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Registration number: 05343040

Eppixcomm Tech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Eppixcomm Tech Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Statement of Financial Position

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 13

 

Eppixcomm Tech Limited

Company Information

Directors

Mr RK Goenka

Mr P Jhawar

Mrs A Jhawar

Mr A Jhawar

Company secretary

Mr RK Goenka

Registered office

Churchill House
137-139 Brent Street
London
NW4 4DJ

Accountants

Sterling Associates
Chartered Certified Accountants5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Eppixcomm Tech Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr RK Goenka - Company secretary and director

Mr P Jhawar

Mrs A Jhawar (appointed 2 January 2024)

The following director was appointed after the year end:

Mr A Jhawar (appointed 31 July 2024)

Principal activity

The principal activity of the company is that of the supply of computer software licences, primarily in the telecom sector, operating out of the United Kingdom and South Africa.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Mr RK Goenka
Company secretary and director

 

Eppixcomm Tech Limited

Statement of Directors' Responsibilities

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 of 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 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 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.

 

Eppixcomm Tech Limited

(Registration number: 05343040)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

153,305

48,654

Other financial assets

7

1

1

 

153,306

48,655

Current assets

 

Debtors

8

4,069,631

3,477,716

Cash at bank and in hand

 

68,684

133,518

 

4,138,315

3,611,234

Creditors: Amounts falling due within one year

9

(2,549,854)

(2,225,882)

Net current assets

 

1,588,461

1,385,352

Total assets less current liabilities

 

1,741,767

1,434,007

Creditors: Amounts falling due after more than one year

9

(32,841)

(38,423)

Provisions for liabilities

(36,026)

(1,444)

Net assets

 

1,672,900

1,394,140

Capital and reserves

 

Called up share capital

10

1,250,000

1,250,000

Retained earnings

422,900

144,140

Shareholders' funds

 

1,672,900

1,394,140

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

 

Eppixcomm Tech Limited

(Registration number: 05343040)
Statement of Financial Position as at 31 March 2024

.........................................
Mr RK Goenka
Company secretary and director

 

Eppixcomm Tech Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

1,250,000

144,140

1,394,140

Profit for the year

-

278,760

278,760

At 31 March 2024

1,250,000

422,900

1,672,900

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1,250,000

(100,433)

1,149,567

Profit for the year

-

244,573

244,573

At 31 March 2023

1,250,000

144,140

1,394,140

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Churchill House
137-139 Brent Street
London
NW4 4DJ

These financial statements were authorised for issue by the Board on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - '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).

Basis of preparation

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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.

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Office equipment - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

22,124

16,511

5

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Deferred taxation

Arising from changes in tax rates and laws

34,582

4,516

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

30,209

85,517

63,171

178,897

Additions

-

2,507

124,268

126,775

At 31 March 2024

30,209

88,024

187,439

305,672

Depreciation

At 1 April 2023

28,875

80,969

20,399

130,243

Charge for the year

303

851

20,970

22,124

At 31 March 2024

29,178

81,820

41,369

152,367

Carrying amount

At 31 March 2024

1,031

6,204

146,070

153,305

At 31 March 2023

1,334

4,548

42,772

48,654

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1

1

At 31 March 2024

1

1

Impairment

Carrying amount

At 31 March 2024

1

1

The company holds 70% of the share capital in Eppixcomm (Pty) Ltd, a company registered in South Africa. Its registered office address is St Andrews Office Park, Block D, Meadowbrook Lane, Epsom Downs, Bryanston, South Africa.

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

53,029

44,173

Amounts owed by related parties

12

3,874,057

3,166,898

Prepayments

 

6,660

8,947

Other debtors

 

135,885

257,698

   

4,069,631

3,477,716

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

5,414

5,440

Trade creditors

 

682

2,182

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

1,947,468

1,722,541

Taxation and social security

 

45,453

43,940

Accruals and deferred income

 

91,829

75,501

Other creditors

 

459,008

376,278

 

2,549,854

2,225,882

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

32,841

38,423


On 6 May 2021, the company received a Coronavirus Business Interruption Loan (CBIL) of £50,000. The terms
of th CBIL loan were amended in the year ended 31 March 2022 to a fixed rate interest bearing loan, repayable
in 120 months (previously in 72 months) with interest charged at a rate of 2.5% per annum. The final repayment date of the loan is June 2030.

10

Share capital

Allotted, called up and fully paid shares

 

Eppixcomm Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,250,000

1,250,000

1,250,000

1,250,000

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,841

38,423

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,414

5,414

Bank overdrafts

-

26

5,414

5,440

12

Related party transactions

During the year ended 31 March 2024, interest was charged on a loan provided to JRL Marketing Limited, a company under common control, totalling £5,769 (2023: £7,737). At the year end, the amount due to the company was £45,739 (2023 :£154,817). The loan incurs interest at a rate of 6% per annum and is repayable on demand in US Dollars.

At the year end £333,129 (2023: £328,278) was due to Redtech Network India Private Limited, an associated company through common control. The loan is interest free and repayable on demand in Pound Sterling.

13

Parent and ultimate parent undertaking

The company's immediate parent is Eppix Group Holdings Limited, incorporated in Enagland and Wales.

 The ultimate controlling party is Mr Prashant Jhawar.