Company Registration No. 05408870 (England and Wales)
YASH TECHNOLOGIES EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
YASH TECHNOLOGIES EUROPE LIMITED
CONTENTS
Page
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
YASH TECHNOLOGIES EUROPE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M K Baheti
Mr D Jain
Mr B V Navuluri
Company number
05408870
Registered office
Level 8
One Canada Square
Canary Wharf
London
E14 5AA
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
YASH TECHNOLOGIES EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of of the delivery of IT related projects to the corporate market place.

Results and dividends

Interim dividends were paid amounting to £1,000,000 in respect of financial year 2022-23. The directors do not recommend payment of either an interim or a final dividend for financial year 2023-24.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M K Baheti
Mr D Jain
Mr B V Navuluri
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company's principle foreign currency exposures arise from trading operations with related party undertakings. The functional currency of the company's parent is the Indian Rupee. The company's operations do not constitute a material risk to the group, and no hedging arrangements are in place to reduce risk from foreign currency exposure.

Credit risk

Investments of cash surpluses are made through banks which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

TC Group were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

YASH TECHNOLOGIES EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
Mr D Jain
Director
25 July 2024
YASH TECHNOLOGIES EUROPE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

YASH TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF YASH TECHNOLOGIES EUROPE LIMITED
- 5 -
Opinion

We have audited the financial statements of YASH Technologies Europe Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

YASH TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF YASH TECHNOLOGIES EUROPE LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

YASH TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF YASH TECHNOLOGIES EUROPE LIMITED
- 7 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

 

 

 

YASH TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF YASH TECHNOLOGIES EUROPE LIMITED
- 8 -

Use of our report

This report is made solely to the company’s member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s member those matters we are required to state to them in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.

Chris Checkley FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
Office: Steyning
26 July 2024
YASH TECHNOLOGIES EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
11,150,992
11,620,537
Cost of sales
(6,336,325)
(6,527,860)
Gross profit
4,814,667
5,092,677
Administrative expenses
(3,976,413)
(3,718,349)
Operating profit
4
838,254
1,374,328
Interest receivable and similar income
7
5,219
232
Interest payable and similar expenses
8
-
(22,606)
Profit before taxation
843,473
1,351,954
Tax on profit
9
(212,658)
(257,802)
Profit and total comprehensive income for the financial year
22
630,815
1,094,152

The profit and loss account has been prepared on the basis that all operations are continuing operations.

YASH TECHNOLOGIES EUROPE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
11
1,179
1,572
Investments
12
82,001
82,001
83,180
83,573
Current assets
Debtors
14
3,765,322
4,095,980
Cash at bank and in hand
610,429
1,624,620
4,375,751
5,720,600
Creditors: amounts falling due within one year
17
(2,426,362)
(3,402,321)
Net current assets
1,949,389
2,318,279
Total assets less current liabilities
2,032,569
2,401,852
Provisions for liabilities
Deferred tax liabilities
18
(295)
(393)
Net assets
2,032,274
2,401,459
Capital and reserves
Called up share capital
20
1,050
1,050
Share premium account
21
55,000
55,000
Profit and loss reserves
22
1,976,224
2,345,409
Total equity
2,032,274
2,401,459
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
Mr D Jain
Director
Company Registration No. 05408870
YASH TECHNOLOGIES EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1,050
55,000
1,251,257
1,307,307
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,094,152
1,094,152
Balance at 31 March 2023
1,050
55,000
2,345,409
2,401,459
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
630,815
630,815
Dividends
10
-
-
(1,000,000)
(1,000,000)
Balance at 31 March 2024
1,050
55,000
1,976,224
2,032,274
YASH TECHNOLOGIES EUROPE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
586,734
344,445
Interest paid
-
0
(22,606)
Tax paid
(273,240)
(70,232)
Net cash inflow from operating activities
313,494
251,607
Investing activities
Interest received
5,219
232
Net cash generated from investing activities
5,219
232
Financing activities
Dividends paid
(1,000,000)
-
0
Net cash used in financing activities
(1,000,000)
-
Net (decrease)/increase in cash and cash equivalents
(681,287)
251,839
Cash and cash equivalents at beginning of year
1,291,716
1,039,877
Cash and cash equivalents at end of year
610,429
1,291,716
Relating to:
Bank balances and short term deposits
610,429
1,624,620
Bank overdrafts
-
0
(332,904)
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

YASH Technologies Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 8, One Canada Square, Canary Wharf, London, E14 5AA. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 on the historical cost basis.The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

 

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, capital management, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets and related party transactions.

 

The financial statements contain information about Yash Technologies Europe Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under section 400/401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking is included in the consolidated financial statements of its parent, Yash Technologies Private Limited, whose registered office is 201-205 Bansi Trade Centre, Indore - 452001, Madhya Pradesh,India.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

The company recognises revenue when it transfers control over a product or service to a customer. The method for recognising revenues and costs depends on the nature of the services rendered:

 

 

If the company does not have a sufficient basis to measure the progress of completion or to estimate the total contract revenues and costs, revenue is recognised only to the extent of contract cost incurred for which recoverability is probable. When total cost estimates exceed revenues in an arrangement, the estimated losses are recognised in the statement of profit and loss in the period in which such losses become probable based on the current contract estimates.

 

Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.

 

Revenue from subsidiaries is recognised based on transaction price which is at arm's length.

 

Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets are classified as accrued income (only act of invoicing is pending) when there is unconditional right to receive cash, and only passage of time is required, as per contractual terms.

 

Unearned and deferred revenue (contract liability) is recognised when there is billings in excess of revenues. The billing schedules agreed with customers include periodic performance based payments and/or milestone based progress payments. Invoices are payable within contractually agreed credit period.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
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:

Fixtures and fittings
25% on reducing balance
Computers
33% on cost

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 recognised in the profit and loss account.

1.5
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

Investments in subsidiary undertakings are recognised at cost.

1.6
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

1.7
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

1.9
Financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax

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 balance sheet date.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 theywill be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.12
Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

 

The company also operates an employee benefit trust. The company does not have de facto control of the shares held by the trust and does not record any assets and liabilities of the trust as its own. The company pays contributions to the trust on an ad-hoc basis.

1.13
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Critical accounting estimates and judgements
(Continued)
- 18 -
Key sources of estimation uncertainty
Impairment of investments in subsidiaries

Determining whether the company’s investments in subsidiaries have been impaired requires estimations of the investments’ values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate present values. The carrying amount of investments in subsidiaries at the balance sheet date was £82,001 with no impairment loss recognised in the current year.

Accrued revenue

Determining whether the company can recognise revenue from a contract requires estimation as to the stage of completion of the contract. The stage of completion is signed off by the customer as complete at the year end. Accrued revenue is then recognised for the unbilled work performed. At the year end accrued revenue was £810,140.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Fixed price
7,137,932
6,817,470
Time and materials
2,992,177
2,904,154
Intercompany sales
806,484
1,664,722
AMC sales
40,798
94,868
Commissions
173,601
139,323
11,150,992
11,620,537
2024
2023
£
£
Other significant revenue
Interest income
5,219
232
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
106,701
(141,205)
Depreciation of property, plant and equipment
393
874
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,000
20,000
For other services
Other services pursuant to legislation
8,219
6,965
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
32
38

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,718,348
3,015,376
Social security costs
318,280
355,734
Pension costs
162,022
151,337
3,198,650
3,522,447
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
5,219
232
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
-
0
22,606
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
212,756
258,021
Deferred tax
Origination and reversal of temporary differences
(98)
(219)
Total tax charge
212,658
257,802

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2024
2023
£
£
Profit before taxation
843,473
1,351,954
Expected tax charge based on a corporation tax rate of 25.00% (2023: 19.00%)
210,868
256,871
Effect of expenses not deductible in determining taxable profit
1,888
984
Permanent capital allowances in excess of depreciation
-
0
166
Deferred tax movement relating to timing difference on capital allowance
(98)
(219)
Taxation charge for the year
212,658
257,802
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
10
Dividends
2024
2023
2024
2023
per share
per share
£
£
Amounts recognised as distributions to equity holders:
Ordinary shares
Final dividend paid
9.52
-
1,000,000
-
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 31 March 2023
14,012
5,245
19,257
At 31 March 2024
14,012
5,245
19,257
Accumulated depreciation and impairment
At 31 March 2023
12,440
5,245
17,685
Charge for the year
393
-
0
393
At 31 March 2024
12,833
5,245
18,078
Carrying amount
At 31 March 2024
1,179
-
0
1,179
At 31 March 2023
1,572
-
0
1,572
12
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
0
-
0
82,001
82,001
Fair value of financial assets carried at amortised cost
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
82,001
Carrying amount
At 31 March 2024
82,001
At 31 March 2023
82,001
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Yash Technologies Singapore Pte. Limited
17 Phillip Street, #05-01, Grand Building, Singapore, 048695
Ordinary
100.00
Yash Technologies USA LLC
22 Cortlandt Street,16th Floor
New York, NY 10007
United States of America
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Yash Technologies Singapore Pte. Limited
(405,452)
7,324
Yash Technologies USA LLC
18,956
(2,942)
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
14
Debtors
2024
2023
£
£
Trade debtors
2,024,860
2,349,183
Amounts owed by related parties
906,957
680,174
Other debtors
2,500
2,000
Prepayments and accrued income
831,005
1,064,623
3,765,322
4,095,980

 

15
Loans and overdrafts
2024
2023
£
£
Borrowings held at amortised cost:
Bank overdrafts
-
332,904
2024
2023
£
£
Secured borrowings included above:
Bank overdrafts
-
(332,904)

The company uses factoring facilities which are secured by a fixed and floating charge over the company's assets.

16
Creditors
2024
2023
£
£
Trade creditors
1,263,986
403,019
Accruals and deferred income
334,143
1,625,669
Other creditors
34,410
31,386
1,632,539
2,060,074
YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
17
Creditors
2024
2023
Notes
£
£
Loans and overdrafts
15
-
0
332,904
Creditors
16
1,632,539
2,060,074
Taxation and social security
793,823
1,009,343
2,426,362
3,402,321
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Deferred tax liability at 1 April 2022
612
Deferred tax movements in prior year
Credit to profit or loss
(219)
Deferred tax liability at 1 April 2023
393
Deferred tax movements in current year
Credit to profit or loss
(98)
Deferred tax liability at 31 March 2024
295

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

19
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The total costs charged to income in respect of defined contribution plans is £162,022 (2023 - £151,337).

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Ordinary shares of 1p each
105,000
105,000
1,050
1,050
21
Share premium account
2024
2023
£
£
At the beginning and end of the year
55,000
55,000
22
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,345,409
1,251,257
Profit for the year
630,815
1,094,152
Dividends
(1,000,000)
-
0
At the end of the year
1,976,224
2,345,409
23
Other financial commitments

Included within other creditors in note 16 is £18,576 (2023: £15,593) relating to pension commitments.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
24
Related party transactions

During the year the company was charged interest on the loan balance at market rates from Yash Technologies Private Limited totalling £Nil (2023: £22,353). During the year end £Nil (2023: £Nil) was repaid. At the year end £Nil (2023: £Nil) was owed to Yash Technologies Private Limited.

 

During the year the company made interest free loans of £349,771 (2023: £Nil) to Yash Technologies Singapore Pte. Limited. During the year end £122,988 (2023: £Nil) was repaid. At the year end £906,957 (2023: £680,174) was due from Yash Technologies Singapore Pte. Limited.

 

During the year the company made purchases from Aaseya IT Services Private Limited of £Nil (2023: £275). At the year end £Nil (2023: £275) was owed to Aaseya IT Services Private Limited.

 

During the year the company made purchases from Aaseya Software Services UK Limited of £6,440 (2023: £295,129). During the year the company made sales to Aaseya Software Services UK Limited of £516,107 (2023: £1,158,052). At the year end £15,629 (2023: £107,355) was owed by Aaseya Software Services UK Limited.

 

During the year the company made purchases from Yash Technologies Private Limited of £2,772,660 (2023: £3,011,600). At the year end £447,671 (2023: £199,784) was owed to Yash Technologies Private Limited.

 

During the year the company made purchases from Yash Technologies Inc USA of £183,128 (2023: £53,781). During the year the company made sales to Yash Technologies Inc USA of £320,896 (2023: £573,038). At the year end £11,982 (2023: £799 was owed by Yash Technologies Inc USA) was owed to Yash Technologies Inc USA.

 

During the year the company made purchases from Yash Technologies Middle East FZ LLC of £1,343,702 (2023: £858,564). At the year end £633,645 (2023: £Nil) was owed to Yash Technologies Middle East FZ LLC.

 

During the year the company made purchases from Yash Technologies BV of £Nil (2023: £5,475). At the year end £Nil (2023: £Nil) was owed to Yash Technologies BV.

 

During the year the company made purchases from Yash Technologies Singapore Pte Limited of £137,957 (2023: £100,697). At the year end £48,513 (2023: £Nil) was owed to Yash Technologies Singapore Pte Limited.

 

During the year the company made sales to Yash Technologies Gmbh of £Nil (2023: £351). At the year end £Nil (2023: £Nil) was owed by Yash Technologies Gmbh.

 

During the year the company made purchases from Codiant Software Technologies Pvt Ltd of £68,027 (2023: £13,017). At the year end £16,000 (2023: £Nil) was owed to Codiant Software Technologies Pvt Ltd.

 

During the year the company made sales to Yash Technologies Sdn.Bhd of £92,786 (2023: £Nil). At the year end £53,403 (2023: £Nil) was owed by Yash Technologies Sdn.Bhd.

 

During the year the company made purchases from Intellents Digital Services Pte Ltd of £14,020 (2023: £Nil). At the year end £Nil (2023: £Nil) was owed to Intellents Digital Services Pte Ltd.

 

The loans referenced above are repayable on demand. All sales and purchase transactions undertaken with related parties during the year were at arm's length.

YASH TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Controlling party

During the year the company was under the control of Yash Technologies Private Limited by virtue of the fact that it owns 100% of the company's voting share capital.

 

The registered office address of Yash Technologies Private Limited and the address from which copies of the group consolidated accounts can be obtained is:

 

Yash Technologies Private Limited registered office is 201-205, Bansi Trade Centre, Indore - 452001, Madhya Pradesh, India

26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
630,815
1,094,152
Adjustments for:
Taxation charged
212,658
257,802
Finance costs
-
0
22,606
Investment income
(5,219)
(232)
Depreciation and impairment of tangible fixed assets
393
874
Movements in working capital:
Decrease/(increase) in debtors
330,658
(1,688,914)
(Decrease)/increase in creditors
(582,571)
658,157
Cash generated from operations
586,734
344,445
2024-03-312023-04-01Mr M K BahetiMr D JainMr B V NavulurifalseCCH SoftwareiXBRL Review & Tag 2022.2054088702023-04-012024-03-3105408870bus:Director12023-04-012024-03-3105408870bus:Director22023-04-012024-03-3105408870bus:Director32023-04-012024-03-3105408870bus:RegisteredOffice2023-04-012024-03-31054088702024-03-31054088702022-04-012023-03-3105408870core:ContinuingOperations2023-04-012024-03-3105408870core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3105408870core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105408870core:ContinuingOperations2024-03-31054088702023-03-3105408870core:FurnitureFittings2024-03-3105408870core:ComputerEquipment2024-03-3105408870core:FurnitureFittings2023-03-3105408870core:ComputerEquipment2023-03-3105408870core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105408870core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105408870core:AcceleratedTaxDepreciationDeferredTax2022-03-3105408870core:AcceleratedTaxDepreciationDeferredTax2023-03-3105408870core:AcceleratedTaxDepreciationDeferredTax2024-03-3105408870core:ShareCapital2024-03-3105408870core:ShareCapital2023-03-3105408870core:SharePremium2024-03-3105408870core:SharePremium2023-03-3105408870core:RetainedEarningsAccumulatedLosses2024-03-3105408870core:RetainedEarningsAccumulatedLosses2023-03-31054088702023-03-31054088702022-03-3105408870core:FinancialLiabilitiesAmortisedCostcore:Secured2023-03-3105408870core:LoansReceivables2023-04-012024-03-3105408870core:FurnitureFittings2023-03-3105408870core:ComputerEquipment2023-03-3105408870core:FurnitureFittings2023-04-012024-03-3105408870core:ComputerEquipment2023-04-012024-03-3105408870core:CurrentFinancialInstruments2024-03-3105408870core:CurrentFinancialInstruments2023-03-3105408870core:Non-currentFinancialInstruments2024-03-3105408870core:Non-currentFinancialInstruments2023-03-3105408870core:WithinOneYear2024-03-3105408870core:WithinOneYear2023-03-3105408870bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105408870bus:FRS1012023-04-012024-03-3105408870bus:Audited2023-04-012024-03-3105408870bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP