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REGISTERED NUMBER: 10689522 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Cactus Communications Limited

Cactus Communications Limited (Registered number: 10689522)






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


Cactus Communications Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Ms E D'Souza
N H Gosalia





REGISTERED OFFICE: 6th Floor
9 Appold Street
London
EC2A 2AP





REGISTERED NUMBER: 10689522 (England and Wales)





AUDITOR: Paul Hartley FCA
Statutory Auditor
PO Box 27075
London
N2 0FZ

Cactus Communications Limited (Registered number: 10689522)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,006,952 -
Tangible assets 5 3,296 7,818
1,010,248 7,818

CURRENT ASSETS
Debtors 6 399,337 281,935
Cash at bank 227,734 168,533
627,071 450,468
CREDITORS
Amounts falling due within one year 7 977,430 26,741
NET CURRENT (LIABILITIES)/ASSETS (350,359 ) 423,727
TOTAL ASSETS LESS CURRENT
LIABILITIES

659,889

431,545

CREDITORS
Amounts falling due after more than one
year

8

237,722

-
NET ASSETS 422,167 431,545

CAPITAL AND RESERVES
Called up share capital 9 100,000 100,000
Retained earnings 10 322,167 331,545
SHAREHOLDERS' FUNDS 422,167 431,545

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 Board of Directors and authorised for issue on 14 August 2024 and were signed on its behalf by:





N H Gosalia - Director


Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cactus Communications Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The Company's turnover mainly comprises revenue from a related party which is recognised as per Transfer Pricing arrangement.

Goodwill
Goodwill, arising out of the Purchase Price Allocation valuation in connection with the business purchase amount paid is being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible fixed assets are the Kolabtree platform acquired by the company in June 2023. for a total consideration of £1,061,855. The cost was split in accordance with the valuation by Icon Valuation LLP, independent specialists incorporated in India, between Goodwill and the platform, being specially written computer software.

Platform arising out of the Purchase Price Allocation valuation in connection with the business purchase amount paid is being amortised evenly over its estimated useful life of 15 years.

The computer software is being amortised in equal annual instalments over its estimated useful life of 6 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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.


Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Going concern
In their assessment of going concern the directors of the company have obtained an assurance from the directors of the ultimate controlling party (parent) that Cactus Communications Services Pte. Ltd, a wholly owned subsidiary of the parent and Cactus Communications Inc, an affiliate, will not require repayment of indebtedness of £554,684 and £237,722 respectively; due to it unless the company is able to repay and that it will continue to provide necessary funding to ensure the company is able to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Therefore, the directors believe it appropriate to adopt the going concern basis of accounting in the financial statements. The financial statements do not include any adjustments that may result from any significant change in the assumptions noted above in preparing the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
Additions 72,415 989,440 1,061,855
At 31 March 2024 72,415 989,440 1,061,855
AMORTISATION
Amortisation for year 5,431 49,472 54,903
At 31 March 2024 5,431 49,472 54,903
NET BOOK VALUE
At 31 March 2024 66,984 939,968 1,006,952

Computer software comprises the Platform.

The Goodwill for the Kolabtree platform has been valued by ICON valuation LLP at GBP 989,440, allowing for a useful life of 15 years. The additional goodwill of £72,415 has been valued by the Directors based on the prospects for the future results of the company

The Directors have prepared a profit projection for the year ended 31 March 2025 amounting to £12,600 and a loss for the year ended 31 March 2026 of £59,210.

There is a Letter of Support from the Holding Company Cactus Communication Private Limited.

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 33,543
DEPRECIATION
At 1 April 2023 25,725
Charge for year 4,522
At 31 March 2024 30,247
NET BOOK VALUE
At 31 March 2024 3,296
At 31 March 2023 7,818

Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Advances to suppliers 1,652 -
Balance with payment gateways 35,166 -
Amounts owed by group undertakings 180,420 265,215
Advances to employees 1,287 1,287
Office premises deposit 3,240 3,315
Others 1,820 -
VAT 27 1,590
Deferred tax asset 163,671 -
Prepayments 12,054 10,528
399,337 281,935

Deferred Tax Asset
The Directors have calculated that the taxable losses available to carry forward to future profits are £984,392 giving rise to a Deferred Asset in the sum of £163,671.

The Directors have prepared profit projections showing that these losses will be utilised by 31 March 2027.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 125,954 2,538
Provision for expenses 16,482 6,540
Amounts owed to group undertakings 554,684 -
Pension liability 6,747 5,351
Other creditors 7,650 -
Payable to employees 40,506 12,312
Advance from customers 225,407 -
977,430 26,741

Amounts owed to group undertaking relates to a loan @ 4% p.a. repayable on or before 31 December 2024 from the holding company, Cactus Communication Services Pte Limited incorporated in Singapore, which is a wholly owned subsidiary of the ultimate Parent Company in India.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 237,722 -

This relates to an unsecured loan from Cactus Communications Inc (an affiliate company) incorporated in the United States @ 4% p.a. repayable on or before 30 June 2025

Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary 1 100,000 100,000

10. RESERVES
Retained
earnings
£   

At 1 April 2023 331,545
Deficit for the year (9,378 )
At 31 March 2024 322,167

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Paul Hartley FCA

12. RELATED PARTY DISCLOSURES

Cactus Communications Private Limited

Ultimate Holding Company


During the year Cactus Communications Limited charged fees of £1,221,309 (2023: £968,622) and reimbursed charges of £44,500 (2023:£886)

2024 2023
£    £   
Amount due from related party at the balance sheet date 155,144 239,793

Cactus Communications Limited (Registered number: 10689522)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. RELATED PARTY DISCLOSURES - continued

Cactus Communication Services Pte. Ltd

Holding Company


During the year Cactus Communications Limited charged fees of £150,204 (2023 - £150,113).
There was a loan in the sum of £554,684 to Cactus Communications Limited (2023 - £NIL).
During the year Cactus Communications Limited paid interest of £16,777 (2023 Nil).

2024 2023
£    £   
Amount due from related party at the balance sheet date 25,276 25,422

Cactus Communications Inc

Affiliate


During the year there was a loan to Cactus Communications Limited in the sum of £237,722
Interest was paid of £22,588 (2023 £NIL)

13. ULTIMATE CONTROLLING PARTY

The controlling party is Cactus Communications Private Limited.