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REGISTERED NUMBER: 09028998 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2022 TO 31 DECEMBER 2023

FOR

INDICA AUTOMOTIVE LIMITED

INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 October 2022 to 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INDICA AUTOMOTIVE LIMITED

COMPANY INFORMATION
for the period 1 October 2022 to 31 December 2023







DIRECTORS: D Anand
S Sharma
V Sharma
S Sharma





SECRETARIES: S Jurgita
S Varalakshmy





REGISTERED OFFICE: Unit 5 Weddle Way
Brackmills Industrial Estate
Northampton
NN4 7HS





REGISTERED NUMBER: 09028998 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 45,513 44,459

CURRENT ASSETS
Stocks 6 149,066 229,091
Debtors 7 761,187 401,909
Cash at bank 95,500 94,349
1,005,753 725,349
CREDITORS
Amounts falling due within one year 8 (726,156 ) (419,410 )
NET CURRENT ASSETS 279,597 305,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

325,110

350,398

CREDITORS
Amounts falling due after more than one
year

9

(69,417

)

(130,667

)

PROVISIONS FOR LIABILITIES (6,381 ) (6,381 )
NET ASSETS 249,312 213,350

CAPITAL AND RESERVES
Called up share capital 12 50,000 50,000
Retained earnings 199,312 163,350
SHAREHOLDERS' FUNDS 249,312 213,350

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2024 and were signed on its behalf by:




S Sharma - Director



V Sharma - Director


INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 October 2022 to 31 December 2023


1. STATUTORY INFORMATION

Indica Automotive Limited is a limited company, registered in England and Wales. Its registered office address is Central Point One, Central Park Drive, Rugby, Warwickshire, CV23 0WE and the registered number is 09028998.

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.

The financial statements are prepared in Sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Turnover
The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Other operating income
Grant funding receivable, relating to the Additional Restrictions Grant (ARG), has been recognised in the year. The grant funding is recognised in the profit and loss account in the period in which the conditions of the grant funding are met. Grant funding is recognised within other operating income.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line method, as indicated below.

Plant and machinery3 - 20 years straight line
Fixtures and fittings2 years straight line
Computer equipment2 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss account.

INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes as 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 rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in the profit and loss account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Consortium relief
Amounts paid and received for tax losses surrendered are included within the current tax charge.

Foreign currencies
Monetary 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 the transaction. Exchange differences are recognised in administrative expenses.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 December 2023


2. ACCOUNTING POLICIES - continued
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2022 - 12 ) .

4. AUDITORS' REMUNERATION
Period
1/10/22
to Year Ended
31/12/23 30/9/22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

16,219

6,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 363,364 38,713 31,253 433,330
Additions 91,350 15,747 2,807 109,904
Disposals (86,450 ) - - (86,450 )
At 31 December 2023 368,264 54,460 34,060 456,784
DEPRECIATION
At 1 October 2022 328,864 38,713 21,294 388,871
Charge for period 14,602 3,522 6,457 24,581
Eliminated on disposal (2,181 ) - - (2,181 )
At 31 December 2023 341,285 42,235 27,751 411,271
NET BOOK VALUE
At 31 December 2023 26,979 12,225 6,309 45,513
At 30 September 2022 34,500 - 9,959 44,459


6. STOCKS
2023 2022
£    £   
Stocks 149,066 229,091

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 521,730 377,749
Other debtors 239,457 24,160
761,187 401,909

INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,000 49,000
Trade creditors 546,309 282,516
Taxation and social security 91,615 36,056
Other creditors 39,232 51,838
726,156 419,410

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 69,417 130,667

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 126,417 93,010
Between one and five years 212,141 232,729
338,558 325,739

The long term lease relates to the company's trading premises which is subject to a 10 year lease and expires on 25 March 2026.

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 118,417 179,667

The bank loan is secured by an unlimited debenture over the assets of the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
25,000 Ordinary A £1 25,000 25,000
23,750 Ordinary B £1 23,750 23,750
1,250 Ordinary C £1 1,250 1,250
50,000 50,000

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

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

INDICA AUTOMOTIVE LIMITED (REGISTERED NUMBER: 09028998)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 October 2022 to 31 December 2023


14. RELATED PARTY DISCLOSURES

At the period end, a balance of £1,330 (2022: £10,762) was owed in the form of a trade debtor from a related company with common shareholders. During the period, sales were made to the related company amounting to £10,324 (2022: £14,804).

A company with common shareholders owns a 85% shareholding in Indica Automotive Limited. At the period end, a balance of £66,640 (2022: £45,628) was owed to the related company in the form of a trade creditor and at the period end, a balance of £7,800 (2022: Nil) was owed in the form of a trade debtor. During the period purchases were made from the related company amounting to £323,968 (2022: £274,540) and sales were made to the related company amounting to £9,500 (2022: Nil).

At the period end, a balance of £252,185 (2022: £174,646) was owed in the form of a trade creditor to a connected company which is the sole shareholder of a company which owns a 85% shareholding in Indica Automotive Limited. During the period, purchases were made from the related company amounting to £773,892 (2022: £569,286).