Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse882023-01-01false62020 - Information technology consultancy activities83false 02123605 2023-01-01 2023-12-31 02123605 2022-01-01 2022-12-31 02123605 2023-12-31 02123605 2022-12-31 02123605 2022-01-01 02123605 1 2023-01-01 2023-12-31 02123605 1 2022-01-01 2022-12-31 02123605 5 2023-01-01 2023-12-31 02123605 5 2022-01-01 2022-12-31 02123605 1 2023-01-01 2023-12-31 02123605 e:Director1 2023-01-01 2023-12-31 02123605 e:Director2 2023-01-01 2023-12-31 02123605 e:Director2 2023-12-31 02123605 e:Director3 2023-01-01 2023-12-31 02123605 e:RegisteredOffice 2023-01-01 2023-12-31 02123605 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 02123605 d:Buildings d:LongLeaseholdAssets 2023-12-31 02123605 d:Buildings d:LongLeaseholdAssets 2022-12-31 02123605 d:FurnitureFittings 2023-01-01 2023-12-31 02123605 d:FurnitureFittings 2023-12-31 02123605 d:FurnitureFittings 2022-12-31 02123605 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02123605 d:OfficeEquipment 2023-01-01 2023-12-31 02123605 d:OfficeEquipment 2023-12-31 02123605 d:OfficeEquipment 2022-12-31 02123605 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02123605 d:ComputerEquipment 2023-01-01 2023-12-31 02123605 d:ComputerEquipment 2023-12-31 02123605 d:ComputerEquipment 2022-12-31 02123605 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02123605 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02123605 d:ComputerSoftware 2023-12-31 02123605 d:ComputerSoftware 2022-12-31 02123605 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 02123605 d:CurrentFinancialInstruments 2023-12-31 02123605 d:CurrentFinancialInstruments 2022-12-31 02123605 d:Non-currentFinancialInstruments 2023-12-31 02123605 d:Non-currentFinancialInstruments 2022-12-31 02123605 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02123605 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02123605 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02123605 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02123605 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02123605 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 02123605 f:UnitedKingdom 2023-01-01 2023-12-31 02123605 f:UnitedKingdom 2022-01-01 2022-12-31 02123605 f:RestWorldOutsideUK 2023-01-01 2023-12-31 02123605 f:RestWorldOutsideUK 2022-01-01 2022-12-31 02123605 d:UKTax 2023-01-01 2023-12-31 02123605 d:UKTax 2022-01-01 2022-12-31 02123605 d:ShareCapital 2023-01-01 2023-12-31 02123605 d:ShareCapital 2023-12-31 02123605 d:ShareCapital 2022-01-01 2022-12-31 02123605 d:ShareCapital 2022-12-31 02123605 d:ShareCapital 2022-01-01 02123605 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02123605 d:RetainedEarningsAccumulatedLosses 2023-12-31 02123605 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02123605 d:RetainedEarningsAccumulatedLosses 2022-12-31 02123605 d:RetainedEarningsAccumulatedLosses 2022-01-01 02123605 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02123605 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02123605 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-12-31 02123605 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-12-31 02123605 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02123605 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02123605 d:OtherDeferredTax 2023-12-31 02123605 d:OtherDeferredTax 2022-12-31 02123605 e:OrdinaryShareClass1 2023-01-01 2023-12-31 02123605 e:OrdinaryShareClass1 2023-12-31 02123605 e:OrdinaryShareClass1 2022-12-31 02123605 e:FRS102 2023-01-01 2023-12-31 02123605 e:Audited 2023-01-01 2023-12-31 02123605 e:FullAccounts 2023-01-01 2023-12-31 02123605 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02123605 d:WithinOneYear 2023-12-31 02123605 d:WithinOneYear 2022-12-31 02123605 d:BetweenOneFiveYears 2023-12-31 02123605 d:BetweenOneFiveYears 2022-12-31 02123605 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 02123605 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02123605









VISTEX (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VISTEX (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr A Biegun 
Ms H S Shah  




Registered number
02123605



Registered office
The Forum
74-80 Camden Street

London

NW1 0EG




Independent auditor
Nortons Assurance Limited
Chartered Accountants and Statutory Auditor

Second Floor

NOW Building

Thames Valley Park

Reading

Berkshire

RG6 1RB





 
VISTEX (UK) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 29


 
VISTEX (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.
Tragic accident in 2024
Everyone at Vistex was dealt a huge blow in January 2024 as news broke of a terrible incident which occurred while the Group’s Asia Pacific colleagues celebrated the 25 year anniversary of Vistex with senior management. The incident immediately took the life of CEO, Founder and Chief Architect, Sanjay Shah and, more recently, Vistex’s President Raju Datla, who died in July of this year. 
Sanjay Shah’s bootstrap story began when he left Mumbai, India to attend Lehigh University’s business school, where he earned his MBA in 1989 at the age of 21. He held positions at PricewaterhouseCoopers and General Motors before moving to Germany to work for software giant SAP.
After departing from SAP, he founded Vistex in 1999, and over two and a half decades, Vistex has expanded operations globally and broadened its portfolio across 15 industries. As a self-made entrepreneur, Shah had a deep-felt desire to give back. As part of Vistex’s corporate social responsibility initiatives, Shah formed the Vistex Foundation, which provides grants to nonprofits focusing on health, education, and basic needs programming, as well as Vistex Endeavor, an employee-focused charity encouraging company-wide volunteerism.
An impassioned lifelong learner, Shah donated $5 million to Lehigh University to establish the Vistex Institute for Executive Learning and Research. In 2020, the Vistex Hospital was opened in Bihar, India, serving the community with primary and secondary care; and in recent years, the hospital was recognized as a national model Covid-19 facility. 
Sanjay Shah was an extraordinary leader whose presence permeated the working life of every associate and colleague at Vistex. His leadership and presence were truly unique.
Raju joined Vistex in 2000 and brought an extraordinary amount of focus, energy, and discipline during his tenure to ensure that Vistex customers realize the most value out of their technology investment. His commitment to excellence was instrumental in shaping and growing Vistex and Solution Delivery capabilities. Raju will be remembered as a dedicated leader and a colleague, but most importantly, a friend.
Sanjay and Raju will be sorely missed by all.

Page 1

 
VISTEX (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review & principle activity
 
Vistex provides a variety of business software solutions and services to a wide range of industries. From controlling rebates and reimbursement to management of rights and royalties. 
The 19.9% increase seen in revenue in 2022 was exceptional and difficult to follow. Indeed, revenue has reduced to £13,394,484 but is still 5% ahead of the 2021 level (£12,756,273).   As Vistex UK is only one region of a global group which manages high-value, long-term projects, it is understandable that Vistex UK’s revenue has some dependence on the location of current projects and the status of those projects. The Group as a whole may be fairly consistent but revenues may fluctuate from region to region. This is the case for the Company’s SAP Embedded products as revenue from this stream has fallen in 2023 by £3.4m.
Counterpoint products remained consistent, however, at £5,264,954 (2022: £5,192,127) despite increased focus on developing the GTMS (Go-To-Market Suite) cloud-based platform which includes similar Rights and Royalties software. Annual recurring maintenance revenue for Counterpoint, which makes up 81% of total Counterpoint revenue in 2023 (77% in 2022) and is used as a key performance indicator due to the nature of the service (an investment of another 12 months of support services in advance indicates continued faith in the product), has seen a modest increase of 7.7% which is in line with expectations as the business makes a partial move towards a SAAS-based model. The maintenance revenue is underpinned by favourable contractual terms for Vistex with pre-agreed annual increases in excess of both RPI/CPI increase. 
The phenomenal 26% increase in pre-tax profit in 2022 to £3,321,189 was thanks to the growth in revenue and the Company’s ability to keep costs down. Profit growth like that clearly cannot continue while revenues are reduced, as explained above, but 2023 still sees a healthy pre-tax profit of £1,510,254. The Company continues to invest in increasing headcount to service our customers and improve our products. 

Position at year end

As in previous years, the Company finishes with a healthy cash position of £4,475,233 (2022: £5,108,612), and trade debtors of £3,969,949 (2022: £6,178,777). The reduction in debtors reflects the slowing of UK-based Embedded projects already discussed (a fall of Embedded debtors from £3.4m to £1.9m)

Going concern
 
The Company’s products are considered fundamental to the functioning of its customers’ businesses, rather than a frivolous extra. Without them, customers would be unable to meet their contractual obligation by distributing royalties to artists, writers and copyright owners, keep track of their licensing contracts or what TV shows, films and music is available to license in different regions. Large businesses wouldn’t be able to manage and account for their complex rebate and chargeback programmes – this is an area that Vistex has found can actually save customers money in the long-run so is positioned as a shrewd investment for businesses wanting to tighten their processes. 
Vistex’s commitment to adding cloud-based successor solutions to its existing market leading on-premise products, ensures that it has an upgrade path for its large customer base as the industry shifts to the cloud. 
The Company has shown that it can withstand a fall in revenue due to changes in location of current projects and still generate a robust profit. Vistex (UK) Limited is an integrated part of the global Vistex group, contributing to its overall success and at the same time benefitting from the support of a larger entity. Despite this support, the Company is profitable and cash-generating as a stand-alone entity. 
Despite the tragedy which has taken two important members of Vistex’s senior management, the Group’s Global Leadership Team are highly skilled, have decades of experience in the industry and within Vistex and, along with everyone else at Vistex, remain dedicated to continuing the legacy of Sanjay and Raju.
For these reasons the Directors do not see a risk to the Company’s status as a going concern.

Page 2

 
VISTEX (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties

The directors consider that the principal risk and uncertainties for the Company, other than financial, are those of protection of the Company's position in the royalty software market, the need for retention of staff to ensure security of IP development, operating in a competitive landscape, risks associated with access of the customers' live computing systems or loss of data when hosting services and the security of the company's assets.
The directors use staff reviews, personal development programmes and monitor the remuneration packages constantly, to ensure that, wherever possible, staff are retained by maintaining competitiveness at all levels within the market. Staffing on development projects is team based and constantly reviewed to ensure that knowledge is shared, thus reducing the risk were an individual to leave suddenly.
Insurance cover is monitored in relation to the perceived liability of access to computing systems. General training/working practices encourage working procedures to minimise the potential for any such errors. Data is regularly backed up and maintained off-site. Assets are protected by means of appropriate insurance cover and controls over physical access.


This report was approved by the board and signed on its behalf.



................................................
Mr A Biegun
Director

Date: 4 September 2024

Page 3

 
VISTEX (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,153,144 (2022 - £2,688,459).

No dividends were paid in the current or prior year.

Directors

The directors who served during the year were:

Mr A Biegun 
Mr S Shah (passed 18 January 2024)

Subsequent to the balance sheet date on 31 January 2024 Ms H S Shah was appointed as a director of the Company.

Page 4

 
VISTEX (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

In 2024, Vistex will be launching two new products – SAP Price Staging Hub and SAP Excise Tax Management. The former is a co-innovation with SAP which allows customers to get accurate pricing published quickly to e-commerce solutions, price catalogues and CRM at scale. More detail will be available on the latter in due course. 
Vistex is also awaiting final approval for our GTMS products to be added to the SAP price list for Public Cloud, joining many of Vistex’s other products which are currently sold by SAP. 
In 2024 Vistex received the SAP Pinnacle Award for Partner Application – Industry Cloud, which is recognition of our partnership with SAP and testament to the hard work and collaboration between the two companies which spans over two decades. 

Matters covered in the Strategic Report

As permitted by Section 414c(11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

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.

Post balance sheet events

By far the most significant thing to happen to Vistex after the balance sheet date, or in its entire history, is the news of the passing of Sanjay Shah and Raju Datla, as already discussed in the strategic report. Amos Biegun, former Global Head of Rights & Royalties at Vistex, has been appointed CEO. 
No other post balance sheet events to report.

Auditor

The auditor, Nortons Assurance Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr A Biegun
Director

Date: 4 September 2024

Page 5

 
VISTEX (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED
 

Opinion


We have audited the financial statements of Vistex (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 2023 and of its profit for the year 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's 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 United Kingdom, including the Financial Reporting Council'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.


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 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.


Page 6

 
VISTEX (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)


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 contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the 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 or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 
VISTEX (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)


Auditor's 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.
 • We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. 
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation. 


A further description of our 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.


Page 8

 
VISTEX (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VISTEX (UK) LIMITED (CONTINUED)


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 2006Our 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.





Anthony Campbell (Senior Statutory Auditor)
  
for and on behalf of
Nortons Assurance Limited
 
Chartered Accountants and Statutory Auditor
  
Second Floor
NOW Building
Thames Valley Park
Reading
Berkshire
RG6 1RB

5 September 2024
Page 9

 
VISTEX (UK) LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,394,484
15,294,476

Cost of sales
  
(10,532,902)
(11,065,551)

Gross profit
  
2,861,582
4,228,925

Administrative expenses
  
(1,360,079)
(907,736)

Other operating income
 5 
8,775
-

Operating profit
 6 
1,510,278
3,321,189

Tax on profit
 10 
(357,134)
(632,730)

Profit for the financial year
  
1,153,144
2,688,459

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 15 to 29 form part of these financial statements.

Page 10

 
VISTEX (UK) LIMITED
REGISTERED NUMBER: 02123605

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
5,001

Tangible assets
 12 
200,791
269,334

  
200,791
274,335

Current assets
  

Debtors: amounts falling due within one year
 13 
14,589,446
13,044,024

Cash at bank and in hand
 14 
4,475,233
5,108,612

  
19,064,679
18,152,636

Creditors: amounts falling due within one year
 15 
(5,609,656)
(5,883,519)

Net current assets
  
 
 
13,455,023
 
 
12,269,117

Total assets less current liabilities
  
13,655,814
12,543,452

Creditors: amounts falling due after more than one year
 16 
(10,196)
(50,978)

  

Net assets
  
13,645,618
12,492,474


Capital and reserves
  

Called up share capital 
 19 
10,000
10,000

Profit and loss account
 20 
13,635,618
12,482,474

  
13,645,618
12,492,474


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr A Biegun
Director

Date: 4 September 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 11

 
VISTEX (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10,000
9,794,015
9,804,015


Comprehensive income for the year

Profit for the year
-
2,688,459
2,688,459
Total comprehensive income for the year
-
2,688,459
2,688,459



At 1 January 2023
10,000
12,482,474
12,492,474


Comprehensive income for the year

Profit for the year
-
1,153,144
1,153,144
Total comprehensive income for the year
-
1,153,144
1,153,144


At 31 December 2023
10,000
13,635,618
13,645,618


The notes on pages 15 to 29 form part of these financial statements.

Page 12

 
VISTEX (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,153,144
2,688,459

Adjustments for:

Amortisation of intangible assets
5,001
7,584

Depreciation of tangible assets
79,901
60,705

Intergroup transfer of tangible fixed assets & revaluations
414
(12,546)

Taxation charge
357,134
632,730

Decrease/(increase) in debtors
2,160,280
(292,964)

(Increase) in amounts owed by groups
(3,378,502)
(1,018,225)

(Decrease)/increase in creditors
(371,804)
861,728

(Decrease) in amounts owed to groups
(164,884)
(81,737)

Adjustment for withholding taxes
(12,375)
-

Corporation tax (paid)
(449,916)
(616,929)

Net cash generated from operating activities

(621,607)
2,228,805


Cash flows from investing activities

Purchase of tangible fixed assets
(13,370)
(246,761)

Sale of tangible fixed assets
1,598
751

Net cash from investing activities
(11,772)
(246,010)


Net (decrease)/increase in cash and cash equivalents
(633,379)
1,982,795

Cash and cash equivalents at beginning of year
5,108,612
3,125,817

Cash and cash equivalents at the end of year
4,475,233
5,108,612


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,475,233
5,108,612


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
VISTEX (UK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

5,108,612

(633,379)

4,475,233


The notes on pages 15 to 29 form part of these financial statements.

Page 14

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Vistex (UK) Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is The Forum, 74-80 Camden Street, London, NW1 0EG.
The principal activity of the Company in the year under review was that of the provider of software and product development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s ability to continue as a going concern is assessed as a matter of course in a number of different ways and by different parties. Monthly management accounts including accounts receivable and accounts payable reviews, short term cash forecasts and pipeline reports are scrutinised by local finance, local management and group management. Monthly reports are prepared for external investors in the Group and quarterly board meetings are held at group level which involve senior management of external investors. 
Risks to the company’s ability to trade for more than 18 months are assessed at all these levels and management consider the risk to be very low. 
The business model is such that a large portion of income – maintenance revenue - is billed in advance of the following 12 months, putting the company in a good position to be able to plan and with a healthy cash balance. Despite this favourable model, the company has expanded into offering SaaS products, diversifying the business model and removing some of the seasonality of cash flows, and continues to develop brand new cloud-based software, keeping solutions relevant and exciting.
Based on the above the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis

Page 15

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 16

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 17

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
straight line on cost over the term of 3 - 10 years

 
2.9

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.

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 is provided on the following basis:

Improvements to property
-
straight line on cost over the term of the lease
Fixtures and fittings
-
5 - 7 years straight line on cost
Office equipment
-
5 years straight line on cost
Computer equipment
-
3 - 5 years straight line on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Tangible fixed assets below the value of £3,500 are not capitalised under the Vistex group policy.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 19

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ to these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Page 20

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
13,394,484
15,294,476


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,155,244
11,191,289

Rest of the world
4,239,240
4,103,187

13,394,484
15,294,476



5.


Other operating income

2023
2022
£
£

Other operating income
8,775
-



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
263,504
(161,191)

Other operating lease rentals
188,312
174,274


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
17,500
16,500

Page 21

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,387,162
5,761,681

Social security costs
795,044
740,656

Cost of defined contribution scheme
256,268
233,429

7,438,474
6,735,766


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Operations
70
66



Sales
9
9



Administrative
9
8

88
83


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
301,554
295,509

Company contributions to defined contribution pension schemes
10,800
10,800

312,354
306,309


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £301,554 (2022 - £295,509).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,800 (2022 - £10,800).

Page 22

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
362,873
607,024

Adjustments in respect of previous periods
(19,620)
(2,887)


343,253
604,137


Total current tax
343,253
604,137

Deferred tax


Origination and reversal of timing differences
13,881
28,593

Total deferred tax
13,881
28,593


Taxation on profit on ordinary activities
357,134
632,730

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 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,510,278
3,321,189


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
355,226
631,026

Effects of:


Short term timing differences
14,313
32,393

Capital allowances for year in excess of depreciation
2,545
(25,530)

Permanent timing differences
4,670
(2,272)

Adjustments to tax charge in respect of prior periods
(19,620)
(2,887)

Total tax charge for the year
357,134
632,730


Factors that may affect future tax charges

No matters to note.

Page 23

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets




Computer software

£



Cost


At 1 January 2023
59,773



At 31 December 2023

59,773



Amortisation


At 1 January 2023
54,772


Charge for the year on owned assets
5,001



At 31 December 2023

59,773



Net book value



At 31 December 2023
-



At 31 December 2022
5,001



Page 24

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Improvements to property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
143,942
85,247
3,226
710,945
943,360


Additions
-
-
-
13,370
13,370


Disposals
-
-
-
(2,647)
(2,647)


Revaluations
(414)
-
-
-
(414)



At 31 December 2023

143,528
85,247
3,226
721,668
953,669



Depreciation


At 1 January 2023
34,038
71,509
3,226
565,253
674,026


Charge for the year on owned assets
17,798
2,262
-
59,841
79,901


Disposals
-
-
-
(1,049)
(1,049)



At 31 December 2023

51,836
73,771
3,226
624,045
752,878



Net book value



At 31 December 2023
91,692
11,476
-
97,623
200,791



At 31 December 2022
109,904
13,738
-
145,692
269,334


13.


Debtors

2023
2022
£
£


Trade debtors
3,969,949
6,178,777

Amounts owed by group undertakings
9,898,893
6,298,348

Other debtors
262,649
21,823

Prepayments and accrued income
234,233
426,511

Tax recoverable
213,392
94,354

Deferred taxation
10,330
24,211

14,589,446
13,044,024


Page 25

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,475,233
5,108,612



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
42,582
169,066

Amounts owed to group undertakings
188,399
131,240

Other taxation and social security
765,575
857,695

Accruals and deferred income
4,613,100
4,725,518

5,609,656
5,883,519



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
10,196
50,978



17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at undiscounted amounts receivable
18,606,724
17,607,560


Financial liabilities


Financial liabilities measured at undiscounted amounts payable
(4,854,277)
(5,076,802)

Page 26

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation




2023
2022


£

£






At beginning of year
24,211
52,804


Charged to profit or loss
(13,881)
(28,593)



At end of year
10,330
24,211

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,687
15,478

Other
4,643
8,733

10,330
24,211


19.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



5,000,000 (2022 - 5,000,000) Ordinary shares of £0.002 each
10,000
10,000



20.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative profits or losses.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £256,268 (2022 - £233,429) . Contributions totalling £39,371 (2022 - £34,931) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
232,231
227,616

Later than 1 year and not later than 5 years
72,621
294,618

304,852
522,234


23.Secured debts

Barclays bank has fixed and floating charges over the assets of the Company. In addition there is a first legal charge over the copyright of the software products known as 'Music Maestro'. 'Record Maestro' and 'Movie Maestro'.


24.


Transactions with directors

During the year the Company advanced S Shah, a director of the company, £786 (2022: £1,120) in respect of goods and services. During the year S Shah repaid £3,625 (2022: £nil) in respect of goods and services provided. At the year end S Shah owed the Company £nil (2022: £2,839).


25.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose relaty party transactions with wholly owned subsidiaries within the group.


26.


Post balance sheet events

By far the most significant thing to happen to Vistex after the balance sheet date, or in its entire history, is the news of the passing of Sanjay Shah and Raju Datla, as already discussed in the strategic report. Amos Biegun, former Global Head of Rights & Royalties at Vistex, has been appointed CEO. 
No other post balance sheet events to report.

Page 28

 
VISTEX (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Controlling party

Vistex (UK) Limited is a wholly owned subsidiary of Vistex Inc.
Vistex Inc., (incorporated in the United States of America) is regarded by the directors as being the Company's ultimate parent company. The smallest and largest entity which includes the results of the Company within its financial statements is Vistex Inc. The registered office of Vistex Inc. is 2300 Barrington Road, Hoffman Estates, IL 60169, USA.
During the year and until 18 January 2024 ultimate controlling party was S Shah. Due to the events as noted in the Strategic report, after 18 January 2024 the ultimate controlling party became Ms H S Shah.

 
Page 29