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Registered number: 10595199
LAT IMAGES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAT IMAGES LTD
COMPANY INFORMATION
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C Hoel (appointed 1 April 2024)
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S Johnson (appointed 1 April 2024)
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J Lockwood (appointed 1 April 2024)
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Ecovis Wingrave Yeats LLP
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3rd Floor, Waverley House
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LAT IMAGES LTD
CONTENTS
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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LAT IMAGES LTD
REGISTERED NUMBER: 10595199
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.
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LAT IMAGES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 13 form part of these financial statements.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LAT Images Ltd is a private company, limited by shares, incorporated in England and Wales. The registered office is 280 Bishopsgate, London, England EC2M 4AG. The registered company number is 10595199.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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:
It is the intention of the Directors to cease trading in the Company within 12 months following the approval of these financial statements. As a result, these financial statements have been prepared on a break-up basis.
There has been no impact on the financial statements as a result of this decision as details of the Company’s ceasing to trade have not yet been finalised. Assets have not been revalued as the directors believe the net realisable value is in line with the values reported in the accounts. The Directors are satisfied that the financial statements are presented truly and fairly, and all assets and liabilities are valued appropriately, considering the fact that the Company is not a going concern at the date of approval of these financial statements.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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.
The Company recognises revenue in relation to copyright infringement claims gross with the associated legal costs recognised separately within cost of sales. Revenue is recognised at the point at which the Company considers the amount to be recoverable.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
Amortisation is provided on the following bases:
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Straight line over 10 years
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Straight line over 5 years
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Amortisation charged on intangible assets is included within administrative expenses in the Statement of Comprehensive Income.
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:
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Straight line over 4 years
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Straight line over 4 years
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Straight line over 5 years
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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.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Getty Images Holdings Inc. (“the wider group”) maintains equity incentive plans which authorises the Company to grant restricted stock units (“RSUs”) to key management personnel and employees.
Restricted stock units (“RSUs”) are awards granted to employees entitling the holder to shares in common stock as the award vests. RSUs either vest at grant date, or have a two to four year vesting schedule, with either 33% or 25% of the award vesting on the first anniversary of the grant date, and the remainder vesting annually thereafter.
The estimated value of RSUs is expensed to administrative expenses in the profit and loss account over the vesting period, with a corresponding credit recorded in intercompany. The vesting of RSUs are conditional upon continued service with the Company and an estimated forfeiture rate is applied when calculating the fair value of the unit.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Useful economic life of tangible fixed assets
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Useful economic life of intangible fixed assets
The photo archive asset identified and professionally valued on the purchase of the trade and assets in the previous year are deemed to be fully recoverable from future trading and the directors have deemed these archives to have a useful economic life of ten years.
Goodwill is deemed to have a finite useful economic life. As a reliable estimate of the useful economic life cannot be made it will be amortised over ten years.
Valuation of intangibles
In 2017 the Company acquired trade and assets from a third party. These assets were professionally valued by an external firm at the point of purchase and judgement has been used to value these in respect of expected future cash flows of the trade acquired. Furthermore, the discount rate used in the valuation is also judgemental. Following the acquisition, some assets and trade have been retained in the Company and other assets and trade have been transferred to other group companies. The trade and assets transferred were done so in accordance with the values attributed to the original purchase as professionally valued by the external firm.
Impairment of intangibles
Management continually use judgements to ascertain whether there are indicators of impairment of the company’s intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets and where it is a component of a large cash-generating unit, the viability and expected future performance of that unit.
Deferred tax asset
The Company has not recorded a deferred tax asset of £445,087 (2023 - £324,052) relating to the accumulated losses and other deductions of the Company as there is uncertainty as to when future profits will arise within this company.
Forfeiture rate used in share based payment calculation
Management have used a forfeiture rate of 6% when calculating the amount charged to the profit and loss.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior to April 2024, all employees were employed by Autosport Media UK Limited, a former group company. Following the acquisition in April 2024, all employees were employed by LAT Images Ltd however continued to be paid through Autosport Media UK Limited. The costs of their employment were then recharged to the Company per a transaction services agreement. The average monthly number of employees during the year was 20 (2023 - 20).
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Included within other intangibles are trademarks acquired in the period ended 31 December 2017 with a net book value of £93,200 (2023 - £139,800) at the end of the year. These trademarks are being amortised over 10 years from the date of acquisition, being 1 February 2017.
Also included within other intangibles are customer relationships acquired in the period ended 31 December 2017 with a net book value of £9,622 (2023 - £14,721) at the end of the year. These customer relationships are being amortised over 10 years from the date of acquisition, being 1 February 2017.
As can be seen in Note 2.2, the financial statements have been prepared on a break-up basis, however as details of the company ceasing to trade have not yet been finalised, assets have not been revalued or reclassified as current.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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As can be seen in Note 2.2, the financial statements have been prepared on a break-up basis, however as details of the company ceasing to trade have not yet been finalised, assets have not been revalued or reclassified as current.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Ordinary shares are non-redeemable, carry the right to vote on the basis of one vote per share, the right to participate in a dividend and the right to participate in a distribution of capital in proportion to the number of shares held.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Capital contribution reserve
The capital contribution reserve represents the amount of capital contributions received by the company from its shareholders. These contributions are made without the issuance of additional shares and are intended to strengthen the company's financial position. The reserve is not distributable as dividends and is maintained to support the company's long-term growth and stability.
Profit and loss account
The profit and loss account includes all current period retained profits and losses. All are available for distribution.
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 £Nil (2023: £Nil).
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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During the year the Company exercised its right to break the lease on its sole premises and this was formally exited on 1 February 2025, with the final payment made in December 2024.
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Related party transactions
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The Company has taken advantage of the exemption contained within FRS 102 from disclosing transactions with entities which were wholly owned group companies during the year.
The Company's director who received remuneration was paid directly by a former group company, Autosport Media UK Ltd and the Company is recharged their salary at cost. The directors' remuneration was considered to be paid under normal market conditions.
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LAT IMAGES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 5 June 2024, the Company's ultimate parent company, Getty Images Holdings, Inc, granted 41,070 shares under the 2022 Equity Incentive Plan to an employee of the Company which contain service-based conditions. The weighted average fair value of the common stock on the date of the grant was $3.73 per share. The grant date fair value of the awards is being recognised as an expense over a vesting period ending 1 January 2028.
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Post balance sheet events
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On January 6, 2025, the ultimate controlling party, Getty Images Holdings, Inc. entered into an Agreement and Plan of Merger to combine in a merger-of-equals transaction with Shutterstock. The Merger is subject to various closing conditions, such as receipt of required regulatory approval and the approval of Shutterstock’s stockholders, among other customary closing conditions.
Post year end all employees and revenue contracts have been transferred to other group companies, the Company will be due compensation for the transfer but the value is yet to be confirmed.
The ultimate parent company and the smallest and largest group for which consolidated financial statements are drawn up is Getty Images Holdings, Inc, a company incorporated in the USA. Getty Images Holdings Inc's registered address is 605 5th Avenue South Suite 400, Seattle, WA 98104, USA.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that these financial statements have not been prepared on a going concern basis. A full description of the events giving rise to the Company not being a going concern has been included in note 2.2, as has its effect on accounting policies and accounting adjustments. We have considered the adequacies of the disclosures made in the financial statements, and our audit opinion is not modified in respect of the matter.
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The audit report was signed on 25 September 2025 by Michael Storey (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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