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Company registration number: 13449570







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


DSLUK HOLDINGS LIMITED






































img29c7.png                        

 


DSLUK HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
Archana Gupta 
Manish Gupta 




Company secretary
Archana Gupta



Registered number
13449570



Registered office
299a Bethnal Green Road

London

E2 6AH




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


DSLUK HOLDINGS LIMITED
 



CONTENTS



Page
Group strategic report
1 - 5
Directors' report
6 - 7
Independent auditors' report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 34


 


DSLUK HOLDINGS LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

 
Principal activities of the business
 
Business Model - “What We Do”
DSLUK Holdings Limited (“Damco Group”) is a leading IT services and consulting group helping businesses leverage technologies, outperform their competition, and acquire sustainable growth. 
Damco Group is the trusted technology partner of businesses worldwide enabling them to leverage IT as a strategic asset. Group have developed hundreds of products and applications, redefined countless processes, built numerous technology teams and systems, and delivered significant financial results to our customers. The group has been fortunate to work across various verticals and industry leaders amongst them and have gained experience of most complex business environments. Damco Group have proven capabilities in new and emerging technologies and extensive experience across a broad range of industries and domains, which enables us to deliver world-class, secure, scalable, and reliable business solutions. We at ‘Damco Group’ believe that “Simplicity is the ultimate sophistication” and always strive to build scalable technology solutions which fulfill the requirements of our customers in the agilest and simplest of ways.

Business Model — “How We Operate”
Damco Group, we call as “The Powerhouse of IT Services & Solutions”.
> Client First Mindset
Damco Group is driven by client-first culture. We are customer-focused and exhibit customer centricity in our processes, behaviour, and attitude.
> We solve problems
We are always up for a challenge. We like to figure out how things work, and how to make them better and faster. With our strong capabilities in Product Development, Cloud Applications, Big Data, Mobility, Digital & IoT platforms, we deliver solutions that best solve client’s business challenges. 
> We are Agile and Collaborative
Our internal tools and collaboration platforms facilitate real-tune knowledge management, global sharing, and ability to embrace change in rapidly changing technology and business environment.
> We ensure success, always
Our clients’ success is our success. We aim to meet this vision consistently for every engagement of burs and go the extra mile to ensure success for you, always.
> Under one roof
Damco Group offers full services portfolio in technology and business consulting. From implementing CRMs to financial management systems to government apps to e-commerce development, we do it all with sincerity and passion.
> We deliver value
In the competitive IT marketplace, we add value to our clients’ businesses by the creation of outstanding customer experiences, while reducing cost and helping to drive growth.

Business Model - “Internal Resources”
• Physical assets - we operate from offshore delivery centers in India in various locations to cater to client demands globally. Offshore Delivery Centers are ISO certified facilities (9001: 2015 and 27001: 2013) and have best of class operational, structural, HR and employee safety practices.
• Funding - We fund our business primarily through shareholders’ funds only. Financing is resorted only for working capital needs.
• Work force - We have strongly resilient, highly skilled, and dedicated work force truly aligned with organisational goals.

 
Page 1

 


DSLUK HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Business Model — “Strong Stakeholders’ Relationship”
Our business relies on strong relationships with all our stakeholders which include:
• Our clients - who connect with us to bring up best of operational excellence and processes in terms of speed, accuracy, cost effectiveness and reliability.
• Our Suppliers - who have complementary experience, skills, and resources and with whom we agree mutually beneficial contractual arrangements and, wherever possible, take advantage of economies of scale and use sustainable and global sourcing opportunities.
• Our Banking channel partners who stood by us as a financing partner and assistance in terms of wide inclusion of financial products in our systems and processes to bring ease, speed, compliance, and safety.
Business Model — “How we create value”
We combine our extensive skills, knowledge, and capabilities with innovation and automation to ensure we continuously create value for shareholders and wider stakeholders alike.

Business review
 
Group Financial KPIs
The key group financial indicators during the year were as follows:
                                                              2023                              2022                   Change
                                                                 £                                     £                          %   
Revenue                                             9,272,239                     22,507,585            -58.80%
Operating profit                                      792,389                       4,545,986            -82.57%
Profit after tax (PAT)                              659,810                       3,641,296            -81.88%
Equity shareholders' funds                 6,407,856                       5,789,792             10.68%   
Financial performance results in the current year vis-à-vis prior year are not directly comparable on account of group restructuring which had taken place w.e.f. Oct 14, 2021. 
The current year’s results are for Damco Group comprising DSLUK Holdings Limited and its subsidiary Damco Solutions Limited & Damco Soft Private Limited (subsidiary of Damco Solutions Limited).  
Whereas, last year’s results included Damco Group comprising DSLUK Holdings Limited and its subsidiary Damco Solutions Limited & Damco Soft Private Limited (subsidiary of Damco Solutions Limited) for entire financial year and TestingXperts Group for the period 1 April 2021 to 14 October 2021, comprising TestingXperts Limited and its step-down subsidiaries as named below;
• TestingXperts Private Limited, India
• TestingXperts Inc., USA 
• TestingXperts B.V., Netherlands
• TestingXperts Pte Ltd., Singapore

Page 2

 


DSLUK HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Business strategy
 
A key Damco Group differentiator is our strategic global delivery model, which allows us to draw on the benefits of using resources from around the world including scalable, standardized processes, methods, and tools; specialized technology skills; cost advantages; proximity to clients; and time-zone advantages to deliver high-quality solutions under demanding time frameworks, emphasizing quality and reduced risk. 
Damco Group has proven to be a trusted partner for businesses worldwide enabling them to leverage the services as a strategic asset. Empowered by expertise, immaculate execution capabilities, and unwavering focus on the customer needs, Damco Group has been able to nurture success in multiple industry verticals, redefined countless processes, built numerous specialized teams and delivered significant financial results to its customers. 
Clients can count on Damco Group to deliver reliable, scalable, world-class services, and solutions best suited to their business needs. As an organization that thrives on building strong lasting relationships, Damco Group is committed to above-and-beyond services that drive client and partner success. 
Damco Group partners with leading organizations ranging from start-ups to large enterprises across various industries globally to deliver ‘ready for business’ systems. Damco Group, with specialist software development approach, and its Offshore pool of skilled technical software engineers is helping its clients enhance their business productivity to next levels through Digital Transformation. 
With a large portfolio of services we provide, we assure best quality and timely engagements. Damco Group provides the following benefits to its customers across the globe:
• Cost Reduction
• Customer Centric
• Agility and Flexibility
• Innovative Solutions
• Faster time to Market
• Error free solutions

Principal risks and uncertainties
 
The group has established a task force that meets quarterly, and which evaluates the group's risk appetite. The principal risks and uncertainties facing the business activities are broadly grouped as - technology ownership and competition, legislative, and financial risk and other risks as listed below:
Competitive Risks 
Our success is much dependent on our ability to maintain adequate protection of our intellectual property and business know-how, for which we remain constantly and pro-actively active.
Our revenue and profitability may be affected due to similar service offerings by our competitors. We make good investments in innovation and solutions to address these requirements and maintain differentiation for us in the marketplace.
Legislative Risks
There is no as such identified legal risk by the group. 
Financial risk
The Group does not use any derivatives, including forward contracts. Further, maintenance of adequacy of resources is a kind of risk which every organization faces.
Adequacy of financial resources: The Group continues to rigorously manage its cash resources, operating expenses, assets, and the appropriate level of expenditure as the business grows.






Page 3

 


DSLUK HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Adverse Economic Conditions Risks
Rising inflation and the overall downturn in target markets is still an external risk and as of now its impact on the Group is indirect and insignificant. Due to the challenging general business environment, specifically weaker macroeconomic conditions and inflationary pressures, there may be deferred or reduced enterprise spend and capital investment by our current or potential customers.
Rapid Growth Risks
The anticipated rapid growth of our business may place a significant strain on our management, operational, and financial resources. If we are unable to address this growth in a timely and profitable manner, as a result of not being able to recruit skilled employees or effectively scale our operations, there could be a material adverse impact on our financial position.
Investing in operational excellence: The management is continually reviewing and enhancing our internal controls and processes. A critical objective of this analysis is to ensure that capability to scale operations is a core consideration within each business function, and that all functions inter-operate efficiently as required to deliver and support our services at scale. 
Cyber Security Risk
Damco group continuously evaluates the cyber risks, malicious attacks or disruptive forces on our systems to take timely preventive measures to safeguard its assets and ensure smooth business continuity. Workers are continuously kept aware of IT Policies and potential threats and risks. 
Asset Failure Risk
There is no known risk of catastrophic asset failure or any environmental event.
Key Executives and Talent Retention Risks
The Group is dependent on its senior management and skilled technical personnel. Whilst much of the Group’s know-how is documented, senior managers and members of the technical team each contribute valuable skills and know-how to the business and, despite contractual confidentiality agreements in favour of the Group, there can be no guarantee that those individuals will not join competitors or establish themselves in competition with the Group in the future. 
Failure to retain the services of any of these people may adversely affect the Group’s ability to achieve its commercial objectives. In addition, as the Group continues to expand, it is essential that it is able to attract employees of a high caliber to drive its future success.
Continuously developing the human resource function: The HR function is leading new initiatives and enhancing existing processes regarding recruitment activities, employment practices and staff benefits. Investment will continue to be made in human resource systems and procedures to ensure compliance with legislation and effective interactions with employees.

The year in review

There has been stable year under review/reported year of operational performance. This year gives us an outlook that we are in an enviable position entering the more fruitful period ahead. We have effective service solutions, a stable and motivated sales team, and enthusiastic human capital, that has made our target market even more exciting. We are quite confident that we can build a scalable business, continue to service our customers’ needs, achieve operational excellence, and bring further reliable, speedy and cost-effective solutions to the market. 

Page 4

 


DSLUK HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Looking ahead

Damco Group experienced the positive benefits arising of maintaining flexibility in ‘Hybrid mode’, thus emerged as a resilient and strong winner. Based on this experience, Damco Group is continuing, for all employees (except for some crucial & essential roles) working back to the office place, as voluntary. 
Post pandemic, Damco Group has more strongly valued that “Employee Well Being” (including their family) is a strong priority and foundation for its business success. Enhanced Human Capital Initiatives will be strengthened further through a holistic approach and combination of measures of ‘Employee Engagement’, ‘Career Development’ and ‘Diversity, Equality & Inclusion’. 
To support this belief and put the same in practice, numerous and free of cost well-being services for employees and their families continued virtually and in-person. Virtual events and well-being programs fostered meaningful connections between leaders and teams, and employees and families. We are continuously enriching and expanding our employee-centric culture, with a belief deep rooted always and across in our system that “our people are key to our progress”. We give total empowerment to our people to empower themselves and implement value driven ideas, along with a comprehensive rewards and recognition atmosphere. In its journey and out of gained experience & knowledge, while coming back to normal times, group is continuously doing proactive efforts to care, support, empower, build, and safeguard the human capital, minimize financial and credibility risk, keep intact supply chain resilience, minimize impact on clients and to provide support to all stakeholders around.

Viability statement

The Directors’ consideration of the longer-term viability of the group is an extension of our business planning process. The process includes financial forecasting, a strict risk management assessment and regular budget reviews and scenario planning incorporating industry trends, considering any emerging issues and economic conditions. 
Our business strategy aims to enhance our long-term prospects by making sure our operations and finances are sustainable.

Vote of thanks

We would like to congratulate and thank all employees, clients, and all other stakeholders for their contribution in winning this recognition and maintaining the growth acceleration. Directors will continue to focus on the key issues and collectively seek to make wise decisions. In an ever-changing world, we pledge to you that whatever lies ahead, we have the best interests of your group, its customers, and its people central to our deliberations.


This report was approved by the board and signed on its behalf.



Archana Gupta
Director

Date: 8 February 2024

Page 5

 


DSLUK HOLDINGS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £659,810 (2022 - £3,641,296).

An interim dividend of £0.01 per share was paid on 21 April 2022. The directors recommended that no final dividend be paid. The total distribution of dividends for the year ended 31 March 2023 will be £50,000.

Directors

The directors who served during the year were:

Archana Gupta 
Manish Gupta 

Matters covered in the Group strategic report

Details of financial risk management, principal activities, and future developments have been disclosed in the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 6

 


DSLUK HOLDINGS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Archana Gupta
Director

Date: 8 February 2024

Page 7

 


DSLUK HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DSLUK HOLDINGS LIMITED

Opinion


We have audited the financial statements of DSLUK Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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 cast significant doubt on the Group's or the parent 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 8

 


DSLUK HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DSLUK HOLDINGS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 


DSLUK HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DSLUK HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
- The Companies Act 2006;
- Financial Reporting Standard FRS 102;
- UK and India employment legislation;
- UK and India tax legislation;
- STPI regulations; and
- GST and corporate law.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial
statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
• Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;
or
• Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process; or
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exists within the organisation
for fraud and identified the greatest potential for fraud would be the posting of unusual journals and complex transactions or the manipulation of accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
 
Page 10

 


DSLUK HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DSLUK HOLDINGS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

8 February 2024
Page 11

 


DSLUK HOLDINGS LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 3 
9,272,239
22,507,585

Cost of sales
  
(7,674,041)
(16,960,977)

Gross profit
  
1,598,198
5,546,608

Administrative expenses
  
(818,622)
(1,286,523)

Other operating income
  
12,813
285,901

Operating profit
 4 
792,389
4,545,986

Interest receivable and similar income
  
-
43,181

Interest payable and similar expenses
 8
(923)
(40,202)

Profit before taxation
  
791,466
4,548,965

Tax on profit
 9 
(131,656)
(907,669)

Profit for the financial year
  
659,810
3,641,296

  

Currency translation difference
  
8,254
105,786

Group re-organisation adjustment
  
-
(9,013,477)

Other comprehensive income for the year
  
8,254
(8,907,691)

Total comprehensive income for the year
  
668,064
(5,266,395)

Profit for the year attributable to:
  

Owners of the parent Company
  
659,810
3,641,296

  
659,810
3,641,296

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
668,064
(5,266,395)

  
668,064
(5,266,395)

The notes on pages 20 to 34 form part of these financial statements.

Page 12

 


DSLUK HOLDINGS LIMITED
REGISTERED NUMBER:13449570



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
699

Tangible assets
 12 
3,504,200
3,174,616

Investments
 13 
14,817
9,837

  
3,519,017
3,185,152

Current assets
  

Debtors: amounts falling due after more than one year
 14 
68,021
67,342

Debtors: amounts falling due within one year
 14 
2,407,998
2,801,631

Cash at bank and in hand
  
2,115,203
1,712,190

  
4,591,222
4,581,163

Creditors: amounts falling due within one year
 15 
(1,523,404)
(1,809,140)

Net current assets
  
 
 
3,067,818
 
 
2,772,023

Total assets less current liabilities
  
6,586,835
5,957,175

Creditors: amounts falling due after more than one year
 16 
(76,241)
(75,861)

Provisions for liabilities
  

Deferred taxation
 17 
(42,016)
(33,023)

Other provisions
 18 
(60,722)
(58,499)

  
 
 
(102,738)
 
 
(91,522)

Net assets
  
6,407,856
5,789,792


Capital and reserves
  

Called up share capital 
 19 
6,262,528
6,262,528

Retained earnings
 20 
145,328
(472,736)

Equity attributable to owners of the parent Company
  
6,407,856
5,789,792


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Archana Gupta
Director

Date: 8 February 2024

The notes on pages 20 to 34 form part of these financial statements.

Page 13

 


DSLUK HOLDINGS LIMITED
REGISTERED NUMBER:13449570



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
6,262,528
6,262,528

  
6,262,528
6,262,528

Current assets
  

Cash at bank and in hand
  
35
-

  
35
-

Total assets less current liabilities
  
 
 
6,262,563
 
 
6,262,528

  

  

Net assets
  
6,262,563
6,262,528


Capital and reserves
  

Called up share capital 
 19 
6,262,528
6,262,528

Profit for the year
  
50,035
-

Other changes in the profit and loss account

  

(50,000)
-

Profit and loss account carried forward
  
35
-

  
6,262,563
6,262,528


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Archana Gupta
Director

Date: 8 February 2024

The notes on pages 20 to 34 form part of these financial statements.

Page 14

 


DSLUK HOLDINGS LIMITED
 



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


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 April 2021
6,262,528
4,843,659
11,106,187


Comprehensive income for the year

Profit for the year
-
3,641,296
3,641,296

Currency translation difference
-
105,786
105,786

Merger reserve on consolidation
-
(9,013,477)
(9,013,477)
Total comprehensive income for the year
-
(5,266,395)
(5,266,395)


Contributions by and distributions to owners

Dividends
-
(50,000)
(50,000)


Total transactions with owners
-
(50,000)
(50,000)



At 1 April 2022
6,262,528
(472,736)
5,789,792


Comprehensive income for the year

Profit for the year
-
659,810
659,810

Currency translation difference
-
8,254
8,254
Total comprehensive income for the year
-
668,064
668,064


Contributions by and distributions to owners

Dividends
-
(50,000)
(50,000)


Total transactions with owners
-
(50,000)
(50,000)


At 31 March 2023
6,262,528
145,328
6,407,856


The notes on pages 20 to 34 form part of these financial statements.

Page 15

 


DSLUK HOLDINGS LIMITED
 



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


Called up share capital
Retained earnings
Total equity

£
£
£


At 1 April 2021
6,262,528
-
6,262,528



At 1 April 2022
6,262,528
-
6,262,528


Comprehensive income for the year

Profit for the year
-
50,035
50,035
Total comprehensive income for the year
-
50,035
50,035


Contributions by and distributions to owners

Dividends
-
(50,000)
(50,000)


Total transactions with owners
-
(50,000)
(50,000)


At 31 March 2023
6,262,528
35
6,262,563


The notes on pages 20 to 34 form part of these financial statements.

Page 16

 


DSLUK HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit before taxation
791,466
4,548,965

Adjustments for:

Amortisation of intangible assets
699
-

Depreciation of tangible assets
176,629
233,172

Loss on disposal of tangible assets
-
2,658

Finance costs
923
23,862

Finance income
-
(43,094)

Decrease/(increase) in debtors
392,954
(4,849,766)

(Decrease) in creditors
(351,931)
(5,232,217)

Increase in provisions
1,963
-

Corporation tax (paid)
(51,565)
(927,665)

Foreign exchange
7,007
-

Government grants
-
(4,884)

Interest paid
(923)
(23,862)

Net cash generated from operating activities

967,222
(6,272,831)


Cash flows from investing activities

Sale of intangible assets
-
(353,137)

Purchase of tangible fixed assets
(504,966)
-

Purchase of unlisted and other investments
(4,980)
-

Sale of fixed asset investments
-
500,000

Interest received
-
43,094

Net cash from investing activities

(509,946)
189,957

Cash flows from financing activities

Repayment of loans
(4,643)
-

Repayment of/new finance leases
380
-

Amount introduced by directors
-
1,219

Dividends paid
(50,000)
-

Amount withdrawn by directors
-
(1,065)

Net cash used in financing activities
(54,263)
154

Net increase/(decrease) in cash and cash equivalents
403,013
(6,082,720)
Page 17

 


DSLUK HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
1,712,190
7,794,910

Cash and cash equivalents at the end of year
2,115,203
1,712,190


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,115,203
1,712,190

2,115,203
1,712,190


The notes on pages 20 to 34 form part of these financial statements.

Please note that the current year consolidated statement of cash flows is not directly comparable due to the group restructuring which had taken place in the prior year. 

Page 18

 


DSLUK HOLDINGS LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023





At 1 April 2022
Cash flows
Other non-cash changes
At 31 March 2023
£

£

£

£

Cash at bank and in hand

1,712,190

403,013

-

2,115,203

Bank overdrafts

(4,643)

4,643

-

-

Debt due within 1 year

(1,804,497)

281,093

-

(1,523,404)

Finance leases

(75,861)

-

(380)

(76,241)


(172,811)
688,749
(380)
515,558

The notes on pages 20 to 34 form part of these financial statements.

Page 19

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

DSLUK Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is situated at 3rd Floor, Belmont, Belmont Road, Uxbridge, UB8 1HE, United Kingdom.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors consider it appropriate to adopt the going concern basis in preparing the annual financial statements.

  
2.4

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in these consolidated financial statements as at 31 March 2023.

Page 20

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Assets and liabilities in foreign currencies are translated into pound sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into pound sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Financial statements of foreign subsidiaries
The assets and liabilities of foreign subsidiaries are translated from the foreign subsidiary’s functional currency to the Group’s reporting currency, GBP, at foreign exchange rates prevailing at the balance sheet date. Revenues and expenses of foreign subsidiaries are translated to GBP at average rates that approximate the foreign exchange rates prevailing at each of the transaction dates. Translation differences arising from the translation of the net investment in foreign subsidiaries are recognised in other comprehensive income.


 
2.6

Revenue

Group has recognised revenue on accrual basis when it is probable (more likely than not) that future economic benefits will flow to the enterprise and revenue and attributable costs can be measured reliably. Fee received comprises the fair value of the consideration received or receivable for rendering of services in the ordinary course of the Group's activities and same is presented, net of value-added tax, service tax, rebates and discounts, and after eliminating fee received within the Group.

 
2.7

Pensions

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


Page 21

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.


 
2.9

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets are amortised on a straight-line basis over their useful lives. The useful lives of intangible assets are as follows:

 The estimated useful lives range as follows:

Computer software
-
3
years
Development expenditure
-
10
years



Page 22

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.10

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, on a reducing balance basis.
Land and buildings were valued using cost model.
Depreciation is provided at the following, annual rates in order to write off each asset over its estimated useful life.
Damco Soft Private Limited
Freehold property
Building - 4.87% reducing balance basis
Building premises- 45.07% reducing balance
Plant & Machinery
Plant & Machinery -18.10% reducing balance basis
Office Equipment - 45.07% reducing balance basis
Computer Equipment
Computer Networking - 39.30% reducing balance basis
Computers (Desktop, Laptop, etc.) - 63.16% reducing balance basis
Furniture & Fixtures
Furniture & Fixtures - 25.89% reducing balance basis
Motor Vehicles
Vehicles- 31.23% reducing balance basis
Long Leasehold is being amortised over remaining unexpired life on straight line basis.
Damco Solutions Limited
Plant and machinery - 33% straight-line basis
Fixture and fittings - 33% straight-line basis
Computer equipment - 33% straight-line basis
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investments

Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Investments in subsidiaries are measured at cost less impairment.

Page 23

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.12

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

 
2.13

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any Contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Financial costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


3.


Revenue

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Professional Services
7,305,987
10,698,085

Software: Testing & Consultancy
590,044
10,232,900

Managed Services
611,247
575,035

BPO Services
713,257
903,819

Salary - Cross charge
51,704
97,746

9,272,239
22,507,585


Analysis of revenue by country of destination:

2023
2022
£
£

United Kingdom
7,389,496
9,488,912

Rest of Europe
677,556
1,491,359

Rest of the world
1,205,187
11,527,314

9,272,239
22,507,585


Page 24

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation
176,629
228,942

Loss on disposal of fixed assets
-
2,658

Development costs amortisation
-
96

Computer software amortisation
699
4,134

Foreign exchange differences
(27,343)
(29,543)


5.


Auditors' remuneration

2023
2022
£
£

Auditor's remuneration for the group as a whole
12,966
14,847


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
869,142
4,465,202

Social security costs
24,535
211,228

Other pension costs
16,250
70,774

909,927
4,747,204


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


        2023
        2022
            No.
            No.







Sales & Marketing
65
113



Delivery
2
498



HR, IT, Admin and Operations
16
52



Accounts
8
18



Directors
4
5

95
686

Page 25

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' remuneration
63,648
120,134

Directors' pension contributions to defined contribution schemes
653
1,419

64,301
121,553


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution schemes.


8.


Interest payable and similar expenses

2023
2022
£
£



Bank loan interest
343
33,809

Other loan interest
580
6,393

923
40,202

Page 26

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
96,829
929,873

Adjustments in respect of previous periods
(41,722)
(118,209)


55,107
811,664

Foreign tax


Foreign tax on income for the year
67,296
102,620

67,296
102,620

Total current tax
122,403
914,284

Deferred tax


Provided during the year
9,253
(6,615)

Total deferred tax
9,253
(6,615)


Tax on profit
131,656
907,669


The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
791,466
4,548,965


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
150,379
864,303

Effects of:


Depreciation in excess of capital allowances
406
852

Expenses not deductible for tax purposes
-
505

Corporation tax refund
(41,722)
(118,209)

Other differences leading to an increase (decrease) in the tax charge
(103)
-

Foreign tax rate on higher side (than 19%)
22,696
160,218

Total tax charge for the year
131,656
907,669

Page 27

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Dividends

2023
2022
£
£


Ordinary shares of £0.01 each
Interim
50,000
50,000

50,000
50,000


11.


Intangible assets

Group





Development expenditure
Computer software
Total

£
£
£



Cost


At 1 April 2022
1,305
30,011
31,316



At 31 March 2023

1,305
30,011
31,316



Amortisation


At 1 April 2022
1,305
29,312
30,617


Charge for the year on owned assets
-
699
699



At 31 March 2023

1,305
30,011
31,316



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
699
699



Page 28


DSLUK HOLDINGS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023



12.


Tangible fixed assets


Group







Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Capital work in progress
Total

£
£
£
£
£
£
£
£



Cost


At 1 April 2022
2,699,521
132,403
545,604
121,821
424,317
422,910
577,643
4,924,219


Additions
678,821
-
130,135
-
260,437
13,216
-
1,082,609


Transfers between classes
-
-
-
-
-
-
(577,643)
(577,643)


Exchange adjustments
-
673
-
574
-
-
-
1,247



At 31 March 2023

3,378,342
133,076
675,739
122,395
684,754
436,126
-
5,430,432



Depreciation


At 1 April 2022
498,717
11,390
405,982
93,339
354,071
386,104
-
1,749,603


Charge for the year on owned assets
74,655
1,500
44,378
9,370
36,315
10,411
-
176,629



At 31 March 2023

573,372
12,890
450,360
102,709
390,386
396,515
-
1,926,232



Net book value



At 31 March 2023
2,804,970
120,186
225,379
19,686
294,368
39,611
-
3,504,200



At 31 March 2022
2,200,804
121,013
139,622
28,482
70,246
36,806
577,643
3,174,616

Page 29

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Fixed asset investments

Group





Unlisted investments

£



Cost


At 1 April 2022
9,837


Additions
4,980



At 31 March 2023
14,817




Company





Investments in subsidiary companies

£



Cost


At 1 April 2022
6,262,528



At 31 March 2023
6,262,528





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Damco Solutions Limited
299a Bethnal Green Road, London, E2 6AH
Ordinary
100%
Damco Soft Private Limited
Site 13A, Rajiv Gandhi Chandigarh Technology Park, IT Park, Chandigargh (INDIA)
Ordinary
100%

Page 30

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Debtors

Group
Group
2023
2022
£
£

Due after more than one year

Long-term loans and advances
68,021
67,342

68,021
67,342


Group
Group
2023
2022
£
£

Due within one year

Trade debtors
1,645,305
1,747,164

Other debtors
266,221
164,391

Prepayments and accrued income
496,472
890,076

2,407,998
2,801,631



15.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Bank borrowings
-
4,643

Trade creditors
588,645
1,013,955

Corporation tax
164,125
93,287

Other taxation and social security
179,153
89,831

Other creditors
92,445
105,732

Accruals and deferred income
499,036
501,692

1,523,404
1,809,140


Page 31

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Long-term client deposit
76,241
75,861

76,241
75,861




17.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(33,023)
(4,667)


Charged to profit or loss
(9,253)
6,615


Re-organisation adjustment
-
(34,971)


Forex difference
260
-



At end of year
(42,016)
(33,023)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Difference between book balance and tax balance of fixed assets
(57,299)
(47,746)

Provision for compensated absences, bonus and gratuity
15,283
14,723

(42,016)
(33,023)

Page 32

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Provisions


Group



Long-term provisions

£





At 1 April 2022
58,499


Additions
2,223



At 31 March 2023
60,722

Long-term provisions relate to provisions for employee benefits in Damco Soft Private Limited, being provisions for compensated absences and gratuity. The timing of the payments is unknown.


19.


Share capital

2023
2022
£
£
Allotted, issued and fully paid



626,252,840 (2022 - 626,252,840) Ordinary shares shares of £0.01 each
6,262,528
6,262,528

Each share carries equal rights with regards to voting, dividend and distribution of capital.



20.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
100,070
152,321

Later than 1 year and not later than 5 years
332,054
30,799

Later than 5 years
13,832
-

445,956
183,120
Page 33

 


DSLUK HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Financial Guarantees

Damco Solutions Limited has provided a Corporate Financial Guarantee to State Bank of India for loan facilities availed by its 100% subsidiary in India i.e. Damco Soft Private Limited, which has been subsequently released by State Bank of India upon repayment of loan in full by Damcosoft Private Limited.


23.


Related party transactions

The Group has taken advantage of exemptions conferred by FRS 102 from the requirement to make disclosures concerning related parties in connection with group transactions.
Mr. Manish Gupta is a main shareholder of TestingXperts B.V (Netherlands), TestingXperts Limited, TestingXperts Inc., U.S.A. and TestingXperts Pvt. Ltd. (India).
During the year, administrative re-charges of £31,022 (2022: £29,248)
 and £24,818 (2022: £21,213) were made with TestingXperts B.V (Netherlands) and TestingXperts Limited respectively.
During the year, £229,549 (2022: £308,921) and £592,450 (2022: £473,124)  was charged against the provision of services with TestingXperts Inc., U.S.A. and TestingXperts Pvt. Ltd. (India) respectively.
At the year end, the Group was owed £7,373 (2022: £10,550), £6,171 (2022: £6,176), £2,415 (2022: £30,911) and £7,719 (2022: £66,605) from TestingXperts B.V (Netherlands), TestingXperts Limited, TestingXperts Inc. U.S.A., and TestingXperts Pvt. Ltd. (India) respectively.
Mr. Rajnish Batta and Mr. Anil Kumar Wadhawan are directors of Damco Soft Private Limited.
The Group owes Mrs. Archana Gupta, Mr. Manish Gupta, Mr. Rajnish Batta, and Mr. Anil Kumar Wadhawan £493 (2022: £912), £1,058 (2022: £1,075), £1,144 (2022: £1,714) and £424 (2022: £451) respectively.


24.


Controlling party

The ultimate and immediate controlling party is Manish Gupta.

 
Page 34