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COMPANY REGISTRATION NUMBER: 06256440
VALUELABS (UK) LTD
FILLETED FINANCIAL STATEMENTS
31 March 2022
VALUELABS (UK) LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Harini Rao Donakanti
Stephen Joseph
Bhanu Kishore Rampalli
Company secretary
Ms R K Vyas
Registered office
C/o Harrow Serviced Office Ltd
79 College Road
Harrow
Middlesex
HA1 1BD
Auditor
Peer Roberts Ltd
Chartered accountants & statutory auditor
The Pavilion
Rosslyn Crescent
Harrow
Middlesex
HA1 2SZ
Bankers
HSBC Bank PLC
127 High Street
Hounslow
Middlesex
TW3 1QP
VALUELABS (UK) LTD
STATEMENT OF FINANCIAL POSITION
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
18,150
6,291
Current assets
Debtors
7
1,757,330
996,857
Cash at bank and in hand
499,026
510,916
-------------
-------------
2,256,356
1,507,773
Creditors: amounts falling due within one year
8
1,891,966
1,285,557
-------------
-------------
Net current assets
364,390
222,216
----------
----------
Total assets less current liabilities
382,540
228,507
Creditors: amounts falling due after more than one year
9
3,008
9,107
----------
----------
Net assets
379,532
219,400
----------
----------
Capital and reserves
Called up share capital
65,002
65,002
Profit and loss account
314,530
154,398
----------
----------
Shareholders funds
379,532
219,400
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2022 , and are signed on behalf of the board by:
Stephen Joseph
Director
Company registration number: 06256440
VALUELABS (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Harrow Serviced Office Ltd, 79 College Road, Harrow, Middlesex, HA1 1BD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the forecast and projections the director has a reasonable expectation that the company has adequate financial resources to continue in operational existence for the foreseeable future. The company therefore adopts the going concern basis in the preparation of its financial statements.
Changes in accounting policies
Prior year numbers have been regrouped wherever required.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2021: 16 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
34,750
19,427
Adjustments in respect of prior periods
( 129)
---------
---------
Total current tax
34,621
19,427
---------
---------
---------
---------
Tax on profit
34,621
19,427
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
194,753
107,861
----------
----------
Profit on ordinary activities by rate of tax
37,003
20,493
Adjustment to tax charge in respect of prior periods
( 129)
Effect of expenses not deductible for tax purposes
129
Effect of capital allowances and depreciation
( 2,253)
( 1,195)
----------
----------
Tax on profit
34,621
19,427
----------
----------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2021
7,809
7,809
Additions
18,505
874
19,379
---------
-------
---------
At 31 March 2022
18,505
8,683
27,188
---------
-------
---------
Depreciation
At 1 April 2021
1,518
1,518
Charge for the year
4,626
2,894
7,520
---------
-------
---------
At 31 March 2022
4,626
4,412
9,038
---------
-------
---------
Carrying amount
At 31 March 2022
13,879
4,271
18,150
---------
-------
---------
At 31 March 2021
6,291
6,291
---------
-------
---------
7. Debtors
2022
2021
£
£
Trade debtors
1,591,812
797,167
Amounts owed by group undertakings and undertakings in which the company has a participating interest
28,766
102,681
Other debtors
136,752
97,009
-------------
----------
1,757,330
996,857
-------------
----------
Trade debtors include accrued income of £364,406 (2021 : £171,691)which was invoiced after the year end.
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
380,899
237,452
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,016,704
777,208
Corporation tax
5,330
Social security and other taxes
355,575
243,593
Other creditors
133,458
27,304
-------------
-------------
1,891,966
1,285,557
-------------
-------------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,008
9,107
-------
-------
10. Summary audit opinion
The auditor's report for the year dated 27 July 2022 was unqualified.
The senior statutory auditor was Dinesh Shah , for and on behalf of Peer Roberts Ltd .
11. Related party transactions
(i) Debtors include £28,766 (2021: £ 102,681) owed from group and associate companies as below: ValueLabs Global Solutions Pte Ltd £Nil (2021 :£83,953) ValueLabs SRL £18,728 (2021: £18,728) VL IT Services BV £10,038 (2021: Nil) Total £28,766 (2021: £102,681) (ii) Creditors include £1,019,712 (2021 : £786,315) owed to group and associate companies as below: ValueLabs LLP £3,008 (2021: £15,083) ValueLabs Solutions LLP £Nil (2021: £155) VL Consulting DWC LLC £1,016,704 (2021: £771,077) Total £1,019,712 (2021: £786,315) (iii)Purchases include invoices raised by group company £3,855,511 (2021: £2,430,903)as below: VL Consulting DWC LLC £3,855,511 (2021:£2,430,903) Total £3,855,511 (2021:£2,430,903)
12. Controlling party
In the opinion of the director, ValueLabs Global Solutions Pte Ltd. registered in Singapore which holds the entire share capital of the company is considered as parent company and its ultimate undertaking is ValueLabs LLP registered in India. Mrs Harini Rao Donakanti and Mr Arjun Rao Donakanti are the designated partners and hold majority interest in the ultimate parent undertaking ValueLabs LLP.