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REGISTERED NUMBER: 05660763 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

ACTIFY EUROPE LIMITED

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ACTIFY EUROPE LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: D Opsahl





SECRETARY: Brodies Secretarial Services Limited





REGISTERED OFFICE: C/O Brodies Llp
90 Bartholomew Close
London
EC1A 7BN





REGISTERED NUMBER: 05660763 (England and Wales)





ACCOUNTANTS: Haines Watts (Western) Limited
Chartered Accountants
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 15,895 20,072

CURRENT ASSETS
Debtors 5 888,339 557,196
Prepayments and accrued income - 21,015
Cash at bank 75,747 222,339
964,086 800,550
CREDITORS
Amounts falling due within one year 6 (237,983 ) (224,170 )
NET CURRENT ASSETS 726,103 576,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

741,998

596,452

PROVISIONS FOR LIABILITIES (5,251 ) (5,018 )
NET ASSETS 736,747 591,434

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 736,746 591,433
SHAREHOLDERS' FUNDS 736,747 591,434

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Balance Sheet - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





D Opsahl - Director


ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. COMPANY INFORMATION

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

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Turnover relating to long term support contracts are recognized over the life of the agreement, and the licence obligation is spot (point in time) recognized when it is delivered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 118,561
Additions 8,272
At 31 December 2023 126,833
DEPRECIATION
At 1 January 2023 98,489
Charge for year 12,449
At 31 December 2023 110,938
NET BOOK VALUE
At 31 December 2023 15,895
At 31 December 2022 20,072

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 41,352 20,631
Amounts owed by group undertakings 801,793 367,483
Other debtors 7,200 7,200
Tax - 140,472
VAT - 2,217
Prepayments 4,658 3,641
Accrued income 7,746 -
862,749 541,644

ACTIFY EUROPE LIMITED (REGISTERED NUMBER: 05660763)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Accrued income 25,590 15,552

Aggregate amounts 888,339 557,196

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 68,827 76,453
Tax 37,912 -
Social security and other taxes 40,685 35,509
VAT 8,116 -
Other creditors 7,087 -
Deferred income 42,744 49,603
Accrued expenses 32,612 62,605
237,983 224,170

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 47,675 45,405

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

9. POST BALANCE SHEET EVENTS

Subsequent to the year end, the trade and assets of Actify Europe Limited were sold to Techsoft 3D Limited.

10. PARENT COMPANY

The company's parent company is Actify Inc whose registered office is 400 Renaissance Center, STE 2600, Detroit, MI 48243. USA.