REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Newgen KnowledgeWorks UK Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Newgen KnowledgeWorks UK Limited |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Newgen KnowledgeWorks UK Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Carlson Suite |
Vantage Point Business Village |
Mitcheldean |
Gloucestershire |
GL17 0DD |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Newgen KnowledgeWorks UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Newgen KnowledgeWorks UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Newgen DigitalWorks Private Limited, No. 4, First Floor, G3 Buildings, Barathi Nagar Cross Street, Off L.B. Road, Thiruvanmiyur, Chennai, Tamil Nadu, India, 600041.. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company made a loss for the year of £547,059 (2022: loss £53,584. At the year end it had net current liabilities of £255,505 (2022: £270,543), and net liabilities of £255,425 (2022: net assets £291,634). The company is dependent on the continuing financial support of Newgen DigitalWorks Private Limited, its ultimate parent company. The directors have considered the going concern position of the company and its ability to meet its liabilities as they fall due over the next twelve months. The company is funded by and has received financial support from its fellow subsidiaries and at the year end a total of £350,224 (2022: £80,000) was owed to group undertakings, with £251,007 (2022: £78,185) owed by group undertakings. |
Newgen DigitalWorks Private Limited has confirmed that it will continue to provide the necessary financial support to the company to enable it to continue to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements and to enable the company to continue to meet its liabilities as they fall due. |
On the basis of the assessment of the company's financial position and the support provided by Newgen DigitalWorks Private Limited, at the time of approval of these financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence as a going concern for the foreseeable future and, in any event, for at least twelve months after the date of approval of these financial statements. Consequently the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Impairments | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
The last accounts for Newgen Publishing Services Limited and Newgen DigitalWorks Limited were prepared to 31st March 2020. There have been no accounts prepared for any subsequent period. An application to strike off each of these subsidiaries was filed at Companies House on 3rd May 2022, and therefore a full impairment for the holding value of the investments in these subsidiaries has been put through the profit and loss account for the year, such that their holding value is now £NIL. Newgen DigitalWorks Limited has been dissolved on 18th July 2023. |
An amount of £20,000 was recognised in the balance sheet for the year ended 31st March 2022 as being an investment in shares. In fact, it was a loan made to Critical Information Group Limited, a member of the ultimate group to which Newgen Knowledgeworks Limited belongs. Both the 2023 balance sheet and that for 2022 have been adjusted to reflect the loan rather than an investment in shares. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
Newgen KnowledgeWorks UK Limited (Registered number: 09007037) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may case doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the | relevant sections of this report. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken the exemption from disclosing related party transactions with companies under the same control in accordance with FRS 102 - Section 33 "Related Party Disclosures". |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Newgen DigitalWorks Private Limited, a company incorporated in India, based on its shareholding. |
Newgen DigitalWorks Private Limited represents the smallest and largest group for which the consolidated accounts are prepared. Consolidated accounts are available from No. 4, First Floor, G3 Buildings, Barathi Nagar Cross Street, Off L.B. Road, Thiruvanmiyur, Chennai, Tamil Nadu, India, 600041. |