Strategic Report, Report of the Directors and
Financial Statements for the Year Ended 31 March 2025
for
LTIMindtree UK Limited
Company number (12817556)
LTIMindtree UK Limited
Contents of the Financial Statements
for the Year Ended 31 March 2025
Page
Company Information
1
Strategic Report
2
Report of the Directors
4
Report of the Independent Auditors
8
Statement of Profit or Loss
11
Statement of Profit or Loss and Other Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Statement of Cash Flows
15
Notes to the Statement of Cash Flows
16
Notes to the Financial Statements
17-37
LTIMindtree UK Limited
Company Information
for the Year Ended 31 March 2025
DIRECTORS:
Sudhir Chaturvedi (Resigned on 27 January 2025)
Srinivas R Veluvali
Vipul Chandra (Appointed on 18 February 2025)
REGISTERED OFFICE:
6 Bevis Marks,
London, England,
EC3A 7BA
REGISTERED NUMBER:
12817556 (England and Wales)
AUDITORS:
PBG Associates (London) Limited
Chartered Certified Accountants
and Statutory Auditors
77, HolyHead Road,
Birmingham
England
B21 0LG
BANKERS:
HSBC Bank PLC
Level 18, 8 Canada Square
United Kingdom
LTIMindtree UK Limited
Strategic Report
for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
REVIEW OF BUSINESS
The Company's revenue from operations for the financial year under review were GBP 102,222,886 as against GBP 56,765,462 for the previous financial year. The profit before tax was GBP 3,372,445 for the financial year under review as against GBP 2,438,062 for the previous financial year demonstrating robust financial management despite challenging market conditions. This growth has positively impacted cashflow.
As one of the world's leading technology consulting and digital solutions enterprise, LTIMindtree enables businesses across diverse sectors to harness the power of digital technology to deal with complex business challenges, innovate at scale and drive tangible business outcomes. LTIMindtree UK Limited (Company) is wholly owned subsidiary of LTIMindtree Limited, India. The Company makes money by providing technology consulting and digital solutions to enterprises across industries. Services include digital transformation, IT services, and consulting, which help clients reimagine business models, accelerate innovation, and maximize growth.
AI continues to sweep through the business world. As more businesses seek to integrate AI into their daily workflows, vendors across the technology sector are investing in AI solutions to offer their customers.
While most other companies are still struggling to find production ready use cases for AI, Our Company has taken a holistic approach to AI. The Company is planning to invest in building AI capabilities, offerings and differentiated platforms that can be used to bolster productivity and elevate business whilst minimizing potential risks.
It is also important to upskill existing workforce due to the ongoing development of AI . The core emphasis is on conducting workshops executives, enabling them to adapt this as an additional skill set within their overall competencies.
During the year, Company was recognised as Salesforce Partner Innovation Award 2024 in Retail category underscoring our vision of delivering best-in-class omnichannel shopping experience for the end customers.
Looking ahead, UK's tech industry is the largest in Europe. The Company aims to capitalize on growth opportunities while continuing to innovate and enhance the product/service offerings. We are also committed to sustainable practices and aim to improve our environmental and social impact
PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that financial risks relevant to company are credit risks, cash flow risks, and liquidity risks.
Credit risks
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligation which is primary attributable to its trade receivables. The company is also exposed to credit risk arising from other financial assets, which comprise of Group companies' receivables, cash and short-term deposits. The Company's exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments if a counterparty to a financial instrument fails to meet its contractual obligation. The company has credit policy in place which is reviewed and monitor on an ongoing basis. New credit customers are only accepted after they have been approved by the credit control department. Cash is lodged with reputable financial institutions that have been pre-approved by the board.
Cash flow and liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its financial obligations as they fall due. The Company ensures that there are sufficient levels of committed facilities and cash to ensure that Company is, at all times, able to meet its financial commitments. Liquidity risk is managed by daily and weekly monitoring of forecast and actual cash flows. The Company is financed with appropriate long-term and short-term finance to match the liquidity requirements of business.
LTIMindtree UK Limited
Strategic Report
for the Year Ended 31 March 2025
SECTION 172(1) REPORTING
The Directors' have acted in a way that they considered, in good faith, would be most likely to promote the success of Company for the benefits of its members as a whole, and in doing so had regard (amongst other matters) to the matters listed in section 172(1)(a) to (f) when performing their duties and comment as follows:
a) the Directors are satisfied that the current business activity is in the long-term interest of the Company and its Shareholder;
b) the Directors considers that the employees are one of the key stakeholders and continue to focus on training and supporting of the employees in the understanding that a well informed and trained workforce is essential for the Company's ongoing success,
c) the Directors have adequately fostered the business relationship with the suppliers, customers and others;
d) the Directors are satisfied and have properly responded to the needs of the community and concerns regarding the environment, due to the operation of the company;
e) the Company's business is providing IT and other related services, and the Directors are satisfied that the Company has maintained a reputation for high standards of business conduct, including its dealing with its customers, employees and the regulators, and
f) the Company has adequately and fairly kept its shareholders fully informed and provided quarterly financial information and progress of the Company's business."
DEVELOPMENT AND PERFORMANCE AND POSITION AT THE END OF THE YEAR
The Company recorded profit after tax of GBP 2,354,580 (FY23-24 - GBP 1,955,307) and turnover of GBP 102,222,886 (FY23-24 - GBP 56,765,462).
KEY PERFORMANCE INDICATORS
The following are some of the principal KPIs used to monitor the performance of the Company:
o
Net Worth
o
Revenue
o
Employee Utilization
o
Average Staff
ON BEHALF OF THE BOARD:
..........................................................................
Srinivas R Veluvali- Director
Date: 19/04/2025
LTIMindtree UK Limited
Report of the Directors
for the Year Ended 31 March 2025
The directors present their report with the financial statements of the company for the year ended 31 March 2025.
PRINCIPAL ACTIVITY
The Company, a private limited company limited by shares, incorporated and domiciled in the United Kingdom, is engaged into providing IT services, including application development, implementation, systems integration, application maintenance, testing and support services. The company is wholly owned subsidiary of LTIMindtree Limited, a company incorporated in India.
DIVIDENDS
No dividends will be distributed for the period ended 31 March 2025. Results for the year set out at page no 11.
RESEARCH AND DEVELOPMENT
In a rapidly changing global landscape where disruption is the new normal, the company is leveraging technology to create sustainable advantage not only for itself but more importantly, for its clients. While the Company has the real-world expertise in diverse domains, it has also invested consciously towards building expertise in exponential technologies.
FUTURE DEVELOPMENTS
The Company plans to continue to relentlessly focus on strategy which is about helping our clients navigate to digital future. It continues to build solid fundamentals, drive growth momentum and reinforce partnerships to help clients recover.
DIRECTORS'
Srinivas R Veluvali has held office during the whole of the period from then to the date of this report. Other changes in the directors are as follows:
Sudhir Chaturvedi (Resigned on 27 January 2025)
Vipul Chandra (Appointed on 18 February 2025)
FINANCIAL INSTRUMENTS
Its company's policy not to enter into trading of the speculative nature in respect of financial instrument.
Refer the accounting policies for further details on financial instruments.
EMPLOYEES
The employment policies of the Company are designed to attract, retain and motivate the highest quality personnel, recognising that this can only be achieved through offering equal opportunities, irrespective of race, colour, creed, age, sex, marital status, national origin or disability. Therefore, recruitment and promotion are solely dependent upon the suitability of an applicant for the job.
The Company provides effective communication with employees through bulletins relating to the business performance, objectives and other issues
DISABLED EMPLOYEES
The company's policy is to recruit disabled worker for those vacancies that they are able to fill. All necessary assistance with initial training courses is given, once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible for retaining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
OUR SUPPLIERS AND CUSTOMERS
The Company upholds the highest standards in our relationship with customers, suppliers, and stakeholders. A relationship of service and trust with our customers is vital to our success as a company.
GOING CONCERN
In assessing the going concern assumption for the Company, we have performed a detailed review of Company's projected cash flows for period of 12 months from the date of approval of these financial statements.
LTIMindtree UK Limited
Report of the Directors
for the Year Ended 31 March 2025
GOING CONCERN – (continued…)
The analysis also included a review of Company's financial position and performance and specific considerations was given to the inherent risks associated with Company's business model. We have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and to meet reasonably any predictable liquidity requirements. Thus, we consider that it is appropriate that Company's financial statements are prepared on the going concern basis.
STREAMLINED ENERGY AND CARBON REPORTING
Statement of carbon emissions in compliance with Streamlined Energy and Carbon Reporting (SECR) covering energy use and associated greenhouse gas emissions, intensity ratios and information relating to energy efficiency actions are as follows:
Greenhouse gas emissions (GHG)
31.3.25
tCO2 equivalent
(tCO2e) *
Gaseous and Other Fuels (Scope 1)
-
Grid-Supplied Electricity (Scope 2)
13,816.12
Transportation (Scope 3)
801.14
14,617.26
Emission intensity ratio
Gross Sales Value (£m) (GSV)
102.22
(tCO2e/GSV (£m))
142.994
The company calculates the intensity ratio using total turnover, as this enables the monitoring of emissions over time while accounting for changes in the company's size. This approach ensures maximum accuracy and aligns closely with the company's growth trajectory.
The potential GHG emissions sources are:
Scope 1: Direct Emissions from activities owned or controlled by LTIMindtree UK Limited that release emissions into the atmosphere.
o
Emissions from the combustion of gas and fuel for transport do not apply to us, as we neither use fuel for combustion nor own any vehicles for transportation purposes.
Scope 2: Energy related Indirect Emissions from the generation of acquired and consumed electricity, steam, heat, or cooling.
o
Emissions resulting from our purchased electricity, used for lighting and power, are based on kWh data obtained from the company's monthly energy bills (location-based) for electricity consumption in building and equipment operations, supplied by an external provider.
o
The electricity consumption in kWh has been converted into Tons of CO2e using the Department of Energy's conversion factor.
Scope 3: Other Indirect Emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions. The company's Scope 3 emissions stem from LTIMindtree UK Limited's transportation activities:
o
Emissions from employees traveling for business purposes by train, bus, or flight.
o
Emissions from employee travel in rental or company-owned vehicles, where the company is responsible for fuel purchases. These emissions are estimated based on travel cost reimbursement records, along with assumptions regarding fuel type, fuel cost, and vehicle mileage.
Page 5
LTIMindtree UK Limited
Report of the Directors
for the Year Ended 31 March 2025
STREAMLINED ENERGY AND CARBON REPORTING (continued…)
Methodology
LTIMindtree UK Limited calculated and disclosed GHG emissions from Scope 1, Scope 2, and Scope 3 in compliance with Streamlined Energy and Carbon Reporting (SECR) regulations as a Large unquoted Company.
Our methodology underlying our disclosed emissions is based on the “Environmental Reporting Guidelines: including mandatory greenhouse gas emissions reporting guidance” (March 2024) issued by the Department for Business, Energy & Industrial Strategy (BEIS). This methodology is consistent with the World Resources Institute's Greenhouse Gas Protocol (GHGP) Corporate Accounting and Reporting Standard.
Using an operational approach, the Company identified its population to ensure that all activities and facilities are being recorded and reported in line with the mandatory GHG protocol corporate accounting and reporting standard. The validity, accuracy and completeness of the data was checked and used to calculate the GHG for the Company. Emissions are calculated as activity data multiplied by the corresponding emissions factors sourced from UK Government greenhouse gas reporting conversion factors (published by BEIS in 2024).
Our Key Sustainability Initiatives
LTIMindtree UK Limited ensures continued compliance to all applicable environmental regulations and committed to meeting the requirements including SECR.
We seek to minimise the impact of our operations on the environment and striving to reduce our GHG emissions and improve energy efficiency via several initiatives:
All lightings are LED movement sensors.
HVAC operate by building facility are running only during office hours. HVAC is shutdown during extended holidays, example Easter and Christmas holidays.
Utilization of energy-efficient equipment in the offices
Preference will be given to essential travel only for the business to limit related emissions.
Use of more sustainable mode of transport whenever feasible.
Promoting the use of electrical vehicles by employees
Encouraging use of public transport for business commuting and travel wherever feasible
Preference for New offices selection will be given for BREEAM / LEED certified buildings
By fostering advocacy on sustainability initiatives, resource efficiency measures, team engagement, training programs about environmental health and safety etc. we empower employees to champion eco-friendly practices. This collaborative approach enhances organizational commitment to sustainability, aligns with green goals, and motivates employees to become stewards of environmental responsibility.
In the previous year, the company did not report its greenhouse emissions and energy usage as it has not surpassed the threshold of 40,000 Kilowatts.
Page 6
LTIMindtree UK Limited
Report of the Directors
for the Year Ended 31 March 2025
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors, and the financial statements in accordance with applicable law and regulations.
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 UK-adopted international accounting standards. 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state that the financial statements comply with UK-adopted international accounting standards, subject to any material departures disclosed and explained in the financial statements;
- 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.
The directors are responsible for preparing the annual report in accordance with applicable law and regulations. The directors consider the annual report and the financial statements, taken as a whole, provides the information necessary to assess the company's performance, business model and strategy and is fair, balanced and understandable.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
There is no relevant audit information of which the company's auditors are unaware; and
We have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information
AUDITORS
Under section 487(2) of the Companies Act 2006, PBG Associates (London) Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
ON BEHALF OF THE BOARD:
..........................................................................
Srinivas R Veluvali - Director
Date: 19 April 2025
Page 7
Report of the Independent Auditors to the Members of
LTIMindtree UK Limited
Opinion
We have audited the financial statements of LTIMindtree UK Limited (formerly "Larsen & Toubro Infotech UK Limited") (the 'Company') for the period ended 31 March 2025 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, 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 UK-adopted International Accounting Standards.
In our opinion, the financial statements:
- give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the period then ended;
- have been properly prepared in accordance with UK-adopted International Accounting Standards; 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
In our evaluation of the directors' conclusions, we considered our knowledge of Company and its industry, Companies current and projected cash flows, inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operation over the going concern period.
Our conclusion based on this work:
- We consider that the directors' use of going concern basis of accounting in the preparation of the financial statement is appropriate;
- We have not identified, and concur with directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.
Our responsibilities and the responsibilities of directors with respect to going concern are described in the relevant section of this report.
Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.
Report of the Independent Auditors to the Members of
LTIMindtree UK Limited
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:true
- the information given in the Strategic Report and Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Report of the Directors' have been prepared in accordance with applicable legal requirements.
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 Report of the Directors and Strategic 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 directors'' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are 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 directors determine 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 directors are 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.
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.
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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, Employee Related Laws and distributable profits legislation.
It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Page 9
Report of the Independent Auditors to the Members of
LTIMindtree UK Limited
Auditors' responsibilities for the audit of the financial statements – continued
-
Audit procedures undertaken in response to the potential risks relating to irregularities, including fraud and non-compliance with laws and regulations, comprised of:
inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations and enquiries with the same concerning any actual or potential litigation or claims;
inspection of relevant legal correspondence and review of board minutes;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
reviewing transactions around the end of the reporting period; and
the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
-
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
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.
…………………………………………………………..
Opinder Sawhney (Senior Statutory Auditor)
for and on behalf of PBG Associates (London) Limited
Chartered Certified Accountants
and Statutory Auditors
77, HolyHead Road,
Birmingham
England, B21 0LG
Date: 22 April 2025
Page 10
LTIMindtree UK Limited
Statement of Profit or Loss
for the Year Ended 31 March 2025
31.3.25
31.3.24
Notes
£
£
CONTINUING OPERATIONS
Revenue
4
102,222,886
56,765,462
Cost of sales
(96,605,926)
(48,313,371)
GROSS PROFIT
5,616,960
8,452,091
Other operating income
5
15,266,033
6,011,042
Administrative expenses
(11,745,743)
(16,843,861)
OPERATING PROFIT BEFORE IMPAIREMENT ALLOWANCE
2,717,390
4,039,132
Net, Impairment (allowance)/Reversal on trade receivables
and contract assets
(269,699)
33,379
OPERATING PROFIT
3,769,433
2,750,769
Finance costs
7
(396,988)
(312,707)
PROFIT BEFORE INCOME TAX
8
3,372,445
2,438,062
Income tax
10
(1,017,865)
(482,755)
PROFIT FOR THE YEAR
2,354,580
1,955,307
The notes form part of these financial statements
Page 11
LTIMindtree UK Limited
Statement of Profit or Loss and Other Comprehensive Income
for the Year Ended 31 March 2025
31.3.25
31.3.24
£
£
PROFIT FOR THE YEAR
2,354,580
1,955,307
-
OTHER COMPREHENSIVE INCOME
-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
2,354,580
1,955,307
The notes form part of these financial statements
Page 12
LTIMindtree UK Limited (Registered number: 12817556)
Statement of Financial Position
31 March 2025
31.3.25
31.3.24
Notes
£
£
ASSETS
NON-CURRENT ASSETS
Right of Use Assets
11
3,232,300
4,012,923
Intangible assets
12
-
-
Property, plant and equipment
13
1,976,302
645,927
5,208,602
4,658,850
CURRENT ASSETS
Trade and other receivables
14
27,785,030
16,919,173
Contract assets
4
3,665,354
2,326,386
Cash and cash equivalents
15
5,687,486
177,170
37,137,870
19,422,729
TOTAL ASSETS
42,346,472
24,081,579
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital
16
1,000
1,000
Retained earnings
17
7,336,751
4,982,171
TOTAL EQUITY
7,337,751
4,983,171
LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
19, 20
4,218,871
4,618,718
Deferred tax liabilities
22
76,183
128,113
4,295,054
4,746,831
CURRENT LIABILITIES
Trade and other payables
18
27,158,751
11,667,639
Contract liabilities
4
2,448,777
97,869
Borrowings
19
-
1,947,628
Lease liabilities
19, 20
396,922
291,682
Current Tax liabilities (Net)
709,217
346,759
30,713,667
14,351,577
TOTAL LIABILITIES
35,008,721
19,098,408
TOTAL EQUITY AND LIABILITIES
42,346,472
24,081,579
The financial statements were approved by the Board of Directors' and authorised for issue on 19 April 2025 and were signed on its behalf by:
..........................................................................
Srinivas R Veluvali - Director
The notes form part of these financial statements
Page 13
LTIMindtree UK Limited
Statement of Changes in Equity
for the Year Ended 31 March 2025
Called up
Retained
Total
share
capital
earnings
equity
£
£
£
Balance at 1 April 2023
1,000
3,026,864
3,027,864
Changes in equity
Total comprehensive income
-
1,955,307
1,955,307
Balance at 31 March 2024
1,000
4,982,171
4,983,171
Changes in equity
Total comprehensive income
-
2,354,580
2,354,580
Balance at 31 March 2025
1,000
7,336,751
7,337,751
The notes form part of these financial statements
Page 14
LTIMindtree UK Limited
Statement of Cash Flows
for the Year Ended 31 March 2025
31.3.25
31.3.24
Notes
£
£
Cash flows from operating activities
10,056,600
1
Cash generated from operations
66,892
Tax paid
(666,968)
-
Net cash from operating activities
9,389,632
66,892
Cash flows from investing activities
Incentive received on new lease – Right of use assets
-
324,276
Purchase of tangible fixed assets
(1,153,062)
(492,702)
Net cash from investing activities
(1,153,062)
(168,326)
Cash flows from financing activities
Lease liability principal repayment
(294,608)
(177,609)
Interest Paid on lease liabilities
(353,869)
(256,242)
(56,465)
(43,119)
Interest expenses paid
Net cash from/ (used in) financing activities
(691,596)
(490,316)
(591,750)
7,544,974
Decrease/ Increase in cash and cash equivalents
(1,076,523)
(1,770,458)
2
Cash and cash equivalents at beginning of year
Exchange loss/(gains) on cash and cash equivalents
(87,030)
(102,185)
Cash and cash equivalents at end of year
2
(1,770,458)
5,687,486
The notes form part of these financial statements
Page 15
LTIMindtree UK Limited
Notes to the Statement of Cash Flows
for the Year Ended 31 March 2025
RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS
1.
31.3.25
31.3.24
£
£
Profit before income tax
3,372,445
2,438,062
Depreciation on PPE and ROU
603,309
561,995
Impairment allowance on trade receivable
269,699
(33,379)
Foreign exchange (Gains)/Losses
208,033
601,344
Finance costs
396,988
312,706
4,850,474
3,880,728
Increase in trade and other receivables
(12,479,659)
(8,110,773)
Increase in trade and other payables
17,685,785
4,296,937
Cash generated from operations
10,056,600
66,892
2.
CASH AND CASH EQUIVALENTS
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:
Year ended 31 March 2025
31.3.25
1.4.24
£
£
Cash and cash equivalents
5,687,486
177,170
Bank overdrafts
(1,947,628)
-
5,687,486
(1,770,458)
Year ended 31 March 2024
1.4.23
31.3.24
£
£
Cash and cash equivalents
177,170
34,943
Bank overdrafts
(1,111,466)
(1,947,628)
(1,770,458)
(1,076,523)
The notes form part of these financial statements
Page 16
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
1.
STATUTORY INFORMATION
LTIMindtree UK Limited (formerly 'Larsen & Toubro Infotech UK Limited') is a private company, limited by shares, registered in England and Wales. The registered number is 12817556 and the registered address is 6 Bevis Marks, London, England, EC3A7BA. The principal activities of the Company to provide IT services, including application development, implementation, systems integration, application maintenance, testing and support services.
2.
MATERIAL ACCOUNTING POLICIES
Basis of preparation
The Company financial statements have been prepared and approved by the directors in accordance with UK Adopted International Accounting Standards.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all years presented in these financial statements.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £000.
Judgements made by the directors', in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below under "accounting estimates and judgements"
Adoption of new and revised standards
The following international financial reporting standards (IFRSs) and interpretations were in issue and applicable to periods commencing on or after 1 January 2024:
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments
Disclosures titled Supplier Finance Arrangements
Amendments to IAS 1
Classification of Liabilities as Current or Non-current
Amendments to IAS 1
Presentation of financial statement-Non-current Liabilities with covenants
Amendments to IFRS 16 Leases
Lease Liability in a sale and leaseback
However, all standards or amendments to standards that have been issued by the IASB and were effective by 1 January 2024 were not applicable or material to the Company
New Standards and amendments issued but not yet applied
The company does not consider that any standards or interpretations issued by the international accounting
standards board, but not yet applicable, will have a significant impact on the company's financial statements
Amendments to IAS 21
The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability
IFRS 18
Presentation and Disclosures in Financial Statement
IFRS 19
Subsidiaries without Public Accountability: Disclosures
The directors of the Company anticipate that the application of all new and amendments to IFRSs will have no material impact on the Company financial statements in the foreseeable future.
Page 17
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES – continued
Going concern
In assessing the going concern assumption for the Company, the directors' have performed a detailed review of company's projected cash flows for period of at least 12 months from the date of approval of these financial statements. The analysis also included a review of Company's financial position and performance along with specific considerations given to the inherent risks associated with company's business mode.true
The directors' have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and to meet reasonably any predictable liquidity requirements. Thus, it is considered appropriate that Company's financial statements are prepared on the going concern basis.
Revenue recognition
Revenue is recognised upon transfer of control of promised products or services to customers. Revenue is measured based on the consideration specified in a contract with a customer, and is reduced for volume discounts, rebates and other similar allowances.
Revenue from contracts priced on time and material basis is recognised when services are rendered and the related costs are incurred.
Revenue related to fixed price maintenance and support services contracts shall be recognized on a pro-rata basis over the period for which services are rendered / milestones defined
Revenue from services performed on fixed-price basis which are generally time bound, shall be recognized over the life of the project based on percentage completion method for the defined Performance Obligation with contract costs determining the degree of completion. When total cost estimates exceed revenue in arrangement, the estimated losses are recognised in the statement of profit and loss in the period in which such losses become probable based on the current contract estimates.
Revenue from sale of licenses / hardware, where the customer obtains a "right to use" the licenses / hardware is recognised at the point in time when the related license / hardware is made available to the customer. Revenue from licenses / hardware where the customer obtains a "right to access" is recognised over the access period. Where right to consideration is unconditional upon passage of time is classified as a financial asset however, for fixed price development contracts, where milestone is not due as per contract terms as on date of reporting, the same is classified as non-financial asset. 'Unearned & deferred revenue' (contract liabilities) represent billing in excess of revenue recognised. Deferred contract costs are costs to fulfil a contract which are recognised as assets and amortized over the term of the contract.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.
Intangible assets and amortisation
Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses. The estimated useful lives are as follows:
Computer software
Up to 5 years
Intellectual property
Up to 5 years
Business alliance relationship
Up to 4 years
Customer contracts
Up to 5 years
Vendor relationships
Up to 6 years
Tradename
Up to 6 years
Technology
Up to 6 years
Non-compete agreement
Up to 6 years
Up to 5 years
continued...
Page 18
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES - continued
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:
Computers and related equipment
2-4 years
Furniture & Fixtures
4-5 years
Leasehold improvement
Shorter of Life of lease or useful life of underlying asset
Office Equipment
3-4 years
Financial instruments
Classification of financial instruments issued by the company
Following the adoption of IAS 32, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:
(a) They include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
(b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
Financial assets and financial liabilities are recognised on the statement of financial position when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Financial assets
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
- the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Page 19
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES - continued
Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVTOCI):
- the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL).
Despite therefore going, the Company may make the following irrevocable election/designation at initial recognition of a financial asset:
- the Company may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and
- the Company may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
Amortised cost and effective interest method
The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period.
For financial instruments other than purchased or originated credit-impaired financial assets, the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit- adjusted effective interest rate is calculated by discounting the estimated future cash flows, including expected credit losses, to the amortized cost of the debt instrument on initial recognition.
The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost and at FVTOCI. For financial instruments other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.
For financial assets that have subsequently become credit- impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset.
Impairment of financial assets (including trade receivables)
The Company always recognises lifetime ECL for trade and receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
Page 20
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES - continued
Significant increase in credit risk
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes various external sources of actual and forecast economic information that relate to the company's core operations.
In particular, the following information is considered when assessing whether credit risk has increased significantly since initial recognition:
- significant deterioration in external market indicators of credit risk for a particular financial instrument, e.g., a significant increase in the credit spread, the credit default swap prices for the debtor, or the length of time or the extent to which the fair value of a financial asset has been less than its amortised cost;
- existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;
- an actual or expected significant deterioration in the operating results of the debtor;
- significant increases in credit risk on other financial instruments of the same debtor;
-an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor.
Irrespective of the outcome of the above assessment, the company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the company has reasonable and supportable information that demonstrates otherwise.
Despite the afore going, the company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. The company considers a financial asset to have low credit risk when it has an internal or external credit rating of "investment grade" as per globally understood definition.
A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.
The company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.
Page 21
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES – continued
Non-financial assets
The carrying amounts of the Company's non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit").
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the statement of profit and loss and other comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.
Deferred tax
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available against which the temporary difference can be utilised. The directors' make an assessment of future profits based on historical experience and various other forecasting judgements and assumptions. Where it is not deemed probable that future profits will be available, the deferred tax asset is not recognised to this extent. 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the company intends to settle its current tax assets and liabilities on a net basis.
Page 22
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES - continued
Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited outside profit or loss (either in other comprehensive income or directly in equity), in which case the tax is also recognised outside profit or loss (either in other comprehensive income or directly in equity respectively).
Foreign currencies
Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the statement of profit and loss. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.
Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset's remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.
Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.
Finance costs
Interest expense and similar charges are expensed in the profit and loss statement on the period in which they are incurred, except to the extent that they are capitalised as being attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale. The interest component of finance lease payments is recognised in the profit and loss statement using the effective interest method.
Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a realisable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Page 23
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
2.
MATERIAL ACCOUNTING POLICIES - continued
Classification of exceptional items
Judgement is required in classifying items as exceptional. Management have considered items to be exceptional if they are material and one off in nature.
Financial Liabilities and Equity Instruments
Financial liabilities and equity instruments issued by the company are classified according to the substance of the contractual arrangements entered and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Financial liabilities subsequently measured at amortized cost
Financial liabilities that are not 1) contingent consideration of an acquirer in a business combination, 2) held-for-trading, or 3) designated as at FVTPL, are subsequently measured at amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.
Derecognition of financial liabilities
The Company derecognizes financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire.
Offsetting arrangements
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Company has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. A right to set-off must be available today rather than being contingent on a future event and must be exercisable by any of the counterparties, both in the normal course of business and in the event of default, insolvency or bankruptcy.
3.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the financial information requires the directors' to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
(i) Critical judgements in applying the entity's accounting policies
Management is of the opinion that there is no application of judgement expected to have a significant effect on the amounts recognised in the financial statements.
Page 24
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
3.
ACCOUNTING ESTIMATES AND JUDGEMENTS - continued
(ii) Key sources of estimation uncertainty
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future period. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are discussed below:
(iii) Income taxes
Significant judgment is required in determining the provision for unsettled trade receivables and deductibility of such amount from the income during the estimation of the provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The company recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such difference will impact the income tax and deferred income tax provisions in the year in which such determination is made.
(iv) Use of significant judgements in revenue recognition
The Company uses the percentage-of-completion method in accounting for its fixed-price contracts. Use of the percentage of-completion method requires the Company to estimate efforts or costs expended to date as a proportion of the total efforts or costs to be expended. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. Further, the Company uses significant judgements while determining the transaction price to be allocated to performance obligations. Provision for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the expected contract estimates at the reporting date.
Page 25
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
4.
REVENUE
31.3.24
31.3.25
Disaggregation of revenue
£
£
Software consultancy services
102,222,886
56,765,462
Segment Analysis
The principal activities of the company to provide IT services, including application development, implementation, systems integration, application maintenance, testing and support services and the Chief Operating Decision Maker assessed the business performance of the Company as a whole. Accordingly, there are no reportable segments.
31.3.24
31.3.25
£
£
United Kingdom
36,659,628
76,777,108
Unites States of America
17,489,585
16,263,946
Others
9,181,832
2,616,249
102,222,886
56,765,462
31.3.25
31.3.24
£
£
25,157,000
14,094,486
Time & Material
Fixed Price, Maintenance & others
77,065,886
42,670,976
102,222,886
56,765,462
Contract balances
31.3.25
31.3.24
£
£
A. Contract liabilities- current
97,869
2,448,777
Changes in contract liabilities is as follows:
48,239
107,203
Balance at the beginning of the year
Less: Revenue recognised during the year from opening
(107,203)
(48,239)
2,448,777
Add: Invoices issued during the year
107,203
Balance at the end of the year
2,448,777
107,203
B. Contract assets
3,726,442
2,341,810
Contract assets
(15,424)
(61,088)
Less: - Impairment allowances on contract assets
Net contract assets
3,665,354
2,326,386
31.3.24
31.3.25
5.
OTHER OPERATING INCOME
£
£
5,343,487
1,599,391
Recoveries from Group Companies
4,386,303
9,902,446
Transfer pricing revenue from
parent company- Onshore
25,139
Income from unclaimed customer
20,100
Finance Income
209
15,266,033
6,011,042
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
31.3.24
31.3.25
£
£
EMPLOYEES AND DIRECTORS
Salaries-Cost of Sales
41,777,704
24,634,128
Salaries -Administrative expenses
10,451,649
6,199,441
Total Salary cost (including pension)
52,229,353
30,833,569
The number of employees, including directors, for the year:
31.3.24
31.3.25
Management and administration
66
33
Production and services
469
289
Support
28
10
563
332
Directors' Remuneration
390,252
819,557
Directors' remuneration (including pension)
Remuneration of highest paid director is 390,252 (FY 23-24 GBP 454,367) - including contribution to pension scheme.
7.
NET FINANCE COSTS
31.3.25
31.3.24
£
£
Finance costs on bank overdraft
43,119
56,465
Interest expenses IFRS 16 on leases
353,869
256,242
396,988
312,707
8.
PROFIT BEFORE INCOME TAX
The profit before income tax is stated after charging/(crediting):
31.3.25
31.3.24
£
£
Foreign exchange (gains)/losses
217,653
597,515
Net Impairment allowances on contract assets and trade receivables
269,699
(33,379)
Depreciation on property, plant and equipment
119,157
196,507
Amortization on intangible assets
-
8,664
Depreciation on Right of use assets
484,152
356,769
Interest on lease liabilities
353,869
256,242
Interest on bank overdraft
43,119
56,465
9.
AUDITORS' REMUNERATION
31.3.25
31.3.24
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
16,000
20,000
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
10.
INCOME TAX
31.3.25
31.3.24
Tax expense comprise:
Current tax expense in respect of the current year
895,041
(268,920)
Current tax expense in respect of previous year
174,754
405,655
1,069,795
136,735
Deferred tax expense in respect of the current year
(51,930)
35,202
Deferred tax expense in respect of the previous year
-
310,818
(51,930)
346,020
Total Tax Charge
1,017,865
482,755
Analysis of tax expense
Profit on ordinary activities before tax
3,372,445
2,438,062
Profit on ordinary activities multiplied by the standard rate of
843,111
609,515
Corporation tax in the UK of 25%
Effects of:
- Excess provision/shortfall for previous year charged off in current year
174,754
(405,655)
-Super Deduction-Depreciation allowed as per income tax
-
(31,923)
-Reversal of deferred tax assets in respect of previous year, not required
-
217,906
-Deferred tax liabilities pertaining to previous year recognised in current year
-
92,912
Tax charge in the statement of profit or loss
1,017,865
482,755
11.
RIGHT OF USE ASSETS
The Company has lease contracts for premises typically ranging from 7 to 10 years. Each lease payment is allocated between the principal payment of lease liabilities and interest expense on the lease liabilities. The interest expense is charged to the statement of profit and loss account over the lease term by using the effective interest rate method. The right of use assets is depreciated on a straight-line basis over the term of the lease
31.3.25
31.3.24
COST
£
£
Opening
5,269,205
2,332,248
Additions
-
2,936,957
Lease modification (Refer Note 20)
(296,471)
-
At 31 March 2025
4,972,734
5,269,205
ACCUMULATED DEPRECIATION
Opening
1,256,282
899,513
Transfer
Depreciation during the year
484,152
356,769
At 31 March 2025
1,740,434
1,256,282
NET BOOK VALUE
At 31 March 2025
3,232,300
4,012,923
At 31 March 2024
4,012,923
1,432,735
Amounts recognised in the Statement of profit and loss
31.3.25
31.3.24
Finance cost on lease liabilities
353,869
256,242
Depreciation on right of use of assets
484,152
356,769
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
Computer
12.
INTANGIBLE ASSETS
software
£
COST
At 1 April 2024
and 31 March 2025
1,121,270
AMORTISATION
At 1 April 2024
and 31 March 2025
1,121,270
NET BOOK VALUE
-
At 31 March 2025
At 31 March 2024
-
13.
PROPERTY, PLANT AND EQUIPMENT
Leasehold
Office
Furniture's & Fixture
Computers
Cost
Improvement
Equipment
Equipment
CWIP
Total
At 1 April 2024
290,002
42,448
713,404
646,095
-
1,691,949
Additions
12,747
106,229
1,206
50,832
1,278,518
1,449,532
Transfer to CWIP
-
(22,092)
(386,360)
-
-
(408,452)
Transfer from PPE
-
-
-
-
408,452
408,452
1,686,970
At 31 March 2025
302,749
126,585
328,250
696,927
3,141,481
Depreciation
At 1 April 2024
286,853
17,465
200,823
540,881
-
1,046,022
Charge for the period
3,273
14,402
20,098
81,384
-
119,157
At 31 March 2025
290,126
31,867
220,921
622,265
-
1,165,179
Net Book Value
At 31 March 2025
12,623
94,718
107,329
74,662
1,686,970
1,976,302
At 31 March 2024
3,149
24,983
512,581
105,214
-
645,927
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
14.
TRADE AND OTHER RECEIVABLES
31.3.25
31.3.24
£
£
Current:
Trade receivables
23,452,700
8,667,396
Less: - Impairment allowances on trade receivable
(323,429)
(99,395)
Net Trade receivables
23,129,271
8,568,001
Amounts owed by group undertakings
2,553,615
7,560,385
Other receivables
570,958
438,808
Prepayments
1,531,186
351,979
27,785,030
16,919,173
Aging of trade receivables (which are included in trade and other receivables), based on invoice date and net of allowance of doubtful debts, is as follows:
31.3.25 31.3.24
£
£
Not Due
20,644,179
4,943,264
Within 30 days
2,278,887
2,871,285
31-60 days
4,473
308,243
61-180 days
357,985
454,708
181 days and more
(156,253)
(9,500)
Total
23,129,271
8,568,001
The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
31.3.25
31.3.24
£
£
Opening balance
114,819
148,198
Impairment allowance / (reversal) recognised
269,699
(33,379)
Closing Balance
384,518
114,819
15.
CASH AND CASH EQUIVALENTS
31.3.24
31.3.25
£
£
Balances at Bank
5,687,486
177,170
16.
CALLED UP SHARE CAPITAL
31.3.24
31.3.25
Allotted, issued and fully paid:
value:
Number:
Class:
Nominal
£
£
1,000
Allotted, called up and fully
paid
£1
1,000
1,000
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
17.
RESERVES
Retained
earnings
£
At 1 April 2024
4,982,171
Profit for the year
2,354,580
At 31 March 2025
7,336,751
18.
TRADE AND OTHER PAYABLES
31.3.25
31.3.24
£
£
Current:
131,889
Trade payables
39,127
Amounts owed to group undertakings
13,145,104
4,293,022
Social security, VAT and other taxes
2,127,482
6,559,856
Other payables
24,441
181,484
Employee related liabilities
3,926,782
2,246,751
Accrued expenses
3,463,441
2,687,011
27,158,751
11,667,639
19.
FINANCIAL LIABILITIES - BORROWINGS
31.3.25
31.3.24
£
£
Current:
1,947,628
Bank Overdraft (Secured at amortised cost)*
-
Lease liabilities (see note 20)
396,922
291,682
396,922
22,39,310
Non-current:
Lease liabilities (see note 20)
4,218,871
4,618,718
*The Company has a sanctioned overdraft facility of USD 10 million from bank which carries interest 1.7% per annum over the Relevant Base Rate for the currency of such account.
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
20.
LEASING
31.3.24
31.3.25
£
£
Current
396,922
291,682
Non-Current
4,218,871
4,618,718
4,615,793
4,910,400
Maturity analysis
31.3.24
31.12.25
£
£
Within one year
396,922
291,683
One to five years
2,168,584
2,460,162
More than five years
2,050,287
2,158,555
During the year ended 31 March 2025, the Company modified an existing lease, which resulted in to a 7-month rent-free period from 1 August 2024 to 15 March 2029, and reducing the lease term by 15 days, with a new lease end date of 15 March 2029. This modification led to the remeasurement of the lease liability and right-of-use asset, but did not result in the recognition of a separate lease.
In accordance with IFRS 16, the modification was accounted for by:
Remeasuring the lease liability using a revised incremental borrowing rate (IBR) of 6.45% as of the modification date.
Adjusting the right-of-use asset by the same amount, with no immediate impact on profit or loss.
Impact of the Modification:
Lease liability adjusted by: GBP 296,470
Right-of-use asset adjusted by: GBP 296,470
Revised IBR applied: 6.45%
Lease term reduced by: 15 days
New lease end date: 15 March 2029
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
21.
FINANCIAL INSTRUMENTS
Financial risk management
Senior management and the directors' have overall responsibility for the oversight of the Company's risk management framework. Senior management and directors' review and manage risk on an ad hoc basis when required through specific consideration of transactions. When identified, agreed actions are taken to mitigate these risks.
Credit risk
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligation and arises principally from the company's receivables.
The Company has no significant concentrations of credit risk. The trade receivables balance is spread across different customers. The Company has policies in place to ensure that agreements are made with customers with an appropriate credit history. The Company only sells to customers that are credit-worthy. The Company monitors the credit-worthiness of counterparties using publicly available information. As a result, the Company's exposure to bad debts is not significant.
The company is also exposed to credit risk arising from other financial assets, which comprise of cash. The Company's exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these instruments if a counterparty to a financial instrument fails to meet its contractual obligation.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due by ensuring that there is sufficient cash or working capital facilities to meet the Company's cash requirements.
The risk is measured by review of forecast liquidity each month to determine whether there are sufficient credit facilities to meet forecast requirements. These continue to demonstrate the strong cash generating ability of the business and its ability to operate within existing agreed facilities.
Market risk
Market risk is the risk that changes in the market prices, such as foreign exchange rates and interest rates will affect the Company's income. The Company's exposure to market risk predominately relates to foreign currency risk. The Company has no borrowings or investments in interest bearing instruments, resulting in no interest rate risk.
Foreign currency risk
The Company operates internationally and is, therefore, exposed to the foreign exchange risk, which could impact revenue, costs, margins, and profits. The Company transacts with customers in Euro and US dollar.
The following table shows the extent to which the Company has monetary assets and monetary liabilities at the balance sheet date in currencies other than the local currency of operation. Monetary assets and liabilities refer to cash and trade receivables (including amounts due from group undertakings), trade payables (including amounts due from group undertakings) to be received or paid in cash.
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
21. FINANCIAL INSTRUMENTS (Continued..)
31.3.25
31.3.24
Financials assets
Financials asset
Financial Liabilities
Financials Liabilities
£
£
£
£
US dollar
5,385,301
(2,488,176)
2,422,673
-
Euro
1,297,299
(1,664,997)
752,158
1,757,179
INR
2,891
(547,154)
-
-
DKK
-
-
-
149,193
CHF
64,576
-
-
323,067
NOK
-
(33,044)
-
190,629
Others
(27) (316,505) -
126,666
Foreign exchange rate sensitivity analysis
The table below shows the Company's sensitivity to foreign exchange rates for its US dollar and Euro, the major currencies in which the outstanding balances are denominated.
31.3.25
31.3.24
Increase/ (decrease in equity)
Increase/ (decrease in equity)
£
£
10% appreciation in the US dollar
289,713
242,267
(242,267)
10% depreciation in the US dollar
(289,713)
10% appreciation in the Euro
(36,770)
(100,502)
10% depreciation in the Euro
36,770
100,502
A strengthening / weakening of sterling, as indicated, against the US dollar and Euros at each period would have increased / (decreased) retained earnings by the amounts shown above. This analysis is based on foreign exchange rate variances that the Company considers to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables remain constant.
Capital risk management
The Company's objectives when managing capital are to safeguard its ability to continue as a going concern and to optimise returns to its shareholders. The Board's policy is to retain a strong capital base to maintain investor, creditor, and market confidence and to sustain future growth. The directors' regularly monitor the level of capital in the company to ensure that this can be achieved.
Fair value disclosures
The fair value of each class of financial assets and liabilities approximates their carrying amounts due to a short maturity. The financial assets to which this applies are
(i) cash and cash equivalents and
(ii) trade and other receivables (other than prepayments and accrued income)
The financial liabilities comprise of trade and other payables (other than amounts owed for social security, VAT and other taxes)
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
21. FINANCIAL INSTRUMENTS (Continued..)
Fair value hierarchy
Financial instruments carried at fair value should be measured with reference to the following levels:
- Level 1: quoted prices in active markets for identical assets or liabilities
- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
All financial instruments carried at fair value have been measured using a Level 2 valuation method.
The fair value of the financial assets and liabilities are equal to carrying values.
31.3.25
31.3.24
£
£
Cash and cash equivalents
5,687,486
177,170
Contract Assets
2,326,386
3,665,354
Trade and other receivables
16,200,536
25,755,036
Total financials assets
18,704,092
35,107,876
Trade and other payables
20,486,627
9,456,062
Lease Liabilities
4,615,793
4,910,400
Bank overdraft
-
1,947,628
Total Financials liabilities
25,102,420
16,314,090
continued...
22.
DEFERRED TAX LIABILITIES
The movement on the deferred tax account is as follows:
31.3.25
31.3.24
£
£
At the start of the year
(128,113)
217,907
Expense recognised in profit and loss
51,930
(346,020)
At the end of year
(76,183)
(128,113)
Components of Deferred tax (Assets)/Liabilities:
Expense/ (Income) recognised in profit or loss
31.3.25
31.3.24
£
£
£
Deferred tax Assets / (Liabilities)in relation to:
Property, Plant and Equipment
(164,974)
(8,309)
(156,665)
Expected credit loss allowances
88,791
60,239
28,552
(76,183)
51,930
(128,113)
22. DEFERRED TAX LIABILITIES (continued...)
Expense/ (Income) recognised in profit or loss
31.3.24
31.3.23
£
£
£
Deferred tax Assets / (Liabilities)in relation to:
(217,906)
Carry forward of losses
-
217,906
Property, Plant and Equipment
(156,665)
(156,666)
-
Expected credit loss allowances
28,552
28,552
-
(128,113)
217,906
(346,020)
continued...
LTIMindtree UK Limited
for the Year Ended 31 March 2025
Notes to the Financial Statements - continued
23.
ULTIMATE PARENT COMPANY
The company's ultimate parent company and controlling party is Larsen and Toubro Limited, incorporated in India and listed on the Indian stock exchange. The company office address is L & T House, Ballard Estate Mumbai MH 400001. The company's immediate parent company is LTIMindtree Limited (Incorporated in India).
24. CONTINGENCIES AND COMMITMENTS
The Company exposure/Contingent liability at the end of the year is £ nil (YE 2024: £nil).
The capital commitments at the end of year are £ nil (YE2024: £ nil)
25. SIGNIFICANT EVENT
During the year, the employees, customer contracts, and employee-related liabilities of LTIMindtree UK Branch were transferred to LTI Mindtree UK Limited to simplify operations and improve efficiency in the region.
26. POST BALANCE SHEET EVENT
Subsequent events have been evaluated till the date on which is the financial statements were issued. There are no
subsequent events which have impact on the financial statements.
continued...
LTIMindtree UK Limited
Notes to the Financial Statements - continued
for the Year Ended 31 March 2025
RELATED PARTY DISCLOSURES
27.
31.3.24
31.3.25
£
£
Related party transactions
Parent and its branches
37,339,442
Revenue
20,327,214
Other Operating Income
5,997,886
Cost of Sales
45,012,251
18,800,213
Overheads charged
676,268
-
Recoveries of overheads
6,885,538
-
Group Undertakings
Revenue
1,787,479
2,442,315
Cost of Sales
385,683
661,447
Overheads charged
121,144
15,354
Recoveries of overheads
454,595
-
Related Party Balances
Amount owed to Parent and its branches
13,129,286
3,621,671
Amount owed by Parent and its branches
-
7,178,594
Amount owed to fellow subsidiaries
15,818
671,351
Amount owed by fellow subsidiaries
2,553,615
381,791
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