Registered number
07021926
AASEYA SOFTWARE SERVICES (UK) LIMITED
Filleted Accounts
31 March 2023
AASEYA SOFTWARE SERVICES (UK) LIMITED
Registered number: 07021926
Balance Sheet
as at 31 March 2023
15 months to 31 Mar
Notes 2023 2022
£ £
Current assets
Debtors 4 3,246,942 1,106,084
Cash at bank and in hand 588,069 1,000,979
3,835,011 2,107,063
Creditors: amounts falling due within one year 5 (1,808,914) (946,188)
Net current assets 2,026,097 1,160,875
Net assets 2,026,097 1,160,875
Capital and reserves
Called up share capital 3,100 3,100
Profit and loss account 2,022,997 1,157,775
Shareholder's funds 2,026,097 1,160,875
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.
Pankaj Jain
Director
Approved by the board on 29 September 2023
AASEYA SOFTWARE SERVICES (UK) LIMITED
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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: Devender Arora
Firm: The Corporate Practice Limited
Date of audit report: 29 September 2023
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 17
4 Debtors 2023 2022
£ £
Trade debtors 919,890 277,390
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,315,355 294,057
Other debtors 1,011,697 534,637
3,246,942 1,106,084
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3 3
Trade creditors 37,011 160,222
Amounts owed to group undertakings and undertakings in which the company has a participating interest 506,408 -
Taxation and social security costs 588,286 347,403
Other creditors 677,206 438,560
1,808,914 946,188
6 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
7 Regrouping of balances
The previous year's figures have been regrouped to make them comparable with the current year's figures.
8 Controlling party
The company is under the control of AASEYA IT SERVICES PRIVATE LIMITED, a company incorporated in India and its registered address is: 101 Bansi Trade Center, 581/5, M.G. Road, Indore 452001, Madhya Pradesh, India.
9 Other information
AASEYA SOFTWARE SERVICES (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 Northumberland Avenue
Trafalgar Square
London
WC2N 5BW
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