Financial Statements
MercuryGate Europe Limited
For the year ended 31 December 2023
Contents
Page
Company information
1
Directors' report
2 – 3
Statement of directors' responsibilities
4
Independent auditor's report
5 – 9
Statement of total comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 – 30
MercuryGate Europe Limited
Company Information
Joseph David Juliano
Directors
Angela Trang Malley Rosenthal
Simon Charles Fahie
Mark Edward Huebeler
12166513
Registered number
4 Studley Court
Registered office
Guildford Road
Chobham
Surrey
United Kingdom
GU24 8EB
Grant Thornton
Independent auditor
Chartered Accountants and Statutory Auditors
13-18 City Quay
Dublin 2
Wells Fargo Bank, N.A.
Bankers
London Branch
Level 8
33 King William Street
London
EC4R 9AT
United Kingdom
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
United Kingdom
Page | 0
MercuryGate Europe Limited
Directors' Report
For the year ended 31 December 2023
The Directors present the annual report and audited financial statements for the year ended 31 December 2023 of MercuryGate Europe Limited (the “Company”).
Principal activity
The Company develops, markets, and supports a suite of integrated cloud-based software applications that manage a company's shipping and transportation process. The Company's primary customers consist of shippers, third-party logistics companies, freight brokerage companies, freight forwarders, and transportation carriers.
Results and dividends
The loss for the year, after taxation, amounted to £141,374 (2022: £689,294).
The Directors do not propose the payment of a dividend in the current year.
Directors
The directors who served during the year were:
Joseph David Juliano
Angela Trang Malley Rosenthal
Simon Charles Fahie
Mark Edward Huebeler
Going concern
In preparing the financial statements, the directors consider it appropriate to continue to use the going concern assumption which assumes the Company will have sufficient resources to enable it to meet its liabilities as and when they fall due, including adequate financial support. During the year, the Company incurred a net loss of £141,374 (2022: net loss £689,294) and as at year end, the Company had a net deficit of £1,896,002 (2022: net deficit £1,754,628). Nonetheless, the Company's forecasts and projections, taking account of reasonably possible changes in trading performance show that the Company should be able to operate on its own account for the foreseeable future. The directors have also received confirmation from the Company's parent company, MercuryGate International Inc., that they will provide the necessary financial resources to meet the Company's obligations as and when they fall due to the extent that financial resources are not otherwise available, for a minimum period of twelve months from the date of signing of the financial statements. Based on the above, the directors are of the opinion that it is appropriate to prepare the financial statements on the going concern basis and the financial statements do not contain any adjustment should this parental support not be forthcoming.
Events since the end of the year
There have been no significant events affecting the Company since the year end.
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MercuryGate Europe Limited
Directors' Report (continued)
For the year ended 31 December 2023
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Mark Edward Huebeler
Director
Date: 10 July 2024
2024-07-10
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MercuryGate Europe Limited
Statement of Directors' Responsibilities
For the year ended 31 December 2023
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and UK-adopted International Accounting Standards (IAS). 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 the financial statements, the directors are required to:
-
select suitable accounting policies for the Company's financial statements then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; 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 to 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.
Signed for and on behalf of the Board
Mark Edward Huebeler
Director
Date: 10 July 2024
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MercuryGate Europe Limited
Independent Auditor's Report to the members of MercuryGate Europe Limited
For the year ended 31 December 2023
Opinion
We have audited the financial statements of MercuryGate Europe Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, the Statement of cash flows for the year ended 31 December 2023, and the related 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 UK-adopted International Accounting Standards (IAS).
In our opinion, MercuryGate Europe Limited's financial statements:
  • *
give a true and fair view in accordance with UK-adopted IAS, of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 the date when the financial statements are 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.
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MercuryGate Europe Limited
Independent Auditor's Report to the members of MercuryGate Europe Limited (continued)
For the financial year ended 31 December 2023
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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.
Opinions on other matters 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 Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and
the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • *
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; or
  • *
the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
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MercuryGate Europe Limited
Independent Auditor's Report to the members of MercuryGate Europe Limited (continued)
For the financial year ended 31 December 2023
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements, which give a true and fair view in accordance with UK-adopted IAS 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
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MercuryGate Europe Limited
Independent Auditor's Report to the members of MercuryGate Europe Limited (continued)
For the financial year ended 31 December 2023
Responsibilities of the auditor for the audit of the financial statements (continued)
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data protection and cybersecurity laws and regulations in the UK, Employment laws in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as UK tax legislation and Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
In response to these principal risks, our audit procedures included but were not limited to:
  • *
inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
  • *
review of minutes of board meetings during the year to corroborate inquiries made;
  • *
gaining an understanding of the internal controls established to mitigate risk related to fraud;
  • *
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
  • *
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
  • *
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
  • *
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating allowance for expected credit losses; and
  • *
review of the financial statements disclosures to underlying supporting documentation and inquiries of
management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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MercuryGate Europe Limited
Independent Auditor's Report to the members of MercuryGate Europe Limited (continued)
For the year ended 31 December 2023
The purpose of our audit work and to whom we owe our responsibilities
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.
Tracey Sullivan (Senior Statutory Auditor)
For and on behalf of
Grant Thornton
Chartered Accountants & Statutory Auditors
Dublin
Ireland
Date: 10 July 2024
2024-07-10
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MercuryGate Europe Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
2023
2022
Notes
£
£
Revenue
4
1,656,865
1,027,271
Cost of revenue
(1,064,727)
(767,166)
Gross profit
592,138
260,105
Administrative expenses
5
(737,441)
(949,850)
Operating loss
(145,303)
(689,745)
3,929
Finance income
8
451
Loss on ordinary activities before taxation
(141,374)
(689,294)
Tax on loss on ordinary activities
9
-
0
-
Loss for the year
(141,374)
(689,294)
Total comprehensive loss for the year
(141,374)
(689,294)
All amounts relate to continuing operations.
There was no other comprehensive loss for 2023 (2022: £NIL).
The notes on pages 14 to 30 form part of these financial statements.
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MercuryGate Europe Limited
Statement of Financial Position
As at 31 December 2023
2023-12-31
2023
2022
Notes
£
£
Assets
Non-current assets
Tangible fixed assets
10
5,299
3,434
Other assets - non-current
11
93,766
38,008
Current assets
Trade and other receivables
12
348,256
207,143
Other assets - current
11
31,385
13,037
Cash
13
274,886
125,121
Total assets
753,592
386,743
Liabilities
Current liabilities
Trade and other payables
14
2,632,860
2,116,163
Deferred revenue
4
16,734
25,208
Total liabilities
2,649,594
2,141,371
Equity
Share capital
15
1,000
1,000
Accumulated losses
(1,897,002)
(1,755,628)
Shareholders' deficit
(1,896,002)
(1,754,628)
Total liabilities and equity
753,592
386,743
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Signed for and on behalf of the Board of Directors
Mark Edward Huebeler
Director
Date: 10 July 2024
2024-07-10
The notes on pages 14 to 30 form part of these financial statements.
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MercuryGate Europe Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Accumulated losses
Shareholders' deficit
Share capital
£
£
£
Balance at 1 January 2023
1,000
(1,755,628)
(1,754,628)
Total comprehensive loss for the year
-
(141,374)
(141,374)
Balance at 31 December 2023
1,000
(1,897,002)
(1,896,002)
Statement of Changes in Equity
For the period ended 31 December 2022
Accumulated losses
Shareholders' deficit
Share capital
£
£
£
Balance at 1 January 2022
1,000
(1,066,334)
(1,065,334)
Total comprehensive loss for the year
-
(689,294)
(689,294)
Balance at 31 December 2022
1,000
(1,755,628)
(1,754,628)
The notes on pages 14 to 30 form part of these financial statements.
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MercuryGate Europe Limited
Statement of Cash Flows
For the year ended 31 December 2023
2023
2022
Notes
£
£
Operating activities
Loss on ordinary activities before taxation
(141,374)
(689,294)
Adjustments for:
Interest income
8
(3,929)
(451)
Depreciation
10
2,186
2,746
(Increase)/ decrease in trade and other receivables
(141,113)
7,015
Increase in other assets
(74,106)
(21,719)
Increase in trade and other payables
516,697
631,396
(Decrease)/ increase in deferred revenue
(8,474)
13,845
Cash generated from operations
149,887
(56,462)
Interest received
3,929
451
Net cash generated from/ (used in) operating activities
153,816
(56,011)
Cash flows from investing activities
Purchase of tangible fixed assets
10
(4,051)
(2,303)
Net cash used in investing activities
(4,051)
(2,303)
Net increase/ (decrease) in cash for the period
149,765
(58,314)
Cash at the beginning of the year
125,121
183,435
Cash at the end of the year
274,886
125,121
The notes on pages 14 to 30 form part of these financial statements.
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MercuryGate Europe Limited
Notes to the Financial Statements
For the year ended 31 December 2023
1.
General information and statement of compliance with UK-adopted IAS
MercuryGate Europe Limited (the “Company”) is a private company limited by shares which was registered and incorporated under the laws of the United Kingdom on 20 August 2019. The Company's registered office address is at 4 Studley Court, Guilford Road, Chobham, Surrey, United Kingdom, GU24 8EB.
The Company develops, markets, and supports a suite of integrated cloud-based software applications that manage a company's shipping and transportation process. The Company's primary customers consist of shippers, third-party logistics companies, freight brokerage companies, freight forwarders, and transportation carriers.
They have been prepared under the assumption that the Company operates on a going concern basis, which assumes the Company will be able to discharge its liabilities as they fall due.
2.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
1.1
Basis of preparation
The financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies and in accordance with UK-adopted International Accounting Standards (IAS) and interpretations as issued by the International Accounting Standards Board (“IASB”) (International Financial Reporting Standards as adopted by the UK or hereinafter referred to as “IFRS”) and the Companies Act 2006.
The Company qualifies as a small company as defined by section 280A of the Act, in respect of the financial year and has applied the rules of the “Small Companies Regime” in accordance with section 280C of the Act.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies.
The financial statements are presented in GBP (£), which is also the Company's functional currency, and rounded to the nearest pound, except when otherwise indicated.
1.2
New or revised Standards or Interpretations
New standards adopted as at 1 January 2023
The following accounting pronouncements, which have become effective from 1 January 2023 and have therefore been adopted do not have a significant impact on the Company's financial results or position:
IFRS 17 Insurance Contracts
Amendments to IFRS 17 Insurance Contracts (Amendments to IFRS 17 and IFRS 4)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
Definition of Accounting Estimates (Amendments to IAS 8)
International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12)
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MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
2.2 New or revised Standards or Interpretations (continued)
Standards, amendments and Interpretations to existing Standards that are not yet effective and have not been adopted early by the Company
At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to Standards have been adopted early by the Company and no material impact is expected:
2.
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
3.
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
4.
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
5.
Non-current Liabilities with Covenants (Amendments to IAS 1)
6.
Lack of Exchangeability (Amendments to IAS 21)
Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Company's financial statements.
1.3
Cash
Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
1.4
Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expires, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).
Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories:
amortised cost
fair value through profit or loss (FVTPL)
fair value through other comprehensive income (FVOCI).
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MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
2.4 Financial instruments (continued)
In the years presented, the Company does not have any financial assets categorised as FVTPL and FVOCI.
The classification is determined by both:
  • *
the entity's business model for managing the financial asset, and
  • *
the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs or finance income.
Subsequent measurement of financial assets
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):
  • *
they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows
  • *
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and most other receivables fall into this category of financial instruments.
Impairment of financial assets
IFRS 9's impairment requirements use more forward-looking information to recognise expected credit losses – the ‘expected credit loss (ECL) model'.
Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under IFRS 15 and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss. The Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
  • *
financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1') and
  • *
financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2').
‘Stage 3' would cover financial assets that have objective evidence of impairment at the reporting date.
‘12-month expected credit losses' are recognised for the first category while ‘lifetime expected credit losses' are recognised for the second category.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.
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MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
2.4
Financial instruments (continued)
Classification and measurement of financial liabilities
The Company's financial liabilities include trade creditors, amounts owed to group undertakings and accruals.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or finance income.
1.5
Equity and reserves
Share capital represents the nominal (par) value of shares that have been issued.
Accumulated losses includes all current and prior period retained losses.
1.6
Functional currency
Functional and presentation currency
The financial statements are presented in GBP (£), which is also the functional currency of the Company.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the Company, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency at period-end exchange rates are recognised in profit or loss.
1.7
Revenue recognition
The Company generates revenues primarily in the form of software license fees and related enhancements, hosting, and service fees. License fees include monthly subscriptions and per-transaction fees. Enhancement fees are for support, upgrades, and enhancements of the software.
Revenue is recognised upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services.
To determine whether to recognise revenue, the Company follows a 5-step process:
1.
Identifying the contract with a customer
2.
Identifying the performance obligations
3.
Determining the transaction price
4.
Allocating the transaction price to the performance obligations
5.
Recognising revenue when/as performance obligation(s) are satisfied.
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MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
1.7
Revenue recognition (continued)
Revenue is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred revenue in the statement of financial position. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset (presented as other assets) or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due.
Contracts with multiple performance obligations
The Company enters into contracts with its customers that may contain multiple performance obligations. A performance obligation is a promise in a contract with a customer to transfer products or services that are distinct. Determining whether products and services are distinct performance obligations that should be accounted for separately or combined as one unit of accounting may require significant judgment.
For identified customer contracts with multiple performance obligations, the Company accounts for the individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (SSP) basis. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company's discounting practices, the size and volume of the Company's transactions, the customer demographic, the geographic area where services are sold, price lists, its go-to-market strategy, historical sales and contract prices. As the Company's go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to SSP.
Software as a Service (SaaS)
The Company's SaaS services are available on a monthly subscription basis or on a transaction volume basis. Customers do not have the right or ability to take possession of the hosted software. Subscription-based hosted services are recognised ratably over the service term. Transaction-based hosted services are recognised proportionately over the expected period during which the specified services are provided, which is typically monthly.
Service Revenues
Service revenues primarily consist of consulting, integration, implementation, and training activities. Fees are billed under both time-and-materials and fixed-fee arrangements. The Company recognises revenue over time as the performance obligations are satisfied. Revenue is recognised based on the hours-to-hours method where these performance obligations are deemed satisfied based on actual hours incurred over the estimated hours to complete a specific project. Payments received in advance are deferred and recognised as revenue as services are performed. These payments are generally based on the agreed payment schedule between the customers and the Company and are due monthly.
Hosting Revenues
Hosting revenue is derived from fees charged to customers for hosting the software by providing server and firewall services. The Company recognises revenue over time as the performance obligations are satisfied, i.e., when the Company has the right to invoice. Generally, the license agreements provide service-level commitments of 99.8% uptime per month, excluding scheduled maintenance. The failure to meet this level of service availability may require the Company to credit qualifying customers a prorated portion of hosting fees paid by the customer.
Page | 17
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
2.7 Revenue recognition (continued)
Hosting Revenues (continued)
Considering the Company's historical experience with meeting its service-level commitments, the Company does not currently have any liabilities on its balance sheets for these commitments. Customers are invoiced on the basis of agreed terms and consideration is payable when invoiced.
1.8
Costs capitalised to obtain revenue contracts
The Company capitalises incremental costs of obtaining a subscription revenue contract. The capitalised amounts are direct and incremental costs to obtain customer contracts and consist primarily of sales commissions paid to the Company's direct sales force. Costs capitalised related to new revenue contracts are amortised on a straight-line basis over five years, which, although longer than the typical initial contract period, reflects the average period of benefit, including expected contract renewals. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the estimated technology life cycles of its product offerings and its customer attrition.
The capitalised amounts are recoverable through future revenue streams under all customer contracts. The Company periodically evaluates whether there have been any changes in its business, the market conditions in which it operates or other events which would indicate that its amortisation period should be changed or if there are potential indicators of impairment.
Amortisation of capitalised costs to obtain revenue contracts is included as part of administrative expenses in the statement of comprehensive income.
1.9
Deferred revenue
Deferred revenue consists of billings or payments received in advance of revenue recognition. The Company initially records the amounts paid in advance as deferred revenue and recognises these amounts over the related period of service for the respective performance obligation.
1.10
Cost of revenue
Cost of revenue primarily consists of costs related to hosting the Company's cloud-based application suite, providing customer support, data communications expenses, salaries and benefits of operations and support personnel, and third-party software license fees. Costs related to professional services are expensed as incurred. When revenue is recognised over multiple periods in accordance with the Company's revenue recognition policies, the Company has made an accounting policy election whereby the direct cost for installation and other service costs are expensed as incurred.
1.11
Interest income and expense
Interest income and expense are recognised within ‘finance income' and ‘finance costs' in profit or loss using the effective interest rate method.
1.12
Administrative expenses
Administrative expenses are recognised in profit or loss in the period in which they are incurred (on an accruals basis).
Page | 18
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
1.13
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.
At each reporting date, the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of tangible fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to statement of comprehensive income during the period in which they are incurred.
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. Depreciation of computer equipment is provided based on its useful life of 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 the statement of comprehensive income.
1.14
Post-employment benefits and short-term employee benefits
Retirement benefit costs
The costs charged in the financial statements represent contributions payable by the Company during the period into publicly or privately administered defined contribution pension plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.
Short-term employee benefits
Short-term employee benefits, including holiday entitlement, are current liabilities included in pension and other employee obligations, measured at the undiscounted amount that the Company expects to pay as a result of the unused entitlement.
Page | 19
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
1.15
Taxation
The tax expense for the period comprises current tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised directly in other comprehensive income or equity - in which case, the tax is also recognised in other comprehensive income or equity.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the date of the statement of financial position in the countries where the Company operates. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation, and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
3.
Significant management judgments in applying accounting policy and estimation uncertainty
When preparing the financial statements, the management makes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.
Significant management judgments
In the process of applying the Company's accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the financial statements:
Going concern
In preparing the financial statements, the directors consider it appropriate to continue to use the going concern assumption which assumes the Company will have sufficient resources to enable it to meet its liabilities as and when they fall due, including adequate financial support. During the year, the Company incurred a net loss of £141,374 (2022: net loss £689,294) and as at year end, the Company had a net deficit of £1,896,002 (2022: net deficit £1,754,628). Nonetheless, the Company's forecasts and projections, taking account of reasonably possible changes in trading performance show that the Company should be able to operate on its own account for the foreseeable future.   The directors have also received confirmation from the Company's parent company, MercuryGate International Inc., that they will provide the necessary financial resources to meet the Company's obligations as and when they fall due to the extent that financial resources are not otherwise available, for a minimum period of twelve months from the date of signing of the financial statements. Based on the above, the directors are of the opinion that it is appropriate to prepare the financial statements on the going concern basis and the financial statements do not contain any adjustment should this parental support not be forthcoming.
Recognition of contract revenues
Significant judgement is required to assess whether performance obligation had been satisfied. The amount of revenue recognised in a reporting period depends on the extent to which the performance obligation has been satisfied. For service revenues, this requires a judgment in determining the estimated hours required to complete the promised work when applying the hours–to–hours method described in Note 2.7.
Estimation uncertainty
Information about estimates and assumptions that may have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may be substantially different.
Page | 20
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
Expected credit losses
The Company measures expected credit losses (ECL) of a financial instrument in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and information about past events, current conditions and forecasts of future economic conditions. When measuring ECL, the Company uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.
The carrying amounts of trade receivables are disclosed in Note 12.
4.
Revenue
Revenue, analysed geographically between markets, was as follows:
2023
2022
£
£
United Kingdom
253,612
282,470
Europe and rest of the world
1,403,253
744,801
Total
1,656,865
1,027,271
All revenues are recognised over time.
As at year end, deferred revenue expected to be recognised in the succeeding year amounted to £16,734 (2022: £25,208). Revenues recognised during the year that was included in the deferred revenue balance at the beginning of the year amounted to £25,208 (2022: £11,363).
5.
Administrative expenses
Operating loss is stated after charging the following administrative expenses:
2023
2022
£
£
Wages and salaries
604,797
557,022
Foreign currency (gain)/loss
(87,131)
178,384
Consultancy
70,892
98,634
Marketing and advertising
90,538
63,598
Depreciation of tangible fixed assets
2,186
2,746
Others
56,159
49,466
Total
737,441
949,850
Wages and salaries include staff salaries, director's remuneration, and the related national insurance and pension costs.
Page | 21
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
6.
Employees
The average monthly number of employees during the period was as follows:
2023
2022
No.
No.
Administration
8
7
7.
Directors' remuneration
2023
2022
£
£
Directors' emoluments
339,032
289,813
Cost of defined contribution pension scheme
3,333
2,000
Total
342,365
291,813
8.
Finance income
2023
2022
£
£
Interest income
3,929
451
9.
Taxation
2023
2022
£
£
Corporation tax
Total current tax
-
0
-
Factors affecting tax charge for the year
The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.5% (2022: 19%). The differences are explained below:
2023
2022
£
£
Loss on ordinary activities before tax
(141,374)
(689,294)
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5%
(33,223)
(130,966)
Expenses not deductible for tax purposes
3,024
1,737
Non-trade loan relationship credits
(21,399)
(815)
Capital allowances for year in excess of depreciation
(439)
(47)
Adjustments to tax charge in respect of prior periods
238
(24)
Losses carried forward
51,799
130,115
Tax charge for the year
-
-
Page | 22
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
In 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%. The 25% rate is used to measure UK deferred taxes in 2023 (and in 2022 to the extent the related timing differences were expected to reverse after 1 April 2023).
Factors that may affect future tax charges
There are no factors that may affect future tax charges.
10.
Tangible fixed assets
Computer equipment
£
Cost or valuation
At 1 January 2023
10,173
Additions
4,051
At 31 December 2023
14,224
Depreciation
At 1 January 2023
6,739
Charge for the year
2,186
At 31 December 2023
8,925
Net book value
At 31 December 2023
5,299
At 31 December 2022
3,434
All depreciation charges are included within administration expenses in the statement of comprehensive income.
11.
Other assets
During the year, the Company capitalised £104,165 (2022: £32,890) of costs to obtain revenue contracts and amortised £22,380 (2022: £10,658) to administrative expenses. During the year, the Company also recognised impairment loss of £7,679 (2022: £513) in administrative expenses. Costs capitalised to obtain revenue contracts, net of amortisation and impairment, are included in the Company's statement of financial position under other assets.
2023
2022
£
£
Other assets – non-current
93,766
38,008
Other assets – current
31,385
13,037
Total
125,151
51,045
Page | 23
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
12.
Trade and other receivables
Trade and other receivables consist of the following:
2023
2022
£
£
Trade receivables
347,256
206,143
Other debtors
1,000
1,000
Total
348,256
207,143
The carrying value of trade receivables are considered to be a reasonable approximation of fair value.
13.
Cash
2023
2022
£
£
Cash at bank
274,886
125,121
14.
Trade and other payables
2023
2022
£
£
Trade payables
6,440
3,437
Amounts owed to group undertakings
2,531,705
1,981,261
Taxation and social security
30,291
29,116
  2,052
VAT payable
  19,234
Accruals
62,372
83,115
Total
2,632,860
2,116,163
Trade and other payables are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. All amounts are short-term unless otherwise classified.
Amounts owed by group undertakings are unsecured, interest-free, and repayable on demand.
Page | 24
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
15.
Share capital
The authorised and issued share capital of the Company is shown in the following table:
2023
2022
£
£
Authorised share capital
1,000 (2022 – 1,000) Ordinary shares of £1.00 each
1,000
1,000
Issued and outstanding share capital
1,000 (2022 – 1,000) Ordinary shares of £1.00 each
1,000
1,000
16.
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. Transactions with key management personnel pertain to director's remuneration as disclosed in note 7.
MercuryGate International, Inc.
During the year, MercuryGate International, Inc. provided short-term loans amounting to £152,625 (2022: £304,933) and service recharges of £356,691 (2022: £258,993). Service recharges are presented as part of the Cost of Revenue in the statement of comprehensive income. MercuryGate International, Inc. is a parent of the Company with a 100% direct shareholding. The outstanding balance at year end amounted to £2,425,488 (2022: £1,916,172).
Cheetah Software Systems, LLC
During the year, Cheetah Software Systems, LLC recharged the Company £43,219 (2022: £42,604) for services rendered. Service recharges are presented as part of the Cost of Revenue in the statement of comprehensive income. At year end, the Company owed Cheetah Software Systems, LLC  £103,206 (2022: £64,532). Cheetah Software Systems, LLC is a company under common control.
TranSolutions, LLC
During the year, TranSolutions, LLC recharged the Company £-125 (2022: £844) for services rendered to the Company. Service recharges are presented as part of the Cost of Revenue in the statement of comprehensive income. At year end, the Company owed TranSolutions, LLC £409 (2022: £557). TranSolutions, LLC is a company under common control.
Cleartrack Information Network, LLC
During the year, Cleartrack Information Network, LLC recharged the Company £2,632 (2022: £Nil) for services rendered to the Company. Service recharges are presented as part of the Cost of Revenue in the statement of comprehensive income. At year end, the Company owed Cleartrack Information Network, LLC £2,602 (2022: £Nil). Cleartrack Information Network, LLC is a company under common control.
The outstanding balances with related parties above are presented under Amounts due to group undertakings in Trade and other payables as disclosed in note 14.
Page | 25
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
17.
Fair value and characteristics of financial instrument
The carrying amounts of financial assets and financial liabilities in each category of the Company are as follows:
Notes
2023
2022
Financial assets
£
£
Trade receivables
12
347,256
206,143
Other debtors
12
1,000
1,000
Cash
13
274,886
125,121
Total financial assets
623,142
332,264
Notes
2023
2022
Financial liabilities
£
£
Trade payables
14
6,440
3,437
Amounts owed to group undertakings
14
2,531,705
1,981,261
Accruals
14
62,372
83,115
Total financial liabilities
2,600,517
2,067,813
All financial assets and liabilities above are measured at amortised cost.
Financial risks
The Company is exposed to various risks in relation to financial instruments. The main types of risks are credit risk, currency risk and liquidity risk.
The Company's risk management is coordinated at its headquarters, in close cooperation with the board of directors, and focuses on actively securing the Company's short to medium-term cash flows by minimising the exposure to financial markets. The Board of Directors are responsible for managing financial risk.  The significant financial risks to which the Company is exposed are described below.
Credit risk
Credit risk is the risk that the counterparty fails to discharge an obligation of the Company. The Company is exposed to credit risk from financial assets including cash held at banks and trade receivables.
The credit risk for cash is considered negligible, since the counterparties are reputable banks with high quality external credit ratings. The credit risk exposure is low.
The Company continuously monitors the credit quality of customers. Where available, external credit reports on customers are obtained and used. The Company's policy is to deal only with credit worthy counterparties.
The Company applies the IFRS 9 simplified model of recognising lifetime expected credit losses (ECL) for all trade receivables as these items do not have a significant financing component. The carrying amount of the trade receivables represents the maximum credit exposure.
Page | 26
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
17.
Fair value and characteristics of financial instrument (continued)
In measuring the ECL, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. The Company considers that default has occurred when a financial asset is more than 90 days past due unless the Company has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.  On that basis, presented below is the aging for trade receivables, as at year end.
2023
2022
£
£
0-30 days
111,539
75,152
30 Days and above
235,717
130,991
Total
347,256
206,143
The expected loss rates are based on historical credit losses experienced within the year.  The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Company did not incorporate macroeconomic variables on its default rate due to undue costs or effort.  Management has assessed the computed ECL during the period and recognized £5,894 as at year end (2022: £Nil).  Trade receivables are written off when there is no reasonable expectation of recovery. Failure to make payments within the agreed credit terms and failure to engage with the Company on alternative payment arrangement amongst others is considered indicators of no reasonable expectation of recovery.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency) which are primarily denominated in United States Dollar (USD) and Euro (EUR).
The Company's policy is to reduce its economic risk resulting from exchange rate fluctuations as far as possible over the medium term. All of the Company's financial instruments are short-term.
Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The amounts shown are those reported to key management translated into Pound Sterling (£) at the closing rate:
Short-term exposure
USD
EUR
Total
31 December 2023
£
£
£
Financial assets
124,795
165,538
290,333
Financial liabilities
(2,531,705)
-
(2,531,705)
Total exposure
(2,406,910)
165,538
(2,241,372)
Short-term exposure
USD
EUR
Total
31 December 2022
£
£
£
Financial assets
-
110,261
110,261
Financial liabilities
(1,981,261)
-
(1,981,261)
Total exposure
(1,981,261)
110,261
(1,871,000)
Page | 27
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
17.
Fair value and characteristics of financial instrument (continued)
The analysis above illustrates the sensitivity of profit and equity regarding the Company's financial assets and financial liabilities and the foreign exchange rates all other things being equal. A +/- 4% change is considered for the exchange rate (2022: +/- 4%). Both percentages have been determined based on the average market volatility in exchange rates in the previous 12 months. The sensitivity analysis is based on the Company's foreign currency financial instruments held at each reporting date.
If the Pound Sterling had weakened against the foreign currencies by 4% (2022: 4%) then this would have resulted in a net increase in profit or loss and equity of £89,655 (2022: £74,840). If the Pound Sterling had strengthened against the foreign currencies by 4% (2022: 4%) then this would have resulted in a net decrease in profit or loss and equity of £89,655 (2022: £74,840).
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Company's exposure to currency risk.
Liquidity risk
Liquidity risk is the risk that the Company might be unable to meet its obligations. The Company meets its financing needs primarily through advances from its parent company only. Management control and monitor the Company's cash flow on a regular basis, including forecasting future cash flows, to ensure that it has sufficient financial resources to meet the obligations of the Company as they fall due.
As at 31 December 2023, the Company's financial liabilities have contractual maturities of less than one year (2022: less than one year).
Fair value of financial assets and liabilities
The fair value of an asset and a liability is the price that would be agreed between parties who are free to contract and operating at market conditions. The determination of fair value should be based on observable market data which provides the most reliable indication of the fair value of a financial instrument.
The classification levels in the fair value hierarchy are defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly;
Level 3: unobservable inputs for the asset or liability.
The fair value of the Company's financial assets and liabilities is considered to correspond approximately to their net book value, the effect of discounting future cash flows not being significant given their short-term nature. All financial assets and liabilities have been recognised at historical cost.
Page | 28
MercuryGate Europe Limited
Notes to the Financial Statements (continued)
For the year ended 31 December 2023
17.
Fair value and characteristics of financial instrument (continued)
Capital management policies and procedures
For the purpose of the Company's capital management, capital includes issued capital. The Company's capital management objectives are:
  • *
To safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns to investors and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
  • *
To provide an adequate return to shareholders based on the level of risk undertaken.
  • *
To have financial resources available to allow the Company to invest in areas that may deliver future benefits and returns to shareholders and other stakeholders.
  • *
To maintain financial resources sufficient to mitigate against risks and unforeseen events.
Capital risk is not significant for the Company and measurement of capital management is not a tool used in the internal management reporting procedures of the Company.
No changes were made in the objectives, policies or processes for managing capital during the year.
18.
Events since the end of the year
There have been no significant events affecting the Company since the year end.
19.
Ultimate controlling party
The Company is owned 100% by MercuryGate International, Inc., a company registered and incorporated in the USA with a registered address at 200 Regency Forest Drive, Suite 110, Cary NC 27518, United States. The ultimate controlling party is Summit Limited Partners.
The smallest and largest group of undertakings for which consolidated financial statements are prepared and of which the Company is included is the group headed by MGI Intermediate Holdings Inc, a company registered and incorporated in the USA with a registered address at 200 Regency Forest Drive, Suite 110, Cary NC 27518, United States. Copies of the consolidated financial statements are available on request from their registered address.
20.
Authorisation of the financial statements
The financial statements for the year ended 31 December 2023 (including comparatives) were approved by the board of directors on 10 July 2024.
Page | 29
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