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Company registration number: 09489386







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


SOMIT SOLUTIONS LIMITED






































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SOMIT SOLUTIONS LIMITED
REGISTERED NUMBER: 09489386

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Fixed assets held for sale
  
25,272
41,674

Debtors: amounts falling due within one year
 5 
578
119,238

Current asset investments
 6 
21,616
21,616

Cash at bank and in hand
 7 
844,989
872,810

  
892,455
1,055,338

Creditors: amounts falling due within one year
 8 
(342,703)
(489,513)

Net current assets
  
 
 
549,752
 
 
565,825

Total assets less current liabilities
  
549,752
565,825

  

Net assets
  
549,752
565,825


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
549,552
565,625

  
549,752
565,825


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J A Soanes
Director
Date: 19 May 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Somit Solutions Limited is a private company limited by shares incorporated in the United Kingdom, registered office 21 The Quadrant, Barton Lane, Abingdon, Oxfordshire, OX14 3YS. The principal activity of the Company is the provision of technology and after-sales solutions and consultancy services to the automotive industry.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is a cloud-based vehicle diagnostics specialist, which enables after-sales operations of high tech luxury and new age OEMs. The Company was acquired by KPIT Group in 2022. The Company’s cloud-based platform complements KPITs existing after-sales platform. Subsequent to the acquisition, it was planned to fully integrate the Company’s business into KPIT to offer more comprehensive solution for the benefit of customers. Consequently, the directors of the Company have passed a resolution in the board meeting held on 26th January 2023 to voluntarily liquidate the Company according to the procedure applicable in UK Companies Act. The Company intends to first liquidate its wholly owned subsidiary in US and then initiate the process in UK. On this basis the accounts have been prepared on a basis other than of going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.4

Revenue

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 and other sales taxes.
Revenue from the provision of software or hardware sales is recognised when the goods are transferred to the customer.
Revenue from consultancy services is recognised over the period to which the services are provided.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5
years

Page 3

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

2024
2023
£
£

Wages and salaries
-
209,362

Social security costs
-
24,396

Cost of defined contribution scheme
-
6,790

-
240,548


The average monthly number of employees, including directors, during the year was 0 (2023 - 4).


4.


Fixed assets held for sale

2024
2023
£
£
Computer software

24,765

37,597
 
Computer equipment

507

4,077
 
25,272

41,674
 


5.


Debtors

2024
2023
£
£


Trade debtors
-
30,450

Amounts owed by group undertakings
-
81,075

Other debtors
553
7,024

Prepayments and accrued income
25
689

578
119,238



6.


Current asset investments

2024
2023
£
£

Shares in group undertakings
21,616
21,616

21,616
21,616


Page 5

 
SOMIT SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
844,989
872,810

844,989
872,810



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,658
4,453

Amounts owed to group undertakings
328,545
418,925

Corporation tax
-
13,799

Accruals and deferred income
12,500
52,336

342,703
489,513



9.


Controlling party

The immediate parent undertaking of the company is KPIT Technologies (UK) Limited and the ultimate controlling party is KPIT Technologies Limited. The consolidated financial statements of KPIT Technologies Limited may be obtained by the public from KPIT Campus, Number-17, Rajiv Gandhi Infotech Park, MIDC-SEZ, Phase-III, Hinjawadi, Pune, 411057.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 19 May 2025 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6