Registration number:
Prodapt Consulting (UK) Limited
for the Year Ended 31 March 2024
Prodapt Consulting (UK) Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Prodapt Consulting (UK) Limited
Company Information
Director |
Mr Mukul Gupta |
Registered office |
|
Auditors |
|
Prodapt Consulting (UK) Limited
Strategic Report for the Year Ended 31 March 2024
The director presents his strategic report for the year ended 31 March 2024.
Principal activity
The principal activity of the company is that of telecommunications infrastructure management and services.
Fair review of the business
The company achieved a turnover of £12,192,803 (2023: £13,634,017) and a gross profit of £2,302,936 (2023: £4,006,586). The profit/ (loss) before taxation amounted to (£108,853) (2023: £1,777,780).
The reduction in revenue for the current financial year is primarily attributed to the ramp-down of few projects in one customer and the closure of certain projects during the previous year. These developments resulted in a cessation of revenue streams from these projects. Despite this, the company remains committed to pursuing new opportunities and optimizing its project portfolio to mitigate future impacts and sustain long-term growth.
The financial statements for the year include a one- off, non-recurring expenditure as disclosed in note 4.
The directors expect improved results in 2025 and in future years. Increased demands of communication industry underpin our continued growth. The strategic vision is to continue to develop our global capabilities and evolve our existing services to meet the developing market.
Principal risks and uncertainties
The company, in conjunction with the ultimate parent company, has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The policies set out by the board and agreed with the ultimate parent company are implemented by the company's directors and management. The directors monitor performance through regular review of the financials.
Risks considered by management include the following:
Credit risk
The company has implemented policies that require appropriate credit checks on customers before sales are made to minimise the risk of financial loss.
Liquidity risk
The company maintains sufficient funds and generates cash from operations to meet working capital requirements. The company has access to finance facilities from fellow group undertakings, if required.
Foreign exchange risk
The company has the risk of foreign currency fluctuations associated with US Dollar, Euro and Kenyan Shillings denominated transactions for the services provided to customers and fellow group undertakings, as well as services provided by fellow group undertakings. This is monitored closely by management.
Prodapt Consulting (UK) Limited
Strategic Report for the Year Ended 31 March 2024 (continued)
Interest rate risk
The company has no external loans, so its interest rate risk is limited to intercompany loans, where any exposure is confined to transactions within the corporate group.
This report was approved by the
......................................... |
Prodapt Consulting (UK) Limited
Director's Report for the Year Ended 31 March 2024
The director presents his report and the financial statements for the year ended 31 March 2024.
Directors of the company
The directors who held office during the year were as follows:
Results and dividends
The Company's financial results have been discussed in the Strategic Report. During the year no dividends have been paid or declared (2023: No dividends had been paid or declared).
Financial risk management
The Directors' have identified and included the Company's key risks and associated management policies in the Strategic Report on page 2.
Going concern
The Directors have assessed the Company's ability to continue as a going concern. In making this assessment, the Directors have considered the current financial position, cash flow forecasts, and potential risks and uncertainties, including the recent decline in revenue due to the ramp-down and closure of specific projects.
Despite these challenges, the Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the approval of these financial statements.
The Directors have a reasonable expectation that the Company will continue in business and meet its liabilities as they fall due, and therefore have prepared the financial statements on a going concern basis.
Disclosure of information to the auditors
The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
The auditors KNAV Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report was approved by the
......................................... |
Prodapt Consulting (UK) Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Prodapt Consulting (UK) Limited
Independent Auditor's Report to the Members of Prodapt Consulting (UK) Limited
Opinion
We have audited the financial statements of Prodapt Consulting (UK) Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 March 2024 and of its loss 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 auditor 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Prodapt Consulting (UK) Limited
Independent Auditor's Report to the Members of Prodapt Consulting (UK) Limited (continued)
Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's 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:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Prodapt Consulting (UK) Limited
Independent Auditor's Report to the Members of Prodapt Consulting (UK) Limited (continued)
Extent to which the audit is capable of detecting irregularities, including fraud
We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.
We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations – this responsibility lies with management with the oversight of the Directors.
Based on our understanding of the Company and industry, discussions with management, we identified Companies Act 2006, Financial Reporting Standard 102, and UK taxation legislation as having a direct effect on the amounts and disclosures in the financial statements.
As part of the engagement team discussion about how and where the Company’s financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.
Our audit procedures included:
• enquiry of management about the Company’s policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
• examining supporting documents for all material balances, transactions and disclosures;
• review of the Board of directors minutes;
• enquiry of management and review and inspection of relevant correspondence with any legal firms;
• evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
• analytical procedures to identify any unusual or unexpected relationships;
• testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
• review of accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Prodapt Consulting (UK) Limited
Independent Auditor's Report to the Members of Prodapt Consulting (UK) 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 2006. Our 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
.......................................................................................
For and on behalf of
Hygeia Building
Ground Floor
66-68 College Road
Middlesex
HA1 1BE
UAC: 2024-70-UK
Prodapt Consulting (UK) Limited
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating (loss)/profit |
(45,350) |
1,781,342 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(63,503) |
(3,562) |
||
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
( |
( |
|
(Loss)/profit for the financial year |
( |
|
Prodapt Consulting (UK) Limited
Statement of Comprehensive Income for the Year Ended 31 March 2024
2024 |
2023 |
|
(Loss)/profit for the year |
( |
|
Foreign currency translation gains/(losses) |
|
( |
Total comprehensive income for the year |
( |
|
Prodapt Consulting (UK) Limited
(Registration number: 07046599)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Other reserves |
7,293 |
(9,427) |
|
Retained earnings |
2,911,290 |
3,111,836 |
|
Shareholders' funds |
2,918,585 |
3,102,411 |
These finacial statements were approved and authorised for issue by the
......................................... |
Prodapt Consulting (UK) Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
|
At 1 April 2022 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
|
|
At 31 March 2023 |
2 |
(9,427) |
3,111,836 |
3,102,411 |
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
|
At 1 April 2023 |
|
( |
|
|
Loss for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
( |
( |
At 31 March 2024 |
|
|
|
|
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102), and the Companies Act 2006.
Basis of preparation
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 paragraph 1.12(b), on the basis that it is a qualifying entity and its ultimate parent company, Prodapt Solutions Private Limited, includes these in its own consolidated financial statements:
• the requirement to prepare a statement of cash flows;
• certain financial instrument disclosures;
• from disclosing the company key management personnel compensation
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Name of parent of group
These financial statements are consolidated in the financial statements of Prodapt Solutions Private Limited.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
The financial statements of Prodapt Solutions Private Limited may be obtained from:
No.25 A & B,
South Phase 5th Cross Street,
Thiru Vi Ka Industrial Estate,
Guindy,
Chennai 600 032,
Tamil Nadu,
India.
Group accounts not prepared
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Prodapt Solutions Private Limited, a company incorporated in India.
Going concern
The Directors have assessed the Company's ability to continue as a going concern. In making this assessment, the Directors have considered the current financial position, cash flow forecasts, and potential risks and uncertainties, including the recent decline in revenue due to the ramp-down and closure of specific projects.
Despite these challenges, the Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the approval of these financial statements.
The Directors have a reasonable expectation that the Company will continue in business and meet its liabilities as they fall due, and therefore have prepared the financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as an interest expense.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.
At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has
been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and amounts due from fellow group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit or Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS102 requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, turnover, costs, expenses and other comprehensive income that are reported and disclosed in the financial statements and accompanying notes. 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. There are no material judgments applied in the period under audit.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
Other revenue |
|
( |
|
|
The analysis of the company's Turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Operating (loss)/profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Staff bonuses |
|
|
Foreign exchange losses |
|
|
The staff bonus cost for the year reflects a one-off sales commission of £807,000, paid/payable by the company in relation to a long-term contract secured during the year.
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
- |
Group interest income |
|
|
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest expense to group undertakings |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
7 |
Staff costs (continued) |
The average monthly number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors remuneration
In addition to being directors of the company, the directors hold roles in the immediate parent company, Prodapt (UK) Limited. Furthermore, all the Prodapt group entities in the UK are viewed as one business unit and it is impracticable to identify accurately remuneration they receive for services to each entity separately. Therefore, directors’ remuneration disclosures have not been included in these financial statements. Directors remuneration is paid and disclosed by Prodapt (UK) Limited in their financial statements which are publicly available. The company has no key management personnel other than the directors.
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
11,974 |
304,494 |
|
Foreign tax |
|
|
Tax expense in the income statement |
|
|
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
9 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of
The differences are reconciled below:
2024 |
2023 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Double taxation relief |
( |
( |
Tax increase arising from overseas tax suffered/expensed |
|
|
Total tax charge |
|
|
Tangible assets |
Furniture, fittings and equipment |
|
Cost or valuation |
|
At 1 April 2023 |
|
Additions |
|
At 31 March 2024 |
|
Depreciation |
|
At 1 April 2023 |
|
Charge for the year |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Investments |
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Provision |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
- |
At 31 March 2023 |
- |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
200 Brook Drive,
|
|
|
|
* The entity was dissolved post year end on 2nd July 2024.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Tax recoverable |
308,010 |
336,035 |
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
Amount due from group undertaking includes a loan amount of £583k (2023: Nil) bearing interest SOFR + 2% pa.
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax payable |
99,245 |
438,357 |
|
Deferred income |
|
|
|
|
|
Amount due to group undertaking includes a loan amount of £Nil (2023: £882k) bearing interest SOFR + 2% pa.
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
|
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
( |
( |
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company, by an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Prodapt Consulting (UK) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Contingent liability |
In March 2024, the Company received an enquiry notice from His Majesty’s Revenue and Customs with respect to a Remuneration Trust Arrangement existing prior to the acquisition of the Company by the Prodapt Group. The enquiry was open at the year end, and the Company, subsequent to the year end, has received a demand for PAYE tax and NIC aggregating to GBP 322,738 plus interest. The company has appealed this demand in August 2024, therefore any liability is contingent on the resolution of the appeal against the demand.
Related party transactions |
The Company has taken advantage of the exemptions available in FRS 102 from disclosing related party transactions with other companies that are wholly owned within the Group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
No.25 A & B,
South Phase 5th Cross Street,
Thiru Vi Ka Industrial Estate,
Guindy,
Chennai 600 032,
Tamil Nadu,
India
The ultimate parent is Prodapt Solutions Private Limited, incorporated in India.
Post balance sheet events |
For information regarding post balance sheet events refer to note 11 and note 18.