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Registered number: 05763805
Lycatel Property Services Limited
Director's Report and
Financial Statements
For The Year Ended 31 December 2023
Sterling Young Limited
Contents
Page
Company Information 1
Director's Report 2—3
Independent Auditor's Report 4—7
Profit and Loss Account 8
Balance Sheet 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—14
Page 1
Company Information
Director Mr Jegatheesan Indraprakash
Company Number 05763805
Registered Office 3rd Floor
Walbrook Building 195 Marsh Wall
London
E14 9SG
Auditors Sterling Young Limited
Suite 50
238 Merton High Street
London
SW19 1AU
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Director's Report
The director presents his report and the financial statements for the year ended 31 December 2023.
Directors
The director who held office during the year were as follows:
Mr Jegatheesan Indraprakash
Statement of Director's Responsibilities
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 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 the financial statements the director is required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments 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 them 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Liability Limitation Agreement with Auditor
In accordance with Section 534 of the Companies Act 2006, the company has entered into a liability limitation agreement with its external auditor, Sterling Young Limited. 
The principal term of the Agreement: The auditor's liability for statutory audit work is limited to three times the audit fee, in respect of any claim arising from or in connection with the audit work.
Date of Resolution Approving the Agreement: The liability limitation agreement was approved by the Shareholder of the company on August 08, 2024, in accordance with the company’s Articles of Association and relevant provisions of the Companies Act 2006.
The limits specified above shall be the maximum amounts for which the auditor, its directors, and employees shall be liable to all persons party to this agreement, and also to any other persons with whom the auditor has agreed the limits, as may rely on the auditor’s work. 
This disclosure is made in compliance with Section 534 of the Companies Act 2006, which mandates the disclosure of the terms of liability limitation agreements.
Small Company Rules
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.
On behalf of the board
Mr Jegatheesan Indraprakash
Director
15/04/2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Lycatel Property Services Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 (loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; 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 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.
Material Uncertainty related 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.
We draw attention to note 2.2 in the financial statements, concerning the company's ability to continue as a going concern which includes: 
  •  Reliance on the financial support from the related parties where the financial support is not guaranteed 
These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 
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 director is 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. 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 have been prepared in accordance with applicable legal requirements.
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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 in relation to which 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 or 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' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 2—3, 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 determine is 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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Auditor's 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 an auditor's report 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.
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: 
  • We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. 
  • We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, relevant financial reporting standards, the Company's constitution and UK taxation legislation. Including those that will have an indirect impact such as Data Protection Act 1996, Employment Act 2008, Bribery Act 2010, Health and Safety Act 1974 etc. 
  • We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to: 
                   - Enquiries of management; 
                   - Review of legal correspondence; and 
                   - Review of regulatory correspondence. 
                   - Review of pre and post year end journals  
  • We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to the impairment of related party balances. We addressed this risk by challenging the assumptions and judgements made by management when auditing these significant accounting estimates. 
  • As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included but were not limited to the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 
Because of the Inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding Irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.  
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's report 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.
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Shoolin Girishkumar Yagnik (Senior Statutory Auditor)
for and on behalf of Sterling Young Limited , Statutory Auditor
15/04/2025
Sterling Young Limited
Suite 50
238 Merton High Street
London
SW19 1AU
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Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 90,000 90,000
GROSS PROFIT 90,000 90,000
Administrative expenses (94,639 ) (110,938 )
Fair value losses on investment properties - (140,000 )
OPERATING LOSS AND LOSS FOR THE FINANCIAL YEAR (4,639 ) (160,938 )
The notes on pages 11 to 14 form part of these financial statements.
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Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 2,590,000 2,590,000
2,590,000 2,590,000
CURRENT ASSETS
Debtors 5 13,478 29,704
Cash at bank and in hand 1,038 701
14,516 30,405
Creditors: Amounts Falling Due Within One Year 6 (4,638,426 ) (4,649,676 )
NET CURRENT ASSETS (LIABILITIES) (4,623,910 ) (4,619,271 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,033,910 ) (2,029,271 )
NET LIABILITIES (2,033,910 ) (2,029,271 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (2,033,911 ) (2,029,272 )
SHAREHOLDERS' FUNDS (2,033,910) (2,029,271)
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Jegatheesan Indraprakash
Director
15/04/2025
The notes on pages 11 to 14 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1 (1,868,334 ) (1,868,333)
Loss for the year and total comprehensive income - (160,938 ) (160,938)
As at 31 December 2022 and 1 January 2023 1 (2,029,272 ) (2,029,271)
Loss for the year and total comprehensive income - (4,639 ) (4,639)
As at 31 December 2023 1 (2,033,911 ) (2,033,910)
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Notes to the Financial Statements
1. General Information
Lycatel Property Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05763805 . The registered office is 3rd Floor, Walbrook Building 195 Marsh Wall, London, E14 9SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the Company.
The following principal accounting policies have been applied:
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concem basis. The Director is of the opinion that the Company will be able to meet its obligations to creditors as they fall due for a period of at least 12 months from the date of approval of these financial statements.However, there exists material uncertainty.
The Company recorded a loss for the year of £4,639 (Loss the year 2022 of £160,938). At 31 December 2023 , it had net liabilities of £2,033,910 ( FY 2022 £2,029,271) and net current liabilities of £4,623,910 ( FY 2022 £4,619,271).
The original cost of the Company's investment property amounted to £2,514,972. This is now entirely financed by related parties.
The Directors of Lycatel Distribution UK Limited, UK GT Limited and Lycatel Services Limited have confirmed that they are willing to not ask for repayment of existing payables for the going concern assessment period and not until at least such time the Company has sufficient cash reserves in place.
The Company is wholly reliant on financial support from a related party who have confirmed their intention to support the Company to ensure they are able to settle their obligations as they fall due for a period of at least 12 months from the approval of these financial statements. However, the financial support is not legaly binding on the related party.
The ability of these related parties to provide the required support, as set out above, give rise to a material uncertainty relating to going concern.
These financial statements do not include any adjustments that would be necessary should the going concem assumption not apply.
2.3. Significant judgements and estimations
In preparing these Financial Statements, management has made judgements, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised prospectively.
Critical accounting judgements in applying the Company's accounting policies
Investment property - Land and buildings
The investment properties are valued based on their existing use and for which the properties will be available to the market for freehold sale. Comparable market rents in the local areas were used as a benchmark adjusted for the current condition of the properties. The investment properties were also measured on a vacant possession basis to reflect the existing short-term lease agreements as at the year-ended 31 December 2022. The market value rental income has rental yields of between 5.66% and 7.00% applied in order to arrive to the fair value of the investment property as at 31 December 2022 (2021: 3.98% and 7.43%).
2.4. Turnover
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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, Tumover represents rental income from the lease of land and buildings and is recognised in the Statement of profit or loss as per the rental lease agreements.
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2.5. Investment Properties
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss and subsequently transferred to Fair value reserve.
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and other creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 
Cash and Cash Equivalents 
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, which is the director, during the year was: NIL (2022: 1)
- 1
4. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 2,590,000
The 2022 valuations were made by Cushman & Wakefield LLP, on an open market value for existing use başis. It is included in the annual report for 2023 as no significant changes in the market of the property has been noted.
The freehold investment properties have been valued at £2,590,000 by external valuers, Cushman & Wakefield LLP ("C&W"). The valuation has been carried out in accordance with the current UK edition of the RICS Valuation - Professionat Standards, published by The Royal Institution of Chartered Surveyors ("the Red Book"). The valuation of each of the investment properties has been prepared on the basis of fair value which is the market value of the property defined as 'the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arm's length transaction'. The valuation has been provided for accounts purposes and, as such, is a Regulated Purpose Valuation as defined in the Red Book. In compliance with the disclosure requirements of the Red Book, C&W has confirmed that 
  • the member of the RICS who was the signatory to the valuations provided to the Group for the same purposes of this valuation has been so since November 2019;
  • C&W has been carrying out regular valuations for the same purposes as this valuation on behalf of the Company since 22 November 2013;
  • C&W does not provide other significant professional or agency services to the Company; and
  • the fee payable to C&W is a fixed amount per property and is not contingent on the appraised value.
5. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 9,734 9,734
Other debtors 3,744 19,970
13,478 29,704
The amounts owed by the related parties and group undertakings are due on demand and non interest bearing.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,087 3,710
Amounts owed to group undertakings 293,102 243,924
Amounts owed to participating interests 4,272,574 4,357,574
Other creditors 61,161 38,124
Taxation and social security 3,502 6,344
4,638,426 4,649,676
The amounts owed to the related parties and group undertakings are payable on demand and non interest bearing.
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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8. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial  Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to  disclose related party transactions with wholly owned subsidiaries within the group. 
9. Ultimate Controlling Party
The ultimate parent company is WWW Holding Company Limited by virtue of its shareholding which prepares consolidated financial statements. The registered office is 3rd floor Walbrook Building, 195 Marsh Wall, London, E14 9SG.
10. Auditor Liability Limitation
The company has entered into a liability limitation agreement with Sterling Young Ltd, the statutory auditor, in respect of the statutory audit for the period ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the shareholder on 8 August 2024.
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