net current assets
  
 
 
1,684,388
 
 
1,322,455

Total assets less current liabilities
  
1,713,002
1,409,709

Creditors: amounts falling due after more than one year
  
(115,229)
-

  

Net assets
  
1,597,773
1,409,709


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Capital contribution reserve
 9 
137,274
137,274

Profit and loss account
 
1,410,499
1,222,435

  
1,597,773
1,409,709


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 statement of comprehensive income 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: 



E M Sager
Director

Date: 25 July 2025
Page 1


 
PLAID FINANCIAL LTD.
REGISTERED NUMBER:11103959

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


The notes on pages 4 to 10 form part of these financial statements.

Page 2


 
PLAID FINANCIAL LTD.
 


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


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
50,000
137,274
1,035,297
1,222,571



Profit for the year
-
-
187,138
187,138



At 1 January 2024
50,000
137,274
1,222,435
1,409,709



Profit for the year
-
-
188,064
188,064


At 31 December 2024
50,000
137,274
1,410,499
1,597,773


Page 3


 
PLAID FINANCIAL LTD.
 

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

1.Accounting policies

 
1.1

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position primarily supported by a strong cash position. The Company generates revenue from customers as well as the ultimate parent company, Plaid, Inc., and as such the Company is partially reliant on the continued support of the ultimate parent company in order to remain a going concern.
The Company has received written confirmation from its ultimate parent company that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the costs incurred and the costs to complete the contract can be measured reliably.

Intercompany turnover
Intercompany turnover is recognised on an operating profit margin of 2% and a cost plus 5% (for general, administrative and support services) and 7% (for development costs) basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised as the associated costs are incurred.

Page 4


 
PLAID FINANCIAL LTD.
 

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

1.Accounting policies (continued)

 
1.4

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.

 
1.5

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.

 
1.6

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.

 
1.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5


 
PLAID FINANCIAL LTD.
 

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

1.Accounting policies (continued)

  
1.8

Share based payments

Where Restricted Stock Units (RSU) are awarded to employees, the fair value of the RSUs 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 RSUs that actually vest. Market vesting conditions are factored into the fair value of the RSUs granted. The cumulative expense is not adjusted for failure to achieve a certain market conditions.
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 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 RSUs are modified before they vest, the increase in fair value of the RSUs, measured immediately before and after the modification, is also charged to profit and loss over the remaining vesting period.

 
1.9

Taxation

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.


 
1.10

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.

The estimated useful lives range as follows:

Fixtures and fittings
-
3
years
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.

Page 6


 
PLAID FINANCIAL LTD.
 

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

1.Accounting policies (continued)

 
1.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.12

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 held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

  
1.13

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans. These loans are repayable on demand and incur interest at a rate of 3.87% per annum on the outstanding principal amount.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses. 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.
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying
amounts of assets and liabilities are addressed below.
Share based payments
Management have exercised judgment in assessing the treatment and disclosure of RSUs (Restricted Stock Units) and their vesting conditions. Management have determined that the associated non-market conditions are unlikely to be satisfied in a timeframe that would result in ultimate vesting of the current RSUs. As such, no expense has been recognised in this regard. 
Bad debt provision
Management have reviewed the need for a provision for potential bad debts. Management have applied a policy of providing for all debts unpaid after 90 days. 


3.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 25 July 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 7


 
PLAID FINANCIAL LTD.
 

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

4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 41).


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
34,852
165,829
200,681


Additions
-
24,183
24,183


Disposals
-
(18,298)
(18,298)



At 31 December 2024

34,852
171,714
206,566



Depreciation


At 1 January 2024
11,060
102,367
113,427


Charge for the year on owned assets
13,869
67,499
81,368


Disposals
-
(16,843)
(16,843)



At 31 December 2024

24,929
153,023
177,952



Net book value



At 31 December 2024
9,923
18,691
28,614



At 31 December 2023
23,792
63,462
87,254


6.


Debtors

2024
2023
£
£


Trade debtors
826,643
622,214

Amounts owed by group undertakings
645,107
848,659

Other debtors
207,234
230,502

Prepayments and accrued income
173,778
110,226

1,852,762
1,811,601


Included within other debtors is corporation tax recoverable of £153,954 (2023: £178,662).

Page 8


 
PLAID FINANCIAL LTD.
 

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,593
85,249

Amounts owed to group undertakings
1,636,445
1,047,947

Other taxation and social security
346,926
385,855

Other creditors
169,812
-

Accruals and deferred income
261,803
220,604

2,424,579
1,739,655



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
115,229
-

115,229
-


Employees are entitled to a period of sabbatical leave after five years of continuous service. In line with section 28 of FRS 102, the Company has provided for the expected future cost of this leave based on an estimate of the number of employees expected to reach this milestone. The value is not discounted for the time value of money as the effect would be immaterial.


9.


Capital contribution reserve

Certain employees of the group have been granted Restricted Stock Units (“RSU”) over the shares in the Company’s ultimate parent company.
Vesting conditions of RSUs are split into two different categories: 
 
RSUs granted under the 2013 Stock Plan prior to 2021 include both a service condition, which is typically satisfied over four years, and a performance condition which is deemed satisfied upon a liquidity event. 
 
RSUs granted under the 2013 Stock Plan from 2021 include a service condition, which is typically satisfied over four years, and two performance conditions. The first performance condition is an interim liquidity event which is deemed satisfied upon a private company tender offer being received by the ultimate parent company, where the offer meets specified thresholds in relation to aggregate purchase price and implied valuation of the parent company. Upon satisfaction of the interim liquidity event, twenty percent of the RSUs that have satisfied the time vesting condition will vest immediately. The remaining performance condition is deemed satisfied on a full liquidity event. 

No expense is recognised as described in note 2 as the directors have judged the probability of a liquidity event to be low.

Page 9


 
PLAID FINANCIAL LTD.
 

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

10.


Commitments under operating leases

At 31 December 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 one year
155,400
128,348

155,400
128,348


11.


Controlling party

Plaid, Inc. is the parent of the smallest group for which financial statements are drawn up, of which the Company is a member. The registered office of the parent company is 1098 Harrison St, San Francisco, CA 94103.


12.


Post balance sheet events

In March and April 2025 the group completed a common stock financing round. The proceeds are intended to satisfy the employee withholding tax obligation associated with the net settlement of expiring RSU's. On 15 May 2025, in connection with the net settlement, management approved a modification to the expiring RSU's to remove the existing liquidity event condition. This modification will result in recognition of RSU expense to the value of the grants that were vested as of the modification date. This event is treated as a non-adjusting post balance sheet event. 
There are no other non-adjusting or adjusting post balance sheet events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 10