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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Motorsport Images UK 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 10595488.
2.Accounting policies
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:
The Company has reported a loss for the year amounting to £96,259 (2023 - profit £3,614,701) and at the year end the Company's net assets was £1,454,672 (2023 - £1,550,931). Of the loss for the year, £396,117 (2023 - £398,507) related to non-cash items such as amortisation of intangible assets.
The Company is reliant on further funding from the ultimate parent company to enable the business to continue to meet its liabilities as they fall due in the short to medium term. The Company was acquired by Getty Images Holdings Inc in 2024. The Directors have received confirmation from Getty Images Holdings Inc that they will continue to provide financial support as necessary to the Company to enable it to continue operations and to meet its liabilities as they fall due for a period of at least 12 months from the approval of the financial statements.
As a result, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The photo archive asset identified and professionally valued on the purchase of the trade and assets in the 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. Deferred tax asset The Company has not recorded a deferred tax asset of £417,676 (2023 - £348,324) 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. Valuation of intangibles In 2017 the immediate parent company acquired the 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 immediate parent 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. Recoverability of intercompany balances The directors review amounts owed by group companies with a view to providing for these where there is uncertainty regarding the recoverability of these balances. Management have deemed all intercompany balances as recoverable.
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
In 2023 the Company recognised a prior year adjustment in respect of intangible fixed assets transferred to it from a former group company on 1 May 2017 which were previously omitted from the financial statements. The impact can be seen in the Statement Of Changes In Equity.
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.
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MOTORSPORT IMAGES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 audit report was signed on
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