IRIS Accounts Production v24.2.0.383 11734147 director 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117341472023-03-31117341472024-03-31117341472023-04-012024-03-31117341472022-03-31117341472022-04-012023-03-31117341472023-03-3111734147ns15:EnglandWales2023-04-012024-03-3111734147ns14:PoundSterling2023-04-012024-03-3111734147ns10:Director12023-04-012024-03-3111734147ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111734147ns10:SmallEntities2023-04-012024-03-3111734147ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3111734147ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111734147ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111734147ns10:FullAccounts2023-04-012024-03-3111734147ns10:OrdinaryShareClass12023-04-012024-03-3111734147ns10:RegisteredOffice2023-04-012024-03-3111734147ns5:CurrentFinancialInstruments2024-03-3111734147ns5:CurrentFinancialInstruments2023-03-3111734147ns5:ShareCapital2024-03-3111734147ns5:ShareCapital2023-03-3111734147ns5:RetainedEarningsAccumulatedLosses2024-03-3111734147ns5:RetainedEarningsAccumulatedLosses2023-03-3111734147ns5:CostValuation2023-03-3111734147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3111734147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3111734147ns10:OrdinaryShareClass12024-03-3111734147ns5:RetainedEarningsAccumulatedLosses2023-03-3111734147ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 11734147 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

DIGITALAPICRAFT UK LTD

DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DIGITALAPICRAFT UK LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Bharath Kumar Kalkuni Nagaraju





REGISTERED OFFICE: 10 John Street
London
WC1N 2EB





REGISTERED NUMBER: 11734147 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 20 20

CURRENT ASSETS
Debtors 5 501,606 315,485
Cash at bank 162,859 78,817
664,465 394,302
CREDITORS
Amounts falling due within one year 6 508,590 251,102
NET CURRENT ASSETS 155,875 143,200
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,895

143,220

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 8 154,895 142,220
SHAREHOLDERS' FUNDS 155,895 143,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:



Bharath Kumar Kalkuni Nagaraju - Director


DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

DigitalAPICraft UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

After making enquiries, the director has reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months and one day from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue from contracts with customers are disaggregated and reported in three categories:
a) Licensing revenue;
b) Hosting, support and maintenance for licensed products;
c) other.

a. Licensing revenue
Licensing revenues consist primarily of fees earned from subscription-based arrangements for providing customers the right to use internally developed proprietary software in cloud-based infrastructure and its hosting charges and support and maintenance of the same.

The cloud based/SaaS based software is licensed for a specified period/term to customers and includes hosting, support and maintenance service that is provided along with the license for the term of the license period (term-based license). The subscription-based licensing arrangements generally have a contractual term of twelve months with performance obligations and termination provisions.

b. Hosting, support, and maintenance revenues
This represents fees earned from providing customers the cloud-based infrastructure/arrangement (for SaaS-based Licenses), its management, support, unspecified future updates, upgrades and enhancements, and technical product support for "licensed software products". Hosting, support, and maintenance revenue is recognised on a pro-rata basis over the term of the support period/license period.

c. Other:
Revenue from contracts for Information Technology (IT) related services, other than the licensing mentioned above, with customers priced on a time and material basis are recognised when services are rendered and related costs are incurred. For fixed price contracts revenue is recognised when the milestones are achieved and accepted by the customer. Training revenues are recognised after the services are performed.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any other financial instruments, as covered by Section 12 of FRS 102.

DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments
The Company measures share-based compensation expense for all share-based payment awards granted to employees, directors and non-employees based on the estimated fair value of the awards on the date of grant. The fair value of each share option granted is estimated using the Black-Scholes-Merton option valuation model. The Black-Scholes-Merton option pricing model requires the use of assumptions including the option’s expected term and the fair value of the underlying common stock, the expected volatility of the price of the common stock, risk-free interest rates and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the share-based awards are management’s best estimates and involve inherent uncertainties and the application of judgment.

The share based payment expense is recognised on a reasonable allocation of the group expense. Share-based compensation for awards with only service conditions are recognised on a straight-line basis over the requisite service period of the awards. The Company accounts for forfeitures as they occur instead of estimating the number of awards expected to be forfeited.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 20
NET BOOK VALUE
At 31 March 2024 20
At 31 March 2023 20

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 117,394 92,436
Amounts owed by group undertakings 175,842 98,047
Other debtors 208,370 125,002
501,606 315,485

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 444 367
Taxation and social security 80,699 91,902
Other creditors & accruals 427,447 158,833
508,590 251,102

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

8. RESERVES
Retained
earnings
£   

At 1 April 2023 142,220
Profit for the year 12,675
At 31 March 2024 154,895

DIGITALAPICRAFT UK LTD (REGISTERED NUMBER: 11734147)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

9. ULTIMATE PARENT COMPANY

The ultimate parent company is DigitalAPICraft Corporation, a company incorporated in Texas, USA. The immediate parent company is DigitalAPICraft Private Limited, a company incorporated in India.