| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| VASUDHAIVA KUTUMBAKAM LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| FOR |
| VASUDHAIVA KUTUMBAKAM LIMITED |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| VASUDHAIVA KUTUMBAKAM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Ground Floor |
| Hygeia Building |
| 66-68 College Road |
| Harrow |
| Middlesex |
| HA1 1BE |
| BANKERS: |
| P.O. Box 68 |
| 130 New Street |
| Birmingham |
| West Midlands |
| B24JU |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2024 |
| 31.3.24 | 31.3.23 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash and cash equivalents |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 1. | COMPANY INFORMATION |
| Vasudhaiva Kutumbakam Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP. |
| 2. | ACCOUNTING POLICIES |
| 2.1 Reporting period |
| These financial statements are prepared for the year ended 31 March 2024. |
| 2.2 Basis of preparation of financial Statements |
| These financial statements have been prepared in accordance with Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
| The financial statements are prepared in Pounds sterling (£), which is the functional and presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| 2.3 Going concern |
| The Company made a profit for the year after tax of £186,423 (31 March 2023: £85,179) and at the year-end has net assets of £203,704 (31 March 2023: £17,281) of which £505,577 is in cash (31 March 2023: £210,803). In accordance with their responsibility as Directors, the Directors have conducted a thorough review of the Company's ability to continue as a going concern. The current financial performance and forecasts indicate that there are no material uncertainties that might cast doubt on the Company's ability to continue as a going concern. In particular, the Directors have taken into account the following considerations in their assessment: |
| - The parent company and group's current financial position and ability to continue to support the Company during the assessment period; |
| - The Company's current revenue growth, cash position and business plan; and, |
| - The Company's cash flow forecasts for a period to 31 December 2026. |
| Based on the information available and considering the above factors, the Directors conclude that there is a reasonable expectation that the Company has adequate resources to continue in operational existence and meets its liabilities as they fall due, excluding amounts owed to the parent company, in the foreseeable future. The Directors will continue to closely monitor the Company's financial position and performance, along with external market conditions, to ensure the continued applicability of the going concern assumption in future periods. Therefore, the financial statements have been prepared on a going concern basis, which assumes that the Company will continue as a going concern for a minimum period of at least twelve months from the date of approval of these financial statements. |
| 2.4 Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The Company invoices for student placement services only when the Company has fulfilled its obligations, and the university has confirmed the student has registered at the university (RAU). |
| Turnover from student placement services is recognised when the application is accepted by universities (i.e. upon admission of students) and deposit of the admission fee by the student has been paid to the universities, which is non-refundable. Since, at this point in time, the Company has an enforceable right to collect the payment for the services that it has performed to date. |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.5 Taxation |
| The tax expense represents the sum of the tax currently payable and deferred tax. |
| Current tax |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 2.6 Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| 2.7 Financial instruments |
| The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value. |
| 2.8 Property, plant & equipment |
| Cost of acquisition of computers & laptops not exceeding £250 are charged as expense in the statement of comprehensive income. |
| 2.9 Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets. |
| 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. |
| 2.10 Retirement benefits |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| 2.11 Foreign exchange |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the statement of profit or loss. |
| 2.12 Judgements and key sources of estimation uncertainty |
| In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. A key judgement and source of estimation uncertainty is as follows: |
| - Recoverability of accrued income (note 4) |
| Accrued income is measured at transaction price, less any impairment. Judgement is required from management in assessing any impairment associated with accrued income balances. This is applied by management using their knowledge of the business, the ageing of the balance of accrued income, and the credit profile of the customers. Recoverability is regularly monitored in the light of available economic information specific to each customer balance. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| VASUDHAIVA KUTUMBAKAM LIMITED (REGISTERED NUMBER: 13642985) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2024 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.24 | 31.3.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Other taxation and social security |
| Other creditors |
| Accruals |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
| value: | £ | £ |
| Ordinary shares | £1 | 100 | 100 |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | RELATED PARTY TRANSACTIONS |
| Included within creditors at the year end is a balance of £750,678 (31 March 2023: £1,083,921 due to the parent company). |
| Support service fees of £2,750,746 is payable to the parent company for services provided during the year (31 March 2023: £1,674,257). |
| Director's remuneration £29,805 (31 March 2023: £102,254). |
| 9. | PARENT COMPANY |
| The parent company and controlling party is Vasudhaiva Kutumbakam Group Private Limited (formerly known as Leverage Ed-Tech Private Limited), a company incorporated in India. Group accounts can be requested from Leverage Edu Tower, B1/A5, Block E, Mohan Cooperative Industrial Estate, Badarpur, South Delhi, New Delhi, 110044, India. |