Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetruetruetruetruetruetruetruetruetruetruetruetruetruetruetrue2022-04-01falseresearch and experimental development141 13148784 2022-04-01 2023-03-31 13148784 2021-01-21 2022-03-31 13148784 2023-03-31 13148784 2022-03-31 13148784 2 2022-04-01 2023-03-31 13148784 2 2021-01-21 2022-03-31 13148784 7 2022-04-01 2023-03-31 13148784 7 2021-01-21 2022-03-31 13148784 1 2022-04-01 2023-03-31 13148784 e:Director1 2022-04-01 2023-03-31 13148784 e:Director1 2023-03-31 13148784 e:Director2 2022-04-01 2023-03-31 13148784 e:Director2 2023-03-31 13148784 e:RegisteredOffice 2022-04-01 2023-03-31 13148784 d:PlantMachinery 2022-04-01 2023-03-31 13148784 d:PlantMachinery 2023-03-31 13148784 d:PlantMachinery 2022-03-31 13148784 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:FurnitureFittings 2022-04-01 2023-03-31 13148784 d:FurnitureFittings 2023-03-31 13148784 d:FurnitureFittings 2022-03-31 13148784 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:OfficeEquipment 2022-04-01 2023-03-31 13148784 d:OfficeEquipment 2023-03-31 13148784 d:OfficeEquipment 2022-03-31 13148784 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:ComputerEquipment 2022-04-01 2023-03-31 13148784 d:ComputerEquipment 2023-03-31 13148784 d:ComputerEquipment 2022-03-31 13148784 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 13148784 d:OtherPropertyPlantEquipment 2023-03-31 13148784 d:OtherPropertyPlantEquipment 2022-03-31 13148784 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13148784 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13148784 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 13148784 d:ComputerSoftware 2023-03-31 13148784 d:ComputerSoftware 2022-03-31 13148784 d:IntangibleAssetsOtherThanGoodwill 2023-03-31 13148784 d:IntangibleAssetsOtherThanGoodwill 2022-03-31 13148784 d:CurrentFinancialInstruments 2023-03-31 13148784 d:CurrentFinancialInstruments 2022-03-31 13148784 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13148784 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13148784 d:ShareCapital 2022-04-01 2023-03-31 13148784 d:ShareCapital 2023-03-31 13148784 d:ShareCapital 2021-01-21 2022-03-31 13148784 d:ShareCapital 2022-03-31 13148784 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 13148784 d:OtherMiscellaneousReserve 2023-03-31 13148784 d:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 13148784 d:OtherMiscellaneousReserve 2021-01-21 2022-03-31 13148784 d:OtherMiscellaneousReserve 2022-03-31 13148784 d:OtherMiscellaneousReserve 2 2021-01-21 2022-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2023-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2021-01-21 2022-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2022-03-31 13148784 d:RetainedEarningsAccumulatedLosses 2 2021-01-21 2022-03-31 13148784 e:OrdinaryShareClass1 2022-04-01 2023-03-31 13148784 e:OrdinaryShareClass1 2023-03-31 13148784 e:OrdinaryShareClass1 2022-03-31 13148784 e:FRS101 2022-04-01 2023-03-31 13148784 e:Audited 2022-04-01 2023-03-31 13148784 e:FullAccounts 2022-04-01 2023-03-31 13148784 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13148784 e:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13148784 d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 13148784 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 13148784 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 13148784 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13148784










OLA ELECTRIC UK PRIVATE LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
COMPANY INFORMATION


Directors
S Dash (resigned 4 August 2023)
Mr Arun Kumar GR (appointed 4 August 2023)




Registered number
13148784



Registered office
1 London Street

Reading

RG1 4PN




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditors

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD





 
OLA ELECTRIC UK PRIVATE LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 15


 
OLA ELECTRIC UK PRIVATE LIMITED
REGISTERED NUMBER: 13148784

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Intangible assets
 5 
2,282,863
-

Tangible assets
 6 
266,852
-

  
2,549,715
-

Current assets
  

Debtors: amounts falling due within one year
 7 
675,251
-

Cash at bank and in hand
 8 
289,160
59,666

  
964,411
59,666

Creditors: amounts falling due within one year
 9 
(293,635)
(173,422)

Net current assets/(liabilities)
  
 
 
670,776
 
 
(113,756)

Total assets less current liabilities
  
3,220,491
(113,756)

  

  

  

Net assets/(liabilities)
  
3,220,491
(113,756)


Capital and reserves
  

Called up share capital 
 10 
4,039,229
276,100

Capital contribution
 11 
1,803,555
274,900

Profit and loss account
 11 
(2,622,293)
(664,756)

  
3,220,491
(113,756)


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.


Mr Arun Kumar GR
Director

The notes on pages 5 to 15 form part of these financial statements.
Page 1

 
OLA ELECTRIC UK PRIVATE LIMITED
REGISTERED NUMBER: 13148784
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023


Page 2

 
OLA ELECTRIC UK PRIVATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
276,100
274,900
(664,756)
(113,756)


Comprehensive income for the year

Loss for the year

-
-
(2,014,153)
(2,014,153)

Share based payments
-
-
56,616
56,616


Other comprehensive income for the year
-
-
56,616
56,616


Total comprehensive income for the year
-
-
(1,957,537)
(1,957,537)


Contributions by and distributions to owners

Shares issued during the year
3,763,129
-
-
3,763,129

Capital contribution during the period
-
1,528,655
-
1,528,655


Total transactions with owners
3,763,129
1,528,655
-
5,291,784


At 31 March 2023
4,039,229
1,803,555
(2,622,293)
3,220,491


The notes on pages 5 to 15 form part of these financial statements.

Page 3

 
OLA ELECTRIC UK PRIVATE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period

-
-
(704,947)
(704,947)

Share based payments
-
-
40,191
40,191


Other comprehensive income for the period
-
-
40,191
40,191


Total comprehensive income for the period
-
-
(664,756)
(664,756)


Contributions by and distributions to owners

Shares issued during the period
276,100
-
-
276,100

Capital contribution during the period
-
274,900
-
274,900


Total transactions with owners
276,100
274,900
-
551,000


At 31 March 2022
276,100
274,900
(664,756)
(113,756)


The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Ola Electric UK Private Limited is a private company limited by shares incorporated in England and Wales.
The address of the registered office is 1 London Street, Reading, England, RG1 4PN.
The nature of the Company's principal activity is research and development to support its parent company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Page 5

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Ola Electric Mobility Private Limited as at 31 March 2023 and these financial statements may be obtained from Regent Insignia,#414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.

Page 6

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

Ola Electric Mobility Private Limited, the India based ultimate parent entity, has committed to provide ongoing support to allow the company to meet its liabilities as they fall due for a period of not less than 12 months from the date these accounts are signed. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 7

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 8

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.10

Intangible assets

Recognition and measurement
Intangible assets under development
Expenditure on research activities is recognised in statement of profit and loss as incurred.
Development expenditure is capitalised as part of cost of resulting intangible asset only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and intends to use or sell the asset. Otherwise, it is recognised in the statement of profit and loss as incurred. Subsequent to initial recognition, the internally generated intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets under development are tested for impairment annually irrespective of whether there is any indication of impairment.
Capital work in progress include the expenditure done on intangible fixed assets (software licenses) which are basically assets in course of construction. Once these assets would be ready to use the same would be capitalized in the books of accounts until then no amortization is charged on these balances
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific assets to which it relates. All other expenditure is recognised in profit or loss as incurred.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Capital work in progress include the expenditure done on tangible fixed assets (leasehold improvements & R&D Equipment’s) which are basically assets in course of construction. Once these assets would be ready to use the same would be capitalized in the books of accounts until then no depreciation is charged on these balances

Page 9

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
10%
Office equipment
-
20%
Computer equipment
-
33%
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or
Page 10

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

amortised cost, depending on the classification of the financial assets.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 101 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. These estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis. There has been no judgements made by management in the application of FRS 101 that have had a significant effect on the financial statements and estimates with a significant risk of material adjustment.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
14
1

Page 11

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Intangible assets




Intangible assets under development
Capital work in progress
Total

£
£
£



Cost


Additions
2,273,004
9,859
2,282,863



At 31 March 2023

2,273,004
9,859
2,282,863






Net book value



At 31 March 2023
2,273,004
9,859
2,282,863



At 31 March 2022
-
-
-




Page 12

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Capital work in progress
Total

£
£
£
£
£
£



Cost or valuation


Additions
38,999
11,200
78,195
23,831
134,929
287,154



At 31 March 2023

38,999
11,200
78,195
23,831
134,929
287,154



Depreciation


Charge for the year on owned assets
5,706
694
8,999
4,903
-
20,302



At 31 March 2023

5,706
694
8,999
4,903
-
20,302



Net book value



At 31 March 2023
33,293
10,506
69,196
18,928
134,929
266,852



At 31 March 2022
-
-
-
-
-
-


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
54,358
-

Other debtors
533,717
-

Prepayments
87,176
-

675,251
-



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
289,160
59,666

289,160
59,666


Page 13

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,689
-

Other taxation and social security
63,373
-

Other creditors
29,325
2,891

Accruals
181,248
170,531

293,635
173,422



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,039,229 (2022 - 276,100) Ordinary shares of £1.00 each
4,039,229
276,100


During the year, 3,763,129 Ordinary shares were issued with a nominal value of £1.00 each.


11.


Reserves

Capital contribution

The capital contribution represents the nominal value of shares issued after the period end for which consideration was provided during the financial period.

Profit and loss account

The profit and loss account includes all current period losses.


12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £96,965 (2022: £7,889). Contributions totalling £28,272 (2022: £3,297) were payable to the fund at the balance sheet date.


13.Other financial commitments

At 31 March 2023, the Company had future payments due under non-cancellable agreements amounting to £150,054. The whole amount is due within 12 months of the year end.

Page 14

 
OLA ELECTRIC UK PRIVATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Related party transactions

The company has taken advantage of the exemption granted by FRS 101 not to disclose transactions with other undertakings within its qualifying group.


15.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


16.


Controlling party

The company's immediate parent company is Ola Electric Mobility B.V., a company registered in the Netherlands. The ultimate controlling party is Ola Electric Mobility Private Limited, a company registered in India. The consolidated financial statements of this group are available to the public and may be obtained at Regent Insignia, #414, 3rd Floor 4th Block 17th Main, 100 Feet Road Koramangala, Bangalore Karnataka 560034 India.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 19 October 2023 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 15