Registered number
13410480
Fareye Technologies Pvt Ltd
Filleted Accounts
For the year ended 31 March 2023
Fareye Technologies Pvt Ltd
Registered number: 13410480
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 10,446 -
Current assets
Debtors 5 326,269 185,738
Cash at bank and in hand 302,346 517,166
628,615 702,904
Creditors: amounts falling due within one year 6 (714,209) (175,530)
Net current (liabilities)/assets (85,594) 527,374
Net (liabilities)/assets (75,148) 527,374
Capital and reserves
Called up share capital 3,800,001 1,000,001
Profit and loss account (3,875,149) (472,627)
Shareholders' funds (75,148) 527,374
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gautam Kumar
Director
Approved by the board on 14 July 2023
Fareye Technologies Pvt Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The financial statements have been prepared on a going concern basis, despite the fact the company incurred a substantial loss and was in a net liability position at the year end. In doing so, the directors have prepared budget projections for the foreseeable future. In addition, the company is reliant on its parent company for funds to support its working capital. During the year the company increased its share capital from £1m to £3.8m. This shows the parent company's continued commitment to support the company. Also, the parent company has pledged continued support for the company for at least 12 months from the date of the approval of these financial statements.

This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payments. As with any company placing reliance on related parties for financial support, that there are no certainty that this support will continue although at the date of approval of these financial statements, there is no reason to believe that they will not do so.

On this basis, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Turnover
The company derives revenue primarily from rendering of services. Revenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer and excludes sales incentive and amounts collected on behalf of third parties.

The company recognises revenue over a period of time when it transfers control of the serivce to a customer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment Over 3 years
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.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Indra Giri
Firm: Makesworth Audit Services Ltd
Date of audit report: 14 July 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 19
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 16,394
At 31 March 2023 16,394
Depreciation
Charge for the year 5,948
At 31 March 2023 5,948
Net book value
At 31 March 2023 10,446
5 Debtors 2023 2022
£ £
Trade debtors 206,147 -
Prepayments 5,426 79,404
Other debtors 114,696 106,334
326,269 185,738
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 54,095 19,027
Amounts owed to group undertakings 391,284 38,323
Taxation and social security costs 2,101 8,681
Deferred income 147,494 -
Other creditors 119,235 109,499
714,209 175,530
7 Related party transactions
Included within creditors falling due within one year is an amount of £391,284 (2022: £38,323) owed to group companies.
8 Controlling party
"The company is controlled by Fareye Technologies Private Limited, a company registered in India, by virtue of its ownership of 100% of the issued ordinary share capital in the company.
9 Other information
Fareye Technologies Pvt Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Units 4 & 5 Brightwell Barns
Waldringfield Road
Brightwell, Ipswich
Suffolk
IP10 0BJ
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