Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity22falsetrue 09503457 2022-04-01 2023-03-31 09503457 2021-04-01 2022-03-31 09503457 2023-03-31 09503457 2022-03-31 09503457 2021-04-01 09503457 1 2022-04-01 2023-03-31 09503457 d:Director2 2022-04-01 2023-03-31 09503457 c:CurrentFinancialInstruments 2023-03-31 09503457 c:CurrentFinancialInstruments 2022-03-31 09503457 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 09503457 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 09503457 c:ShareCapital 2022-04-01 2023-03-31 09503457 c:ShareCapital 2023-03-31 09503457 c:ShareCapital 2021-04-01 2022-03-31 09503457 c:ShareCapital 2022-03-31 09503457 c:ShareCapital 2021-04-01 09503457 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09503457 c:RetainedEarningsAccumulatedLosses 2023-03-31 09503457 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 09503457 c:RetainedEarningsAccumulatedLosses 2022-03-31 09503457 c:RetainedEarningsAccumulatedLosses 2021-04-01 09503457 d:FRS102 2022-04-01 2023-03-31 09503457 d:Audited 2022-04-01 2023-03-31 09503457 d:FullAccounts 2022-04-01 2023-03-31 09503457 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09503457 c:Subsidiary1 2022-04-01 2023-03-31 09503457 c:Subsidiary1 1 2022-04-01 2023-03-31 09503457 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09503457 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09503457









SARANDRA (UK) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023


 
SARANDRA (UK) LIMITED
REGISTERED NUMBER: 09503457

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
$
$

Fixed assets
  

Investments
 6 
8,887,500
8,887,500

  
8,887,500
8,887,500

Current assets
  

Debtors
 7 
31,372,981
31,372,981

  
31,372,981
31,372,981

Creditors: amounts falling due within one year
 8 
(41,221,294)
(41,221,294)

Net current liabilities
  
 
 
(9,848,313)
 
 
(9,848,313)

Total assets less current liabilities
  
(960,813)
(960,813)

  

Net liabilities
  
(960,813)
(960,813)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(960,814)
(960,814)

  
(960,813)
(960,813)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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 16 February 2024.




Teng Hock Tay
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
SARANDRA (UK) LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

$
$
$


At 1 April 2021
1
(978,312)
(978,311)


Comprehensive income for the year

Profit for the year
-
17,498
17,498
Total comprehensive income for the year
-
17,498
17,498


Total transactions with owners
-
-
-



At 1 April 2022
1
(960,814)
(960,813)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-


At 31 March 2023
1
(960,814)
(960,813)


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SARANDRA (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Sarandra (UK) Limited a private company limited by share capital, incorporated in England, registration number 09503457. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, London, English, HA5 2EX.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on the going concern basis having obtained a signed letter of financial support from the parent company, SUTL Investments Pte Ltd, for  a period of at least 12 months from the date of signing these financial statements. The directors have also assessed the financial ability of the parent company to be able to provide financial support for a period of at least 12 months from the date of signing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

  
2.4

Exemption from preparing consolidated financial statements

The Company has taken advantage of section 401 of the Companies Act to not file consolidated accounts. It's ultimate parent Company is SUTL Global Pte Ltd, incorporated in Singapore. SUTL Global Pte Ltd will be preparing its audited group accounts as at 31 December 2021 that will be available from the Accounting and Corporate Regulatory Authority.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
SARANDRA (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
SARANDRA (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements are in conformity with Generally Accepted Accounting Practices (GAAP) requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and their reported amounts of revenues and expenses during the period.
Critical judgments 
There were no judgments required to be made in preparing the accounts which had, or could have had, a material impact on the accounts.
Critical estimates
There were no estimates required to be made in preparing the accounts which had, or could have had, a material impact on the accounts.


4.


Auditors' remuneration

The fees payable to the Company's auditor and its associates for the statutory audit and preparation of the Company's annual financial statements, and corporation tax compliance services, were $13,993 (2022: $12,570). The fees are paid for by the parent company on behalf of Sarandra (UK) Limited and there is no obligation for the Company to repay these fees.


5.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
SARANDRA (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2022
8,887,500



At 31 March 2023
8,887,500





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Sarandra (USA) Corporation
c/o One15 Brooklyn, Maria, 159 Bridge Park Drive, Brooklyn, NY, 11201
USA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Sarandra (USA) Corporation
-


7.


Debtors

2023
2022
$
$



Amounts owed by group undertakings
31,372,981
31,372,981


The Company has intercompany loans to Sarandra (USA) Corporation in the form of three loans. From 1 October 2020 the loans became interest free and the loans are repayable on demand.

Page 6

 
SARANDRA (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
$
$

Amounts owed to group undertakings
41,221,294
41,221,294


The Company has intercompany loans from SUTL Investment Pte Ltd, in the form of four loans. From 1 October 2020 the loans became interest free and the loans are repayable on demand.


9.


Related party transactions

Included in Creditors, Amounts owed to group undertakings, at the balance sheet date is an amount owed to SUTL Investment Pte Ltd, the immediate parent company of Sarandra (UK) Limited, a company incorporated in Singapore, of $35,585,000 (2022: $35,585,000) as well as interest payable on this loan of $5,636,294  (2022: $5,636,294). 
Included in Debtors, Amounts owed by group undertakings, at the balance sheet date is an amount owed by Sarandra (USA) Corporation, the immediate subsidiary of Sarandra (UK) Limited, a company incorporated within the United States of America, of $26,667,197 (2022: $26,667,197) as well as the interest receivable on this amount of $4,705,784 (2022: $4,705,784). 


10.


Post balance sheet events

There have been no reportable subsequent events since the balance sheet date.


11.


Controlling party

The ultimate controlling party is SUTL Global Pte Ltd, incorporated in Singapore. 


12.


Auditors' information

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

The audit report was signed on 16 February 2024 by Barry Au FCA (Senior Statutory Auditor) on behalf of Wisteria Audit Limited.

 
Page 7