IRIS Accounts Production v24.3.2.46 10993647 Board of Directors 1.1.23 31.12.23 31.12.23 18.2.25 false true false false true false Auditors Opinion Ordinary 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh109936472022-12-31109936472023-12-31109936472023-01-012023-12-31109936472021-12-31109936472022-01-012022-12-31109936472022-12-3110993647ns15:EnglandWales2023-01-012023-12-3110993647ns14:PoundSterling2023-01-012023-12-3110993647ns10:Director12023-01-012023-12-3110993647ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3110993647ns10:SmallEntities2023-01-012023-12-3110993647ns10:Audited2023-01-012023-12-3110993647ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3110993647ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110993647ns10:FullAccounts2023-01-012023-12-3110993647ns10:OrdinaryShareClass12023-01-012023-12-311099364711ns10:OrdinaryShareClass12023-01-012023-12-3110993647ns10:Director22023-01-012023-12-3110993647ns10:Director32023-01-012023-12-3110993647ns10:CompanySecretary12023-01-012023-12-3110993647ns10:RegisteredOffice2023-01-012023-12-3110993647ns5:CurrentFinancialInstruments2023-12-3110993647ns5:CurrentFinancialInstruments2022-12-3110993647ns5:Non-currentFinancialInstruments2023-12-3110993647ns5:Non-currentFinancialInstruments2022-12-3110993647ns5:ShareCapital2023-12-3110993647ns5:ShareCapital2022-12-3110993647ns5:SharePremium2023-12-3110993647ns5:SharePremium2022-12-3110993647ns5:RetainedEarningsAccumulatedLosses2023-12-3110993647ns5:RetainedEarningsAccumulatedLosses2022-12-3110993647ns5:ComputerEquipment2022-12-3110993647ns5:ComputerEquipment2023-01-012023-12-3110993647ns5:ComputerEquipment2023-12-3110993647ns5:ComputerEquipment2022-12-3110993647ns5:AdditionsToInvestments2023-12-3110993647ns5:CostValuation2023-12-3110993647ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3110993647ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3110993647ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 10993647 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

VERITONE UK LTD.

VERITONE UK LTD. (REGISTERED NUMBER: 10993647)






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


VERITONE UK LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Ms J K Harding
Mr R S Steelberg
Mr M L Zemetra





Secretary: Corporation Service Company (UK) Limited





Registered office: C/O Corporation Service Company (Uk) Ltd
5 Churchill Place
10th Floor
London
E14 5HU





Registered number: 10993647 (England and Wales)





Auditors: Mark Arber Limited
Statutory Auditors
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

VERITONE UK LTD. (REGISTERED NUMBER: 10993647)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 13,331 2,709
Investments 5 26,581,513 -
26,594,844 2,709

CURRENT ASSETS
Debtors 6 10,535 107,226
Cash at bank 77,594 57,449
88,129 164,675
CREDITORS
Amounts falling due within one year 7 (247,707 ) (60,757 )
NET CURRENT (LIABILITIES)/ASSETS (159,578 ) 103,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,435,266

106,627

CREDITORS
Amounts falling due after more than one year 8 (18,072,865 ) -
NET ASSETS 8,362,401 106,627

CAPITAL AND RESERVES
Called up share capital 9 200 100
Share premium 8,889,088 -
Retained earnings (526,887 ) 106,527
SHAREHOLDERS' FUNDS 8,362,401 106,627

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 12 February 2025 and were signed on its behalf by:





Mr M L Zemetra - Director


VERITONE UK LTD. (REGISTERED NUMBER: 10993647)

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

1. STATUTORY INFORMATION

Veritone 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 Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

Going Concern
These financial statements have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, in order to meet its working capital requirements. The parent company has provided assurances that this support will continue for a period that exceeds twelve months from the date of approval of these financial statements and the directors believe they will have the funds required to provide this support. However, the parent company has incurred recuring losses from operations and is dependant on borrowing and additional equity investment to meet its working capital requirements that raise a material uncertainty about its ability to continue as a going concern and provide the necessary support. No adjustments have been made in these accounts which might result from that uncertainty.

Preparation of consolidated financial statements
The financial statements contain information about Veritone UK Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Veritone Inc., .

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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

VERITONE UK LTD. (REGISTERED NUMBER: 10993647)

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 FRS102 to all of its financial instruments.

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

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.

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.

Share based payments
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expenses over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model.

At the balance sheet date before vesting, the cumulative expenses is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or other conditions and of number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the statement of profit and loss, with a corresponding entry in equity.

VERITONE UK LTD. (REGISTERED NUMBER: 10993647)

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

2. ACCOUNTING POLICIES - continued

Interest expenses
Interest expense is recognised using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
Cost
At 1 January 2023 3,980
Additions 12,933
At 31 December 2023 16,913
Depreciation
At 1 January 2023 1,271
Charge for year 2,311
At 31 December 2023 3,582
Net book value
At 31 December 2023 13,331
At 31 December 2022 2,709

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
Additions 26,581,513
At 31 December 2023 26,581,513
Net book value
At 31 December 2023 26,581,513

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings - 102,327
Tax 106 -
VAT 4,127 788
Prepayments 4,597 3,378
8,830 106,493

Amounts falling due after more than one year:
Deferred tax 1,705 733

Aggregate amounts 10,535 107,226

VERITONE UK LTD. (REGISTERED NUMBER: 10993647)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 7,878
Amounts owed to group undertakings 200,758 -
Tax - 15,412
Social security and other taxes 13,582 10,107
Other creditors 5,847 2,653
Accrued expenses 27,520 24,707
247,707 60,757

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 18,072,865 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary 1 200 100

100 Ordinary shares of 1 each were allotted as fully paid at a premium of £88890.88 per share during the year.

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

The Report of the auditors was unqualified.

Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited


Mark Arber Limited
Statutory Auditors

11. ULTIMATE CONTROLLING PARTY

Veriton Inc, a public company incorporated in the United States of America and listed on the Nasdaq stock exchange, is regarded by the directors as being the company's immediate and ultimate parent company.

The largest and smallest group in which the results of the company are consolidated is that of Veritone Inc, the registered address is 575 Anton Boulevard, Suite 100, Costa Mesa, California 92626, USA.

12. SHARE-BASED PAYMENT TRANSACTIONS

The employees of the company are entitled to participate in the group share based compensation scheme. The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.