Fareye Technologies Pvt Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going concern |
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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. |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Computer equipment |
Over 3 years |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Indra Giri |
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Firm: |
Makesworth Audit Services Ltd |
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Date of audit report: |
14 July 2023 |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
16 |
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19 |
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4 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
16,394 |
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At 31 March 2023 |
16,394 |
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Depreciation |
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Charge for the year |
5,948 |
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At 31 March 2023 |
5,948 |
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Net book value |
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At 31 March 2023 |
10,446 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
206,147 |
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- |
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Prepayments |
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5,426 |
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79,404 |
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Other debtors |
114,696 |
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106,334 |
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326,269 |
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185,738 |
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6 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
54,095 |
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19,027 |
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Amounts owed to group undertakings |
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391,284 |
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38,323 |
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Taxation and social security costs |
2,101 |
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8,681 |
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Deferred income |
147,494 |
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- |
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Other creditors |
119,235 |
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109,499 |
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714,209 |
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175,530 |
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7 |
Related party transactions |
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Included within creditors falling due within one year is an amount of £391,284 (2022: £38,323) owed to group companies. |
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8 |
Controlling party |
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"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. |
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9 |
Other information |
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Fareye Technologies Pvt Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Units 4 & 5 Brightwell Barns |
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Waldringfield Road |
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Brightwell, Ipswich |
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Suffolk |
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IP10 0BJ |