REGISTERED NUMBER: |
DIRECTOR'S REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AZENTIO SOFTWARE (UK) LIMITED |
REGISTERED NUMBER: |
DIRECTOR'S REPORT AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AZENTIO SOFTWARE (UK) LIMITED |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Director's Report | 2 |
Statement of Director's Responsibilities | 3 |
Report of the Independent Auditors | 4 |
Statement of profit and loss and other comprehensive income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
AZENTIO SOFTWARE (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Hygeia Building |
66-68 College Road |
Harrow |
Middlesex |
HA1 1BE |
BANKERS: |
33, Canda Square |
Canary Wharf |
London |
E14 5LB |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
DIRECTOR'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his report with the financial statements of the Company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Company is that of software implementation and support services. |
DIRECTORS |
Karthikeyan Venkateswara Perumal Babu - appointed on 6 March 2023 and resigned on 10 September 2024 |
Anthony Paul Kinnear - resigned on 6 March 2023 |
Gaurav Kedia was appointed as a director on 10 September 2024 i.e., after 31 December 2023 but prior to the date of this report. |
DONATIONS |
The Company has not made any political or charitable donations during the year (2022:Nil). |
DISCLOSURE OF INFORMATION TO AUDITORS |
The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AZENTIO SOFTWARE (UK) LIMITED |
Opinion |
We have audited the financial statements of Azentio Software (UK) Limited (the 'Company') for the year ended 31 December 2023 which comprise the Statement of profit and loss and other comprehensive income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' 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. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Director's Report and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Director's Report has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AZENTIO SOFTWARE (UK) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Director's Report. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AZENTIO SOFTWARE (UK) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error. |
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors. |
Based on our understanding of the Company and industry, discussions with management, we identified Companies Act 2006, Financial Reporting Standard 102, and UK taxation legislation as having a direct effect on the amounts and disclosures in the financial statements. |
As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud. |
Our audit procedures included: |
- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; |
- examining supporting documents for all material balances, transactions and disclosures; |
- review of the minutes of the meeting conducted by the Board of Directors; |
- enquiry of management of legal matters in the year; |
- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions; |
- testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and |
- review of accounting estimates for biases. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AZENTIO SOFTWARE (UK) LIMITED |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Ground Floor |
Hygeia Building |
66-68 College Road |
Harrow |
Middlesex |
HA1 1BE |
UAC: 2025-15-UK |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
STATEMENT OF PROFIT AND LOSS |
AND OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Exceptional item | 7 |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash and cash equivalents |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( | ) | ( | ) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | GENERAL INFORMATION |
The Company is a private company limited by share capital, incorporated in England and Wales. |
The address of its registered office is: |
C/O Tmf Group 13th Floor |
One Angel Court |
London |
United Kingdom |
EC2R 7HJ |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
The functional and presentational currency is British Pound Sterling (£), being the currency of the primary economic environment in which the Company operates in. The amounts presented are rounded to the nearest pound. |
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 from time and material contracts is recognised as the services are rendered in accordance with the terms of the contracts with clients and is net of discounts and taxes. |
Revenue from fixed price contracts is recognised using the percentage completion method, under which the work accomplished is determined by relating the actual work performed to date to the estimated total work for each contract, provided collection is probable. Revenue from sale of user licenses for software applications is recognized on transfer of the title in the user license, except in case of multiple element contracts, which require significant implementation services, where revenue for the entire arrangements is recognized over the implementation period, based upon the percentage completion method. |
Revenue from client training, support and other services arising due to the sale of software products is recognized as related services are performed. |
Accrued income represent revenues recognised on services rendered as per contractual terms, for which amounts are to be billed in subsequent periods. Deferred income included in other liabilities represent billings in excess of revenues recognised. Advances received for services are reported as liabilities until all conditions for revenue recognition are met. |
Goodwill |
Goodwill recognised represents the excess of purchase consideration over fair values of the assets acquired and liabilities assumed. It is assessed for impairment when there are indicators of impairment and is being amortised over 10 years on a straight line basis. |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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. |
Foreign currencies |
Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the date of the transactions. |
Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are retranslated to the functional currency at the exchange rate at that date. |
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting period. |
Foreign currency differences arising on retranslation are recognised in the statement of profit and loss and other comprehensive income. |
Leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Defined contribution pension obligation |
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Share based payments |
The Company recognises the goods or services received or acquired in a share-based payment transaction when it obtains the goods or as the services are received. The Company recognises a corresponding increase in equity if the goods or services were received in an equity-settled share-based payment transaction, or a liability if the goods or services were acquired in a cash-settled share-based payment transaction. |
The Company, within a group, settling a share-based payment transaction when another entity in the group receives the goods or services recognises the transaction as an equity-settled share-based payment transaction only if it is settled in its own equity instruments. Otherwise, the transaction is recognised as a cash-settled share-based payment transaction. |
Employee benefits expenses |
The Company provides a range of benefits to employees including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown as current liabilities. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements in conformity with FRS 102 section 1A requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
In preparing these financial statements, the director has made following judgements: |
1. Estimation of share based payments cost |
Management makes estimates, judgments and assumptions in determining the fair value of share options used in calculating share-based payment cost. Management believes that the estimates, judgments and assumptions upon which it relies are reasonable based on information available at the time that these estimates, judgements and assumptions are made. |
2. Provisions against receivables |
Using information available at the balance sheet date, the management makes assumptions on the estimated debt recovery rates, based on experience, regarding the level of provision required to account for potentially uncollectible receivables. |
3. Revenue from Fixed price projects |
Estimates of efforts expended to date as a proportion of the total efforts to be expended which are used in the determination of percentage-of-completion in respect of fixed price revenue contracts. |
5. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Goodwill amortisation |
7. | EXCEPTIONAL ITEMS |
Year ended | Year ended |
31.12.23 | 31.12.22 |
£ | £ |
Share based payments | 44,320 | 316,589 |
On 31 March 2022, Azentio Software Private Limited, the parent company, granted option to purchase its 433,960 class B ordinary shares with nil exercise price to one of the employees of the Company. Since there were no vesting conditions attached to the options, the same vested immediately on the date of the grant and were fair valued at the year end. |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Goodwill arose on the acquisition of assets & liabilities of 3i Infotech (UK) Limited in 2021. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Accrued income |
Other debtors |
Prepayments |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Outstanding defined contribution pension scheme |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax payable |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
AZENTIO SOFTWARE (UK) LIMITED (REGISTERED NUMBER: 13185353) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
11. | RELATED PARTY TRANSACTION |
The Company has taken advantage of the exemptions available in FRS 102 section 1A from disclosing related party transactions with other companies that are wholly owned within the Group. |
12. | PARENT AND ULTIMATE PARENT UNDERTAKING |
The Company's immediate parent undertaking is Azentio Software Private Limited, incorporated in Singapore. |
The ultimate parent undertaking is Maya EquityCo Limited, incorporated in Guernsey. |