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REGISTERED NUMBER: 13932617 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TROVE INFORMATION TECHNOLOGIES UK LTD

TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TROVE INFORMATION TECHNOLOGIES UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M D Schulman
S Ford





REGISTERED OFFICE: 4th Floor, St. James House
St. James Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 13932617 (England and Wales)





AUDITORS: Zome Audit Limited
5th Floor
111 Charterhouse Street
London
EC1M 6AW

TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £ £
FIXED ASSETS
Tangible assets 4 3,905 8,330

CURRENT ASSETS
Debtors 5 124,769 62,117
Cash at bank 20,525 14,899
145,294 77,016
CREDITORS
Amounts falling due within one year 6 (9,086 ) (64,302 )
NET CURRENT ASSETS 136,208 12,714
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,113

21,044

CAPITAL AND RESERVES
Called up share capital 7 100 100
Other reserves 73,878 29,123
Retained earnings 66,135 (8,179 )
SHAREHOLDERS' FUNDS 140,113 21,044

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





S Ford - Director


TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Trove Information Technologies UK Ltd 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 presentation currency of the financial statements is the nearest Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 derived from recharged expenses to the parent company and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Going concern
The director has sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

Interest Income
Interest income is recognised in profit or loss using the effective interest method.

Share based payment transactions
The company participates in a group equity settled share-based payment arrangement granted to its employees. The group has elected to recognise and measure its share-based payment expense by specifically calculating the expense at a subsidiary level. The calculation is based on the number of employee options which have vested during the period.

TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 13,260
Additions 2,235
At 31 December 2023 15,495
DEPRECIATION
At 1 January 2023 4,930
Charge for year 6,660
At 31 December 2023 11,590
NET BOOK VALUE
At 31 December 2023 3,905
At 31 December 2022 8,330

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Amounts owed by group undertakings 83,437 53,657
Tax 25,165 -
VAT 14,132 6,919
Deferred tax asset 2,035 1,541
124,769 62,117

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade creditors 4,830 6,258
Corporation tax - 54,763
Pension creditor 2,851 3,281
Accrued expenses 1,405 -
9,086 64,302

TROVE INFORMATION TECHNOLOGIES UK LTD (REGISTERED NUMBER: 13932617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£ £
100 Ordinary 1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis FCA (Senior Statutory Auditor)
for and on behalf of Zome Audit Limited

9. 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 £76,798 (2022:£87,667). Contributions totalling £2,851 (2022:£3,281) were payable to the fund at the balance sheet date and are included in creditors.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Trove Information Technologies Inc. The Company is a wholly owned subsidiary of Trove Information Technologies Inc., a company incorporated in the United States of America. The smallest group in which the results of the Company are consolidated is that headed by Trove Information Technologies Inc., with its registered office at 1 Montgomery St., Suite 700, San Francisco, CA 94104

11. SHARE-BASED PAYMENT TRANSACTIONS

The company participates in a share option scheme for all employees. Options are exercisable on the shares of the ultimate parent company at a price equal to the estimated fair value of the ultimate parent company's shares on the date of the grant.
The vesting period is four years. If the options remain unexercised after a period of ten years from the date of the grant the options expire. Options are forfeited if the employee leaves the company before the options vest.
During the financial period, 5,981 options were granted at an exercise price of $21.72, 100 shares were exercised during the period and at the balance sheet date 83,878 options remain outstanding.