REGISTERED NUMBER: |
Financial Statements for the Period 1 October 2023 to 31 March 2024 |
for |
Spectra Global Solutions Ltd |
REGISTERED NUMBER: |
Financial Statements for the Period 1 October 2023 to 31 March 2024 |
for |
Spectra Global Solutions Ltd |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Contents of the Financial Statements |
for the Period 1 October 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Spectra Global Solutions Ltd |
Company Information |
for the Period 1 October 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Carlson Suite |
Vantage Point Business Village |
Mitcheldean |
Gloucestershire |
GL17 0DD |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Notes to the Financial Statements |
for the Period 1 October 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Spectra Global Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 profit or loss in the period to which they relate. |
Going concern |
The company made a profit for the year of £541,794 (2023: £19,522). At the year end it had net current liabilities of £839,865 (2023: £1,384,144), and net liabilities of £2,239,808 (2023: £2,781,602). The company is dependent on the continuing financial support of Newgen DigitalWorks Private Limited, its ultimate parent company. The directors have considered the going concern position of the company and its ability to meet its liabilities as they fall due over the next twelve months. The company is funded by and has received financial support from its fellow subsidiaries and at the year end a total of £900,179 (2023: £1,597,439) was owed to group undertakings, with £1,100 (2023: £2,300) owed by group undertakings. |
Newgen DigitalWorks Private Limited has confirmed that it will continue to provide the necessary financial support to the company to enable it to continue to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements and to enable the company to continue to meet its liabilities as they fall due. |
On the basis of the assessment of the company's financial position and the support provided by Newgen DigitalWorks Private Limited, at the time of approval of these financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence as a going concern for the foreseeable future and, in any event, for at least twelve months after the date of approval of these financial statements. The company has maintained its strong relationships in the industry and continues to win new contracts. Consequently the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 October 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 October 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2023 |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 5,160 | - |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Preference shares | 1,400,000 | 1,400,000 |
Spectra Global Solutions Ltd (Registered number: 08026713) |
Notes to the Financial Statements - continued |
for the Period 1 October 2023 to 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Equity shares | £1 | 5,001 | - |
Ordinary shares | £1 | 10,001 | 15,002 |
Redeemable preference shares | £1 | 1,900,000 | 1,900,000 |
1,915,002 | 1,915,002 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may case doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The company has taken the exemption from disclosing related party transactions with companies under the same control in accordance with FRS 102 - Section 33 "Related Party Disclosures". |
12. | PARENT UNDERTAKING |
The company is controlled by Newgen DigitalWorks Pvt Ltd., a company incorporated in India, based on its shareholding. |
Newgen DigitalWorks Pvt Ltd. represents the smallest and largest group for which the consolidated accounts are prepared. Consolidated accounts are available from Newgen DigitalWorks Pvt Ltd., Third Floor, Baid Hi Tech, Park D, No 129B, Block 3B, East Coast Road, Thiruvanmiyur, Chennai,Tamil Nadu, India 600041. |