Company registration number 10714236 (England and Wales)
CRIZAC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CRIZAC LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CRIZAC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
Unaudited
31 March 2024
30 April 2023
Notes
£
£
£
£
Current assets
Debtors
4
3,649,102
-
0
Cash at bank and in hand
4,756,400
3,219,844
8,405,502
3,219,844
Creditors: amounts falling due within one year
5
(7,572,404)
(2,699,359)
Net current assets
833,098
520,485
Provisions for liabilities
(7,150,000)
-
Net (liabilities)/assets
(6,316,902)
520,485
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(6,317,002)
520,385
Total equity
(6,316,902)
520,485

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 16 July 2024 and are signed on its behalf by:
Mr Gaurav Agarwal
Director
Company registration number 10714236 (England and Wales)
CRIZAC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
368,214
368,314
Year ended 30 April 2023:
Profit and total comprehensive income
-
199,671
199,671
Dividends
-
(47,500)
(47,500)
Balance at 30 April 2023
100
520,385
520,485
Year ended 31 March 2024:
Loss and total comprehensive income
-
(6,837,387)
(6,837,387)
Balance at 31 March 2024
100
(6,317,002)
(6,316,902)
CRIZAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Crizac Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Great Chapel Street, Soho, London, United Kingdom, W1F4FS.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

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

1.2
Going concern

Crizac Limited had entered into a commercial agreement with one of its former associate to expand the company globally on a profit sharing basis, the commercial agreement had a break fee clause where Crizac Limited had an option to terminate the agreement at a fee. This option has been opted during the year 2023-24 and hence a provision of £7.1m accounted in the Financial statement. Overall, the company has been generating sufficient new business from the universities and at the date of signing the financial statement the company has sufficient cash reserve to pay off the termination fees along with other short-term working capital liabilities if needed. Management has been closely monitoring the forecast for the next two years and considering the growth of education industry year on year they do not foresee any going concern issue in the future. Infact, the first 6 months of the 2024-25 has recorded a very decent tturnover and profitability. Hence the management is of the opinion that the financial statement are prepared on going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents commission received as agents from Universities and recognised in the year when the performance obligation and approval of the commission amount approval is received from the universities, accordingly the cost of commission payable to the agents of Crizac who are liable to be paid for supplying them with the students is recognised in the same year in order to match the revenue against the cost.

 

1.4
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.

CRIZAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

CRIZAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the average 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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CRIZAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Employees

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

2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,649,102
-
0
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,103,028
1,475,669
Corporation tax
104,204
48,344
Other taxation and social security
1,355,672
1,173,246
Other creditors
9,500
2,100
7,572,404
2,699,359
6
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:
Mr Vishal Bhatt
Statutory Auditor:
BLS Burnells LLP
Date of audit report:
16 July 2024
7
Ultimate controlling party

The parent company of Crizac Limited is Crizac Limited (Formerly known as GA Solutions Private Limited) registered in India whose registered office is at Wing A, 3rd Floor, Constantia Building, 11, U.N. Brahmachari Street, Shakespeare Sarani, Kolkata, west Bengal, India – 700017. Consolidated accounts of the group will be available at the above address.

The ultimate controlling party are the shareholders of Crizac Limited India, the immediate Parent company.

 

.

CRIZAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Related party transactions

Key management personnel :-

 

Mr. Vikash Agarwal

Mr. Sumit Jain

Mr. Rakesh Kumar Agarwal

Mr. Gaurav Agarwal

 

Enterprises over which Key Managerial Person and relatives of such personnel are able to exercise significant influence are listed below:-

 

UCOL Limited

ACG Technologies Limited

Crizac Informatics Limited

 

The above companies are registered in the UK and such are related by virtue of common directorship and Key Managerial person

 

 

During the year, Crizac Limited incurred expenses of amount paid commission to UCOL Limited £Nil (2023 :- 2,412,625 and £Nil (2003:- £764,398) to ACG Technologies Limited for recruiting students from various geographical locations.

 

During the year, Crizac Limited incurred expenses in regards to IT services of £613,299 (2003:- £244,057) from Crizac informatics Limited and has made a provision of £7,150,000 for termination of agreement as reported in Note 4 of these financial statements.

 

At the balance sheet date, an amount of £Nil (2003:- £30000) was outstanding to be paid to UCOL Limited.

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