Company registration number 06846533 (England and Wales)
AVID TECHNOLOGY GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AVID TECHNOLOGY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AVID TECHNOLOGY GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
14,912,056
14,912,056
Capital and reserves
Called up share capital
5
5,866,808
5,866,808
Share premium account
6,555,619
6,555,619
Capital redemption reserve
2,982,626
2,982,626
Profit and loss reserves
(492,997)
(492,997)
Total equity
14,912,056
14,912,056

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
M S Karim
Director
Company registration number 06846533 (England and Wales)
AVID TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Avid Technology Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Turntide Drives, Eighth Avenue, Team Valley Trading Estate, Gateshead, England, NE11 0QA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Avid Technology Group Limited is a wholly owned subsidiary of Turntide Transport Ltd and the results of Avid Technology Group Limited are included in the consolidated financial statements of Turntide Transport Ltd which are available from Turntide Drives, Eighth Avenue, Team Valley Trading Estate, Gateshead, England, NE11 0AQ.

1.2
Going concern

The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, subject to the continued support of the UK Group headed by Turntide Transport Ltd, and ultimate parent company, Turntide Technologies Inc (“TT Inc”). true

 

The ultimate parent company’s strategy has been to accelerate technological investments in select markets to ensure its long-term success. Since its inception, TT Inc has incurred net losses and negative cash flows from operations. In order to be able to be able to support the parent company and group, the ultimate parent company will require additional liquidity to meet its 12 months working capital requirement. TT Inc plans to continue financing its operations through revenues from future sales, debt, and equity financing; whilst also reducing the cash burden through efficiencies achieved in operations.

 

Having assessed the expected funding requirements of the company for the next 12 months, the directors are confident that the current cash levels of the TT Inc group and the measures outlined above mitigate the risk of going concern uncertainty and will ensure that TT Inc is able to continue to provide sufficient support for at least twelve months from date of approval of these financial statements.

 

The directors of Turntide Technologies Inc and Turntide Transport Ltd have confirmed that it will provide the support to allow the company to continue as a going concern for at least twelve months from date of approval of these financial statements. As such the financial statements have been prepared on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

AVID TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

AVID TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 January 2022 and 31 December 2022
16,485
Depreciation and impairment
At 1 January 2022 and 31 December 2022
16,485
Carrying amount
At 31 December 2022
-
0
At 31 December 2021
-
0
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
14,912,056
14,912,056
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
5,866,807,314
5,866,807,314
5,866,808
5,866,808

At year end the company has one class of ordinary shares which carry no right to fixed income.

AVID TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Parent company

The company's ultimate UK parent undertaking is Turntide Transport Limited, a company incorporated in England and Wales and its registered office is Turntide Drives Eighth Avenue, Team Valley Trading Estate, Gateshead, United Kingdom, NE11 0QA.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Stephen Slater
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
28 March 2024
2022-12-312022-01-01false28 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedM CoxM S KarimR J MorrisC R PennisonM BoyleR Shakoorifalse068465332022-01-012022-12-31068465332022-12-31068465332021-12-3106846533core:ShareCapital2022-12-3106846533core:ShareCapital2021-12-3106846533core:SharePremium2022-12-3106846533core:SharePremium2021-12-3106846533core:CapitalRedemptionReserve2022-12-3106846533core:CapitalRedemptionReserve2021-12-3106846533core:RetainedEarningsAccumulatedLosses2022-12-3106846533core:RetainedEarningsAccumulatedLosses2021-12-3106846533bus:Director22022-01-012022-12-3106846533core:PlantMachinery2022-01-012022-12-31068465332021-06-262021-12-3106846533core:PlantMachinery2021-12-3106846533core:PlantMachinery2022-12-3106846533core:PlantMachinery2021-12-3106846533bus:PrivateLimitedCompanyLtd2022-01-012022-12-3106846533bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3106846533bus:FRS1022022-01-012022-12-3106846533bus:Audited2022-01-012022-12-3106846533bus:Director12022-01-012022-12-3106846533bus:Director32022-01-012022-12-3106846533bus:Director42022-01-012022-12-3106846533bus:Director52022-01-012022-12-3106846533bus:Director62022-01-012022-12-3106846533bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP