Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseNo description of principal activity119truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08478532 2022-07-01 2023-06-30 08478532 2021-07-01 2022-06-30 08478532 2023-06-30 08478532 2022-06-30 08478532 c:Director3 2022-07-01 2023-06-30 08478532 d:OfficeEquipment 2022-07-01 2023-06-30 08478532 d:OfficeEquipment 2023-06-30 08478532 d:OfficeEquipment 2022-06-30 08478532 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08478532 d:ComputerEquipment 2022-07-01 2023-06-30 08478532 d:ComputerEquipment 2023-06-30 08478532 d:ComputerEquipment 2022-06-30 08478532 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08478532 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 08478532 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 08478532 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 08478532 d:CurrentFinancialInstruments 2023-06-30 08478532 d:CurrentFinancialInstruments 2022-06-30 08478532 d:Non-currentFinancialInstruments 2023-06-30 08478532 d:Non-currentFinancialInstruments 2022-06-30 08478532 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 08478532 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 08478532 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 08478532 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 08478532 d:ShareCapital 2023-06-30 08478532 d:ShareCapital 2022-06-30 08478532 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 08478532 d:RetainedEarningsAccumulatedLosses 2023-06-30 08478532 d:RetainedEarningsAccumulatedLosses 2022-06-30 08478532 c:OrdinaryShareClass1 2022-07-01 2023-06-30 08478532 c:OrdinaryShareClass1 2023-06-30 08478532 c:FRS102 2022-07-01 2023-06-30 08478532 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 08478532 c:FullAccounts 2022-07-01 2023-06-30 08478532 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08478532 4 2022-07-01 2023-06-30 08478532 6 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08478532










NALANDA TECHNOLOGY LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
NALANDA TECHNOLOGY LIMITED
REGISTERED NUMBER: 08478532

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
2,689
3,898

Investments
 7 
-
93

  
2,689
3,991

Current assets
  

Debtors: amounts falling due within one year
 8 
175,064
481,443

Cash at bank and in hand
 9 
57,170
15,553

  
232,234
496,996

Creditors: amounts falling due within one year
 10 
(7,741,481)
(6,628,794)

Net current liabilities
  
 
 
(7,509,247)
 
 
(6,131,798)

Total assets less current liabilities
  
(7,506,558)
(6,127,807)

Creditors: amounts falling due after more than one year
 11 
(28,333)
(38,949)

  

Net liabilities
  
(7,534,891)
(6,166,756)

Page 1

 
NALANDA TECHNOLOGY LIMITED
REGISTERED NUMBER: 08478532
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
65
65

Profit and loss account
 13 
(7,534,956)
(6,166,821)

  
(7,534,891)
(6,166,756)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of income and retained earnings 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 28 March 2024.




P O'Hara
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The Company is a private limited Company, which is incorporated and registered in England (no. 08478532). The address of the registered office is Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA. The principal activity of the Company is software development.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have considered the Company's current and future prospects and the availability of financing. OLM Group Limited and Companies it controls, the Company's principal creditors, have undertaken not to request payment of intercompany loans for a period of at least fifteen months from the signing of these financial statements. The directors are therefore satisfied that the Company can continue to pay its liabilities as they fall due and continue in existence. For these reasons the directors continue to adopt the going concern basis of preparation for these financial statements.

Page 3

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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.

Page 5

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

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.

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:

Office equipment
-
33% straight line
Computer equipment
-
33% straight line

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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

Page 6

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements in applying the accounting policies applied, or any key sources of estimation uncertainty in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 9).

Page 7

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Intangible assets




Purchased software

£



Cost


At 1 July 2022
1,830



At 30 June 2023

1,830



Amortisation


At 1 July 2022
1,830



At 30 June 2023

1,830



Net book value



At 30 June 2023
-



At 30 June 2022
-



Page 8

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
299
17,571
17,870



At 30 June 2023

299
17,571
17,870



Depreciation


At 1 July 2022
299
13,673
13,972


Charge for the year on owned assets
-
1,209
1,209



At 30 June 2023

299
14,882
15,181



Net book value



At 30 June 2023
-
2,689
2,689



At 30 June 2022
-
3,898
3,898

Page 9

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Fixed asset investments





Investments in subsidiary companies

£





At 1 July 2022
93


Disposals
(93)



At 30 June 2023
-





8.


Debtors

2023
2022
£
£


Trade debtors
85,584
374,138

Other debtors
87,870
89,897

Called up share capital not paid
65
65

Prepayments and accrued income
1,545
17,343

175,064
481,443



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
57,170
15,553

57,170
15,553


Page 10

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
9,439

Trade creditors
462,630
258,221

Other taxation and social security
22,847
16,016

Other creditors
6,973,347
6,212,732

Accruals and deferred income
272,657
132,386

7,741,481
6,628,794


Secured loans
The amount in other creditors includes loans totalling £6,968,832 (2022 - £6,209,230) from OLM Group Limited and companies it controls. This amount is secured by a fixed and floating charge over the assets of the company dated 1 September 2013. The loan has no fixed repayment date. See note 15 for further details.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
28,333
38,949

28,333
38,949



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



65 Ordinary "A" shares of £1.00 each
65
65



13.


Reserves

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 11

 
NALANDA TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


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 £23,548 (2022 - £19,712). Contributions totalling £4,516 (2022 - £3,501) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

Included within other creditors is £6,968,832 (2022 - £6,209,230) due to OLM Group Limited and companies it controls. OLM Group Limited is controlled by P O'Hara, a director and shareholder of the Company. The debt is secured by a fixed and floating charge over the assets of the company dated 1 September 2013 and attracts interest at 3% above base rate. 
Included within trade debtors is £17,508 (2022 - £2,800) due from, and included within trade creditors is £427,594 (2022 - £228,034) due to, OLM Group Limited and companies it controls. During the year the Company made net purchases and recharges from OLM Group Limited and companies it controls, of £554,611 (2022 - £379,201). During the year the Company made net sales and recharges to OLM Group Limited and companies it controls of £211,794 (2022 - £137,193).


16.


Controlling party

The Company is controlled by the directors, who control the entire issued share capital of the company.

 
Page 12