Maveric NXT Limited
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 04930156 (England and Wales)
Maveric NXT Limited
Company Information
Directors
Mr S Nurani Neelakantan
Mr R R Indupuri
Mr V Padmanabhachari
Secretary
Mr V G Srinivasan
Company number
04930156
Registered office
5 Laybourne House
Admirals Way
Docklands
London
E14 9UH
Auditors
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Maveric NXT Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,371
4,240
Investments
4
196,291
196,291
198,662
200,531
Current assets
Debtors
6
1,406,119
1,252,467
Cash at bank and in hand
2,084,251
1,750,041
3,490,370
3,002,508
Creditors: amounts falling due within one year
7
(1,123,569)
(896,596)
Net current assets
2,366,801
2,105,912
Net assets
2,565,463
2,306,443
Capital and reserves
Called up share capital
8
29,500
29,500
Profit and loss reserves
2,535,963
2,276,943
Total equity
2,565,463
2,306,443

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Mr R R Indupuri
Director
Company Registration No. 04930156
Maveric NXT Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
29,500
3,568,887
3,598,387
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(52,944)
(52,944)
Dividends
-
(1,239,000)
(1,239,000)
Balance at 31 March 2023
29,500
2,276,943
2,306,443
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
259,020
259,020
Balance at 31 March 2024
29,500
2,535,963
2,565,463
Maveric NXT Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Maveric NXT Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Laybourne House, Admirals Way, Docklands, London, E14 9UH.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Maveric NXT Limited is a wholly owned subsidiary of Maveric Systems Limited and the results of Maveric NXT Limited are included in the consolidated financial statements of Maveric Systems Limited which are available from their registered office, 2nd floor, Block 5, DLF IT Park, 1/124, Nandambakkam Post, Ramapuram, Mount Poonamallee Road, Chennai, Tamil Nadu 600 089.

 

1.2
Turnover

Revenue from contracts with customers is recognised upon transfer of control of promised services to the customer at an amount that reflects the consideration the company expects to receive in exchange for those services. Revenue on time-and-material contracts is recognised as the related services are performed and revenue from the end of the last invoicing to the reporting date is recognised as unbilled revenue.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Maveric NXT Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Maveric NXT Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
19,988
Depreciation and impairment
At 1 April 2023
15,748
Depreciation charged in the year
1,869
At 31 March 2024
17,617
Carrying amount
At 31 March 2024
2,371
At 31 March 2023
4,240
Maveric NXT Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
196,291
196,291
5
Joint ventures

Details of the company's joint ventures at 31 March 2024 are as follows:

Name of undertaking
Country of incorporation
Class of
% Held
shares held
Direct
Maverix NXT Inc
USA
Ordinary
50.00
Maveric Sistemas S.A DE C.V
Mexico
Ordinary
50.00
Maveric Systems Poland Spolka Z Organiczona Odpowiedzialnoscia
Poland
Ordinary
50.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,825
276,742
Amounts owed by group undertakings
746,920
455,669
Other debtors
96,827
52,793
Prepayments and accrued income
518,547
467,263
1,406,119
1,252,467
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
188,697
63,667
Amounts owed to group undertakings
349,360
404,902
Corporation tax
209,772
90,974
Other taxation and social security
236,119
179,684
Other creditors
7,804
-
Accruals and deferred income
131,817
157,369
1,123,569
896,596
Maveric NXT Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
29,500
29,500
29,500
29,500
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Matthews
Statutory Auditor:
Moore Kingston Smith LLP
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
30,080
45,080
Maveric NXT Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
11
Related party transactions

The company has taken exemption under FRS 102 section 33.1A - Related party transactions, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

 

The company provided a short-term loan to Maveric Testing Solutions Limited (USA), an associated company. These loans bear no interest and are repayable in the ordinary course of business. The amount due from Maveric Testing Solutions Limited (USA) at the year end is £220,409 (2023- £228,028 due to).

 

The company provided a short-term loan to Maveric Sistemas, S.A. DE C.V, an associated company. These loans bear no interest and are repayable in the ordinary course of business. The amount of £277,845 (2023- £440,781) due from Maveric Sistemas, S.A. DE C.V has been fully written off during the year.

 

The company provided a short-term loan to Maveric Systems Poland Spolka Z Organiczona Odpowiedzialnoscia, an associated company. These loans bear no interest and are repayable in the ordinary course of business. At the year end, the amount due from the company was £13,332 (2023- £nil).

12
Parent company

The immediate and ultimate parent undertaking is Maveric Systems Limited, a company registered in India. The consolidated group financial statements are prepared by Maveric Systems Limited. Copies of these are available at their registered office 2nd floor, Block 5, DLF IT Park, 1/124, Nandambakkam Post, Ramapuram, Mount Poonamallee Road, Chennai, Tamil Nadu 600 089.

2024-03-312023-04-01false30 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr S Nurani NeelakantanMr R R IndupuriMr V PadmanabhachariMr V G Srinivasanfalsefalse049301562023-04-012024-03-3104930156bus:Director12023-04-012024-03-3104930156bus:Director22023-04-012024-03-3104930156bus:Director32023-04-012024-03-3104930156bus:CompanySecretaryDirector12023-04-012024-03-3104930156bus:CompanySecretary12023-04-012024-03-3104930156bus:RegisteredOffice2023-04-012024-03-31049301562024-03-31049301562023-03-3104930156core:OtherPropertyPlantEquipment2024-03-3104930156core:OtherPropertyPlantEquipment2023-03-3104930156core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104930156core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104930156core:ShareCapital2024-03-3104930156core:ShareCapital2023-03-3104930156core:RetainedEarningsAccumulatedLosses2024-03-3104930156core:RetainedEarningsAccumulatedLosses2023-03-3104930156core:ShareCapital2022-03-3104930156core:RetainedEarningsAccumulatedLosses2022-03-3104930156core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31049301562022-04-012023-03-3104930156core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104930156core:FurnitureFittings2023-04-012024-03-3104930156core:ComputerEquipment2023-04-012024-03-3104930156core:OtherPropertyPlantEquipment2023-03-3104930156core:OtherPropertyPlantEquipment2023-04-012024-03-3104930156core:CurrentFinancialInstruments2024-03-3104930156core:CurrentFinancialInstruments2023-03-3104930156bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104930156bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104930156bus:FRS1022023-04-012024-03-3104930156bus:Audited2023-04-012024-03-3104930156bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP