REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Cactus Communications Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Computer equipment | - |
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 |
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 |
At 31 March 2024 |
AMORTISATION |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
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 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Advances to employees | 1,287 | 1,287 |
Office premises deposit | 3,240 | 3,315 |
Others | 1,820 | - |
VAT |
Deferred tax asset |
Prepayments |
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 |
Provision for expenses | 16,482 | 6,540 |
Amounts owed to group undertakings |
Pension liability | 6,747 | 5,351 |
Other creditors |
Payable to employees | 40,506 | 12,312 |
Advance from customers | 225,407 | - |
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 |
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: | £ | £ |
Ordinary | 1 | 100,000 | 100,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
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. |