Visual Technology Services Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Visual Technology Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04658374 . The registered office is 11th Floor, Two Snowhill, Birmingham, B4 6WR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

As all employees have been transitioned to other entities, the Company will cease trading and at some point it will be dissolved. There are no external creditors and there is support from the parent company, Apryse Parent, LP, for any ongoing expenses that may be incurred. The directors believe that it is still appropriate to prepare the accounts under the going concern basis.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of licenses and from the rendering of maintenance and other services. Turnover from the periodical contracts for licenses and maintenance are shown in the accounts equally over the period of the contracts.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are patents and licenses. They are amortised to profit and loss account over their estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% reducing balance

2.6. Financial Instruments

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

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Visual Technology Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Research and Development

Expenditure on research and development is written off in the year in which it is incurred.

2.11. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2023: 3)

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	284,176

As at 31 December 2024	284,176

Amortisation
As at 1 January 2024	144,255
Provided during the period	28,418

As at 31 December 2024	172,673

Net Book Value
As at 31 December 2024	111,503

As at 1 January 2024	139,921

5. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Other debtors	260	-
VAT	-	93
Other taxes and social security	644	-

	904	93

6. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Accruals and deferred income	4,684	7,575
Amounts owed to group undertakings	88,663	73,913

	93,347	81,488

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Visual Technology Services Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	100	100

8. Related Party Transactions

During the year a group company, Apryse Software Inc. provided the company with £15,000 in working capital funding (period ended 31 December 2023: £nil), and in turn the company invoiced Apryse Software Inc. £nil for services (period ended 31 December 2023: £74,591) and remitted funds totalling £250 to Apryse Software Inc. (period ended 31 December 2023: £41,250). As at 31 December 2024 the company owed Apryse Software Inc. £88,663 (31 December 2023: £73,913).

9. Controlling Party

The company is controlled by the parent company, Apryse Software Corp.

The ultimate parent company is Apryse Parent, LP. The ultimate controlling parties are the owners of Apryse Parent, LP, and are made up of private investors and investment funds.

10. Audit Information

The auditor's report on the accounts of Visual Technology Services Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Delia Allott (Senior Statutory Auditor) for and on behalf of Two Rivers Accountancy , Statutory Auditor.

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		111,503		139,921

			111,503		139,921
CURRENT ASSETS
Debtors	5	904		93
Cash at bank and in hand		2,432		373

		3,336		466
Creditors: Amounts Falling Due Within One Year	6	(93,347 )		(81,488 )

NET CURRENT ASSETS (LIABILITIES)			(90,011 )		(81,022 )

TOTAL ASSETS LESS CURRENT LIABILITIES			21,492		58,899

NET ASSETS			21,492		58,899

CAPITAL AND RESERVES
Called up share capital	7		100		100
Share premium account			22,950		22,950
Profit and Loss Account			(1,558 )		35,849

SHAREHOLDERS' FUNDS			21,492		58,899