Datametica UK Limited |
Strategic Report |
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Review of the Business |
Datametica UK Limited ("the Company"), its parent company Datametica Solutions PTE. Ltd ("Parent Company") and group companies ("Datametica Group"), are engaged in providing services and solutions in data management like descriptive analytics, predictive and advanced analytics, big data, social media analytics, mobile based business intelligence solutions, and business intelligence solutions. Datametica India (Ultimate Parent) started in 2013, headquartered in India with its UK office established in 2019, Parent company has spread its reach in multiple countries across USA, Canada, UK and APAC partnering with multiple international brands operating various sectors. Pursuant to the Securities Purchase Agreement (SPA) dated 02 October 2023 (acquisition date) between Onix Networking Corp, Onix Buyer Inc (the acquirers) and the shareholders of the Ultimate Parent Company (Datametica Solutions Pvt Ltd), the Ultimate Parent Company (Datametica Solutions Pvt Ltd) is a subsidiary of Onix Networking Corp., United States. During the year, the company has onboarded the necessary staff to obtain requisite regulatory licenses and approvals to offer its services. The total revenue for the year ended 31st March 2024 was £829,471 and the profit for the year ended 31st March 2024 was £14,503. The board considers the results for the year are in line with the estimates given that this is the fifth year of the commercial business operation. |
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Key performance indicators |
The Company compiles and assesses its key financial and non-financial performance indicators (KPI's) that assist in evaluating the performance of the Company. Considered together, the KPI's provide a comprehensive view of the underlying performance of the Company and alignment with the overall strategy of the Datametica Group. The financial KPI's include revenue growth, margins, operating expenses and profit before tax. Non-financial KPI's include nunber of new customers onboarded, types of services delivered, points of sale, and customer loyalty. |
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Principal risks and uncertainties |
Due to the nature of the business and the association with brands (B2B and B2B2C), the Company has a structural advantage wherein its systems are deeply integrated with the brands and the brands eco-system partners. Prospecting to solution to contracting to development to user acceptance to commere1al launch has a gestation period which if extended may lead to delay in commencement and scale of operations. To embed risk management throughout the Datametica Group, the company has set up a governance structure, policies and procedures, effective management reporting and controls in place to Identify, Mitigate and control risks. |
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Datametica UK Limited |
Strategic Report |
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Financial risk management objectives and policies |
The Company has set up processes related to budgeting and constantly monitoring the KPIs and evaluating financial performance on a periodic basis to ensure proactive actions. The company does not use derivative financial instruments for speculative purposes. |
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Credit risk |
Credit risk Is the potential for loss caused by a counterparty failing to meet their obligation as they become due. The limited counterparty risk for the company is with its partners (B2B) and the risk is managed by regular monitoring and reviewing the hm1ts of the partners before and after the actual sales are earned out by finance and business team jointly. |
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Liquidity risk |
Liquidity risk is the risk that net cash now is insufficient to meet the funding demands of the business on an ongoing basis. Net cash now is adequate to meet the funding requirements and Datametica is well capitalised to meet the future funding requirements. |
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Future developments |
The Company forecasts increased levels of business activity in the forthcoming years arising from the launch of new programs and other partnerships |
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This report was approved by the board on 24 December 2024 and signed on its behalf. |
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Rajiv Gupta |
Director |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
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 cast significant 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. |
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Other information |
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in; focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management. |
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We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following: |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of management meetings; reviewing correspondence with H M Revenue & Customs; enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Datametica UK Limited |
Statement of Cash Flows |
for the year ended 31 March 2024 |
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Notes |
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2024 |
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2023 |
£ |
£ |
Operating activities |
Profit for the financial year |
12,116 |
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12,705 |
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Adjustments for: |
Tax on profit on ordinary activities |
2,387 |
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2,980 |
Depreciation |
56 |
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- |
Decrease in debtors |
401,953 |
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174,079 |
Decrease in creditors |
(485,053) |
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(115,344) |
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(68,541) |
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74,420 |
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Corporation tax paid |
(2,980) |
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(2,981) |
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Cash (used in)/generated by operating activities |
(71,521) |
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71,439 |
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Investing activities |
Payments to acquire tangible fixed assets |
(1,997) |
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- |
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Cash used in investing activities |
(1,997) |
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- |
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Net cash (used)/generated |
Cash (used in)/generated by operating activities |
(71,521) |
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71,439 |
Cash used in investing activities |
(1,997) |
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- |
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Net cash (used)/generated |
(73,518) |
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71,439 |
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Cash and cash equivalents at 1 April |
109,721 |
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38,282 |
Cash and cash equivalents at 31 March |
36,203 |
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109,721 |
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Cash and cash equivalents comprise: |
Cash at bank |
36,203 |
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109,721 |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Analysis of turnover |
2024 |
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2023 |
£ |
£ |
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Services rendered |
829,471 |
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1,168,588 |
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By geographical market: |
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UK |
829,471 |
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1,168,588 |
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3 |
Operating profit |
2024 |
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2023 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
56 |
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- |
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Auditors' remuneration for audit services |
6,300 |
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- |
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4 |
Staff costs |
2024 |
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2023 |
£ |
£ |
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Wages and salaries |
136,472 |
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111,399 |
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Social security costs |
3,940 |
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5,588 |
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Other pension costs |
1,431 |
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879 |
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141,843 |
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117,866 |
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Average number of employees during the year |
Number |
Number |
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Administration |
3 |
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2 |
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3 |
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2 |
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5 |
Taxation |
2024 |
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2023 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
2,387 |
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2,980 |
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Tax on profit on ordinary activities |
2,387 |
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2,980 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2024 |
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2023 |
£ |
£ |
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Profit on ordinary activities before tax |
14,503 |
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15,685 |
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Standard rate of corporation tax in the UK |
19% |
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19% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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2,756 |
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2,980 |
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Effects of: |
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Expenses not deductible for tax purposes |
10 |
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- |
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Capital allowances for period in excess of depreciation |
(379) |
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- |
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Current tax charge for period |
2,387 |
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2,980 |
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6 |
Tangible fixed assets |
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Fixtures, fittings & equipment |
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At cost |
£ |
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Cost or valuation |
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Additions |
1,997 |
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At 31 March 2024 |
1,997 |
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Depreciation |
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Charge for the year |
56 |
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At 31 March 2024 |
56 |
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Carrying amount |
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At 31 March 2024 |
1,941 |
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7 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
23,288 |
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337,045 |
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Other debtors |
6,848 |
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95,044 |
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30,136 |
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432,089 |
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8 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
6,626 |
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440,688 |
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Corporation tax |
2,387 |
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2,980 |
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Other taxes and social security costs |
4,823 |
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72,749 |
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Other creditors |
10,635 |
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- |
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Accruals and deferred income |
6,300 |
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- |
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30,771 |
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516,417 |
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9 |
Share capital |
Nominal |
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2024 |
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2024 |
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2023 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
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1,000 |
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1,000 |
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1,000 |
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10 |
Profit and loss account |
2024 |
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2023 |
£ |
£ |
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At 1 April |
24,393 |
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11,688 |
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Profit for the financial year |
12,116 |
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12,705 |
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At 31 March |
36,509 |
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24,393 |
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11 |
Related party transactions |
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Datametica Solutions Private Limited, registered in India provided services for project costs of £563,209 during the year. |
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12 |
Controlling party |
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The immediate parent company is Datametica Solutions Ltd PTE. Ltd, registered in singapore. The controlling party is Onix Holdco LLC, registered in Delaware, USA. |
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13 |
Presentation currency |
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The financial statements are presented in Sterling and rounded up to the nearest £. |
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14 |
Legal form of entity and country of incorporation |
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Datametica UK Limited is a private company limited by shares and incorporated in England. |
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15 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
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Suite 6, Second Floor |
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213 Kingsbury Road |
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Jubilee Business Centre |
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London |
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NW9 8AQ |