REGISTERED NUMBER: 10075999 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

3T Software Labs Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S W B Brown

Dr S D Galbraith

Mr T Naumowicz

Dr G Thomson

Dr T Zahn

SECRETARY:

Tech CFO Limited

REGISTERED OFFICE:

Newnham House

Cambridge Business Park

Cambridge

United Kingdom

CB4 0WZ

REGISTERED NUMBER:

10075999 (England and Wales)

ACCOUNTANTS:

John Wheeler Accountancy Ltd

The Barn

Duck End

Offord Road, Graveley

St Neots

Cambridgeshire

PE19 6PP

FIXED ASSETS

Intangible assets

4

162,900

289,526

Investments

5

5,388,923

5,375,922

5,551,823

5,665,448

CURRENT ASSETS

Debtors

6

392,329

91,787

Cash at bank

276,998

390,274

669,327

482,061

CREDITORS

Amounts falling due within one year

7

1,931,123

779,497

NET CURRENT LIABILITIES

(1,261,796

)

(297,436

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,290,027

5,368,012

CREDITORS

Amounts falling due after more than one year

8

1,188,146

1,496,560

NET ASSETS

3,101,881

3,871,452

CAPITAL AND RESERVES

Called up share capital

9

12,833

12,833

Share premium

3,866,529

3,866,529

Retained earnings

(777,481

)

(7,910

)

SHAREHOLDERS' FUNDS

3,101,881

3,871,452

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 22 May 2018 and were signed on its behalf by:

Dr S D Galbraith - Director

1.	STATUTORY INFORMATION

3T Software Labs 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 Euro (€).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about 3T Software Labs Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under Section

400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

3T Software Labs Group Ltd, UK.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

License revenues are recognised when the licence has been delivered to the customer and no ongoing obligations

exist. Support and maintenance revenues are recognised on a straight line basis over the life of the provision of

those services. When license and support revenues are included in one contract, the two items are fair valued and

recognised as described above.

Turnover from the supply of services represents the value of services provided under contracts to the extent that

there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Where a contract has been partially completed at the balance sheet date, turnover represents the fair value of the

service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Where payments are received from customers in advance for services provided, the amounts are recorded as

deferred income and included as part of creditors.

Intangible assets

Patents and licences

Separately acquired patents, licences and other intellectual property are included at cost and amortised in equal

monthly instalments over a period of 2 years which is their estimated useful life. Provision is made for any

impairment.

Computer software

Acquired intellectual property is included at cost and amortised in equal monthly instalments over a period of 2

years which is their estimated useful life. Provision is made for any impairment.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Research and development

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the statement

of financial position date. Transactions in foreign currencies are translated into Euro at the rate of exchange

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

4.	INTANGIBLE FIXED ASSETS

Patents

and

Computer

licences

software

Totals

€

€

€

COST

At 1 January 2017

6,127

283,973

290,100

Additions

-

35,748

35,748

At 31 December 2017

6,127

319,721

325,848

AMORTISATION

At 1 January 2017

574

-

574

Amortisation for year

3,063

159,311

162,374

At 31 December 2017

3,637

159,311

162,948

NET BOOK VALUE

At 31 December 2017

2,490

160,410

162,900

At 31 December 2016

5,553

283,973

289,526

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

€

COST

At 1 January 2017

5,375,922

Additions

13,001

At 31 December 2017

5,388,923

NET BOOK VALUE

At 31 December 2017

5,388,923

At 31 December 2016

5,375,922

The company's investments at the Statement of Financial Position date in the share capital of companies include

the following:

3T Software Labs GmbH

Registered office: Kreuzkolln Office, Friedelstrasse 40, 12047 Berlin, Germany

Nature of business: Software development

%

Class of shares:

holding

Ordinary shares

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Trade debtors

128,798

91,787

Intercompany loan account

100,000

-

Tax

153,101

-

VAT

5,956

-

Prepayments

4,474

-

392,329

91,787

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Trade creditors

333,624

385,620

Intercompany loan account

1,026,431

368,913

Deferred income

562,941

23,970

Accrued expenses

8,127

994

1,931,123

779,497

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

€

€

Contingent consideration

1,136,560

1,496,560

Deferred income

51,586

-

1,188,146

1,496,560

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

€

€

8,500

Ordinary A

£1

10,908

10,908

1,500

Ordinary B

£1

1,925

1,925

12,833

12,833

The share premium account represents the difference between the nominal value of the shares issued to equity

holders and the fair value of the consideration received for those shares.

10.	ULTIMATE CONTROLLING PARTY

The Ultimate parent company is 3T Software Labs Group Limited, registered in England & Wales.