FOTOWARE UK LTD

Company Registration Number:
13367716 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

FOTOWARE UK LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

FOTOWARE UK LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company's principal activity during the year is that of the provision and support of digital asset management software.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Svein Davidsen
Anne Gretland


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
12 April 2024

And signed on behalf of the board by:
Name: Svein Davidsen
Status: Director

FOTOWARE UK LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 326,135 404,500
Cost of sales: ( 1,349 ) 0
Gross profit(or loss): 324,786 404,500
Distribution costs: 0 0
Administrative expenses: ( 321,177 ) ( 393,516 )
Other operating income: 0 0
Operating profit(or loss): 3,609 10,984
Interest receivable and similar income: 1,081 5
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 4,690 10,989
Tax: ( 9,833 ) ( 4,226 )
Profit(or loss) for the financial year: (5,143) 6,763

FOTOWARE UK LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 102,814 120,704
Tangible assets: 4 2,978 2,478
Investments:   0 0
Total fixed assets: 105,792 123,182
Current assets
Stocks:   0 0
Debtors: 5 25,343 21,148
Cash at bank and in hand: 255,588 18,036
Investments:   0 0
Total current assets: 280,931 39,184
Prepayments and accrued income: 0
Creditors: amounts falling due within one year: 6 ( 373,237 ) ( 144,078 )
Net current assets (liabilities): (92,306) (104,894)
Total assets less current liabilities: 13,486 18,288
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 745 ) ( 404 )
Total net assets (liabilities): 12,741 17,884
Capital and reserves
Called up share capital: 3,000 3,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 9,741 14,884
Total Shareholders' funds: 12,741 17,884

The notes form part of these financial statements

FOTOWARE UK LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 12 April 2024
and signed on behalf of the board by:

Name: Svein Davidsen
Status: Director

The notes form part of these financial statements

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover in respect of services provided to the ultimate parent entity is calculated as attributable costs plus a mark-up in accordance with a transfer pricing agreement.

    Tangible fixed assets depreciation policy

    Tangible fixed assets under the cost mode! 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, on a reducing balance basis. Depreciation is provided on the following basis: Office equipment 25% 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.

    Intangible fixed assets amortisation policy

    Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive lncome over its useful economic life of 10 years. Customer list Customer lists are initially recognised at cost. After recognition, under the cost mode!, 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. lf a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The customer lists are being amortised to 'administrative expenses' on a straight line basis over 1O years.

    Valuation information and policy

    2.10 lmpairment of fixed assets and goodwill Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to seil and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

    Other accounting policies

    Basis of preparation of financial statements The financial statements have been prepared under the historical east convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of lreland 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 judgement in applying the Companys accounting policies. These financial statements are presented in Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest pound. The following principal accounting policies have been applied Going concern The shareholders have confirmed their willingness to not seek repayment of the intercompany loans in full in order to ensure that the Company has adequate resources to meet the requirements of the business for the foreseeable future, and have therefore prepared these financial statements on a going concern basis. Foreign currency translation Functional and presentation currency The Companys functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spat 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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive lncome within administrative expenses. All other foreign exchange gains and losses are presented in the Statement of Comprehensive lncome within administrative expenses. lnterest income lnterest income is recognised in the Statement of Comprehensive lncome using the effective interest method. 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 the Statement of Comprehensive lncome when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Current and deferred taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive lncome 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 reporting 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 reporting 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 reporting date. 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 east using the effective interest method, less any impairment. 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. 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 east using the effective interest method.

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 3 3

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 70,131 74,714 144,845
Additions 0 0 0
Disposals 0 ( 4,258 ) ( 4,258 )
Revaluations 0 0
Transfers
At 31 December 2023 70,131 70,456 140,587
Amortisation
At 1 January 2023 11,688 12,453 24,141
Charge for year 7,013 7,471 14,484
On disposals ( 852 ) ( 852 )
Other adjustments
At 31 December 2023 18,701 19,072 37,773
Net book value
At 31 December 2023 51,430 51,384 102,814
At 31 December 2022 58,443 62,261 120,704

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 3,422 3,422
Additions 1,198 1,198
Disposals
Revaluations
Transfers
At 31 December 2023 4,620 4,620
Depreciation
At 1 January 2023 944 944
Charge for year 698 698
On disposals
Other adjustments
At 31 December 2023 1,642 1,642
Net book value
At 31 December 2023 2,978 2,978
At 31 December 2022 2,478 2,478

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Prepayments and accrued income 12,471 6,842
Other debtors 12,872 14,306
Total 25,343 21,148

FOTOWARE UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 27,669
Taxation and social security 11,886 5,763
Accruals and deferred income 41,579 37,726
Other creditors 319,772 72,920
Total 373,237 144,078