Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalse2023-01-01415falsetrue 09489386 2022-01-01 2022-12-31 09489386 2023-01-01 2023-12-31 09489386 2023-12-31 09489386 2022-12-31 09489386 c:Director3 2023-01-01 2023-12-31 09489386 d:ComputerEquipment 2023-01-01 2023-12-31 09489386 d:ComputerEquipment 2023-12-31 09489386 d:ComputerEquipment 2022-12-31 09489386 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09489386 d:ComputerEquipment 1 2023-01-01 2023-12-31 09489386 d:ComputerSoftware 2023-01-01 2023-12-31 09489386 d:ComputerSoftware 2023-12-31 09489386 d:ComputerSoftware 2022-12-31 09489386 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 09489386 d:CurrentFinancialInstruments 2023-12-31 09489386 d:CurrentFinancialInstruments 2022-12-31 09489386 d:Non-currentFinancialInstruments 2023-12-31 09489386 d:Non-currentFinancialInstruments 2022-12-31 09489386 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09489386 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09489386 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09489386 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09489386 d:ShareCapital 2023-12-31 09489386 d:ShareCapital 2022-12-31 09489386 d:RetainedEarningsAccumulatedLosses 2023-12-31 09489386 d:RetainedEarningsAccumulatedLosses 2022-12-31 09489386 c:FRS102 2023-01-01 2023-12-31 09489386 c:Audited 2023-01-01 2023-12-31 09489386 c:FullAccounts 2023-01-01 2023-12-31 09489386 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09489386 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09489386 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 09489386 2 2023-01-01 2023-12-31 09489386 6 2023-01-01 2023-12-31 09489386 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 09489386







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


SOMIT SOLUTIONS LIMITED






































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SOMIT SOLUTIONS LIMITED
REGISTERED NUMBER: 09489386

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
47,631

Tangible assets
 5 
-
8,892

Investments
 6 
-
21,616

  
-
78,139

Current assets
  

Fixed assets held for sale
  
41,674
-

Debtors: amounts falling due within one year
 8 
119,238
1,394,303

Current asset investments
 9 
21,616
-

Cash at bank and in hand
 10 
872,810
22,242

  
1,055,338
1,416,545

Creditors: amounts falling due within one year
 11 
(489,513)
(518,434)

Net current assets
  
 
 
565,825
 
 
898,111

Total assets less current liabilities
  
565,825
976,250

Creditors: amounts falling due after more than one year
 12 
-
(293,130)

  

Net assets
  
565,825
683,120


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
565,625
682,920

  
565,825
683,120


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 by: 


J A Soanes
Director
Date: 22 April 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Somit Solutions Limited is a private company limited by shares incorporated in the United Kingdom, registered office 21 The Quadrant, Barton Lane, Abingdon, Oxfordshire, OX14 3YS. The principal activity of the Company is the provision of technology and after-sales solutions and consultancy services to the automotive industry.

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 Company is a cloud-based vehicle diagnostics specialist, which enables after-sales operations of high tech luxury and new age OEMs. The Company was acquired by KPIT Group in 2022. The Company’s cloud-based platform complements KPITs existing after-sales platform. Subsequent to the acquisition, it was planned to fully integrate the Company’s business into KPIT to offer more comprehensive solution for the benefit of customers. Consequently, the directors of the Company have passed a resolution in the board meeting held on 26th January 2023 to voluntarily liquidate the Company according to the procedure applicable in UK Companies Act. The Company intends to first liquidate its wholly owned subsidiary in US and then initiate the process in UK. On this basis the accounts have been prepared on a basis other than of going concern.

 
2.3

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.

  
2.4

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.
Revenue from the provision of software or hardware sales is recognised when the goods are transferred to the customer.
Revenue from consultancy services is recognised over the period to which the services are provided.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 The estimated useful lives range as follows:

Computer software
-
5
years

Page 3

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 4

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 -15).


4.


Intangible assets




Computer software

£





At 1 January 2023
60,396


Additions
3,044


Reclassified to held for sale
(63,440)



At 31 December 2023

-





At 1 January 2023
12,765


Charge for the year on owned assets
13,078


Reclassified to held for sale
(25,843)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
47,631



Page 5

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Computer equipment

£





At 1 January 2023
14,446


Reclassified to held for sale
(14,446)



At 31 December 2023

-





At 1 January 2023
5,554


Charge for the year on owned assets
4,815


Reclassified to held for sale
(10,369)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
8,892


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 January 2023
21,616


Reclassified to current asset investments
(21,616)



At 31 December 2023
-





7.


Fixed assets held for sale

2023
2022
£
£
Computer software

37,597

-
 
Computer equipment

4,077

-
 
41,674

-
 

Page 6

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
30,450
434,873

Amounts owed by group undertakings
81,075
942,696

Other debtors
7,024
-

Prepayments and accrued income
689
16,734

119,238
1,394,303



9.


Current asset investments

2023
2022
£
£

Shares in group undertakings
21,616
-

21,616
-



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
872,810
22,242

872,810
22,242



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,453
334,906

Amounts owed to group undertakings
418,925
-

Corporation tax
13,799
4,890

Other taxation and social security
-
34,754

Accruals and deferred income
52,336
143,884

489,513
518,434


Page 7

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
-
293,130

-
293,130



13.


Controlling party

The immediate parent undertaking of the company is KPIT Technologies (UK) Limited and the ultimate controlling party is KPIT Technologies Limited. The consolidated financial statements of KPIT Technologies Limited may be obtained by the public from KPIT Campus, Number-17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune, 411057.


14.


Auditors' information

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

The audit report was signed on 23 April 2024 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8