REGISTERED NUMBER: 04634959 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NFS MEETINGS TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A Ahlowalia

Mr S J Mitchell

REGISTERED OFFICE:

400 Capability Green

Luton

Bedfordshire

LU1 3LU

REGISTERED NUMBER:

04634959 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tara Aldwin

AUDITORS:

FKCA Limited

Statutory Auditor

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Intangible assets

4

284,252

1,013,643

Tangible assets

5

8,876

15,660

Investments

6

-

21,846

293,128

1,051,149

CURRENT ASSETS

Debtors

7

1,242,469

1,557,665

Cash at bank

142,133

663,623

1,384,602

2,221,288

CREDITORS

Amounts falling due within one year

8

2,227,279

2,212,534

NET CURRENT (LIABILITIES)/ASSETS

(842,677

)

8,754

TOTAL ASSETS LESS CURRENT LIABILITIES

(549,549

)

1,059,903

CAPITAL AND RESERVES

Called up share capital

54,688

50,000

Retained earnings

(604,237

)

1,009,903

(549,549

)

1,059,903

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 30 September 2025 and were signed on its behalf by:

Mr S J Mitchell - Director

1.	STATUTORY INFORMATION

NFS Meetings Technology Limited 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 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.

The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate. The company remains reliant upon the continued support of the group, which has pledged support -for a period in excess of 12 months from the date of signing the financial statements.

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.

Critical accounting judgements and key sources of estimation uncertainty

Critical Accounting Judgements

In the preparation of these financial statements, management has not made any critical judgements, apart from those involving estimations, that have a significant effect on the amounts recognised in the financial statements.

Key Sources of Estimation Uncertainty

The key assumption concerning the future, and other sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year relates to:

Amortisation period of patents and licences:

Patents and licences are amortised over their estimated useful lives. The determination of the appropriate amortisation period requires management to estimate the expected period over which the asset will generate economic benefits. This estimate is based on expected technological developments and the pattern of consumption of the asset’s benefits. Actual useful lives may differ from these estimates, resulting in a change in the amortisation charge recognised in future periods.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sale related taxes. Turnover in respect of annual software is recognised on a straight line basis over the life of the contract agreed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided at the following annual rates in order to reflect the expected pattern of depletion over its estimated useful life.

Patents and licenses - 10% of cost

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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

Plant and machinery etc - 25% on reducing balance

Financial instruments

The Company’s financial instruments comprise cash, trade and other receivables, and trade and other payables.

Financial Assets:

Cash and receivables are initially recognised at the transaction price and subsequently measured at amortised cost less any provision for impairment.

Financial Liabilities:

Trade payables and borrowings are initially recognised at the transaction price and subsequently measured at amortised cost. Interest on borrowings is recognised in profit or loss as it accrues.

Impairment:

Financial assets are reviewed at each reporting date for objective evidence of impairment. Any impairment losses are recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 company is part of a group share-based stock option plan. Pursuant to the Plan, the Board of Directors of Korbyt Holdco LLC may grant common stock options to group employees. The equity-settled share based payment expense is measured at fair value on the basis of a reasonable allocation of the expense to the relevant group entities. For all stock options issued under the Plan, the term is 10 years and awards typically vest over five years.

The Company has taken advantage of exemptions available under FRS102 paragraph 1.12 from the disclosure requirements of paragraphs 26.18(b), 26.19, 26.21 and 26.23 on the basis it is a qualifying entity and equivalent disclosures are included in the consolidated financial statements of Korbyt Holdco LLC.

Fixed asset investment

Unlisted investments are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Software

Licenses

Development

Totals

£

£

£

COST

At 1 January 2024

3,559,547

414,929

3,974,476

Disposals

-

(414,929

)

(414,929

)

At 31 December 2024

3,559,547

-

3,559,547

AMORTISATION

At 1 January 2024

2,919,340

41,493

2,960,833

Amortisation for year

355,955

-

355,955

Eliminated on disposal

-

(41,493

)

(41,493

)

At 31 December 2024

3,275,295

-

3,275,295

NET BOOK VALUE

At 31 December 2024

284,252

-

284,252

At 31 December 2023

640,207

373,436

1,013,643

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

7,148

28,669

35,817

Additions

-

3,610

3,610

Disposals

(478

)

(15,204

)

(15,682

)

At 31 December 2024

6,670

17,075

23,745

DEPRECIATION

At 1 January 2024

4,246

15,911

20,157

Charge for year

671

1,839

2,510

Eliminated on disposal

-

(7,798

)

(7,798

)

At 31 December 2024

4,917

9,952

14,869

NET BOOK VALUE

At 31 December 2024

1,753

7,123

8,876

At 31 December 2023

2,902

12,758

15,660

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

21,846

Disposals

(21,846

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

21,846

During the year ended 31 December 2024, the company transferred its holding in a wholly owned subsidiary to NFS International Holdings Limited, a group company. The investment with a book value of £21,846 was transferred for a sale value of £4,783.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade debtors

182,988

457,508

Amounts owed by group undertakings

964,147

1,017,551

Other debtors

2,382

2,382

Tax

51,994

51,994

VAT

-

4,695

Prepayments

40,958

23,535

1,242,469

1,557,665

Amounts to / from group undertakings are interest free and repayable on demand

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Trade creditors

76,955

398,165

Amounts owed to group undertakings

1,273,047

771,817

Taxation and social security

32,678

45,724

VAT

41,578

-

Other creditors

433

1,584

Customer deposits

-

142

Director's current account

-

191,414

Accruals and deferred income

802,588

803,688

2,227,279

2,212,534

9.	SECURED DEBTS

Security is provided to Canadian Imperial Bank of Commerce in respect of a group facility by way of a debenture grant which included fixed and floating charges which cover all the property of undertaking of the company and a negative pledge.

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

The Report of the Auditors was unqualified.

Tara Aldwin (Senior Statutory Auditor)

for and on behalf of FKCA Limited

11.	SECURITY OVER ASSETS

Security is provided by way of a debenture grant which included fixed and floating charges, floating charge

which covers all the property or undertaking of the company and a negative pledge.

12.	RELATED PARTY DISCLOSURES

During the year a balance totalling £191,079, due to a company under common management, until 31 July 2024, was not longer due as a result of a group reconstruction. This balance has been written off to other income.

13.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is RMG EMEA Holdings Limited, a company incorporated in the UK.

The company's ultimate parent and controlling party is Korbyt Holdco LLC, a company incorporated in the USA with a registered address 15301 Dallas Parkway, Addison, Texas, 75001, USA. This the largest and smallest group for which consolidated accounts are prepared.