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Company registration number: 07453091
Navitas Life Sciences Holdings Limited
Filleted financial statements
31 March 2024
Navitas Life Sciences Holdings Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Navitas Life Sciences Holdings Limited
Directors and other information
Directors Srinivasan Harikesanallu Ramani
Lalit Mahapatra (Resigned 30 September 2024)
Scott Zhu
Tran King
Camilo Horvilleur
Company number 07453091
Registered office Pure Offices Office 58
One Port Way
Port Solent
Portsmouth, England
PO6 4TY
Auditor Nagle James Associates Limited
Amba House, 4th Floor
15 College Road
Harrow
Middlesex
HA1 1BA
Bankers HSBC Bank Plc
17A Curzon Street
Mayfair
London
W1J 7LA
Navitas Life Sciences Holdings Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Navitas Life Sciences Holdings Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 24,756,553 24,756,553
_______ _______
24,756,553 24,756,553
Current assets
Debtors 5 45,300 48,000
Cash at bank and in hand 331 457
_______ _______
45,631 48,457
Creditors: amounts falling due
within one year 6 ( 19,803) ( 20,553)
_______ _______
Net current assets 25,828 27,904
_______ _______
Total assets less current liabilities 24,782,381 24,784,457
_______ _______
Net assets 24,782,381 24,784,457
_______ _______
Capital and reserves
Called up share capital 17,672,197 17,672,197
Profit and loss account 7,110,184 7,112,260
_______ _______
Shareholders funds 24,782,381 24,784,457
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2024 , and are signed on behalf of the board by:
Srinivasan Harikesanallu Ramani
Director
Company registration number: 07453091
Navitas Life Sciences Holdings Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 17,672,197 7,122,838 24,795,035
Loss for the year ( 10,578) ( 10,578)
_______ _______ _______
Total comprehensive income for the year - ( 10,578) ( 10,578)
_______ _______ _______
At 31 March 2023 and 1 April 2023 17,672,197 7,112,260 24,784,457
Loss for the year ( 2,076) ( 2,076)
_______ _______ _______
Total comprehensive income for the year - ( 2,076) ( 2,076)
_______ _______ _______
At 31 March 2024 17,672,197 7,110,184 24,782,381
_______ _______ _______
Navitas Life Sciences Holdings 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 & Wales. The address of the registered office is Pure Offices Office 58, One Port Way, Port Solent, Portsmouth, England, PO6 4TY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The board of directors has received assurance from the intermediate holding company, Navitas Intermediate Corporation, USA that it will continue to support the company for the foreseeable future. Accordingly, the board of directors considers that it is appropriate that the Company's financial statements are prepared on a going concern basis.
Disclosure exemptions
The individual accounts of Navitas Life Sciences Holdings Limited have also adopted the following disclosure exemptions:- the requirement to present a statement of cash flows and related notes- financial instrument disclosures, including:- categories of financial instruments,- items of income, expenses, gains or losses relating to financial instruments, and- exposure to and management of financial risks.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.
The company's financial statements present information about it as an individual undertaking and not about its group.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the total invoice value,net of discounts and Value Added Tax of sales made during the year and derives from the provision of management consultancy services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 and 31 March 2024 32,300,401 32,300,401
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 7,543,848 7,543,848
_______ _______
Carrying amount
At 31 March 2024 24,756,553 24,756,553
_______ _______
At 31 March 2023 24,756,553 24,756,553
_______ _______
An impairment review relating to Investments was undertaken in the year. Key assumptions included in this review were: Discount rates The discount rate is a pre-tax adjusted discount rate and reflects management’s estimate of the company’s weighted average cost of capital. Growth rates Forecasts are extrapolated using growth assumptions relevant for the business sector and are based on industry research.
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Navitas Life Sciences Limited Pure Offices Office 58, One Port Way, Port Solent, Portsmouth, PO6 4TY, England Ordinary 100
Navitas Inc. USA 502 Carnegie Centre #102, Princeton, New Jersey, 08540, USA Common stock 100
5. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 45,300 48,000
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 353 353
Other creditors 19,450 20,200
_______ _______
19,803 20,553
_______ _______
7. Summary audit opinion
The auditor's report dated 24 December 2024 was unqualified.
The senior statutory auditor was Mr Kaushik Nathwani for and on behalf of Nagle James Associates Limited
8. Related party transactions
The company has taken advantage of the exemption under FRS 102 section 33.1A not to disclose transactions with fellow subsidiary entities that are 100% owned within the group.
9. Controlling party
The company's immediate parent is Navitas Intermediate Corporation, a company incorporated in USA. The smallest group which consolidates the results of the company is Navitas Parent Corporation. The financial statements of this intermediate holding company are not publicly available. The ultimate parent company and controlling entity as at 31 March 2024 was Navitas Parent, LP. Consequently, the parent undertaking of the group that includes the Company and for which group financial statements are prepared is Navitas Parent Corporation. Navitas Parent Corporation is incorporated in the State of Delaware, USA at the registered address 1450 Brickell Avenue, 31st Floor Miami, FL33131. Consolidated group financial statements of Navitas Parent Corporation for the year are available from the company's registered address at 1450 Brickell Avenue, 31st Floor Miami, FL33131 and are not publicly available.
10. Guarantees and charges
The company has given a fixed and floating charge over its assets and by way of a debenture in favour of Oxford Finance LLC.