3 16 July 2024 false false false false false false false false false false true false false false false true true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,601 1,330 8,931 4,151 1,194 5,345 3,586 3,450 xbrli:pure xbrli:shares iso4217:GBP 07849931 2023-04-01 2024-03-31 07849931 2024-03-31 07849931 2023-03-31 07849931 2022-04-01 2023-03-31 07849931 2023-03-31 07849931 2022-03-31 07849931 core:PlantMachinery 2023-04-01 2024-03-31 07849931 bus:Director8 2023-04-01 2024-03-31 07849931 core:PlantMachinery 2023-03-31 07849931 core:PlantMachinery 2024-03-31 07849931 core:WithinOneYear 2024-03-31 07849931 core:WithinOneYear 2023-03-31 07849931 core:AfterOneYear 2024-03-31 07849931 core:AfterOneYear 2023-03-31 07849931 core:ShareCapital 2024-03-31 07849931 core:ShareCapital 2023-03-31 07849931 core:RetainedEarningsAccumulatedLosses 2024-03-31 07849931 core:RetainedEarningsAccumulatedLosses 2023-03-31 07849931 core:PlantMachinery 2023-03-31 07849931 bus:SmallEntities 2023-04-01 2024-03-31 07849931 bus:Audited 2023-04-01 2024-03-31 07849931 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07849931 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07849931 bus:FullAccounts 2023-04-01 2024-03-31 07849931 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 07849931
Ivy Mobility Solutions (Europe) PVT Limited
Filleted Financial Statements
31 March 2024
Ivy Mobility Solutions (Europe) PVT Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,586
3,450
Current assets
Debtors
6
783,911
1,207,267
Cash at bank and in hand
27,491
106,795
---------
------------
811,402
1,314,062
Creditors: amounts falling due within one year
7
164,892
715,909
---------
------------
Net current assets
646,510
598,153
---------
---------
Total assets less current liabilities
650,096
601,603
Creditors: amounts falling due after more than one year
8
12,500
22,500
---------
---------
Net assets
637,596
579,103
---------
---------
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss account
622,596
564,103
---------
---------
Shareholders funds
637,596
579,103
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 16 July 2024 , and are signed on behalf of the board by:
Arvind Mohan
Director
Company registration number: 07849931
Ivy Mobility Solutions (Europe) PVT Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 75 Westow Hill, London, SE19 1TX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023
7,601
7,601
Additions
1,330
1,330
-------
-------
At 31 March 2024
8,931
8,931
-------
-------
Depreciation
At 1 April 2023
4,151
4,151
Charge for the year
1,194
1,194
-------
-------
At 31 March 2024
5,345
5,345
-------
-------
Carrying amount
At 31 March 2024
3,586
3,586
-------
-------
At 31 March 2023
3,450
3,450
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
38,000
639,941
Amounts owed by group undertakings and undertakings in which the company has a participating interest
736,628
567,326
Other debtors
9,283
---------
------------
783,911
1,207,267
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
100,608
267,550
Corporation tax
19,428
34,719
Social security and other taxes
9,198
239,170
Other creditors
25,658
164,470
---------
---------
164,892
715,909
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
--------
--------
During the year, the company availed short term unsecured loan under Bounce Back Loan Scheme from Santander at a fixed rate of 2.5% which is repayable by June 2026.
9. Summary audit opinion
The auditor's report dated 16 July 2024 was unqualified .
The senior statutory auditor was R C Patel , for and on behalf of Inger & Company .
10. Related party transactions
In accordance with the exemption available in Section 33 of FRS 102; the company has not disclosed transactions with its 100% parent company and fellow subsidiary companies within the Ivy Mobile Technologies PTE Limited group. The company has availed of an exemption available in Section 1.12 of FRS 102 from the requirement to disclose details of the remuneration of 'Key Management Personnel'.
11. Controlling party
The company's ultimate holding company is Ivy Mobile Technologies PTE Limited ("PTE"), a company incorporated in Singapore with its registered office at 9 Battery Road, 15-01 MYP Centre Singapore, 049910. PTE is the holder of 100 % of the issued share capital.