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Registered number: 10436399 (England and Wales)
ALTERIAN SOFTWARE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ALTERIAN SOFTWARE LIMITED
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COMPANY INFORMATION
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ZEDRA Corporate Reporting Services (UK) Limited
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ALTERIAN SOFTWARE LIMITED
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CONTENTS
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Notes to the Financial Statements
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ALTERIAN SOFTWARE LIMITED
REGISTERED NUMBER:10436399
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ALTERIAN SOFTWARE LIMITED
REGISTERED NUMBER:10436399
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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:
The notes on pages 3 to 12 form part of these financial statements.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The Company is in a net asset position which is primarily as a result of amounts owed by group undertakings arising from the transfer pricing arrangement with the parent company, Alterian Software LLC, and therefore the Company is reliant on Alterian Software LLC, in order to remain a going concern.
The director has considered the working capital requirements of the Company for the foreseeable
future and based upon the anticipated cash flows, he believes that the Company has sufficient cash
reserves to meet its working capital requirements for a minimum of 12 months from the date of
approval of these financial statements. The financial statements have been prepared on a going
concern basis.
Turnover is generated from five main sources:
Subscription and support turnover
Is comprised of Software-as-a-Service (SaaS) fees from customers accessing the Company's customer experience, campaign management and email management platforms as well as the provision of support. Direct subscription and support turnover is derived from customers using the Company's customer experience, campaign management and email management platforms through a hosted delivery model under a SaaS offering. This stream of turnover is driven primarily by the number of customers, the price of licenses and the level of technical support. All subscription and support fees billed are recognised straight-line over the subscription term. Email overages are recognised as total volumes that exceed contracted amounts.
Professional services turnover
Is comprised of training, implementation services and other types of professional services. Professional services turnover is derived primarily from implementation, training and other consulting fees. This turnover is recognised on delivery of the service.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Outsourced services turnover
Is comprised of recharges from Alterian Software LLC for the use of Company resources to generate sales for Alterian Software LLC, a fellow subsidiary. Outsourced services turnover is derived from recharged actual employee costs, with an independently calculated mark up, from Alterian Software LLC.
Royalty turnover
Is comprised of amounts payable for the use of resources by Alterian Software Pty Ltd for administrative, marketing and support purposes. Royalty turnover is derived by calculating the recharge required to fix the operating profit of Alterian Software Pty Ltd, a subsidiary, at a fixed margin.
Transfer pricing
Fee income is earned from Alterian Software LLC, a fellow subsidiary. Transfer pricing fee is derived from a cost sharing agreement with the Company at 23.08% (2023: 16.47%) of group costs.
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Share premium represents the consideration receivable upon the allotment of share capital in excess of the shares’ par value.
Where restricted stock units ("RSU's") are awarded to employees, the fair value of the units at the date of grant is charged to the Statement of Comprehensive Income 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 units that eventually vest. Market vesting conditions are factored into the fair value of the units 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 units are modified before they vest, the increase in the fair value of the units, measured immediately before and after the modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.
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.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions.
Short-term creditors are measured at the transaction price.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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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.
Impairment of investment in subsidiary undertakings
At each year end, the directors assess the investments in subsidiary undertakings for indicators of impairment. This requires the use of management judgement and an assessment of the recoverable amounts of the net assets of the subsidiary undertakings, including the values associated with its assets. The assumptions for the recoverable amounts of the investments are subject to change as a result of changing economic conditions and management will continue to make assessments as to whether impairment of these investments is required.
Vesting of share based payments
The Company has a share option scheme in place with share options having been granted to employees historically. However, the only redemption condition for these options is in relation to a Liquidating Distribution. This requires the use of management judgement as to whether an exit event is likely to occur before the expiry of the options.
Useful economic life of intangible assets
Management have considered the useful life of intangible assets and the economic benefits likely to be generated from the ownership of these assets. This estimation is based on historic experience and forward looking information. This estimation could have a material effect on the carrying values of these assets.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 29 September 2025 by Adam Wildbore FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.
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The average monthly number of employees during the year was 37 (2023 - 39).
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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At 31 December 2024, the Company had a present obligation in respect of employee redundancies arising from a restructuring plan that was communicated to affected employees prior to the year end. The provision represents the redundancy payments which the Company was committed to settle.
The provision was fully utilised in January 2025 when the payments were made to affected employees.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Alterian Software Holdings LLC is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 1550 Larimer St., Suite 105, Denver, CO 80202.
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ALTERIAN SOFTWARE LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post balance sheet events
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In September 2025, the director announced further restructuring plans for the Company that would result in a reduction of headcount. The resulting impact on the Company were costs amounting to £103,768. This event is considered to be non-adjusting.
There were no further adjusting or other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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