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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
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2023-03-31
06256440
2023-03-31
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2022-03-31
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06256440
2022-03-31
06256440
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06256440
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2022-04-01
2023-03-31
06256440
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2022-04-01
2023-03-31
06256440
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2023-03-31
06256440
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2023-03-31
06256440
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2022-04-01
2023-03-31
06256440
bus:Director1
2022-04-01
2023-03-31
06256440
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06256440
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2022-04-01
2023-03-31
06256440
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2023-03-31
06256440
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2023-03-31
06256440
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2022-03-31
06256440
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2023-03-31
06256440
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2022-03-31
06256440
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2023-03-31
06256440
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2022-03-31
06256440
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06256440
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2022-03-31
06256440
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2023-03-31
Company registration number:
06256440
ValueLabs (UK) Ltd
Abridged filleted financial statements
31 March 2023
ValueLabs (UK) Ltd
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
ValueLabs (UK) Ltd
Directors and other information
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Directors |
Harini Rao Donakanti |
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Stephen Joseph |
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Bhanu Kishore Rampalli |
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Secretary |
R K Vyas |
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Company number |
06256440 |
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Registered office |
Harrow Serviced Office Ltd |
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79 College Road |
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Harrow, Middlesex |
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HA1 1BD |
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Auditor |
Krish Jermyn Auditing Limited |
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1st Floor, Maruti House |
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369 Station Road |
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Harrow, Middlesex |
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HA1 2AW |
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ValueLabs (UK) Ltd
Abridged statement of financial position
31 March 2023
|
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2023 |
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2022 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
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|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
13,678 |
|
|
|
18,150 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
13,678 |
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|
18,150 |
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|
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Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
|
2,206,279 |
|
|
|
1,757,330 |
|
|
Cash at bank and in hand |
|
|
1,932,672 |
|
|
|
499,026 |
|
|
|
|
|
_______ |
|
|
|
_______ |
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|
4,138,951 |
|
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|
2,256,356 |
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|
Creditors: amounts falling due |
|
|
|
|
|
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|
within one year |
|
|
(
3,544,227) |
|
|
|
(
1,891,966) |
|
|
|
|
|
_______ |
|
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|
_______ |
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Net current assets |
|
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|
594,724 |
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|
|
364,390 |
|
|
|
|
|
_______ |
|
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|
_______ |
Total assets less current liabilities |
|
|
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|
608,402 |
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|
382,540 |
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Creditors: amounts falling due |
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|
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after more than one year |
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|
(
3,637) |
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|
(
3,008) |
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|
|
|
|
_______ |
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|
_______ |
Net assets |
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|
604,765 |
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379,532 |
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|
_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
6 |
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65,002 |
|
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|
65,002 |
Profit and loss account |
|
|
|
|
539,763 |
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|
314,530 |
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|
|
|
|
_______ |
|
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|
_______ |
Shareholders funds |
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604,765 |
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379,532 |
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_______ |
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_______ |
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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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
14 September 2023
, 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 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Harrow Serviced Office Ltd, 79 College Road, Harrow, Middlesex, HA1 1BD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In preparing the financial statements the directors have taken into account all the information that could reasonably be expected to be available together with their continued support The company is dependent on the availability of contracts from their clients and the type of services required. The current financial conditions around the world are having significant impact upon signing new contracts and maintaining the development needed to keep abreasts with modern technology and these conditions remain challenging. The company is in negotiation of a number of contracts and the board consider that the company will have sufficient confirmed future contracts to maintain its profitability. The directors have reasonable expectations and adequate resources that the company will be able to continue in operations and meet its liabilities as they fall due.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
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 services provided is recognised when the significant risks and rewards have transferred to the buyer. 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
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Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 or 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 in finance costs 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
(2022:
16
).
5.
Tangible assets
|
|
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|
|
|
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|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
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|
|
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|
At 1 April 2022 |
27,189 |
|
|
|
|
|
|
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Additions |
4,035 |
|
|
|
|
|
|
|
|
_______ |
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|
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|
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At 31 March 2023 |
31,224 |
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|
|
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|
|
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|
_______ |
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|
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Depreciation |
|
|
|
|
|
|
|
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At 1 April 2022 |
9,039 |
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|
|
|
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|
Charge for the year |
8,507 |
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|
|
|
|
|
|
|
_______ |
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|
|
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At 31 March 2023 |
17,546 |
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_______ |
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Carrying amount |
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At 31 March 2023 |
13,678 |
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|
|
|
|
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|
_______ |
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At 31 March 2022 |
18,150 |
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|
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_______ |
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6.
Called up share capital
Issued, called up and fully paid
|
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|
2023 |
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2022 |
|
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No |
|
£ |
|
No |
|
£ |
|
Ordinary shares shares of £
1.00 each |
|
65,002 |
|
65,002 |
|
65,002 |
|
65,002 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
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Called-up share capital represents the nominal value of shares that have been issued.
7.
Summary audit opinion
The auditor's report for the year dated
14 September 2023
was unqualified.
The senior statutory auditor was
Sailesh Rameshchandra Vaghjee
for and on behalf of
Krish Jermyn Auditing Limited
8.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
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Transaction value |
|
Balance owed by/(owed to) |
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|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
ValueLabs S.R.L |
- |
- |
18,728 |
18,728 |
|
VL Consulting DWC LLC |
5,271,242 |
3,855,511 |
(
2,424,352) |
(
1,013,696) |
|
VLIT Services BV |
- |
- |
69,365 |
10,038 |
|
ValueLabs LLP |
- |
- |
(
3,637) |
(
3,008) |
|
|
_______ |
_______ |
_______ |
_______ |
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|
At the year end, the company was owed a net balance of £88,093 (31 March 2022 - £28,766) from and a net balance of £2,427,989 (31 March 2022 - £1,019,712) to various companies within the group. There are no other related party transactions other than the ones disclosed above.All transactions are carried out at an arm's length basis.
9.
Controlling party
During the year the company was controlled jointly by the directors of the company.
10.
Ultimate parent undertaking
The company's immediate parent company is ValueLabs Global Solutions Pte Ltd by virtue of their 100% holding. ValueLabs Global Solutions Pte Ltd is a company registered in Singapore whose ultimate parent company is ValueLabs LLP, a limited liability partnership registered in India.