REGISTERED NUMBER: 10920805 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FLOQAST UK LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M C Whitmire

J G Phillips

REGISTERED OFFICE:

6th Floor, The heals Building

1 Alfred Mews

London

W1T 7AA

REGISTERED NUMBER:

10920805 (England and Wales)

AUDITORS:

Byrd Link Audit & Accountancy Services Limited

Statutory Auditor

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

FIXED ASSETS

Tangible assets

4

49,674

37,928

CURRENT ASSETS

Debtors: amounts falling due within one year

5

509,925

110,740

Cash at bank

6

1,917,809

931,372

2,427,734

1,042,112

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

1,648,132

523,063

NET CURRENT ASSETS

779,602

519,049

TOTAL ASSETS LESS CURRENT LIABILITIES

829,276

556,977

CAPITAL AND RESERVES

Called up share capital

9

1

1

Other reserves

200,850

98,303

Retained earnings

628,425

458,673

SHAREHOLDERS' FUNDS

829,276

556,977

829,276

556,977

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M C Whitmire - Director

1.	STATUTORY INFORMATION

FloQast UK Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover 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 Company is contracted by its parent company FloQast, Inc. to deliver sales and marketing services under an intercompany agreement. The Company is remunerated by its parent for these services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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.

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.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report. The Company relies on the continued support from its parent company FloQast Inc. which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

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.

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.

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.

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). 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2024

70,569

Additions

38,965

At 31 December 2024

109,534

Depreciation

At 1 January 2024

32,641

Charge for year

27,219

At 31 December 2024

59,860

Net book value

At 31 December 2024

49,674

At 31 December 2023

37,928

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

VAT

99,558

54,632

Prepayments

410,367

56,108

509,925

110,740

6.	CASH AT BANK

2024

2023

£

£

Bank account no. 1

1,917,809

931,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

329

19,493

Amounts owed to group undertakings

1,165,046

148,323

Corporation tax

120,464

54,842

Accrued expenses

362,293

300,405

1,648,132

523,063

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

52,500

90,000

Between one and five years

-

52,500

52,500

142,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nathan Smith ACA (Senior Statutory Auditor)

for and on behalf of Byrd Link Audit & Accountancy Services Limited

11.	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 £161,980 (2023: £115,937). Contributions totalling £17,066 (2023: £11,415). were payable to the fund at the balance sheet date and are included in creditors.

12.	RELATED PARTY DISCLOSURES

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.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is FloQast Inc.

The Company is a wholly owned subsidiary of FloQast Inc., a company incorporated in the United States of America.

The smallest group in which the results of the Company are consolidated is that headed by FloQast, Inc., with its registered office at 160 Greentree Drive, Suite 101, Dover, Kent 19904, United States of America.

14.	SHARE-BASED PAYMENT TRANSACTIONS

The Company's ultimate parent company, FloQast Inc operates a share based payment scheme for all the employees of the Company.

The stock options in FloQast Inc are granted to the Company's employees at a price equal to the fair value of the shares in FloQast Inc at the date of the grant and are denominated in US dollars.

The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited if the employee leaves the Company before the options vest. The Company did not enter into any share based payment transactions with parties other than employees during the year.

Weighted average exercise price 2024

Number 2024

Weighted average exercise price 2023

Number 2023

Granted during the period

4.08

149,500

4.26

1,006,200

Exercised during the period

Cancelled & forfeited during the period

Outstanding at the beginning of the period

6.68

1,059,200

2.42

52,000

Total

10.76

1,208,700

6.68

1,059,200

2024

2023

£

£

Share based payment expense

102,546

62,253