LiveNote Technologies Limited - Period Ending 2022-12-31

LIVENOTE TECHNOLOGIES LIMITED - Company Information

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Registration number: 02540915

LiveNote Technologies Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

LiveNote Technologies Limited

Contents

Page(s)

Strategic Report	1 to 2
Directors' Report	3 to 4
Independent Auditors' Report to the Members of LiveNote Technologies Limited	5 to 8
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 to 21

LiveNote Technologies Limited

Strategic Report for the Year Ended 31 December 2022

The Directors present their Strategic Report for the year ended 31 December 2022.

Definitions

As used in this annual report, “the Group” and “Thomson Reuters” refer to the Thomson Reuters Corporation and its subsidiary undertakings, including joint ventures and associates. “The Company” refers to LiveNote Technologies Limited.

Fair review of the business

The principal activity of the Company is to act as a holding Company.

The profit for the financial year amounted to US$ 653,992,000 (2021: US$ Nil).

During the year, the Company received dividend totalling US$ 654,000,000 from its subsidiary, Thomson Reuters America Corporation . On the same day, the Company further paid dividend of US$ 654,000,000 to its holding company, LN Holdings Limited.

Principal risks and uncertainties
From the perspective of the Company, the principal risks and uncertainties are integrated with the risks of the Group and are not managed separately. Accordingly, the risks and uncertainties of Thomson Reuters Corporation, which include those of the Company, are discussed in Thomson Reuters Corporation’s annual report which does not form part of this report.

As an investment company, the principal risks and uncertainties are limited to its investment portfolio and debtor balances and any impairment to these investments and debtor balances. The Company has embarked on a program to strike off its dormant subsidiaries. The Company may be required to take future impairment charges that would reduce the reported assets and earnings as a result of realising the underlying assets.

Thomson Reuters operate in a dynamic external environment that is rapidly shifting due to innovation in technology, evolving and increasing global regulation and information proliferation. Uncertainty, downturns and changes that impact our business can also arise as a result of conditions in global financial markets, changes in macroeconomic factors, changes in laws and regulations, political conditions and election outcomes, political and social unrest, wars and conflicts, terrorist acts, cyber-attacks, economic and regulatory sanctions, natural disasters and public health crises (such as epidemics and pandemics, including COVID-19) and other factors over which Thomson Reuters have no control. The global economy continues to experience substantial disruption and uncertainty due to the Russian military invasion of Ukraine and related government sanctions, lingering COVID-19 impacts, rising geopolitical tensions, aggressive monetary tightening, weaker global demand, rising interest rates, supply chain disruptions, labour shortages and other events. These factors may create unprecedented economic conditions including the possibility of an economic recession, that may last substantially longer than expected and create stress on economic growth and market volatility. These conditions could lead to limited business opportunities for our customers, creating significant cost pressures for some of them, which could lead to lower demand for our products and services. We are unable to predict the extent of impact or duration of any such economic conditions, or their ultimate impact on demand for our products and services.

Given the nature of the business, the Company's Directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

LiveNote Technologies Limited

Strategic Report for the Year Ended 31 December 2022 (continued)

Principal risks and uncertainties (continued)
Impact of Brexit
Thomson Reuters adapted its shipping and receiving activities in the UK to comply with post-Brexit requirements and particularly with sanctions legislation introduced and titled with the suffix ‘(EU Exit) Regulations 2019’. Brexit has also resulted in some additional compliance requirements in respect of VAT collection and reporting for the UK entities supplying services into the EU. Goods movements have incurred delays and additional costs.

Financial risk management

As outlined in the principal risks and uncertainties section above, As an investment company, the principal risks and uncertainties are limited to its investment portfolio and debtor balances and any impairment to these investments and debtor balances. The Company has embarked on a program to strike off its dormant subsidiaries. The Company may be required to take future impairment charges that would reduce the reported assets and earnings as a result of realising the underlying assets. This risk is managed by the Directors through annual recoverability assessments and monitoring of the performance of the group undertakings in which the Company’s debtors balances are held.

The management of other financial risks is co-ordinated with those undertaken at Group level by Thomson Reuters Corporation. The Group's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's and the Group's financial performance. More details of the Group's risk management programme can be found in the Thomson Reuters Corporation 2022 Annual Report.

Approved by the Board on 6 July 2023 and signed on its behalf by:

.........................................
W.D. Rowell
Director

LiveNote Technologies Limited

Directors' Report for the Year Ended 31 December 2022

The Directors present their report and the audited financial statements for the year ended 31 December 2022.

Directors of the Company

The Directors, who held office during the year, were as follows:

K. Major

W.D. Rowell

Political donations

During the year the Company made no political donations (2021: Nil).

Employee involvement
The Company did not have any employees during the year (2021: Nil).

Future developments

The Directors do not envisage any changes to the nature of the business in the foreseeable future.

Financial risk management
The financial risks of the Company and how they are managed by the Directors have been outlined on page 2 of the Strategic Report.

LiveNote Technologies Limited

Directors' Report for the Year Ended 31 December 2022 (continued)

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law).

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 and apply them consistently;

•

make judgements and accounting estimates that are reasonable and prudent;

•

state whether applicable United Kingdom Accounting Standards, comprising FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and

•

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 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.

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 enable them to ensure that the financial statements comply with the Companies Act 2006.

Directors’ confirmations
In the case of each Director in office at the date the Directors’ report is approved:

•

so far as the Director is aware, there is no relevant audit information of which the Company’s auditors are unaware; and

•

they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Approved by the Board on 6 July 2023 and signed on its behalf by:

.........................................
W.D. Rowell
Director

LiveNote Technologies Limited

Independent Auditors' Report to the Members of LiveNote Technologies Limited

Report on the audit of the financial statements

Opinion
In our opinion, LiveNote Technologies Limited's financial statements:

•	give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law); and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), which comprise: the Balance Sheet as at 31 December 2022; the Profit and Loss Account and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

LiveNote Technologies Limited

Independent Auditors' Report to the Members of LiveNote Technologies Limited (continued)

Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Strategic Report and Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic Report and Directors’ Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors’ Report for the year ended 31 December 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the Directors for the financial statements
As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

LiveNote Technologies Limited

Independent Auditors' Report to the Members of LiveNote Technologies Limited (continued)

Auditors’ responsibilities for the audit of the financial statements
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 auditors’ 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.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manage the Company's financial performance and management bias in accounting estimates within the financial statements. Audit procedures performed by the engagement team included:

•

Holding discussions with management and internal legal counsel and reviewing board minutes, including consideration of potential instances of non-compliance with laws and regulation and fraud;

•

Testing a sample of journal entries based on specific risk criteria; and

•

Challenging assumptions and judgements made by management related to accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

LiveNote Technologies Limited

Independent Auditors' Report to the Members of LiveNote Technologies Limited (continued)

Other required reporting

Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:

•	we have not obtained all the information and explanations we require for our audit; or
•	adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or
•	certain disclosures of Directors’ remuneration specified by law are not made; or
•	the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

......................................
Philip Stokes (Senior Statutory Auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London

7 July 2023

LiveNote Technologies Limited

Profit and Loss Account for the Year Ended 31 December 2022

	Note	2022 US$ 000	2021 US$ 000
Income from shares in group undertakings		654,000	-
Administrative expenses		(8)	-
Profit before tax		653,992	-
Tax on profit	6	-	-
Profit for the financial year		653,992	-

The above results were derived from continuing operations.

The Company has no comprehensive income for the year other than the results above, so no separate statement of comprehensive income is presented.

LiveNote Technologies Limited

(Registration number: 02540915)
Balance Sheet as at 31 December 2022

	Note	2022 US$ 000	2021 US$ 000
Fixed assets
Investments	7	3,365,619	3,365,619
Current assets
Debtors: amounts falling due within one year	8	2,044	1,687
Cash at bank and in hand	9	1	408
		2,045	2,095
Creditors: amounts falling due within one year	10	(326)	(368)
Net current assets		1,719	1,727
Net assets		3,367,338	3,367,346
Capital and reserves
Called up share capital	11	1,645	1,645
Share premium account		75,397	75,397
Capital redemption reserve		3,260,310	3,260,310
Other reserves		9,732	9,732
Profit and loss account		20,254	20,262
Total shareholders' funds		3,367,338	3,367,346

The financial statements on pages 9 to 21 were approved by the Board on 6 July 2023 and signed on its behalf by:

.........................................
W.D. Rowell
Director

LiveNote Technologies Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

	Called up share capital US$ 000	Share premium account US$ 000	Capital redemption reserve US$ 000	Other reserves US$ 000	Profit and loss account US$ 000	Total Shareholders' funds US$ 000
At 1 January 2022	1,645	75,397	3,260,310	9,732	20,262	3,367,346
Profit for the year	-	-	-	-	653,992	653,992
Dividends	-	-	-	-	(654,000)	(654,000)
At 31 December 2022	1,645	75,397	3,260,310	9,732	20,254	3,367,338

	Called up share capital US$ 000	Share premium reserve US$ 000	Capital redemption reserve US$ 000	Other reserves US$ 000	Profit and loss account US$ 000	Total Shareholders' funds US$ 000
At 1 January 2021	1,623	75,159	3,260,310	9,732	20,262	3,367,086
New share capital subscribed	22	238	-	-	-	260
At 31 December 2021	1,645	75,397	3,260,310	9,732	20,262	3,367,346

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The Company is a private company limited by share capital, incorporated in the United Kingdom and domiciled in England.

The address of its registered office is:
Five Canada Square
Canary Wharf
London
E14 5AQ
United Kingdom

The principal activity of the Company is to act as a holding Company.

All amounts in the financial statements and notes have been rounded off to the nearest thousand USD ($) as the majority of the Company's transactions are undertaken in USD ($).

2	Accounting policies

Basis of preparation

These financial statements are prepared in accordance with the Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and the Companies Act 2006.

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards), but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

•

Paragraph 38 of IAS 1, 'Presentation of financial statements' - comparative information requirements in respect of: (a) paragraph 79(a)(iv) of IAS 1; (b) paragraph 73(e) of IAS 16, 'Property, plant and equipment'; and (c)paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).

•

The following paragraphs of IAS 1, ‘Presentation of financial statements’: (a) 10(d) (statement of cash flows); (b) 16 (statement of compliance with all IFRS); (c) 38A (requirement for minimum of two primary statements, including cash flow statements); (d) 38B-D (additional comparative information); (e) 111 (statement of cash flows information); and (f) 134-136 (capital management disclosures).

•

IAS 7, ‘Statement of cash flows’;

•

IFRS 7, ‘Financial instruments: Disclosures’.

•

The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered between two or more members of a group.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

2	Accounting policies (continued)

Summary of disclosure exemptions (continued)

•

Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

•

Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

•

Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

•

Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined).

Exemption from preparing group financial statements
The Financial Statements contain information about LiveNote Technologies Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company has taken advantage under section 401 of the Company Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included in full consolidation of Company's parent undertaking, Thomson Reuters Corporation ("Thomson Reuters"). The consolidated financial statements of Thomson Reuters are prepared in accordance with International Financial Reporting Standards. Thomson Reuters Corporation is incorporated under the laws of the Province of Ontario, Canada.

Copies of Thomson Reuters's annual reports are available to the public at www.thomsonreuters.com and may be obtained from Five Canada Square Canary Wharf, London, E14 5AQ.

Measurement convention

The financial statements are prepared on a going concern basis, under the historical cost basis.

Use of estimate

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The area involving a higher degree of judgement or complexity, and where assumptions and estimates are significant to the financial statements is the impairment in investments, as disclosed in note 2 and note 7.

Finance income and costs policy

Interest receivable and payable is recorded in the Profit and loss account as they accrue, using the effective interest method.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within ‘finance income or costs’

Fixed asset investments

The Company holds investments in other companies. These are recognised as fixed asset investments and are stated at cost less any impairment.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

2	Accounting policies (continued)

Asset impairment
Fixed asset investments are considered for impairment triggers annually. If an impairment assessment trigger is identified, a detailed assessment is made. An impairment loss is recognised to the extent that the carrying amount cannot be recovered either by selling the assets or by discounted future earnings from operating the assets.

Current and deferred tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in shareholders’ funds. In this case, the tax is also recognised in other comprehensive income or directly in shareholders’ funds, respectively.

The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; or arise from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Employees

The Company did not have any employees at any time during the year (2021: Nil).

4	Directors' remuneration

None of the Directors had any beneficial interest in the share capital of the Company or an interest in any transactions or arrangements with the Company which require disclosure. None of the Directors received any payments for their services as Directors of the Company (2021: US$Nil).

5	Auditors' remuneration

The auditors' remuneration (relating to audit services) is US$ 19,287 (2021: US$20,000) and is paid by a fellow group undertaking and is not recharged to the Company.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

6	Tax on profit

Tax charge in the profit and loss account

	2022 US$ 000	2021 US$ 000
Current taxation
UK corporation tax	-	-
Total current income tax	-	-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2021 - is the same as the standard rate of corporation tax in the UK) of 19% (2021 - 19%).

The differences are reconciled below:

	2022 US$ 000	2021 US$ 000
Profit before tax	653,992	-
Profit/(loss) multiplied by the standard rate of tax in the UK of 19.00% (2021: 19.00%)	124,258	-
Increase from effect of revenues exempt from taxation	(124,260)	-
Increase arising from group relief tax reconciliation	2	-
Total tax charge	-	-

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.

The UK corporation tax rate for the year ended 31 December 2022 is 19% which has been effective since 1 April 2017. Legislation increasing the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted on 24 May 2021. Deferred taxes have been measured using this enacted tax rate and is reflected in these financial statements.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7	Investments

Subsidiaries	US$ 000
Cost or valuation
At 1 January 2022	3,365,619
At 31 December 2022	3,365,619
At 31 December 2021	3,365,619

During the year, The Integration Point Holdings LLC was struck off and Creative Solutions Software Corp. was sold to a third party.

An impairment review was carried out in the year for those investments that were considered to have a potential trigger. The Directors have assessed the recoverable amount of these investments, having taken into consideration a range of assumptions and has resulted in the Directors concluding that the carrying value of the investments is supported.

The Directors are of the opinion that the value of the Company's investment is not less than the value at which it is stated in the Balance sheet as at 31 December 2022.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7	Investments (continued)

Details of the subsidiaries as at 31 December 2022 are as follows:

Name of subsidiary	Principal activity	Registered office	Proportion of ownership interest and voting rights held 2022	2021
Thomson Reuters America Corporation*	Software provider and holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters No. 4 Inc.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters No. 5 LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
TR U.S. Inc.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Capital Confirmation Inc.	Trading Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Reuters News & Media Inc.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters No. 8 LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters U.S. LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Finance Company LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Holdco LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Risk Management Inc.	Property Casualty Insurer	50 Weston Street, Hartford CT, 06120-1537 USA	100%	100%

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7	Investments (continued)

Name of subsidiary	Principal activity	Registered office	Proportion of ownership interest and voting rights held 2022	2021
Athens Acquisition Holdco LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters (Tax & Accounting) Inc	Holding Company	211 E. 7th Street Suite 620 Austin TEXAS 78701 USA	100%	100%
Thomson Reuters Management Services LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Holding Inc	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Aviation Inc	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Services Inc.	Payroll Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Thomson Reuters Treasury LLC	Trading Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Three Times Square Associates LLC	Trading Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	50%	50%
Thomson Reuters (Legal) Inc.	Holding Company	380 Jackson Street, Suite 700,St. Paul MN 55101, United States of America United States of America	100%	100%
Thomson Reuters Applications Inc.	Trading Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7	Investments (continued)

Name of subsidiary	Principal activity	Registered office	Proportion of ownership interest and voting rights held 2022	2021
Thomson Reuters IRB Inc	Holding Company	Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808 United States of America	100%	100%
Reuters Property Holdings Inc.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Reuters Property L.L.C.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
Reuters America LLC	Trading Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
TR Finance LLC	Holding Company	251 Little Falls Drive, Wilmington DE 19808 USA	100%	100%
Thomson Reuters (TRI) Inc	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
TR Transition Services Inc.	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
RPHI Holding LLC	Holding Company	2711 Centerville Road,Suite 400,Wilmington DE19808 USA	100%	100%
West Publishing Corporation	Trading Company	2345 Rice Street, Suite 230, Roseville MN 55113 United States of America	100%	100%
Thomson Reuters Special Services LLC	Trading Company	251 Little Falls Drive, Wilmington DE 19808 USA	100%	100%
TRSS International Limited	Trading Company	FIVE Canada Square, Canary Wharf, London, United Kingdom, E14 5AQ	100%	100%

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7	Investments (continued)

Name of subsidiary

Principal activity

Registered office

Proportion of ownership interest and voting rights held
2022

2021

ThoughtTrace Inc.

Merged in 2023

708, Main Street, 10th Floor Houston, TX 77002

USA

100%

*indicates direct investment of the Company

8	Debtors: amounts falling due within one year

	2022 US$ 000	2021 US$ 000
Amounts owed by group undertaking	2,044	1,687

Amounts owed by fellow group undertaking are unsecured, non-interest bearing and repayable on demand.

9	Cash at bank and in hand

	2022 US$ 000	2021 US$ 000
Cash at bank	1	408

10	Creditors: amounts falling due within one year

	2022 US$ 000	2021 US$ 000
Amounts owed to group undertaking	326	368

Amounts owed to fellow group undertakings are unsecured, non interest bearing and repayable on demand.

LiveNote Technologies Limited

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

11	Called up share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	US$ 000	No.	US$ 000
Ordinary shares of £15,955.10 each	54	1,645	54	1,645

12	Parent and ultimate parent undertaking

The Company's immediate parent is LN Holdings Limited.

The ultimate parent is Thomson Investments Limited.

The most senior parent entity producing publicly available financial statements is Thomson Reuters Corporation. These financial statements are available upon request from "Thomson Reuters", Five Canada Square, Canary Wharf, London, E14 5AQ, and are publicly available at www.thomsonreuters.com.

The ultimate controlling party is Thomson Investments Limited.

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Thomson Reuters Corporation, incorporated in Canada.

The address of Thomson Reuters Corporation is:
19 Duncan Street, Toronto, ON M5H 3H1, Canada.