IDU UK LIMITED
(Registration Number
for the year ended 31 March 2024
IDU UK LIMITED
(Registration Number 10035903)
Annual Financial Statements for the year ended 31 March 2024
Index
The reports and statements set out below comprise the annual financial statements presented to the shareholders:
General Information | 1 |
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Directors' Responsibilities and Approval | 2 |
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Directors' Report | 3 - 4 |
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Statement of Financial Position | 5 |
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Statement of Comprehensive Income | 6 |
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Statement of Changes in Equity | 7 |
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Statement of Cash Flows | 8 |
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Accounting Policies | 9 - 12 |
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Notes to the Financial Statements | 13 - 17 |
IDU UK LIMITED
(Registration Number 10035903)
Annual Financial Statements for the year ended 31 March 2024
General Information
Country of Incorporation and Domicile | |
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Nature of Business and Principal Activities | |
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Directors | |
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Registered Office | |
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| United Kingdom |
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Business Address | 1 Rendel Place |
| West Horsley |
| Surrey |
| United Kingdom |
| KT24 6DQ |
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Bankers | |
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Income Tax Registration Number | 9422404726 |
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Company Secretary |
IDU UK LIMITED
(Registration Number 10035903)
Annual Financial Statements for the year ended 31 March 2024
Directors' Responsibilities and Approval
The directors are required by the Companies Act to maintain adequate accounting records and are responsible for the content and integrity of the annual financial statements and related financial information included in this report. These financial statements have been prepared in accordance with the IFRS for SMEs® Accounting Standard as issued by the International Accounting Standards Board (IASB®) and it is their responsibility to ensure that the annual financial statements satisfy the financial reporting standards as to form and content and present fairly the statement of financial position, results of operations and business of the company, and explain the transactions and financial position of the business of the company at the end of the financial year. The annual financial statements are based upon appropriate accounting policies consistently applied throughout the company and supported by reasonable and prudent judgements and estimates.
The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the company and all employees are required to maintain the highest ethical standards in ensuring the company's business is conducted in a manner that in all reasonable circumstances is above reproach.
The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the company. While operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints.
The directors are of the opinion, based on the information and explanations given by management that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss. The going-concern basis has been adopted in preparing the annual financial statements. Based on forecasts and available cash resources the directors have no reason to believe that the company will not be a going concern in the foreseeable future. The annual financial statements support the viability of the company.
The annual financial statements as set out on pages 5 to 15 were approved by the board on
____________________________ | ____________________________ |
D.S Benzecrit | P.V.G Flude |
IDU UK LIMITED
(Registration Number 10035903)
Annual Financial Statements for the year ended 31 March 2024
Directors' Report
The directors present their report for the year ended 31 March 2024.
1. Review of activities
Main business and operations
The principal activity of the company is licensing, implementation and consultation of corporate performance management software within the Europe, Middle East, North and South America's region.
The operating results and statement of financial position of the company are fully set out in the attached financial statements and do not in our opinion require any further comment.
2. Going concern
The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.
3. Events after reporting date
The directors are not aware of any matter or circumstance arising since the end of the financial year to the date of this report that could have a material effect on the financial position of the company.
4. Directors' interest in contracts
To our knowledge none of the directors had any interest in contracts entered into during the year under review.
5. Authorised and issued share capital
No changes were approved or made to the authorised or issued share capital of the company during the year under review.
6. Dividends
Dividends of £100,000 (2023: £0) were paid to shareholders.
IDU UK LIMITED
(Registration Number 10035903)
Annual Financial Statements for the year ended 31 March 2024
Directors' Report
7. Directors
The directors of the company during the year and to the date of this report are as follows:
Name
D.S Benzecrit (Appointed 15 May 2023)
P.V.G Flude
8. Secretary
The company's designated secretary is Kevin Joseph Phillips.
9. Shareholders
There has been no changes in ownership and the shareholder remains:
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IDU International Limited | 100.00 |
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Statement of Financial Position
Figures in £ | Notes | 2024 | 2023 |
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Assets |
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Non-Current Assets |
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Investment in subsidiary | 3 | ||
Loan to shareholder | 4 | - | |
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Current Assets |
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Loan to subsidiary | 5 | - | |
Trade and other receivables | 6 | ||
Cash and cash equivalents | 7 | ||
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Total Assets |
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Equity and Liabilities |
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Equity |
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Issued capital | 8 | ||
Retained earnings |
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Non-Current Liabilities |
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Loan from shareholder | 9 | - | |
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Current Liabilities |
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Trade and other payables | 12 | ||
Current tax liability | 13 | - | |
Loan from subsidiary | 10 | - | |
Borrowings | 11 | ||
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Total Equity and Liabilities |
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IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Statement of Comprehensive Income
Figures in £ | Notes | 2024 | 2023 |
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Revenue |
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Cost of sales |
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Gross profit |
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Operating costs |
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Operating profit / (loss) |
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Finance income | 14 | - | |
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Profit / (loss) before tax |
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Tax expense | 15 | ( | - |
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Profit / (loss) for the year |
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IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Statement of Changes in Equity
Figures in £ | Share capital | Retained earnings | Total |
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Balance at 1 April 2022 | |||
Total comprehensive income for the year |
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Loss for the year |
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Total comprehensive income for the year | - | ( | ( |
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Balance at 31 March 2023 | |||
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Balance at 1 April 2023 | |||
Total comprehensive income for the year |
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Profit for the year |
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Total comprehensive income for the year | - | ||
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Dividends |
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Balance at 31 March 2024 | |||
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Note | 8 |
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IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Statement of Cash Flows
Figures in £ | Note(s) | 2024 | 2023 |
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Cash flows from operating activities |
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Profit/(loss) for the year |
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Adjustments for: |
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Income tax |
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Investment income |
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Operating cash flow before working capital changes |
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Working capital changes |
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(Increase)/decrease in trade and other receivables |
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Decrease/(increase) in short term loans |
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Increase/(decrease) in trade and other payables |
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Net cash flows from / (used in) operations |
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Investment income |
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Tax refunded |
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Net cash flows from operating activities |
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Cash flows used in investing activities |
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Investment in subsidiary |
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Net cash flows used in investing activities |
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Cash flows (used in) / from financing activities |
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Loans (repaid)/raised |
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Shareholders' loans (repaid)/raised |
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Dividends paid |
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Net cash flows (used in) / from financing activities |
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Net decrease in cash and cash equivalents |
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Cash and cash equivalents at beginning of the year |
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Cash and cash equivalents at end of the year | 7 |
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Accounting Policies
1. General information
IDU UK Limited is a private company incorporated in England and Wales.
2. Summary of significant accounting policies
2.1 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the licensing of it's software and / or services in the ordinary course of the company's activities. Revenue is shown net of value-added tax, returns, and discounts.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities, as described below:
2.1.1
2.1.2
2.1.3 Dividends income
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Accounting Policies
Summary of significant accounting policies continued...
2.1.4 Interest income
2.2 Income tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits. Deferred tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely than not to be recovered.
The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss.
Deferred taxation is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it expects the deferred taxation asset to be realised or the deferred taxation liability to be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period.
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Accounting Policies
Summary of significant accounting policies continued...
2.3 Foreign currency translation
2.3.1 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within ‘finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within ‘Other (losses) / gains - net'.
Changes in the fair value of monetary securities denominated in foreign currency classified as available for sale are analysed between translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security.
Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes in carrying amount are recognised in other comprehensive income.
Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on nonmonetary financial assets, such as equities classified as available for sale, are included in other comprehensive income.
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Accounting Policies
Summary of significant accounting policies continued...
2.4 Trade and other receivables
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.5 Cash and cash equivalents
Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown under current liabilities on the statement of financial position.
2.6 Borrowings
Borrowings are recognised initially at the transaction price (that is, the present value of cash payable to the bank, including transaction costs). Borrowings are subsequently stated at amortised cost. Interest expense is recognised on the basis of the effective interest rate method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
2.7 Trade payables
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest rate method.
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
3. Investment in subsidiary
Figures in £ | 2024 | 2023 |
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IDU APAC Limited | ||
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On the 31st August 2022, IDU UK Limited acquired 100% of IDU APAC Limited, a fellow subsidiary, for a consideration of £178,302. |
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4. Loan to shareholder
Figures in £ | 2024 | 2023 |
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IDU International Limited | - | |
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The loan is unsecured, interest free with no fixed terms for repayment. |
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5. Loan to subsidiary
Figures in £ | 2024 | 2023 |
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IDU APAC Limited | - | |
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The loan is unsecured, interest free with no fixed terms for repayment. |
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6. Trade and other receivables
Figures in £ | 2024 | 2023 |
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Prepaid expenses | ||
Value Added Tax | ||
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7. Cash and cash equivalents
Figures in £ | 2024 | 2023 |
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Favourable cash balances |
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Cash on hand | ||
Bank balances | ||
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IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
8. Share capital
Figures in £ | 2024 | 2023 |
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Authorised |
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500 Ordinary shares of £1 each | 500 | 500 |
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Issued |
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9. Loan from shareholder
Figures in £ | 2024 | 2023 |
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IDU International Limited | - | |
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The loan with IDU International Limited is unsecured, interest free with no fixed terms for repayment. |
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10. Loan from subsidiary
Figures in £ | 2024 | 2023 |
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IDU APAC Limited | - | |
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The loan is unsecured, interest free with no fixed terms for repayment. |
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11. Borrowings
Figures in £ | 2024 | 2023 |
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Unsecured |
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Ndarake Limited | ||
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Repayable within one year, transferred to current liabilities | ( | ( |
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The loan is unsecured, interest free and will be repaid within one year. |
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12. Trade and other payables
Figures in £ | 2024 | 2023 |
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Trade creditors | ||
Sundry creditors | ||
Work in progress | ||
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| 13,018 |
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
13. Income tax in the statement of financial position
Figures in £ | 2024 | 2023 |
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Current tax in the Statement of Financial Position represents: Provision for tax for the year | ( | - |
Corporation andWithholding tax paid | - | - |
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| (12,473) | - |
Provision for tax relating to previous years | - | - |
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14. Finance income
Figures in £ | 2024 | 2023 |
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Dividend income |
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Dividends received from subsidiaries | - | |
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15. Income tax expense
Figures in £ | 2024 | 2023 |
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Current tax | - | |
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Income tax for the year | - |
Reconciliation of tax rate | 2024 | 2024 | 2023 | 2023 |
| % | R | % | R |
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Profit before tax |
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Normal tax rate | ( | |||
Adjusted for: |
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Permanent differences | -13.91% | ( | 0.00% | - |
Assessed loss utilised | -1.35% | ( | 0.00% | - |
Unutilised assessed loss | 0.00% | - | -19.00% | |
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Net reduction | -15.25% | ( | -19.00% | |
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Effective tax rate | 12,473 | - |
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
16. Directors' emoluments
D.S Benzecrit | - | - | - | - | - | - | - |
P.V.G Flude | 3,500 | - | - | - | - | - | - |
IDU Africa (Pty) Ltd | 2,400 | - | - | - | - | - | - |
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| 5,900 | - | - | - | - | - | - |
17. List of subsidiaries, associates and joint ventures
| Interest held | Interest held | Share cost | Share cost | ||
Name | 2024 | 2023 | 2024 | 2023 | ||
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% | % |
18. Related party transactions
Figures in £ |
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Name | Relationship | Transactions | 2024 | 2023 | 2024 | 2023 |
Holding company | Royalty fees paid | - | - | ( | ( | |
Ndarake Limited | Previous Holding company | Acquisition of IDU APAC Limited | - | - | - | |
Fellow subsidiary | Consulting costs | - | - | |||
Holding company | Dividend paid | - | ( | |||
Subsidiary | Consulting revenue | ( | ||||
IDU APAC Limited | Subsidiary | Royalty fees received | - | - |
IDU UK LIMITED
(Registration Number 10035903)
Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
19. Foreign exchange risk
Exposure
The company's exposure to foreign currency risk at the end of the reporting period, expressed in British pounds, was as follows:
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| CAD$ | US$ | AUS$ | NZD$ | ZAR |
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Trade receivables | 20,612 | 10,684 | - | - | - |
Bank balances | 18,095 | 972 | 43 | 39,250 | 2,631 |
Trade payables | (5,708) | - | - | (52) | (14,984) |
The company does not utilise foreign currency options or foreign currency forwards to hedge it's exposure to foreign currency risks.
Sensitivity
As shown in the table above, the company is primarily exposed to changes in US$, CAD$, NZD$ and ZAR exchange rates
| Impact on post tax profit |
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US$ / GBP exchange rate - increase 10% | (858) |
US$ / GBP exchange rate - decrease 10% | 1,049 |
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CAD$ / GBP exchange rate - increase 10% | (2,429) |
CAD$ / GBP exchange rate - decrease 10% | 2,969 |
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NZD$ / GBP exchange rate - increase 10% | (2,886) |
NZD$ / GBP exchange rate - decrease 10% | 3,527 |
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ZAR / GBP exchange rate - increase 10% | 909 |
ZAR / GBP exchange rate - decrease 10% | (1,111) |