Registration number:
Vewd Software Holdings Limited
for the Period from 3 February 2022 to 31 December 2022
Vewd Software Holdings Limited
Contents
Company Information |
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Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
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Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
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Notes to the Financial Statements |
Vewd Software Holdings Limited
Company Information
Directors |
J M Patterson G C Whelan |
Registered office |
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Auditors |
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Vewd Software Holdings Limited
Strategic Report for the Period from 3 February 2022 to 31 December 2022
The directors present their strategic report for the period from 3 February 2022 to 31 December 2022.
Fair review of the business
Vewd Software Holdings limited (“VSHL”) was incorporated on the 3 February 2022 as result of a Bankruptcy Chapter 11 Plan filed in the U.S and entered by Vewd Software AS (“VSAS”) and its subsidiaries (collectively known as the “Vewd Group”). The Plan became effective as of the 16 February 2022 and as of that date, the Vewd group was recapitalised and restructured under the newly formed holding company, VSHL. The principal activity of VSHL is that of a holding company. The Vewd group is an independent OTT software provider for smart TV makers, connected cars and video-over-broadband operators.
On the 5 July 2022, Xperi Inc. (NYSE: XPER) (“Xperi”) announced it had acquired VSHL for $130million (“Transaction”) through a mixture of cash and debt. Xperi’s TiVo product offerings, when integrated with Vewd’s suite of streaming platform solutions, will help accelerate and scale the deployment of TiVo OS for connected TVs and expand Xperi’s video-over-broadband offerings. The Vewd group primarily conducts business under the brand Xperi since the transaction.
Key performance indicators
Key performance indicators that are focused on by management include subsidiary revenue levels, new contracts obtained in the period and working capital management. Each of these indicators are monitored by management against targets and prior financial years of each individual subsidiary of VSHL. The directors are satisfied with the performance of the company during the financial year with regard to these indicators.
Principal risks and uncertainties
The principal risk and uncertainties facing the business are its exposure to technological advances in the industry that would result in the Vewd OTT software technology becoming obsolete. The Vewd Group constantly invest resources into research and development to pre-empt consumer preferences and behaviour around media consumption to ensure that the Vewd technologies enhance user experiences into the future.
The Company has reviewed the possible risk to its business arising from the conflict in Ukraine and concluded the impact is low and manageable with its existing processes and procedures. The Company will continue to monitor developments to ensure it is ready to deal with any possible impact.
Approved by the
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Vewd Software Holdings Limited
Directors' Report for the Period from 3 February 2022 to 31 December 2022
The directors present their report and the financial statements for the period from 3 February 2022 to 31 December 2022.
Incorporation
The Company was incorporated on
Directors of the Company
The directors who held office during the period were as follows:
The following director was appointed after the period end:
Results and Dividends
The results for the financial year are set out in the profit and loss account. The Directors did not recommend paying a dividend for the period ended 31 December 2022
Vewd Software Holdings Limited
Directors' Report for the Period from 3 February 2022 to 31 December 2022
Objectives and policies
The company’s activities are exposed to different types of financial risks as set out below.
Credit risk, liquidity risk and exchange rate risk
Credit risk
The company’s main financial assets are cash balances in hand and receivables from related entities. The amounts are reflected in the Balance Sheet net of allowances for doubtful receivables, estimated by the management team based on the experience of previous years and its assessment of the current economic environment. The company does not have a significant concentration of credit risk, the exposure being largely matched with payables to group entities of a similar value.
Liquidity risk
The company is not significantly exposed to liquidity risk due to the maintenance of sufficient cash balances and the support of the ultimate parent company.
Exchange rate risk
The company transactions primarily in USD and any exchange rate risk is not considered material to the ongoing operations and performance of the company.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Vewd Software Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company’s auditors are unaware. They have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Vewd Software Holdings Limited
Independent Auditor's Report to the Members of Vewd Software Holdings Limited
Opinion
We have audited the financial statements of Vewd Software Holdings Limited (the 'Company') for the period from 3 February 2022 to 31 December 2022, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Vewd Software Holdings Limited
Independent Auditor's Report to the Members of Vewd Software Holdings Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Vewd Software Holdings Limited
Independent Auditor's Report to the Members of Vewd Software Holdings Limited
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors' remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Vewd Software Holdings Limited
Independent Auditor's Report to the Members of Vewd Software Holdings Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions an enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax legislation, and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
Vewd Software Holdings Limited
Independent Auditor's Report to the Members of Vewd Software Holdings Limited
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 an auditor’s report 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.
......................................
For and on behalf of
Chartered Accountants
114 St Martin's Lane
Covent Garden
WC2N 4BE
Vewd Software Holdings Limited
Profit and Loss Account for the Period from 3 February 2022 to 31 December 2022
Note |
2022 |
|
Administrative expenses |
( |
|
Operating loss |
(223,234) |
|
Other interest receivable and similar income |
|
|
Amounts written off investments |
( |
|
Interest payable and similar expenses |
( |
|
(16,601,790) |
||
Loss before tax |
( |
|
Loss for the financial period |
( |
Vewd Software Holdings Limited
Statement of Comprehensive Income for the Period from 3 February 2022 to 31 December 2022
2022 |
|
Loss for the period |
( |
Total comprehensive loss for the period |
( |
Vewd Software Holdings Limited
(Registration number: 13890036)
Balance Sheet as at 31 December 2022
Note |
2022 |
|
Fixed assets |
||
Investments |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100,000 |
|
Share premium reserve |
84,284,721 |
|
Other reserves |
29,648,222 |
|
Retained earnings |
(16,825,024) |
|
Shareholders' funds |
97,207,919 |
Approved and authorised by the
|
Vewd Software Holdings Limited
Statement of Changes in Equity for the Period from 3 February 2022 to 31 December 2022
Share capital |
Share premium |
Other reserves |
Retained earnings |
Total |
|
Loss for the period |
- |
- |
- |
( |
( |
Total comprehensive loss |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
Capital contribution |
- |
- |
29,648,222 |
- |
29,648,222 |
At 31 December 2022 |
|
|
|
( |
|
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Summary of disclosure exemptions
FRS 102 allows a qualifying entity certain disclosure exemptions if certain conditions have been complied with, including notification of and no objections to, the use of exemptions by the company's shareholders. A qualifying entity is defined as a member of a group that prepares publicly available financial statements, which give a true and fair view, in which that member is consolidated. Vewd Software Holdings Limited is a qualifying entity as its results are consolidated into the financial statements of Xperi Inc. which are publicly available.
As a qualifying entity, the company has taken advantage of the following exemptions:
(i) from the requirement to present a statement of cash flows as required by paragraph 3.17 (d) of FRS 102;
(ii) from the requirement to present financial instrument disclosures, as required by FRS 102 paragraphs 11.39 to 11.48A, 12.26 and 12.29; and
(iii) from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of the period as required by paragraph 4.12(a)(iv).
Separately, the company has also taken advantage of the exemption under Section 33.1A of FRS 102 not to disclose transactions between itself and other wholly owned group companies.
Name of parent of group
These financial statements are consolidated in the financial statements of Xperi Inc..
The financial statements of Xperi Inc. may be obtained from 2190 Gold Street San Jose, CA 95002 United States.
Disclosure of long or short period
Going concern
The company is dependent on the support of its parent company and group to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.
Should the support not continue, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current and long term liabilities as current liabilities.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Exemption from preparing group accounts
The financial statements contain information about Vewd Software Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Xperi Inc, a company incorporated in USA.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Significant judgements and estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Impairment of investments
The director considers whether investments in subsidiaries are impaired. Where an indication of an impairment is identified the estimation of the recoverable amount requires management to estimate the value in use which is based on future cash flows and a suitable discount rate in order to calculate the present value.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Operating loss |
Arrived at after charging/(crediting)
2022 |
|
Impairment loss |
|
Other interest receivable and similar income |
2022 |
|
Loan interest receivable |
|
Interest payable and similar expenses |
2022 |
|
Interest expense on other finance liabilities |
|
Other finance costs |
|
|
Staff costs |
The average number of persons employed by the Company (including directors) during the period, analysed by category was as follows:
2022 |
|
Administration and support |
|
|
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Auditors' remuneration |
2022 |
|
Audit of the financial statements |
|
Other fees to auditors |
|
All other non-audit services |
|
Taxation |
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK of
The differences are reconciled below:
2022 |
|
Loss before tax |
( |
Corporation tax at standard rate |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
Effect of tax losses |
|
Total tax charge/(credit) |
- |
Deferred tax
There are $4,193,715 of unused tax credits for which no deferred tax asset is recognised in the balance sheet. No deferred tax asset has been recognised due to uncertainty over the expected reversal of the timing difference.
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Investments |
2022 |
|
Investments in subsidiaries |
|
Subsidiaries |
$ |
Cost or valuation |
|
Additions |
|
Provision |
|
Provision for impairment |
|
Carrying amount |
|
At 31 December 2022 |
|
On the 31 December 2023, the intellectual property (IP) held in the company’s subsidiary, Vewd Software AS, was sold to a related party for $46,798,000. This IP would contribute to the value of the Investments in subsidiaries on the Company’s balance sheet as of the year end, 31 December 2022. A further provision for impairment is expected to be recorded in the 2023 financial year as the sale of the IP would be considered an impairment indicator.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2022 |
||||
Subsidiary undertakings |
||||
|
Tordenskiolds gate 2, 0160 Oslo,Norway |
|
|
|
|
Storgatan 40, 582 23 Linköping, Sweden |
|
|
|
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
Puławska 182, 01-001 Warszawa, Poland |
|
|
|
|
Puławska 182, 01-001 Warszawa, Poland |
|
|
|
|
Marunouchi Trust Tower North 12F, 1-8-1, Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan
|
|
|
|
|
Ping An International Financial Plaza, Tower B, 17th Floor, No. 1-3, Xin Yuan Nan Road, Chaoyang District, 100022 Beijing, China
|
|
|
|
|
Delaware, USA |
|
|
|
Subsidiary undertakings |
Vewd Software AS The principal activity of Vewd Software AS is |
Vewd Software Sweden AB The principal activity of Vewd Software Sweden AB is |
Vewd Software Poland Sp. z o.o The principal activity of Vewd Software Poland Sp. z o.o is |
Vewd Software Consulting Sp. z o.o. The principal activity of Vewd Software Consulting Sp. z o.o. is |
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Vewd Software Japan G.K. The principal activity of Vewd Software Japan G.K. is |
Beijing Vewd Information Technology Consulting Ltd The principal activity of Beijing Vewd Information Technology Consulting Ltd is |
Vewd Software USA, LLC The principal activity of Vewd Software USA, LLC is |
Debtors |
2022 |
|
Amounts owed by related parties |
|
Prepayments |
|
|
Creditors |
2022 |
|
Due within one year |
|
Amounts due to related parties |
|
Other payables |
|
Accruals |
|
|
|
Due after one year |
|
Loans and borrowings |
|
Amounts due to related parties |
|
21,500,000 |
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
Included within amounts due to related parties is a loan of $7,500,000 which is repayable by July 2025 which accrues interest at a rate of 3.09% and a loan of $6,000,000 which is repayable by November 2025 and accrues interest at a rate of 5.35%.
Loans and borrowings |
2022 |
|
Non-current loans and borrowings |
|
Redeemable preference shares |
|
Share capital |
Allotted, called up and fully paid shares
2022 |
||
No. |
$ |
|
|
|
100,000 |
|
|
8,000,000 |
|
|
Redeemable preference shares
The |
Reserves |
Capital contribution reserve
Vewd Software Holdings Limited
Notes to the Financial Statements for the Period from 3 February 2022 to 31 December 2022
The capital contribution reserve represents a capital contribution arising on funds received from the parent company. The shareholder has waived the requirement for the company to repay these amounts. As such, the company has treated this as a capital contribution by the shareholder and recognised directly in equity within other reserves
Parent and ultimate parent undertaking |
The Company's immediate parent is
These financial statements are available upon request from 2190 Gold Street San Jose, CA 95002 United States
The parent of the largest group in which these financial statements are consolidated is
The address of Xperi Inc. is: