Company registration number 13183986 (England and Wales)
CONFINALE (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CONFINALE (UK) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CONFINALE (UK) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,889
6,978
Current assets
Debtors
5
197,172
286,392
Cash at bank and in hand
516,646
117,091
713,818
403,483
Creditors: amounts falling due within one year
6
(164,892)
(116,217)
Net current assets
548,926
287,266
Net assets
556,815
294,244
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
536,815
274,244
Total equity
556,815
294,244
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
Mr Shiv Kumar Walia
Mr Rakesh Sarin
Director
Director
Company registration number 13183986 (England and Wales)
CONFINALE (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
20,000
39,442
59,442
Year ended 31 December 2022:
Profit and total comprehensive income
-
234,802
234,802
Balance at 31 December 2022
20,000
274,244
294,244
Year ended 31 December 2023:
Profit and total comprehensive income
-
262,571
262,571
Balance at 31 December 2023
20,000
536,815
556,815
CONFINALE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Confinale (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 70, 6th Floor, Gracechurch Street, London, EC3V 0XL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Following the year end, the trade, assets and liabilities of Confinale (UK) Ltd were transferred to HCL Technologies UK Limited. HCL Technologies UK Limited is the immediate parent company of Confinale AG, which is itself the immediate parent company of Confinale (UK) Ltd.
1.2
Going concern
Due to the transfer of trade, assets and liabilities referred to in note 1.1, as required by UK accounting standards the Directors have not prepared the financial statements on the going concern basis. There are no material adjustments from adopting this basis.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business net of discounts.
Revenue from the provision of services is recognised when those services have been performed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% SL
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.
CONFINALE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
4
CONFINALE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
9,374
Additions
4,557
At 31 December 2023
13,931
Depreciation and impairment
At 1 January 2023
2,396
Depreciation charged in the year
3,646
At 31 December 2023
6,042
Carrying amount
At 31 December 2023
7,889
At 31 December 2022
6,978
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
100,357
254,198
Amounts owed by group undertakings
87,735
24,395
Other debtors
9,080
7,799
197,172
286,392
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
6,460
Corporation tax
79,989
55,560
Other taxation and social security
38,345
50,037
Other creditors
46,558
4,160
164,892
116,217
7
Controlling party
The immediate parent undertaking of the company is Confinale AG, a company registered in Switzerland. The ultimate parent undertaking and controlling party is HCL Technologies Limited, a company registered in India.
CONFINALE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
We draw attention to Note 1.1 to the financial statements which explains that after the year end the trade, assets and liabilities are hived up to a group company and therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Gavin Zeiderman BA(Hons) FCA
Statutory Auditor:
FMCB
Date of audit report:
11 April 2024