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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
COMPANY INFORMATION
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ACTIVEVIAM LTD
CONTENTS
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ACTIVEVIAM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the company is the development of software components and provision of professional services to the financial community and other IT related companies.
The company has enjoyed a successful presence in the UK for many years and has dedicated offices in Paris, Singapore, and Hong Kong. The Paris office focuses mostly on R&D, and the entities based in Singapore Hong Kong provide consultancy and services, an office in Australia to support and grow our clients in the Asia-Pacific region, and a new office was opened in Germany to grow our presence and support in the area.
Overall, turnover has increased by £1,558k from the prior year. Our core market (financial services), has remained strong with significant expansion in existing clients accounts, as well as new logos. As the market regained momentum, the company accelerated its investment programs, notably in go to market functions, customer success and Research & Development. As a result of this the company has recorded a total comprehensive loss of £1,745k (2023: total comprehensive gain of £556k). On the 27th of February 2024, Nordic Capital acquired a majority stake in Quartet Financial Systems Inc. dba ActiveViam, parent of ActiveViam Ltd, to support its next phase of growth. The investment is made in partnership with ActiveViam’s founders and management to support and accelerate continued high-growth and expansion. The aim is to realise ActiveViam’s potential of improving the ever-growing needs of financial institutions’ regulatory compliance and real-time monitoring — as well as deep historical analysis — of performance, risk management and financial planning.
We are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. As a business which trades internationally our operations are sensitive to factors such as the UK’s membership of the European Union and global systemic events such as wars or health crises. As a software company we must remain abreast of developments in the IT infrastructure which deploy our software to ensure the market for our product remains robust under macro IT changes.
We consider that the company’s key performance indicators are those that communicate the financial
performance and strength of the company as a whole, these being revenue growth, gross profit margin and operating profit margin. During the year, the company's total turnover amounted to £22,896 (2023: £21,338k). The gross profit margin has remained consistent at 30.2% (2023: 32.2%) driven by strong investment in go to market functions and R&D efforts
The directors acknowledge their duty under section 172, Companies Act 2006 to act in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders, key stakeholders and employees alike.
For that reason, the directors have made all key decisions whilst having regard to the potential impact of those decisions, both in the short-term and the long-term, on the Company’s wider ecosystem. This ecosystem includes suppliers, customers and employees but also the wider community as a whole and the physical environment and, crucial to the Company’s operations, is the Company’s continued reputation for high standards and fairness within that wider ecosystem.
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ACTIVEVIAM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 29 September 2025 and signed on its behalf.
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ACTIVEVIAM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation, amounted to £1,744,910 (2023 - loss £566,208).
The company continued to support and maintain it's relationship with their strong customer base.
Dividends of £Nil (2023: £Nil) were declared during the year.
The directors who served during the year were:
The company's intention is to continue its steady growth and improve the software and the performance as is expected of any business.
Research and development activities during the year were focused on developing add on business solutions and new releases to the core software product, notably the inclusion of the first AI based recommendation engine for Atoti configuration.
The company's wider ecosystem is reflected in our Company’s values of being “customer-centric” and being ready for the present, while also being “primed” for the future. Our products and solutions are at the forefront of market data analytics, front-office risk, credit risk and many other risk areas across the global financial system. Our purpose is to empower our customers to weather uncertainty in the financial markets, particularly at a time of increased scrutiny of the compliance and resilience of the world’s financial institutions, coupled with growing macro-economic uncertainty and the resulting financial volatility.
The Company’s focus on hiring and retaining exceptional people, is central to achieving that purpose and the Company places a particular emphasis on developing staff as well as building and solidifying its presence in key financial hubs, including Paris, London, New York, Singapore and Sydney. This investment in people is at the heart of the Company’s push to innovate and develop the Company’s product strategy so that the Company is able to gain global recognition for the high-quality products and services that it offers.
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ACTIVEVIAM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On February 14, 2025, the Parent company entered into a debt agreement with an aggregate principal amount of $100,000,000 from a third-party lender. Additionally, the agreement included a $15,000,000 revolving credit facility at a rate per annum equal to the greater of (a) Term SOFR for such Interest Period and (b) 0.75%. The debt is collateralized with substantially all assets from Quartet and Subsidiaries. The Parent company is required to comply with annual recurring revenue net leverage ratio covenant as outlined in the agreement.
The auditor, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ACTIVEVIAM LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ACTIVEVIAM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVEVIAM LTD
We have audited the financial statements of Activeviam Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ACTIVEVIAM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVEVIAM LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ACTIVEVIAM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVEVIAM LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety legislation and tax legislation, and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These include operational and employment laws and regulations including health and safety regulations, environmental regulations and GDPR. We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or non -compliance with laws and regulations and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud, • Assessing the appropriateness of accounting estimates and challenging any significant assumptions or judgements made by management,
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ACTIVEVIAM LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTIVEVIAM LTD (CONTINUED)
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, journal entries crediting revenue or cash, as well as those posted in the foreign exchange nominal. These were scrutinised for evidence of unusual entries, • Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation including sales invoice to ensure revenue was appropriately recorded, • Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation to ensure the expense was appropriately recorded, • Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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ACTIVEVIAM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
REGISTERED NUMBER: 05411976
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 28 form part of these financial statements.
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ACTIVEVIAM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ActiveViam Ltd. is a private limited company incorporated in England and Wales registration number 05411976. The address of the registered office is 6th Floor Shaftesbury House, Shaftesbury Avenue, London, WC2H 8AL. The principal activity of the company is the development of software components and provision of professional services to the financial community and other IT related companies.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pound sterling, which is the functional currency of the company, and rounfed to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
These accounts have been prepared on the going concern basis, despite a loss being incurred during the current year. The loss has been driven by an organisational restructure which incurred a large amount of one off costs. The directors are expecting the company to return to profitability in future periods.
Based on the above, the directors of the company have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and consider it appropriate to adopt the going concern basis of preparation for these financial statements.
Functional and presentation currency
Transactions and balances
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
For each revenue stream, revenue is not recognised unless and until: – a clear contractual arrangement can be evidenced; – delivery has been made in accordance with that contract; – if required, contractual acceptance criteria have been met; and – the fee has been agreed and collectability is probable. Initial licence fees are recognised once the above conditions have been met. Annual fees are recognised on a straight-line basis over the period of the contract, which is typically 12 months. Services consist primarily of consultancy, implementation services and training, and are performed under separate service arrangements. Revenue from these services is recognised as the services are performed and stage of completion is determined by reference to the costs incurred as a proportion of the total estimated costs of the service project.
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction cost and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The directors do not believe that there have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors consider that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Analysis of turnover by country of destination:
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There are tax losses carried to be utilised against future profits. There are no other factors that may affect future tax charges.
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Foreign exchange reserve
Profit and loss account
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in and independent administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £527,317 (2023: £366,067). Contributions totalling £33,921 (2023: £20,722) were payable to the fund at the balance sheet date and are included in creditors.
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ACTIVEVIAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is
The ultimate parent company is Due to the shareholding, there is no ultimate controlling party.
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